Bailout of Banks = Italy and France

Mail on Sunday: Reports that both Italian and French Governments are on standby to bailout out their major banks due to the Greek default. Thus on Monday folks the markets will have to deal with US downgrade, the near default of Italy, the close default of Spain, the chance that major banks in Italy and France could go down, thus another credit freeze, you could almost stay in bed and not watch TV on Monday folks, there is economic tsunami coming, will make 2008 look like happy hour, interesting hours ahead folks.

Are you AAA or AA+ ?

Guardian: Has a graph showing the individual credit ratings of each Country. The UK in the view of S&P is AAA with a stable outlook, the US AA+ with a negative outlook. This blog would not be surprised to see the other credit agencies, Moody’s and Fitch also downgrade the US credit rating, they will not want to be left with egg on their face should S&P be right. Thus more market turmoil folks on Monday.

They Killed OBL, Died as Heroes = Afghanistan Front Latest

Telegraph: Reports on the death of thirty US Special Forces troops in Afghanistan, there helicopter was shot down by the Taliban, of that 30 it is reported that 23 played a part in the death of OBL. In pure PR terms folks this is a disaster for the Oval, on one level there is the biggest losses of US troops since 2001, also the US Special Forces that took out OBL. Thus expect over time there to be even more critical reaction to the Obama plan to withdraw troops at the height of the fighting season next year, also the defence cuts that are part of the debt ceiling deal, as with the British Empire folks the US has found if your broke your power starts to reduce, at least we could hand over to the US after World War Two, the US does not have that luxury, the end of Empires folks.

G7 CRISIS Talks - Eurozone/US

BBC News: Report that the G7 is to hold Emergency Talks about the latest developments in the Eurozone Crisis and the downgrade of US credit. Is there a big meeting folks, hell no, its the holiday period, thus talks over the phone, the West is going to hell in a hand basket, just so that the OUR supposed leaders can get some sun and catch up on their summer reading. No FDR when you want one, even if flawed policies.

Obama on Afghanistan Losses

Here is the following statement by President Obama on recent US losses in Afghanistan, “ My thoughts and prayers go out to the families and loved ones of the Americans who were lost earlier today in Afghanistan. Their deaths are a reminder of the extraordinary sacrifices made by the men and women of our military and their families, including all who have served in Afghanistan. We will draw inspiration from their lives, and continue the work of securing our country and standing up for the values that they embodied. We also mourn the Afghans who died alongside our troops in pursuit of a more peaceful and hopeful future for their country. At this difficult hour, all Americans are united in support of our men and women in uniform who serve so that we can live in freedom and security. ”. Its nice line folks but then one has to ask why is Obama removing troops next year at the time of the most intense fighting. Its not a military strategy, its political, the Oval is more interested in winning in 2012 than the security of US troops on the ground, the more the US withdraws the more the Taliban can take over and inflict more death and destruction on Afghanistan. Someone has to tell Obama there is a difference between rhetoric and reality, in Afghanistan Obaam’s rhetoric can get you killed.

Afghanistan Front News

MOD: Has announced the name of the Royal Marine killed on Friday in Afghanistan, the Soldier was “ Marine James Robert Wright, from Juliet Company, 42 Commando Royal Marines ”. Our thoughts are with the family of Marine Wright.

US Credit Downgrade ?

BBC News: Reports from the US via ABC News that the Credit Agency, Standard & Poor's is to downgrade US credit. Thus folks the debt ceiling deal didn’t help, the Agencies wanted around 4 trillion in cuts, the deal is around 2.5 trillion, throwing tea cup at a fire, ( stronger language but its open page ), the Eurozone Crisis with the high chance that Italy will default has sent the markets tumbling this week. Our lords and masters seem to fiddle while Rome burns, the EU has its head up its backside at the moment, it thought it had solved the problem with a 2nd Greek bailout, problem its gone from HIV to Aids, the entire economic structure has been affected, thus Italy is almost a certain default, Spain has 60/40 chance of getting through as its debt to GDP is around 70%, the EU/IMF can deal with that, it cant deal with Italy. The cure folks, as stated many times in this blog, the EU has to get serious, bailout out Italy and Spain, kick out Greece, Ireland and Portugal, reform the welfare state in these countries, live in the 21 Century not the start of the 20th. Don’t hold much hope folks, this kind of action would take political courage, modern politicians not that brave.