Busted: Bankers and The Global Economy

February 23, 2010

Strength of EU and Euro Threatened

Filed under: banking, corporatism, credit, economy, money, politics — Tags: , , , , , , , , — digitaleconomy @ 10:46 am

With the ongoing financial plight of Greece, the European Union is facing a growing threat of national bankruptcies. The consequences would be profound for the whole of the continent, especially German banks, which are highly exposed to risky debt. EU politicians are feeling increasingly panicky.

Europe is one of the hotter topics on the global financial circuit. The value of the battered euro has been falling since the Greek government confessed to the actual scope of its debt, cobbled together with shaky securities and kept secret for years by complicit bankers. Things are not looking significantly better and EU politicians are looking for a solution that will contain the financial fire.

June 29, 2008

Panic in Support for the Euro Reported

Germans have begun to reject euro bank notes with serial numbers from Italy, Spain, Greece and Portugal. This reality is raising concerns that public support for the monetary union may be waning in the Germany, perhaps in reaction to Ireland’s rejection of EU’s founding attempts.

Bankers, being naturally detail oriented, have detected a curious pattern where customers are withdrawing cash directly from branches as they screen bank notes to determine the origin of issue. More Germans are asking for paper from the southern states to be exchanged for German notes.

Each country prints its own notes according to its economic weight in European Union under strict guidelines from the European Central Bank in Frankfurt. For example, German notes have an “X”‘ at the start of the serial numbers.

Some people clearly suspect that southern bank notes may lose (more…)

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