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#271774 - 01/18/09 01:07 AM EU is in trouble
FormerTexan Offline
Site Administrator
MaleSurvivor
Registered: 09/12/04
Posts: 11179
Loc: Denver, CO
This is too off-topic to put in the News forum. Europe is in big trouble right now. This article is one of a few I have seen on the unrest in the EU. One has to wonder how this will bode for us. Things are already hurting over here.

_________________________
List of things ain't nobody got time for:

1. That


If I could meet myself as a boy...

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#271798 - 01/18/09 11:24 AM Re: EU is in trouble [Re: FormerTexan]
petercorbett Offline
Member
MaleSurvivor

Registered: 07/27/08
Posts: 2452
Loc: TEXAS
As an American military retiree, and a retired civilian working for the US military, living here in UTOPIA (what the Germans) think that their country was. And having been here since the Europeans went from their old respective currencies, ie, Germany the D-Mark (they wish that they could have it back) the Italians the Lira, Ireland the Punt, etc and most of the other countries have for the most part shoved the Euro, their common currency down the respective countries peoples throats, what a democratic Europe, and the poor citizens had no say in that change. Most of them not. When the Euro first came out, it was pegged at about 1.30 euro's to the dollar, ($100.00) got you 130 euros, but the rate of exchange changes daily (M-F), and it has gone the US dollar south ever since. Lately it's been between .60 US cents for 1 euro to today .74 US cents for a euro, so today for ($100.00) you would get 74 euros. GULP. But for me the pain is going to end, I'm coming HOME, where I belong, TEXAS. But one has to remember those previously Russian controled (Cold War) Eastern European countries were always poor. And for Ireland it was mostly a poor country. The EU was a boon for Ireland as it cost the EU mega Euro's to make it what it is today, along with those younger generation Irish people, whom no longer have to emigrate to the USA in order to make a decent living, in fact many of them are moving back to Ireland. But one thing that these European politicans never counted on is that a German wants his idenity German passport, An Italian wants his idenity his passport, etc NOT a lump them together EUROPEAN without an idenity. For this American they can have UTOPIA.
My two US cents worth. Heal well my friends/brothers.
Pete (Irishmoose)

_________________________
Working Boys' Home 10-14 yrs old, grades 5-8. 1949-1953
____________________________________________________________
A very humble alumni of the WOR Dahlonega, GA.
May 15-17 2009, Alta, Sep. 2009. Sequoia, 2010.
Hope Springs, 2010.


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#271882 - 01/18/09 11:47 PM Re: EU is in trouble [Re: petercorbett]
Trucker51 Offline
Member
MaleSurvivor

Registered: 05/20/08
Posts: 2826
Loc: Denver, CO
It is amazing just how much news that us Americans DO NOT GET here at home. I almost miss living near Detroit just because I miss the balance and often opposite viewpoint of the CBC so nearby. I have heard of the Greek unrest but have not heard about their financial crisis. Now it is beginning to make sense. The last time that I was in Riga I was looking down from above courtesy of Google but it did seem to me that Riga and several other cities in that area were a bit on the run-down or depressed looking side. It seemed like there were a lot of abandoned cargo ships in the ports there and in Konigsberg too, along with a few other hints of economic uncertainty like abandoned airports, factories, and the like. Of course, one could get that looking down on Detroit too.

It can't happen here too....or can it???

Thanks for sharing this Andy,

Mark

_________________________
"We stay here, we die here. We've got to keep moving". Trucker Mark



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#271884 - 01/18/09 11:57 PM Re: EU is in trouble [Re: Trucker51]
Little_E Offline
Member & Volunteer
MaleSurvivor
Registered: 11/14/02
Posts: 169
Loc: London UK
London is pritty well fucked!

What we need is another Great Fire!!

Anyone got some matches??

_________________________
If your not livin on the edge your taking up to much space!

DISTUBED VISIONS OF AN UNDERWORLD!!

