• BullionStar
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Breaking: Greece Threatens To Leave Eurozone, Reintroduce Own Currency

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Fri, 05/06/2011 - 12:00 | 1247804 ZapBranigan
ZapBranigan's picture

Holy Shit

Fri, 05/06/2011 - 12:09 | 1247877 flacon
flacon's picture

...and the new currency is going to be backed by?..... Or put it this way: Who is going to buy the new Greek Currency bonds?

Fri, 05/06/2011 - 12:13 | 1247890 cossack55
cossack55's picture

Tossup. Either The Bernank or Japan. LOL

Fri, 05/06/2011 - 12:28 | 1247951 TruthInSunshine
TruthInSunshine's picture

Relax, everyone.

Eurogroup Chairman Juncker "totally denies" this.

Like, OMG, he totally denies it.



Cheers to Iceland, Greece & Ireland - and I hope they wave the Big Bird to the Banking Cartel. They could lead by example.

An Irishman abroad tells it like it is


Fri, 05/06/2011 - 12:29 | 1248011 IBelieveInMagic
IBelieveInMagic's picture

PMs suddenly are off their highs -- did an international gold market close somewhere for the day?

Fri, 05/06/2011 - 12:57 | 1248162 DavidJ
DavidJ's picture

Why is this not good for PMs?  Shouldn't increased uncertainty about FIATs mean rise prices in PM prices?

Fri, 05/06/2011 - 13:00 | 1248183 tmosley
tmosley's picture

Good for physical, bad for paper.

Fri, 05/06/2011 - 12:55 | 1248167 flacon
flacon's picture

Here's how I see it: PM prices are falling because of the "rally" in the USDX because of the falling of the Euro because of the threat from Greece to leave Euro and create it's own worthless paper currency....


What a mess...

Fri, 05/06/2011 - 13:28 | 1248219 TruthInSunshine
TruthInSunshine's picture

I would really love to see the entire spool of lies and deception that is the Global Banking Cartel & its Fractional Reserve Fiatski Ponzi Scheme implode.


Fri, 05/06/2011 - 12:46 | 1248126 Bubbles the cat (not verified)
Bubbles the cat's picture

+1. Lookin forward to it.

Fri, 05/06/2011 - 12:56 | 1248161 jus_lite_reading
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Fri, 05/06/2011 - 13:21 | 1248281 ambrosiac
ambrosiac's picture


Oh come on.  Looking out my window Athens is still there, right smack in the middle of the Eurozone.


Most Greeks being Christian it is apt to paraphrase Augustine:


"Lord, make me virtuous... but not now"


Fri, 05/06/2011 - 12:13 | 1247911 Lord Welligton
Lord Welligton's picture


They'll just print money.

Fri, 05/06/2011 - 12:28 | 1247985 Whatta
Whatta's picture

They'll just print money.

That is very fashionable these days. Backing for currencies is just sooooo lame.

The new Greek monetary slogan - "STFU and trust us!!!"

Fri, 05/06/2011 - 13:16 | 1248253 DocLogo
DocLogo's picture

que Al Quaeda in Greece.

Fri, 05/06/2011 - 12:21 | 1247942 SheepDog-One
SheepDog-One's picture

Anyone ask the same about Iceland? They told the banksters to shove dreadels up their poop chutes and never looked back....only ones hurt were the banksters dont believe the hype that unless you bow down to the cabal terrible things will happen to you. Theyve got bupkis.

Fri, 05/06/2011 - 12:29 | 1247995 gorillaonyourback
gorillaonyourback's picture

the thought is they will repatriat the gold and back the new drachma with 10% gold.  this is good news for the fight against global banksters the imf and the ecb  WOW people finnally getting smart

Fri, 05/06/2011 - 12:28 | 1248004 bobby02
bobby02's picture

Who bought Mexico's bonds in 1989?


No bid for Brazil40?

