- You should be able to see what is coming quite clearly now. No stretch of imagination needed. This is a global economic, financial and monetary meltdown. Even Asia will be affected. All fiat currencies are heading towards the grave yard. At the end of the global currency crisis, the Illuminists will present their One World Currency, backed by gold for legitimacy. Any country refusing to accept this new global financial and monetary hegemony will be attacked via war!
Europe has six weeks to find debt crisis solution, warns Chancellor George Osborne
By Jonathan Sibun, and Jeremy Warner, http://www.telegraph.co.uk/
Global markets whipsawed higher and lower at the end of a tumultuous week as panic over a Greek default was tempered by hopes that politicians will step in to calm Europe’s debt crisis.
…In the wake of Thursday’s global stock market rout, the G20 committed “to take all necessary actions to preserve the stability of banking systems and financial markets” but was criticised for failing to introduce concrete measures.
Speaking at the IMF meeting on Friday, UK Chancellor George Osborne ratcheted up the pressure on European leaders to solve the crisis by calling on them to bolster the European bail-out fund and declaring they have just six weeks to find solutions.
“Patience is running out in the international community… More needs to be done to avoid a disorderly outcome,” he said, before referring to the next G20 meeting in Cannes on November 3 and 4. “The eurozone has six weeks to resolve its political crisis.”
The comments came amid speculation that eurozone policymakers were considering boosting the size of the region’s bail-out fund, the European Financial Stability Facility (EFSF), and rumours that France could step into help its banking system. The G20 communique had earlier called on the eurozone to “increase the flexibility of the EFSF, to maximise its impact”.
Any optimism came towards the end of another difficult day in which concerns were heightened after the European Commission denied a report that it was considering recapitalising the region’s banking system. “There is no big European plan to recapitalise banks,” said Olivier Bailly, an EC spokesman, pointing out that eurozone banks have already received €420bn (£367bn) in capital since 2008.
The comments came as Evangelos Venizelos, Greece’s finance minister, was forced to issue a statement after newspaper reports claimed he had said an orderly default was one of three options open to the country. “Greece has taken the final decision to do everything in its power in order for all the European Council decisions… to be implemented fully,” he said. “All other discussions, rumours, comments and scenarios… do not offer good service.”
In a further blow for markets, Royal Bank of Scotland analysts issued a report in which they forecast that Europe would move into recession early next year. Investors continued to liquidate positions in commodities from metals to oil, moving to safe haven government bonds. The yield on German bunds fell to a new record of 1.64pc, with US Treasuries also setting a new low of 1.7pc.