Step by step and day by day is how things come to pass….
With last weeks attempt by the new world (BRICS) to bolster the IMF’s reserves in order to bail out the EU, being shot down by the old world, with the argument that the IMF’s uncommitted reserves are enough to handle the crisis if need be, this weekends crucial EU Summit was set up….
What will be discussed this weekend?
Depends on who you ask….
Some say it’s to determine how much to add to the fund to continue the bail outs of the PIIGS countries, while others are saying that it will be a decision on how to go about dissolving Greece as orderly as possible. Another interesting topic that rumors are flying about is what to give up to China for financial assistance with the immediate situation.
I feel everyone is right, and all topics listed above will be brought to the table. Germany and France are at a discord on the subject which puts China in favor as they sit with cash in hand. Sarkozy flew over to Germany this week to make an attempt at smoothing relations before the summit takes place… we’ll see how well that went.
There was a scheduled EU – China Summit scheduled for Tuesday of next week that has been postponed, and no definite decisions will be made until the European leaders come together again in Brussels no later than Wed.
This weekend could be very pivotal for the entire globe…we were surprised to read today that Clive Maund is encouraging citizens to pull at least a months worth of cash out of the bank and ideally 3 months worth of reserves….usually a tecnical analyst that does not get too much in to political consequences and sticks to chart and analytical talk, broke his M.O. today in a big way.
Keep in mind roughly a week after Lloyds of London closed accounts in European banks and took thier cash, Dexia bank was dismantled…
If bank runs are in our future, and money being printed by everyone that needs it, you may want to have some physical gold and/or silver on hand… just in case.
A famous saying that I rather like;
“I’d rather have a gun and not need it, than be in a situation where I need a gun and don’t have one.”