Fri, 05/06/2011 - 12:34 | 1248028 mogul rider
mogul rider's picture

It'll be backed by calamari

Fri, 05/06/2011 - 12:54 | 1248163 Bananamerican
Bananamerican's picture

Squid bitchez!

Fri, 05/06/2011 - 12:35 | 1248034 Don Birnam
Don Birnam's picture

<<...and the new currency is going to be backed by? >>

Feta cheese ?

Fri, 05/06/2011 - 12:33 | 1248038 ZackAttack
ZackAttack's picture

> Who is going to buy the new Greek Currency bonds?

Do you have a mirror handy?

And you don't even get to vote on it!

Fri, 05/06/2011 - 12:38 | 1248082 traderjoe
traderjoe's picture

@flacon - sovereign countries don't have to borrow. That's a privately-held central bank construct. See the Lincoln Greenback. Not without its problems but at least it was the people's money.

Fri, 05/06/2011 - 16:28 | 1248942 akak
akak's picture

Fuck that statist tyrant traitor Lincoln and his fiat, inflationary Greenbacks.  They were in no damned way "the people's money" --- they were the GOVERNMENT'S money, never forget that.  Yeah, greenbacks were "the people's money" just like modern senators and congressmen are "the people's representatives". Don't make me laugh!

What we need is the separation of money and the state, NOT merely some tinkering around the edges of the statist, fiat monetary paradigm.  Stop the government from issuing ANY form of money --- it no more needs to be involved in dictating what individuals can and cannot exchange among themselves than it "needs" to dictate to us what we can and cannot voluntarily and freely chose to ingest.

Fri, 05/06/2011 - 13:09 | 1248230 The PolyCapitalist
The PolyCapitalist's picture

Hello accelerated bank run throughout the periphery, and Hello the only plausible response: capital controls.


Fri, 05/06/2011 - 12:14 | 1247901 nope-1004
nope-1004's picture

Eurozone is just a common currency agreement among too many different cultures.  The thing had failure written all over it from the beginning.


Fri, 05/06/2011 - 12:16 | 1247927 101 years and c...
101 years and counting's picture

amazing this would come out on the 1 year anniversary of the flash crash.  AMAZING!

Fri, 05/06/2011 - 12:20 | 1247936 Bonesetter Brown
Bonesetter Brown's picture

'Tis but a scratch

Fri, 05/06/2011 - 12:25 | 1247983 johngaltfla
johngaltfla's picture

This pretty much makes all other news irrelevant barring a Bernank resignation.

If Greece does it to them, it means the Irish will also.

Fri, 05/06/2011 - 12:37 | 1248025 Reggie Middleton
Reggie Middleton's picture

I don't know who here reads my stuff, but if Greece pulls out the European bankings system sill hit a ditch that would make Lehman look like a bond rally. May reference:

With Greek Debt Yielding 20%+ and Trading at Half Par Value, European Banks Are Trapped!

Monday, April 25th, 2011 by Reggie Middleton

Well, if Greece does default or restructure (and the market is telling us that Reggie is right in that this is a foregone conclusion), then…


Fri, 05/06/2011 - 12:45 | 1248116 falak pema
falak pema's picture

The greeks and the germans are damned if they do and damned if they don't. So if they can't agree to a compromise : Haircuts + austerity strapping in Greece (killer blow to population), there is no satisfactory solution. Its a lose-lose by the looks of it.

Fri, 05/06/2011 - 14:05 | 1248517 Drachma
Drachma's picture

Default and resurrection of the Drachma seems the most expedient way out of EuroHell.

Fri, 05/06/2011 - 17:09 | 1249254 Hephasteus
Hephasteus's picture

Ya. But it opens up the fractional reserving genie and the fictional reserving genie and it forces banks to use accounting that's not Disney approved.

Still doesn't make it the wrong move. Greece needs to pop out the drachma.

Fri, 05/06/2011 - 12:47 | 1248122 tmosley
tmosley's picture

I like your stuff, Reg.  Thanks for the explanation.  

