BRUSSELS, Belgium, Oct. 15, 2008
EU Leaders Endorse Continent-Wide Bailout
Deal Paves Way For All 27 EU Nations To Shore Up National Banks, Other Financial Institutions
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The Man With A Plan
Gordon Brown's blueprint for salvaging the British economy has been met with great interest from other European leaders. But will his plan prove to be a lasting cure? Mark Phillips reports.
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Polish Finance Minister Jacek Rostowski, along with other EU officials and diplomats, confirmed that the leaders had endorsed the plan.
The agreement paves the way for all 27 EU nations to shore up national banks and other financial institutions. Under the plan's broad principles, individual countries put up a total of $2.3 trillion in guarantees and emergency aid to help banks.
The deal comes after Britain and the 15 countries that use the euro passed the plan Sunday and it is meant to reassure still shaky financial markets and investors that all is being done to stop the meltdown.
The plan leaves individual nations flexibility to chose from a range of measures such as buying shares in banks and guaranteeing savings and interbank loans.
The European moves are modeled on Britain's euro64 billion ($88 billion) plan to partly nationalize major banks. British Prime Minister Gordon Brown has also promised to guarantee billions of euros of interbank loans to restore confidence in the financial sector.
The joint action, along with broadly similar U.S. plans that include taking stakes in big banks, have helped turn around severe declines in world stock markets. But credit markets remain in distress with fearful banks willing to lend to each other only at abnormally high rates, and that makes credit harder to get for businesses and consumers.
EU leaders were also debating a call by Brown to hold global talks among the world's top economies, including the U.S., China, India and others this year to reform the world's financial system.
Brown said a global summit could be held as soon as November or December. It would also aim to relaunch stalled global trade talks.
In a document given to leaders, Brown said he wanted banks to rethink how they deal with risk. He also called for strengthened rules covering such issues as the amount of reserves banks must hold to cover potential losses and improving transparency in financial markets.
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If the government wants to use that $700 billion to "bail out" the banks, let the banks figure out how to pay it back--don''t put it on the shoulders of the taxpayers. THATS why the market is tanking--we don''t want to be responsible for supporting/bailing out the rich!
Welfare for the wealthy---puts them on the same ground as illegals---get everything on the backs of the taxpayers.
We''re all sick of it and I hope that stock market tanks until they get the message! Idiots!
Guarenteed Settlement: the cop sticks his hand in your mail box to see if you''ll sit in jail while he spends your commissions check, and then takes you to the bank, because. "you might not pay our lawyer"..
Bank Bond: when the the cop runs you over with the police car, because, "We were''nt doing that.". the cop car is ''real'' but the Dr. he provides, "your own fault". Don''t be concerned, because The State will pay there bills six months late or not at all depending on if they feel like it.
Financial Security: Don''t worry about it, because your smarter than to think you''ll get to the bank with the money any better than you''ll get to the courthouse with the paperwork to prove ownership.
Insecurity: Your banker looking at the oil plug.
Keep dumping money into the system. The bottom line?
No one has jack to back it. These are the effects of peak oil.
That''s 4.5 trillion that is being thrown at a problem all of the sudden. That is a whole lot of money. These people know something and they aren''t telling what it is.
Can''t you read between the lines? There is writing on the wall. The leaders of the world are scared spitless and panicking. Judging from their actions, the entire world is about to fall apart.
And yet you keep seeing headlines about maybe we are going to have a recession? In 1930 they thought there might be a recession, too.
The anti-Christ will be at the top of this one world system.
Don''t have to believe me folks, just watch and learn.
of the subprime loan market, although that is what it is presented as.
What this legislation does is two things: One is hand over 700 Billion
Dollars to already wealthy individuals who own those subprime bonds and
repossessed properties, and the Second is the establishment of a
"bureaucracy of the Economy", or convert the US Economy to a branch of
the government.
This begins the nationalization of the US Economy and the end of the
American Free Economy. Since about 1800 to 1880 the Government of the
United States has been converted, without the approval or consent of the
American People (and mostly without them even comprehending the change)
from a Republic to a "Democracy" (aka, "mob, or political party, rule")
to Socialism. The next Change will be to "Plutocracy" (aka, "mob
dictatorship") and part of a One World Government, then a One World
Dictatorship when Satan takes possession of that one man.
Soon, too soon, we will have a One World Government, a One World Economy
and a One World Church.
Prophecy fulfilled in your lifetime. Daniel 7:2-7, Revelation 13:1-2.
Glenn
His witness
Acts 1:18, Rev 11:2-3