1:42:38 Two weeks, the show goes under? Nope. Europe goes under! Oh yeah... The Euroquake is coming So we can pool Yeah we can pool this for sure Well I'll tell you what this is based on and it's important to discuss because it will affect us here in the United States of Gitmo Nation And a request from people who send some Euros and now we got Australians coming in Although the Australian dollar strong too but its not going to collapse like the Euro So, on the last show we of course were celebrating the fact that Europe had been saved. No sooner had the document come out and then we read it which basically said well you know
1:43:19 the 50% debt forgiveness is voluntary and all this stuff. The thing is bogus! It did nothing. And then the German Bundestag, the parliament essentially said well you know yeah this is all good Herr Merkel but we're gonna have to vote every single time with a full parliament for money to go out to save the frogs and pasta guys And Italy, which we thought it was going to be Spain or Portugal but it looks like Italy is the one that's gonna fall into the abyss. In one day the cost of them borrowing money which is what this bond selling is all about and I think it's important for us to talk to our producers about this so you know because God forbid anyone explain it on in the American news media what's actually happening is the cost of their borrowing went up I don't like a full point
1:44:14 Showing that the markets the financial market's like no we don't buy this So I think it's a I think it's two weeks. I think what are we today? That's why so let's say November 15 1111 11, let's just call it 1111 11 so be Friday The eleventh of November is when Europe will crash you wanna You want to weigh in do you think it's gonna take longer January. Oh really, you think January? I think they're gonna try to do everything they can to bullshit their way through the Christmas season Try to get a little action going there, little last-ditch profits and then it'll collapse in January Nigel Farage was on with with The Judge Napolitano if you want to hear that free It's not like one of the Farage rants in Parliament but it's kind of... Nah screw it! Yeah I'm always gaming, I like that guy You wanna listen to a little bit of him okay
1:45:06 Well I'm pleased we're having this debate because i've been amazed over the last few weeks. There's been a wall of silence from America, no one has been saying anything and with respect um...I would say that your president is handling your own public finances pretty badly how on earth can you want to get involved with tens and tens and tens of billions of dollars more helping not to bail out Greece and Portugal and Ireland but to keep them imprisoned inside a currency that they should never have joined in the first place. All you guys are doing and all we guys are doing is we're pouring good money after bad, it's going bust of that there is no doubt at all." I wish you could make that statement to the Congress of the United States
1:45:49 to the Board of Governors of the Federal Reserve System and to the President himself. Nigel, what will happen if some miracle occurs and the U.S says no? And Angela Merkel says no? And David Cameron says no? And Nicolas Sarkozy says no? And these countries are permitted to collapse?" Well I can't see the IMF saying no because whilst it's based in Washington you guys have turned a blind eye to the fact that the last guy Dominic Strauss-Kahn was a French bureaucrat who supported the euro. We've now got Christine Lagarde in charge, another French bureaucrat who supports the euro so the IMF in Washington has been hijacked Angela Merkel is in a difficult position her own electorate increasingly are saying look we spent 20 years paying for Eastern Germany
1:46:35 to be reincorporated into the West after the Berlin Wall came down, but we're not signing a blank cheque for Greece. And Cameron? Well frankly he's got no backbone or frankly no spine at all so we're inching towards the next bailout but there is a danger that some point in time the markets will just overwhelm this thing and it won't matter whether the bail out fund is one trillion or two trillion or three trillion events will just become too big for it What will happen in your view if there is no bailout and if contract law, the law of supply and demand, and the free market runs its natural course? I mean aren't we destined for failure of these socialist entities anyway. Wouldn't it be better to get over with now!
1:47:23 Well, I couldn't agree more. Let's take the pain! Look back in 2008 when these big banking crises hit and much of it because of the stupidity of what American and European politicians did with the banks but think about Iceland Iceland just simply could not muster the reserves or the political will to bail out the banks. They let the banks go bankrupt, the Icelandic currency fell by 80%, interest rates went up 20%. It wasn't just a volcanic ash that year that made things look grim in Iceland but where's Iceland today? Well, Iceland today is getting back to growth she has taken the hit she has taken the bad news and she is recovering
1:48:03 Take Greece. We're keeping Greece trapped inside a currency, her currency probably should be 65 to 70 percent lower than it is Wow You know most of her banks need...need to go bust and the risk is this that we can talk about economics until the cows come home but the reality is if you strip a country at its democracy If you take away from it the ability have your own elected government do things be they good or bad things and you turn it over to three foreign bureaucrats one from the IMF, one from the European Commission one from the European Central Bank. Once a fortnight they land at Athens Airport and tell the Prime Minister what he can and can't do I put it to you that if you rob people of their ability determine their own futures they will turn to violence and i believe that what will happen in Greece before too long is there will be a revolution That's just how serious and how stupid this whole thing is. Yeah, I'm buying that
1:48:59 I think that was a very eloquent explanation of the whole issue. Yeah, now I'm in total agreement too but the problem is is that these guys have been good at stalling it the optimists on Wall Street have been buying into everything they say and so they keep everything pumped up That's why I think this can go past Christmas and then it could go even further than that but its definitely gonna... They're not going to let economies collapse before Christmas You know? They'll lie! That would be horrible Well, but they're already shooting their wad because I loved how Germany all of a sudden hey Oh we were looking under the couch and we found 55 billion euros. How coincidental is that? Did you see this yeah? It's like
1:49:43 We just found 55 billion and do a rounding error, a little accounting error. It's so fake all this is so fake and meanwhile you're not seeing Greece on television You can see a little bit of it on your own news in a minute 30 clip of...it might as well be Occupy Wall Street Denver or Oakland This is all the part of the same thing but yeah I mean those people that's like pandemonium It's really, you should go to Greece. People if you have a chance go to Greece and stand out there by the way bring a helmet it is bad news there this is really bad so I'm saying two weeks your saying through Christmas I don't know they can handle it. They are pretty good at doing that. The market moving really fast man alright I could be wrong but 11-11-11 is the perfect date