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#271887 - 01/19/09 12:09 AM Re: EU is in trouble [Re: Little_E]
Trucker51 Offline
Member
MaleSurvivor

Registered: 05/20/08
Posts: 2826
Loc: Denver, CO
I just had to buy a box of 11-inch wooden matches to light the pilot light on the water heater, and I doubt that I'll need all 50 of them.

How is the British Pound doing? Have grocery prices doubled like here at home yet?

I hear that the Ruble isn't worth nearly as much these days.

Better get some silver or gold while it is still cheap.

Mark

_________________________
"We stay here, we die here. We've got to keep moving". Trucker Mark



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#271888 - 01/19/09 12:22 AM Re: EU is in trouble [Re: Trucker51]
Trucker51 Offline
Member
MaleSurvivor

Registered: 05/20/08
Posts: 2826
Loc: Denver, CO
I thought that this piece might make for some interesting reading.

http://articles.moneycentral.msn.com/Inv...5-trillion.aspx

Mark

_________________________
"We stay here, we die here. We've got to keep moving". Trucker Mark



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#271890 - 01/19/09 12:43 AM Re: EU is in trouble [Re: Trucker51]
FormerTexan Offline
Site Administrator
MaleSurvivor
Registered: 09/12/04
Posts: 11179
Loc: Denver, CO
"Better get some silver or gold while it is still cheap."


Amen.

_________________________
List of things ain't nobody got time for:

1. That


If I could meet myself as a boy...

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#271891 - 01/19/09 12:46 AM Re: EU is in trouble [Re: FormerTexan]
pufferfish Offline
Member
MaleSurvivor

Registered: 02/26/08
Posts: 6875
Loc: USA
Originally Posted By: FormerTexan
"Better get some silver or gold while it is still cheap."


Land or Real Estate is the only thing that will hold its value.

Allen

pufferfish whistle


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#271893 - 01/19/09 01:23 AM Re: EU is in trouble [Re: pufferfish]
Trucker51 Offline
Member
MaleSurvivor

Registered: 05/20/08
Posts: 2826
Loc: Denver, CO
Real estate won't hold its value if you can't sell it. But don't take my word for it. Check-out the real estate listings in Flint, MI or in Detroit. I saw a nice house in move-in condition the other day in Flint for an asking price of $5,000. This house had been remodeled and had 4 BRs and 2 baths, with a partially-finished basement and a 2-car garage on a 140 x 40 foot city lot. And there were city lots there selling nearby for $100!!!

Maybe I should buy-up a few of those side by side, just so that I'll have somewhere to park my mobile home if worst comes to worst!!!

Mark

_________________________
"We stay here, we die here. We've got to keep moving". Trucker Mark



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#271908 - 01/19/09 08:30 AM Re: EU is in trouble [Re: Trucker51]
FormerTexan Offline
Site Administrator
MaleSurvivor
Registered: 09/12/04
Posts: 11179
Loc: Denver, CO
"Land or Real Estate is the only thing that will hold its value."

Allen, I'm confused. How does it hold its value when the bubble has burst and prices dropped?

Gold and silver are a portable store of value. I can't barter with my land.

_________________________
List of things ain't nobody got time for:

1. That


If I could meet myself as a boy...

Top
#271910 - 01/19/09 08:42 AM Re: EU is in trouble [Re: FormerTexan]
Still Offline
Member
MaleSurvivor

Registered: 02/16/07
Posts: 6602
Loc: FEMA Region 1
A global melt-down makes me wonder if silver & gold will enjoy hyper-valuation.

A NH news paper claims that the US is pulling in gold billion (as a wholesaler) with the price assistance of COMEX in order to melt it back to bars as an official holding.

I DO know for a FACT that in NH, the coin and bullion dealers have NOTHING to sell. I've had a mega order of Silver Canadian Maple Leafs standing with one of the largest NorthAm dealers. They still dont have the inventory to send it (3 weeks later)

Blanchard and Co out of New Orleans, took 8 weeks to send me 3 lousy gold Maples. There's a serious shortage yet COMEX keeps the market price artificially down.

I posted some silver bullion on Craig's List at $20.00/oz and got inundated with replies in one hour.

