- advertisements -
...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?
Tossup. Either The Bernank or Japan. LOL
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.
PMs suddenly are off their highs -- did an international gold market close somewhere for the day?
Why is this not good for PMs? Shouldn't increased uncertainty about FIATs mean rise prices in PM prices?
Good for physical, bad for paper.
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...
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.
+1. Lookin forward to it.
DOES IT MATTER IF THEY LEAVE OR NOT? MAY 8TH IS THE REAL MAY DAY!
WHATS GOING ON?!?! COVER UPS AND LIES DAILY NOW!!
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"
They'll just print money.
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!!!"
que Al Quaeda in Greece.
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.
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
Who bought Mexico's bonds in 1989?
No bid for Brazil40?
It'll be backed by calamari
<<...and the new currency is going to be backed by? >>
Feta cheese ?
> 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!
@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.
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.
Hello accelerated bank run throughout the periphery, and Hello the only plausible response: capital controls.
Eurozone is just a common currency agreement among too many different cultures. The thing had failure written all over it from the beginning.
amazing this would come out on the 1 year anniversary of the flash crash. AMAZING!
'Tis but a scratch
This pretty much makes all other news irrelevant barring a Bernank resignation.
If Greece does it to them, it means the Irish will also.
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:
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…
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.
Default and resurrection of the Drachma seems the most expedient way out of EuroHell.
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.
I like your stuff, Reg. Thanks for the explanation.
I agree. +1, Reggie.
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?
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.
would prefer a guy who knew the meaning of "penultimate"
All right, that's the second-to-the-last time I'm ever reading one of your posts!
I am also holding SRS! I will keep them until they go back to $200.00
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!
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?
We will see....next Monday !!!
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?)...
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.
Greece FTW Bitchezz !!!
Greece, always in for a good laugh.
Go Greece. Do an Iceland on their banksta ass.
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.
Tips: tips [ at ] zerohedge.com
General: info [ at ] zerohedge.com
Legal: legal [ at ] zerohedge.com
Advertising: ads [ at ] zerohedge.com
Abuse/Complaints: abuse [ at ] zerohedge.com
Advertise With Us
Make sure to read our "How To [Read/Tip Off] Zero Hedge Without Attracting The Interest Of [Human Resources/The Treasury/Black Helicopters]" Guide
How to report offensive comments
Notice on Racial Discrimination.