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Greece Denies
From Reuters: Senior Greek government official denies report that Greece raises possibility of leaving Eurozone. So pretty much everyone has denied this, the EUR has crashed, and in a worst case the EUR is one step closer to reverting to its fair value: the DEM? Of course, with a record number of EUR longs, meaning the spec bandwagon in the EURUSD is orders of magnitude greater than the silver trade, the kneejerk response was down, and likely wrong. And yes, if Greece has gotten so far, German banks are certainly now happy to write off their exposure, and convert their EUR-denom Greek exposure to the drachma. The only question is what the impact to the ECB would be. As per Spiegel: "The European Central Bank (ECB) would also feel the effects. The
Frankfurt-based institution would be forced to "write down a significant
portion of its claims as irrecoverable." In addition to its exposure to
the banks, the ECB also owns large amounts of Greek state bonds, which
it has purchased in recent months. Officials at the Finance Ministry
estimate the total to be worth at least €40 billion ($58 billion). Of course, the ECB can simply print, print, print.
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thanks jim
The Bavarian Illuminati is fine!
And full of cream.
it's true! hahaha
What kind of scam is this? A little OT but pertinent to the ponzi:
PCLN down $9.61 today and all the put options across the board are down. WTF is going on with this scam market. Where is the f**cking regulators at? May 415 puts were trading .50 x .70 yesterday at close, and now they are .05 x .30?? WTF is that? ANd they wonder why no one wants to play at the rigged casino.
Uh, the warning signs about this piece of shit market hit about 3 years ago. Good luck with justice.
It's all a scam. learn the Greeks with options. Plus don't play with shitty momos
Greece denies and the Euro dies....
"don't pay attention to the man behind the screen!"
I found your website perfect for my needs. It contains wonderful and helpful posts.
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No matter - DXY was up +0.3 on the news and the steam went out of the rally in PMs (albeit perhaps temporarily).
Benron: Mission Accomplished!
this is all orchestrated by the US.
>>Bin ladens Death >>Attacking Silver >>Attacking the EURO
All very good for the Dollar.
What a farce!!!
"Never believe anything until it's been officialy denied." Old Spin Doctor Proverb
"Beware the Greeks bearing shit"
(old proverb)
"Never believe anything until it has been officially denied."--Otto von Bismarck
We don;t need a bailout!!!!!
Really, why print euros. They have the dollar swap window funded by the US taxpayer. Sheesh.
Um, sorry, I thought you said, 'Leaving Europe'? No way are we leaving Europe. Leaving the Euro? Hell yeah!
Anyone got a Bloomberg screen shot?
Yep Da money shot
EURUSD? Post it?
Greece should soak up all the bailout funds they can before they finally default/secede.
Secede. You mean escape. Wow, new movie "Escape from Trichet"
A rumor does not become a fact until it is officially denied by the State.
Interpret that as you wish.
There is no doubt that the LOW MAN in the seventh grade "cool kids" group is always picked on and abused by the leaders of the cool kids group, but that does not mean that they have the self confidence and ability to leave the group on their own.
They are always trapped to be the shit upon servant that the cool kids abuse ... the cool kids would not be cool if they did not have servants.
GREECE IS WEAK ... and wanting to be a cool kid does not make them one.
NBG is looking for a friend...
TOGA, TOGA, TOGA !!!
Der Spiegel:
http://www.spiegel.de/international/europe/0,1518,761201,00.html
Everything's good!
A few more stunts like this to jerk the FX market around, and whoever is profiting from the manipulation will have enough billions in cash to let everyone in Greece retire at 45.
Euro blackmail poker is TV sports. Choreographed sputtering and drooling.
Is it possible that these rumors are true and the only reason this didn't happen 1 year ago is because that is how long it took for Goldman and the other banksters to get on the other side of the trade?
LOL! I would bet the GS and DB and JPM will all make money if Greece defaults now and would have lost money a year ago.
Prcisely so. Insiders and others with ability to create false appearances or false scenarios of actual events, use the delayed consequence [or justice] to covertly reposition and otherwise benefit from their foreknowledge of outcome.
Similarly, a justice system often pursues prosecution "from the bottom up". This action buys time and enables the principals to reposition and escape resonsibility...via confusion, investigatory resource drain, evidence manipulation, counterattack, interference, etc, with great effect limited only by time-money-imagination. After all, it is the the "principals" who creatd the justice system.
Prosecution is most effective when from "top down"...especially as the principals know, before committing crime, they will be investigated from the gitgo. Mere threat of spotlight often is enough to discourage...or leaves no time to reposition assets.
Why Greece leaving eurozone is considered as such a huge problem? It would help both, Greece and eurozone. I think all these problematic countries should leave: Greece, Portugal, Ireland and also Spain.
FAIL
And the reason for that is ...?
The EURO is a failed academic experiment....
Enough said....
Go Greece! These half measures worsen only possible future solution ! It's time to mark the beginning of a new way to solve
these kind of problem! Welcome to the new Drachma!!!
Trichet yesterday: "Never, nothing to add, the next question"
What happend in the 30's? Public authority fell to zero? Now that abstract history is becoming very real very rapidly, this is scary as hell.
