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12:29 PM on 04/07/2013
These "critically important programs" are only critically important to bankers.

They're the ones getting the bailouts... the people are forced to pay the tab AND have their economies trashed as a bonus.

The only "truth" here is that loading up the people with debt and trashing their economies and still not solving the problems is worse than doing nothing.

Letting the banks fail and trashing the economy could have been done for free.
12:00 PM on 04/07/2013
Why does this guy have his people constantly churning out meaningless content?
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Trojan
follow the moolah
01:35 PM on 04/07/2013
Exactly. I seem to recall Leonard Cohen's "Everybody Knows the dice are loaded..." lyric. When are our leaders going to start speaking the truth? Because they can't. Because they're bought and paid for. Because...the dice are indeed loaded. Have a nice day.
HansB
The only good certainty is a dead certainty
05:15 PM on 04/07/2013
"Everybody knows the boat is sinking,
Everybody knows the captain lied."
06:54 PM on 04/07/2013
I like the reference...too bad the it fits in this Country...
11:38 AM on 04/07/2013
Why should anyone trust the IMF, which IS the Global Central Bank, to be or do anything that does not increase its control and influence over the states who go along and 'play the game'? It is the IMF that should be disolved for the sake of Humanity, so we do not all become sharecroppers for the Global Lords and Masters, no matter the smiling face they may try to put on the situation.
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Richard in CO
11:12 AM on 04/07/2013
The citizens should resist these brutal Austerity packages, and reject the titanic debt which is being negotiated and re-structured, in their name. And, any little people who have any money in the bank, are RIGHT to withdraw it at this time. These major economic problems were not CAUSED by the little people....they were CAUSED by massive FRAUD on the part of the big banks and brokerages, starting with Wall Street. The "Shell Game" collapsed, and now all those in charge want to make Bagholders of all the citizens, for the next two or three generations. To hell with that. Let them find another way. If the banksters in Europe get away with this, it will be brought to OUR shores in the very near future.
Realist2011
beware false profits....
12:10 PM on 04/07/2013
It's already here. The banks, regulators, the Fed, every available finger is stuck in the dike attempting to keep the cataclysmic damage from occurring on any given day.

The problem is, that this type of financial chicanery has run it's course, as always happens at some point. The numbers have become so large (look at 700 trillion+ in derivatives alone), the scope so vast that it becomes completely unmanageable as all ponzi/pyramid schemes eventually do.

We are at the apex of the curve on this one and the downside is going to be unimaginable. During the bailout of AIG (over derivatives), if my understanding of the numbers is correct, we were dealing with a total of less than 100 trillion in derivatives out there, in total. So, with zero regulation and zero desire to curb their greed, the numbers climbed astronomically.

Now, we're in a position that one, just one actual default where the holders of these derivatives decide not to be compliant and they demand payment, the scheme will collapse and take the entire financial system with it.

Personally, I encourage it. If we don't, in five years time, the derivatives numbers will have gone ever higher into the stratosphere. It's all just paper anyway. There's nothing to back it up.

Time for reality to be acknowledged.
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GarethJonesLives
תיקון עולם
11:01 AM on 04/07/2013
Once again the IMF proves that regardless of whether a financial crisis is caused by internal or external factors to an economy, they only have one solution: gut the internal economy at any price. Everything they touch turns to dust. Their results are far too consistent to be anything other than by design.
10:47 AM on 04/07/2013
The Euro is ultimately a bad idea because you can't wave some magic wand which levels the playing field for all these wildly divergent economies. Every so-called fix implemented by the increasingly clueless Troika, therefore, is ultimately doomed to failure because it stubbornly ignores the fundamental problem: the Euro.

This will take years to play out and will not end well. There will be blood.
06:57 PM on 04/07/2013
The fundamental problem is not the Euro. It's the unregulated global banking system that now spends all of its time and energy and the money of savers on gambling.
10:00 PM on 04/07/2013
Both the phony currency and the financial system are ultimately unworkable, in my humble opinion. 
Genders
Love, Tolerance, Enlightenment
08:52 PM on 04/07/2013
Then so doomed is the USA.
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istanbulite
10:22 AM on 04/07/2013
The financial mess in Cyprus is in large part due to the premature acceptance of Cyprus into the EU.
This acceptance ended any meaningful solution to the partition of the island. The now EU part of the island prefers to give the middle finger to the Turkish side instead of coming up with a meaningful solution to the governance of the island. Further, they decided to get in bed with illegal Russian money and then continue to bank with Greece even as those banks were falling apart. Lessons are only learned when there are adequate consequences for stupid and bad behavior. I am doubtful that the EU or Cyprus can see the forest for the trees and will make the changes needed
to resolve the partition of the island. A unified island could be a financial boon to all concerned.
10:06 AM on 04/07/2013
Cyprus got into this mess by allowing government to pay off unions, labor and voters with promises that they economy could never keep. The government officials then stole money from the people and the depositors that actually supported their system of graft and corruption.
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WILLJLA
WINTER GREETINGS & HAPPY NEW YEAR!
07:59 PM on 04/07/2013
Your post is fact free but ..............I hope you had fun here!
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visionrider
I believe in one less god than you do
09:39 AM on 04/07/2013
Cyprus got into this mess because it's citizens are notorious tax evaders.

Therein lies a good lesson for what will eventually happen to America because our wealthy and corporations have figured out how to avoid paying taxes that are needed to keep our government functioning.
They fail to understand that they are simply cutting off their noses to spite their face.
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GarethJonesLives
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10:58 AM on 04/07/2013
"Cyprus got into this mess because it's citizens are notorious tax evaders."

This crisis has nothing to do with government balance sheets.
02:35 PM on 04/07/2013
Our politicians are not cutting off noses. They are generating funds for their perpetual campaigns.