Greece fail(s)

[devil21]

Yeah, but the meaning of words matter. The media's use of incorrect terminology intentionally contributes to ignorance.

 

[angelatc]

"Regime change." Yay! Let's do what we did in Iran!

 

[Acala]

It's not far-fetched if they control the gold mines after currency collapse. Ever wonder why South Africa is part of the BRICS? Sounds random until one considers their gold mining prowess. Russia has the second largest untapped gold reserves in the world. China also has large gold deposits. Even untapped US mines will be under BRICS control after this process is said and done. No need to inflate currencies through debt when your banking conglomerate controls much of the future gold mining.

Owning gold mines and minting gold money is not a problem, whether it is governments or private entities because the supply is limited by the laws of nature. When that gold goes into circulation it becomes the people's money immune to manipulation. Problems arise with unlimited fiat currency that is never safe from dilution and collapse.

 

[Pauls' Revere]

Yeah, but the meaning of words matter. The media's use of incorrect terminology intentionally contributes to ignorance.

The average newspaper in the U.S. is written at a fifth grade reading level. It's intentional, as I'm sure your aware.

 

[devil21]

Great comment by a ZH reader said (paraphrase) that "China could transfer some US Treasuries to the Greek government and Greece could directly pay off the IMF with them."

I still think Greece will default and just repudiate the debt but that would be an epic move. It would remove UST from circulation, China would be able to dump UST with a cover story purpose, and free Greece to issue drachma with BRICS gold backing.

 

[Zippyjuan]

Why would China want to bail out Greece by giving them free US Treasuries? What would be in it for them?

I still think Greece will default and just repudiate the debt but that would be an epic move. It would remove UST from circulation, China would be able to dump UST with a cover story purpose, and free Greece to issue drachma with BRICS gold backing.

1) I can't find evidence that Greece has any US Treasuries. If they do, it isn't much.
2) If Greece defaults, it gets rid of debt THEY issued. It would have zero impact on US Treasuries (assuming Greece does have some). If the US defaulted, THAT would make US Treasury notes disappear.
3) Greece has about $6 billion in gold reserves. They aren't going to go to a gold backed drachma.

 

[devil21]

Why would China want to bail out Greece by giving them free US Treasuries? What would be in it for them?

Your questions are becoming more nonsensical with each passing day, Zip.

I can't imagine why China would want access to a Mediterranean paradise that used to be part of the original Silk Road. Nope, can't imagine why they'd want that.

1) I can't find evidence that Greece has any US Treasuries. If they do, it isn't much.
2) If Greece defaults, it gets rid of debt THEY issued. It would have zero impact on US Treasuries (assuming Greece does have some). If the US defaulted, THAT would make US Treasury notes disappear.
3) Greece has about $6 billion in gold reserves. They aren't going to go to a gold backed drachma.

Did you even read what I've written in this thread or are you willy-nilly posting just to post something? It's time for a new Zippy to be promoted. Current Zippy is terrible and needs to go back to meme patrol.

 

[Warrior_of_Freedom]

All these European countries have been reduced to tourist destinations with no economies that stand on their own, aside from a few.

 

[Pauls' Revere]

Great comment by a ZH reader said (paraphrase) that "China could transfer some US Treasuries to the Greek government and Greece could directly pay off the IMF with them."

I still think Greece will default and just repudiate the debt but that would be an epic move. It would remove UST from circulation, China would be able to dump UST with a cover story purpose, and free Greece to issue drachma with BRICS gold backing.

Yeah, and the BRICS could gain influence in the EU and The Med a shrewd foreign policy move to be sure.

 

[Pauls' Revere]

Greece out of cash by this weekend.
From DRUDGE:
http://www.telegraph.co.uk/finance/...500m-in-cash-reserves-as-economy-crashes.html

Greece is sliding into a full-blown national crisis as the final cash reserves of the banking system evaporate by the hour and swathes of industry start to shut down, precipitating the near disintegration of the ruling coalition.

Business leaders have been locked in talks with the Bank of Greece, pleading for the immediate release of emergency liquidity funds (ELA) to cover food imports and pharmaceutical goods before the tourist sector hits a brick wall.

Officials say the central bank will release the funds as soon as Friday, but this is a stop-gap measure at best. "We are on a war footing in this country," said Yanis Varoufakis, the Greek finance minister.


Plan B; The barter system or bitcoin goes into full effect.


then there's this:

"We are in an extremely dangerous situation. Greek companies have been excluded from the electronic transfers of Europe's Target2 system. The entire Greek business community is unable to import anything, and without raw materials they can't produce anything," he said.