Fri, 05/06/2011 - 14:47 | 1248701 Eternal Student
Eternal Student's picture

I agree. +1, Reggie.

Fri, 05/06/2011 - 13:22 | 1248226 hambone
hambone's picture

Senior Middleton,

enjoy your insights but far too honest - I prefer simple (non)solutions to complicated, interconnected problems.

Will continue to read your stuff and agree where we are today...but curious in regards to how you propose (in general) to protect wealth in this environment?  Given the world you paint of unrecognized losses and interwined liabilities...what has worth, value, utility in a deflationary world papered over w/ reflationary policies?

Take for example the REIT's (as you are well aware), these are trading at 2.5yr highs regardless the generally poor CRE and RE enviroment they exist within.  The unrecognized losses papered over w/ yields, low rates, and extend/pretend financing has put a floor under these entities.  Are they any different than the countries you describe in your presentation but only on a national instead of international level?  What is the linkage of the sovereign to the national CRE / RE market?

Fri, 05/06/2011 - 13:17 | 1248276 stormsailor
stormsailor's picture

reggie, i saw your article a couple of weeks back.  nice call as usual.


does this mean my srs i've been holding since oct 09 will stop shrinking? lol


hoping whatever new government we form after ours blows up will include you as the finance minister.

Fri, 05/06/2011 - 13:25 | 1248296 trav7777
trav7777's picture

would prefer a guy who knew the meaning of "penultimate"

Fri, 05/06/2011 - 14:15 | 1248576 mick_richfield
mick_richfield's picture

All right, that's the second-to-the-last time I'm ever reading one of your posts!

Fri, 05/06/2011 - 13:43 | 1248417 Zmelli
Zmelli's picture

I am also holding SRS! I will keep them until they go back to $200.00

Fri, 05/06/2011 - 12:32 | 1248031 The Ponz
The Ponz's picture

Whenever Greek default is back in the news, I feel the need for the wisdom of Nigel Farage.


The Euro as Volkerkerker (had to look up that one).  They're all trapped inside an economic prison.  Aeeeyyyyyy!

Fri, 05/06/2011 - 12:38 | 1248077 Robbie4
Robbie4's picture

Everybody knows that 'der Spiegel' in Germany is absoltely not a respectful newspaper and mostly brings gossip about celebrities and most of what it writes is sensational articles?

Fri, 05/06/2011 - 12:57 | 1248164 Mountainview
Mountainview's picture

We will see....next Monday !!!

Fri, 05/06/2011 - 13:33 | 1248362 vocational tainee
vocational tainee's picture


Fri, 05/06/2011 - 14:29 | 1248623 dugorama
dugorama's picture

Wha???? no, Der Spiegel is somewhere between Time and The Economist.  Founded by a German POW who spent WWII in Florida and read Time, he wanted to do a German version.  They get as many scoops as Rolling Stone with Talibibi (sp?)...

Fri, 05/06/2011 - 15:02 | 1248767 Trillax
Trillax's picture

err, No.  Der Spiegel is actually quasi reputable -- albiet 'Sturmgeschütz der Demokratie' in some fashion.  I've always found them to be somewhat balanced and reasonable;  however, there are times they try too 'hard' for a scoop and jump the shark a bit.  This might be one of those times.

Fri, 05/06/2011 - 12:00 | 1247805 depression
depression's picture

Greece FTW Bitchezz !!!

Fri, 05/06/2011 - 12:00 | 1247807 glenlloyd
glenlloyd's picture

Greece, always in for a good laugh.

Fri, 05/06/2011 - 11:58 | 1247811 cossack55
cossack55's picture

Go Greece. Do an  Iceland on their banksta ass.

Fri, 05/06/2011 - 12:21 | 1247939 Cleanclog
Cleanclog's picture

Greece has restructured (defaulted) many many many times before.  The country will go on. Most of the people there would rather default, have a currency that perhaps suffers inflation, and avoid the austerity measures they believe others have imposed on them.  They'll turn inward and hunker down in Greece. They won't be the last.

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