_________________________
I'm "that guy."

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#271948 - 01/19/09 02:16 PM Re: EU is in trouble [Re: Still]
Trucker51 Offline
Member
MaleSurvivor

Registered: 05/20/08
Posts: 2826
Loc: Denver, CO
We can get you both silver and gold here in the city beside the mountains. Just a few weeks ago Maple Leafs in choice or better could be had for $14 each, and a tube of Silver Eagles went for $15 each. I even got some mining company and holiday rounds recently too. Plus Rocky Mtn. Coin has plenty of gold both old and new, but the markup was about $80/ounce the last time that I went there with Andy and Alan. And they have had 10-ounce bars too!!!

Mark

_________________________
"We stay here, we die here. We've got to keep moving". Trucker Mark



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#272009 - 01/19/09 11:01 PM Re: EU is in trouble [Re: Trucker51]
michael banks Offline


Registered: 06/12/08
Posts: 1755
Loc: Mojave Desert, Ca
Mark,

Land is always cheap when there are no jobs nearby. My rental house's value is a third of what it was three years ago. Sure hope things don't get as bad as you guys make out that they may be.

During the great depression when my grand parents lived in San Deigo. They rented a one bedroom apartment with two other navy couples and they rotate the use of the bed on an weekly basis.

Guess we have to just wait and see how bad it gets.

Mike

_________________________
To own one's shadow is the highest moral act of a human.
-Robert Johnson-

"IT ought never be forgotten that the past is the parent of the future" John C. Calhoun

WOR Alumni Sequoia 2009

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#272082 - 01/20/09 08:11 PM Re: EU is in trouble [Re: michael banks]
Trucker51 Offline
Member
MaleSurvivor

Registered: 05/20/08
Posts: 2826
Loc: Denver, CO
Even where there are jobs the value of real-estate is sinking fast. My wife's parent's former house here in Denver is a good example. It is a 50-year old brick ranch on an 80 x 80 foot lot, with 4 BRs and 2 baths, a 1-car garage, substantial recent remodeling with a new gas furnace, water-heater, newer shingles, and upgraded baths, large mature trees both front and rear, central A/C and a lawn sprinkler system, walking distance to major shopping, a public library, and public transport including a casino bus. The house was appraised at $235,000 18 months ago.

My wife's folks moved-out of it in July of last summer. They tried to list it at $219,000 and didn't get a single offer. Then they dropped it to $209,000. In August they dropped the price to $199,000 and got one offer for $160,000, which they laughed-off. In late August they again lowered the price to $195,000 and only got one offer, this time a cash offer for $139,000. And between September and October 39 people looked at the house, but not one of several interested parties could get approved for financing. Then the realtor quit after my wife's folks wouldn't drop the asking price another $10K or more.

Imagine that: Having to take a hit of one-third in one year just to sell your house? Now my wife is renting the house to 2 late 20-somethings for $1000/month. At least the mortgage is still getting paid, which is a lot better than some homes these days. In fact, just in that neighborhood of SW Denver, (which is about 3/4ths of a mile by a 1/2 mile), there were 53 properties in foreclosure and two dozen more offered as a short-sale, just in November. And every day more and more people are getting laid-off, in-fact over 1.2 million just in the last two weeks in the US.

If nobody can afford to buy or rent houses or get loans to buy houses what happens to rents and home values?

At least gold is portable. Hope for the best, and prepare for the worst.

In the Great Depression my mom's mother and dad lived in my mom's grandparent's house with 4 other siblings of my mom's mother and two of their spouses, along with a couple of grandchildren, and they shared space with several other relatives from time-to-time. And looking through a family history there was a section about some level of involvement with the Civilian Conservation Corps too. Let's just hope that it doesn't get that bad again.

If there is no growth to overcome all of this increasing the money supply for bailouts, the only possible outcome is having to borrow still more money, print still more money, and/or devalue the Dollar even further. For now we are OK because a number of other currencies are worse-off. But what happens when the Chinese recover before we do?

It might be a good time to get down to Home Depot and pick-up a wheelbarrow while you still afford one.

Mark

_________________________
"We stay here, we die here. We've got to keep moving". Trucker Mark



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