 

[Carlybee]

Are you kidding me?


https://www.indiegogo.com/greek-bailout-fund.html

 

[Pauls' Revere]

Are you kidding me?


https://www.indiegogo.com/greek-bailout-fund.html

LOL!

 

[Zippyjuan]

Also to keep in mind- this isn't even a fix but a temporary patch if it happens. More bills will be due later this year. And the worse it gets for Greece's economy, the less revenues they have to try to make those payments. Before this week's shutdown, they have already lost 40% of their GDP since 2009. I'd say get the default over with.

http://www.bloomberg.com/news/articles/2015-04-23/greece-s-scary-calendar-of-debt-payments-due

 

[Terry1]

Are you kidding me?


https://www.indiegogo.com/greek-bailout-fund.html

 

[Pauls' Revere]

Greek banks prepare plan to "bail-in" deposits:
http://www.ft.com/cms/s/0/9963b74c-219c-11e5-aa5a-398b2169cf79.html#axzz3etLou8t9


Greek banks are preparing contingency plans for a possible “bail-in” of depositors amid fears the country is heading for financial collapse, bankers and businesspeople with knowledge of the measures said on Friday.

The plans, which call for a “haircut” of at least 30 per cent on deposits above €8,000, sketch out an increasingly likely scenario for at least one bank, the sources said.

A Greek bail-in could resemble the rescue plan agreed by Cyprus in 2013, when customers’ funds were seized to shore up the banks, with a haircut imposed on uninsured deposits over €100,000.

It would be implemented as part of a recapitalisation of Greek banks that would be agreed with the country’s creditors — the European Commission, International Monetary Fund and European Central Bank.



wonder what the savings cut-off would be here in the states? WOW, 30% loss.

 

[osan]

Are you kidding me?


https://www.indiegogo.com/greek-bailout-fund.html

I feel the urge to begin laughing in a maniacally uncontrolled fashion. No, seriously... the stupidity of humanity is now gone too surreal even for my capacity to absorb. I... I...

I think I'm going mad. Yes, that's it mad.

MAD, I tell you!

 

[Cleaner44]

As I watch the failure of Greece as a nation, I see the failure of socialism big and bold.

Some of the people there literally think the rest of Europe should just give them free money. This is the stupidest thing I have seen in a long time. I kind of hope that they go full retard and collapse. I also feel bad for their old people. This stupidity is going to be very painful for a lot of humans.

 

[osan]

Great comment by a ZH reader said (paraphrase) that "China could transfer some US Treasuries to the Greek government and Greece could directly pay off the IMF with them."

I still think Greece will default and just repudiate the debt but that would be an epic move. It would remove UST from circulation, China would be able to dump UST with a cover story purpose, and free Greece to issue drachma with BRICS gold backing.

How do you figure? Whose gold would that be? Nobody is going to simply give that much gold away for free, as far as I can see. The Greeks are lazy as all hell, so they will not work to earn the gold in piecemeal fashion. I doubt there is a whole lot of gold mining in Greece. In fact, there appears to be very little industry there at all. Those people are so lazy, it leaves me wondering who is doing all the cooking and other basic things. 1/2

The cracks in the system of debt-instrument currencies are now seemingly beginning to manifest themselves faster than the working people of the EU can stuff their disease-mangled little fingers into them.

If anyone needs me, I will be over here in my comfy chair with this here ultra-size bag of popcorn and other goodies, watching to see with bated breath how this quaint little economic farce plays out on the world stage. Will Theye kick the can just one more time? Will they let the chips fall?

As for the haircut deal, it is difficult to feel any sympathy for the people of Greece. They are mostly lazy. They are, apparently, Big-Gulp-size stoopid; after all, they had plenty of warning, including the example from Cyprus. What did they think was going to happen? It should prove most interesting to see what they do in the aftermath of their 30% seizure. What will those seemingly stoopid people do? What did the Cypriots do? Funny how the "media" seem to have failed to cover that bit. What I mean is, did the Cypriot account just shrug, say "c'est la vie", and go on in the fashion typical of conquered people? Or did they remove their deposits from Cypriot banks and squirrel that cash into their mattresses?

What will the Greeks do after taking it in the vent to the tune of almost one-third of their cash holdings? My money says, "nothing".

Good golly... this is so exciting. It is for me similar in anticipatory effect to the Stupor Bowl for millions of Americans. I think I'm giddy with it.

 

[TheCount]

With all of the Iceland-style economic freedom about to come their way, the Greeks should be ecstatic.

 

[twomp]

The EU will not let Greece out from under their thumb.