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1984Investor - IMHO the EU will collapse when Italy defaults on its Target 2 loans. It threatened to default in December 2017, unless the ECB bailed out it's banking system by buying Italian Government Bonds. Draghi was the head of the ECB (the future Italian PM) bought more than the protocols allowed. Prior to Target 2, the ERM, Currency Snake and the Latin Monetary Union all collapsed when Italy defaulted on its loans. People and businesses in the UK worry about their loans, whereas in Italy the lenders worry about the loans.
Target 2 was brought in to stop all the Euros ending up in Germany, as there's no self-regulation, when countries are all in the same currency. Prior to the Euro, if too much trade went from Germany to Greece for example by buying Mercedes, the Mark becomes stronger and the Drachma weaker. Eventually the price of Mercedes is too high for the Greeks, but Greek holidays become cheap for Germans. In other words the currency self-regulates. Under Target 2 the money is immediately returned to country of origin in the Eurozone as a compulsory loan, with Zero Percent Interest and No Obligation To Pay. It's like an IOU, but not as strong in law as an IOU. IMHO it's a recipe encouraging a default.
Interesting MP, didn’t know about target 2
Surely it’d be easier to just let economies and currencies fluctuate
Maybe the return of dirt cheap Spanish holidays and fists full of pesetas is on the cards
Should start to see the price rise into close now, 9p deffo on the cards
Usually a time to trade this when novice gives stupid predictions
1984Investor - Otmar Issing was the chief economist who brought in Target 2. It was because they were afraid of all the physical Euros ending up in Germany and not enough left to actually pay governments wages throughout the Eurozone. After he left the ECB he admitted it wasn't a good idea.
Addicknt et al. Watched 20 days in Mariupol last night, and can recommend it to all. A heartbreaking story, tragedy for the people, a very sophisticated, hard hitting and accomplished piece of propaganda.
And you were shocked, yes shocked, to see it. What planet have you been living on for the last decades ? I can't believe that you have just realised what a total horrific s-show war is.
Where were you in 1999, when NATO was indiscriminately bombing civilians in Yugoslavia / Serbia ?
Where were you in 2003 to 2011, when NATO was indiscriminately bombing civilians in Iraq ?
Where were you in 2001 to 2021, when NATO was indiscriminately bombing civilians in Afghanistan ?
Where were you in 2011, when NATO was indiscriminately bombing civilians in Libya ?
Where were you in 2014 until today, when NATO was indiscriminately bombing civilians in Syria ?
Your hypocritical view on war atrocities ( OK when it's 'them' but not 'us'. ) is disgusting.
Condemn ALL war crimes, or ACCEPT all war crimes. Which is it ?
Ukrainian warcrimes Long before the 2022 war.
46 pro-Russian protestors trapped in the Odessa Oblast Council building and burnt to death. January 2014
Ukrainians have been shelling the breakaway republics since 2014.
"According to the United Nations, 3,404 civilians were killed in the war and more than 7,000 were injured. The vast majority of civilian deaths were in the first two years of the war, while 365 civilians were killed in the six years from 2016 to 2021."
This is not, sadly, shocking or unique, but has been going on tit-for-tat, a long time.
Kat, tell me where/when I've suggested other wars are not equally barbaric. I was simply referring to the current conflict and the behaviour of Putin, and I did so because that was the topic being discussed.
Sorry, but your post is totally irrelevant.
Incidentally, for you to describe the documentary as 'propaganda' is quite shocking and completes demeans the people who are suffering so badly.
If you were paying full attention you'd have realised the reporter very carefully avoided overt bias and it was awarded the Oscar for its objectivity.
Anyway, that's more than enough on this topic.
Completely, not 'completes'.
Kat as I explained you haven't been to any of these places, you are completely taken in by propaganda.
Addicknt is correct.