No matter how it ends
No matter how it starts
Forget about your house of cards
And I'll do mine
Forget about your house of cards
And I'll do mine
And fall off the table, get swept under
Denial, denial
The infrastructure will collapse
Voltage spikes
Throw your keys in the bowl
Kiss your husband goodnight
Forget about your house of cards
And I'll do mine
Forget about your house of cards
And I'll do mine
Fall off the table, get swept under
Denial, denial
Denial, denial
Your ears should be burning
Denial, denial
Your ears should be burning
We all know this will lead to default not only by Greece, but the contagion cascade to the other PIIGS countries. Ireland and Portugal are next. And when Spain decides to rebel against the banks -- well, end of story. Insolvent banks across the continent! Train wreck!
EURUSD tanks in response. It couldn't have happened to a nicer currency.
http://naurunappula.com/714029/tarjouksia-joista-ei-voi-kieltaytya.jpg
in finnish, but says. EFSF, with co-opeartion with the ...
Picture: Jyrki Katainen, the Finance minister of the year
"Of course, the ECB can simply print, print, print."
There you have it: a simple solution to all of our problems.
> the ECB also owns large amounts of Greek state bonds, which it has purchased in recent months. Officials at the Finance Ministry estimate the total to be worth at least €40 billion ($58 billion)
Yeap. But Greek banks also hold Greek state bonds, and it's more than €40 billion.
Anyway, nice trick, EURUSD taking a drubbing -- I have some dollars I'm
converting to Euros.
So many stubbed toes?... timeo Danaos and all that.
i posted this comment on other articles here at zerohedge
so... here is Greek reality...
hello i am Greek.
I am a real estate developer (with no loan obligations) and even now in the so called greek-crisis i am building 5 apartment buildings, 1 office building and 2 holiday-residence complexes.
PLEASE listen carefully what i have to say about Greece.
Greece is one of the poorest countries but the Greeks (as an average) are very wealthy.
I am not talking about wealth being happy, healthy and so on.
Greeks (as an average) own more real estate that any other,
They do not rely on lending as much as other eauropeans or americans
They have gold (especially english gold pounds) that no average european or american has
I am not saying they are good people or that they have a lot of exports i am just saying they are wealthy.
However the wealth they have you cannot find it anywhere because it is no declared anywhere.
My friend that works for 850 euros per month has 4 acres of land outside the city near the sea, 24 gold coins (worth 6000 euros) he got as a gift from his family on the day he was born 25 years ago, and his own apartment he bought with no loan for 230000 euros (i am not talking about what his family owns but what he owns). How can this happen? he gets his 850 euros, he has a second job (as a plumber-not declared) that gets him another 850 euros (where he pays no taxes-poor Greece), he has a farm in the 4 acres that gets him minimum 1000 euros (from selling produce) also not declared anywhere (so he pays no taxes-poor Greece) and some times (3 or 4 times per year) he earns another 2000 to 2500 euros doing part time jobs (like waiting or plumbing in hotels in summer-not declared and tax-free ofcourse). So he gets 10200 from his day job thatbecause in Greece until 12000 income you pay no tax he is tax free and 25000 euros from the rest that are tax free. so with a clean income of 35000 spending less that 9000 per year (no rent or mortgage) say 10000 with his vacations (health insurance and so on have been discounted from his 1050 euros pay giving him 850 euros) he gets 25000 euros in his bank each year.
That is why greek people are rich but Greece as a country is poor. The example i gave you can happen in smaller numbers (however not vry often) but at the most of time can be really magnified in case we talk about doctors, lawyers and so on that make with the same method (these are real - calculated numbers) 200000 euros at least but they declare 12000 geting away tax free.
sure there are poor people and rich people like any country, sure there are people loosing their homes to the banks like every country.
But as an average believe me
Greeks are wealthy.
So whether Greece leaves Eurozone or not, whether drachma comes back it doesnt really matter.
All that matters is that the Banksters (Rothchilds and the gang -imf fed central bank of Greece...all properties of the same families...Rothchilds and the gang) come and get Greece for a fraction of what it really costs. It is happening and it will continue to happen and the Greeks will beg for it to happen so that they continue to have theur 25000 at their bank accounts each year because they do not care what happens to the railway stations, the ports, the energy/water companies. They may even give them free like we did with Meganisi Island that the Rothcilds bought to build homes for the super rich just a cople of months ago(they bought land with value 60 mil euros for 6 mil euros).
To sum up...
do not worry about the Greeks just worry about Greece (but why should you-Greeks don't) and wahtever you do always remember it does not matter what you feel or what you do you are not in control no one except a few, very very few people are and what they want will happen and you DO NOT know what will hapen NOONE does. You just guess.
Thanks for sharing! The reason for your blog is always to document your life and give your personal thoughts. A few idea are usually distinct with me but incredibly specific.
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same position experienced with a dour sailor's chord as living thread feels like insult being added to injury... there lies man's illusion of freedom. If we die grasping for gold we feel life was exciting while it lasted. If we die retching from cold we feel cheated before and after...to the same extent, double whammied.
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I am not totally clueless but it is pretty complex. The issues I see discussed in almost every thread are: inflation/hyperinflation/deflation, the fed, Goldmann Sachs, Silver and Gold, other commodities, the EU and the default of Portugal at the hands of the Finns, the crisis in Japan, JP Morgan, something that I think starts.
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Thanks for sharing! The reason for your blog is always to document your life and give your personal thoughts. A few idea are usually distinct with me but incredibly specific.
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EU and the default of Portugal at the hands of the Finns, the crisis in Japan, JP Morgan, something that I think starts.
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A few idea are usually distinct with me but incredibly specific.
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Not sure that is a particularly apt analogy, as DP have done some killer covers of Little Richard, Joe South, etc.
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