WOW!! Euro just sliced through 1.27 $usd Europe is Imploding !!!

The Head Of The Bank Of England Warns Of 'Major Problems Ahead' In The Eurozone

Bank of England chief Mervyn King told reporters during his quarterly inflation report today that the euro crisis is likely to get worse, adding that the U.K. government and the Bank of England are already developing "contingency plans" to be implemented should the crisis spiral out of control.

"There are major problems ahead," he is quoted as saying in a report from Bloomberg. "There are major credit losses to be realized. Whatever happens there will be difficulties ahead that will undoubtedly affect us."

King predicted that inflation in the U.K. will fall below 2 percent in the next two years, but thinks that there are "good reasons" for domestic growth to recover.

Nearly all his statements were tempered with concern about the crisis on the Continent, affirming that the U.K. is "not exempt" from the continuing effects of the crisis.

He added that is "not sensible" for the bank to see only two outcomes for the eurozone—jubilation if the monetary union stays together and "disaster" if it falls apart.

King added that the BOE is ready to step in with more quantitative easing should the situation deteriorate.

King's statements follow an announcement by the Office for National Statistics that unemployment in the U.K. had unexpectedly fallen in April to 8.2 percent.


Read more: [link to www.businessinsider.com]

good news for those wanting to go to europe for vacation this summer or fall. I remember when it was 1.6 for 1 USD..too expensive to travel. You guys think it will hit 1:1 by september?

Oil waiting for US market to open before it shts the bed.

zerohedge‏@zerohedge

1-yr EUR/USD cross-currency basis swap falls as much as -4.7bps to -68bps, lowest intraday since Jan. 20

so much paper in the world that every single corporation

could go bust together if they havent being doing due

diligance

Lol! Seriously - if this carries on in the same direction then Europe will be the last place you will want to go on holiday! Sure, it will be cheap for Americans and Brits, but it won't be safe as there will be widespread civil disorder and war. Not many people thought going to Bosnia was a good idea for a holiday in the 90s.

Hello Luis, sorry for late replay but i am at work. Kouvelis is a low profile politician and is something like the good grandfather or the old neighbor that everyone wants to live near. And since people here are very sick with the politician the low profiled Kouvelis gets that hi approval rating.

Linda Yueh‏@lindayueh

Merkel’s office asked Austria to withdraw a statement about #Greece leaving the EU if it left the € made by FM Fekter: Oesterreich reported

8 min zerohedge‏@zerohedge

Greek president uses bank run on Monday as leverage to form government; He fails. Now suddenly bank run is over after no govt formed.

ok, and he is from left or right?

He was part of Syriza. At 2010 he left Syriza and formed the Democratic Left(Dimar). It is said that he formed Dimar as a reserve for Pasok voters show that they dont go to syriza and when things get better they can return to Pasok

black holes are strongest, that's why

other way : they eat everything

What does it mean - you're an "Empath"?

Workers WANT a strong dollar and TPTB don't.

Republicans seem to want America to be dragged down to just below Europe at all times.

[link to online.wsj.com]

U.S. stock futures pushed higher following a solid reading on the U.S. housing sector, though concerns about the outlook for Greece kept the early gains relatively modest.

Now, do yourselves a favor and read the entire post. Deere, Abecrombie & Fitch, and JC Penny all falling and posting losses. Ask yourself why?

Housing is very easily manipulated, retail numbers are not. And they are not looking to hot. Furthermore, the specter of Greece is quickly turning into the 'Collapse of the EuroUnion' and there is still the Facebook IPO looming.

[link to articles.chicagotribune.com]

Facebook may be your friend or where your friends hang out. But that doesn't mean the stock will be friendly to you if you rush to buy it within the next few days.

The mistake here is to misread 'positive' housing signs as a reason to cheer and sigh relief.

Yup, DOW opens higher !

Have they forgot about Greece and Europe ? A few good housing numbers and the DOW rises ?

Something is very fishy here...

so much paper





in Keiser report episode E288 Max keiser says 90 trillion (derivatives, paper) for JPM off balance sheet.


HOLY FUCK.


SEC is a joke, or in bed with.

Obvious Ponzi Scheme is so Obvious.



yet many prozac swallowing ostriches still stumbling around arguing about Democans and Republlicrats, and what credit card they like most.

This.....................

There's always a market "Imploding" or "Carshing" every day.
It's all a ruse. There's plenty of money out there. It's just all in the hands of the ones ready to pull the trigger.

Fishy? No, something is more than fishy. Something is swamp ass here.

Pretend economy.

Endless credit/money to the banks at near zero percent interest.

Endless financial "derivatives" created by banks off balance sheet.

Inflation climbing in FUEL, FOOD. Two most used items.



People Doom is here now, we are in the midst of a real situation. How many here have an actual knowledge of what Bankruptcy is?

Many do that is why I keep coming back.

I pulled the trigger on buying a jar of peanut butter the other day, usual brand.

Used to cost me $8 bucks and change a year ago.

Todays price? $13.65.

Yes when I moved here in 2006, it was only at 1.23

Time to vacation.

I'm actually semi excited I'd like my friends and family to come visit.

So Thatcher, Major, and Brown were all opposed to joining the EU!
Did not know that.

^ i would call that the Future..

carshing????

It's called balancing.

Look, if the Zionist bannisters are going to finish off their heist, they need to level out the currency values in their "Proposed Unions"...

USD vs Canada...leveled right out and the Mexician peso will be buy in a 5:1 or something like that.

Europe... gotta get the balance between all as well as those owned countries like islands in the pacific and elsewhere...

It is all a leveling process.

THEN

A NEW WORLD CURRENCY.

zerohedge‏@zerohedge

Bank to see biggest impact from upcoming Moody's downgrade will be MS, with up to $9.6 billion in collateral to be posted

4 min zerohedge‏@zerohedge

MS -7.5% YTD

KOTOK: We Have Bigger Worries Than Greece, Portugal and Spain

In his latest column, Cumberland Advisors' founder David Kotok advises his audience that the peripheral Eurozone countries are already a lost cause; it is now Italy that has begun to teeter.

Greece, he writes, is doomed. Portugal and Spain are already getting killed in credit markets.

"Italy is the one to watch," he says. "It is the 800-pound gorilla and it is sick."

Growth, deficits, demographics and a 120% debt-to-GDP ratio are causing it to become unmoored.

Its economy is shrinking, not growing. It has failed to rein back the public expenditures. Its demographic composition is impossible to balance with a debt-to-GDP ratio above 120%.

"Credit spreads with Italy are widening. I recall that the difference between the ten-year German bond yield and the ten-year Italian bond yield once reached nine basis points. That is correct: 9 basis points. The charts start on page 27 of my old book and depict the good old days. That was only 7 years ago. Look at today’s pricing vs. the old pricing and play the movie backwards and one can see where this is headed. Things are going to get worse."

Bottom line: "Italy is the world’s third largest debtor. The test of 'too big to fail' will come with Italy."


Read more: [link to www.businessinsider.com]