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The last screeching noice as the ship sinks to the bottom.
I hear bulkheads collapsing.
Just went straight down to 1.22420 at 2230 eastern time.
A Country (well, it is Greece though) suing GS for fraud...
This sounds familiar somehow.
Counterparties would be?
Is enjoining by other countries an option?
I encourage them all to sue one another into oblivion. Frauds defrauding frauds defrauding frauds and leaving you holding the bag.
In the end the world's top ten corporate law firms will end up with all the money.
Yasuu Re !!!!!!
I've said it before and i'll say it again.
First; Greeks will take all the money that is willing to be lent to them.
Second; They will not be able to pay it back to those effluent (sorry affluent) countries.
Thirds; Then eventually there is a strong possability they either leave the Euro or get thrown out.
Here is the standard....
The lessor developed country positions itself to get
any type of someone else's money....
Then the politicos allocate accordingly....
Now the US does it....but TAIL(US) WAGS DOG(China)....
Greece could take some positive moves for its future, if such were in the cards. They could go out and get a responsible CEO. I nominate Cheeky!
Not going to happen though. / burn baby burn is the motd /
"Greece is in the same shoes as a bankrupt debtor who wants to sue his creditors for daring to hike up his interest rate".
So what? If Greece was a private company, it would've filed for bankruptcy and forced its creditors to pay for their own stupidity.
If that was the case, its "creditors" would be negotiating haircuts rather than hiking rates.
A lender is supposed to do due diligence. Why would've anyone lended to Greece if they did not have the implicit ECB guarantee? To pretend like there was none - that was one of the biggest European stupidities so far.
When people exposed to Greek debt manipulate its CDS spreads upwards - there can be no mistake as to what they want to do. They would be committing suicide unless they knew they can expect a bailout. As spreads go up, not only do they FORCE such a bailout, they also make sure they PROFIT nicely from it.
European policymakers deserve no praise for allowing such moral hazard, but that doesn't mean blackmail is now officially okay.
It is all going down as planned:
Reads more like charge sheet than an analytical paper.)
Hmmm, what was the topic again?
Oh, that's right:
"Greece Prepares To Sue Wall Street"
Are we trying to understand the rules of the game?
Are we making the rules of the game?
Are we playing the game?
Are we watching the game?
Are we placing wagers on the game?
Are we even aware of the game?
+10000! Cant squeeze blood from a stone.
The developed world, eschewing deficits, embracing austerity, attempting to reverse decades of behavior.... never happen.
Default by any other name would smell as sweet.
G-Pap? Sounds like some sort of smear. Ewww.
My bullish USD warnings since 2009 on weekly and monthly charts have not changed and further USD strength and thus EURO weakness is still expected, so USD rally and EURO downtrend will continue.
G-Pap personifies the definition of a complete ass. This is simply a shake-down attempt by a crap Greek politician. Can you imagine how a proper transparent investigation of these codes of Greek conduct would destroy any remaining vestige of Greek nobility, honor, and honesty? Where would the investigation start? Pick a rock, any rock and turn it over. You will find Greek corruption and dirty dealing. Pick a deal, any deal and you will find Greek corruption and dirty dealing.
I wonder what G-Pap is asking for in return to stifle this criminal investigation. Is he looking for immunity and relocation to a country of his choice?
The corruption in Greece is less on the tax evasion side and more in the commonly held beliefs there.
The Cold War never ended there. This is just the unwinding of the Marshall Plan. Reds vs. Whites. Nobody wins.
The economy over there wouldn't function without bribes.
The US is no different whatsoever. Local government is a bribe-taking, bureaucratic shakedown machine. It's a ridiculous fantasy to expect it to be otherwise absent massive cultural change. Change that will likely take centuries.
So, hunker down...
It's "someone else's" fault because it's "someone else's" responsibility: "sombody else" is suppose to provide healthcare to my serfs, "eomeone else" is suppose to educate my children, "someone else" is suppose to defend my borders, and "someone else" is suppose to pay my debts.
Does anyone else here think this whole thing smacks of repeat viewings of that scene in Blazing Saddles? You know, the one where Cleavon Little threatens to shoot himself?
It's Groundhog Day every day now.
I was thinking more akin to the Blazing Saddles scene of the cowhands sitting down at the end of the day eating beans with each cowhand a European (or G40 country) and the greeks being the hand who let out a "wet one"!
BS.... Gpap is a bilderberger,,, he does what he's told on MSM. total BS, we're not dumb Gpap
It ought to be obvious to you by now that the Bilderbergers are a totally incompetent crew.
Boring conferences, boring (evil) people, clueless theories, poor judgment, weak personal character, bad marketing campaigns... they're just riding high on previous investments, old laws, and an overly-servile population.
Exactly..."we've got to save our phony baloney jobs!"
Ahrnold is a Terminator and a Bilderberger.
Irrespective of the merits of the G-pap case (if there is in fact a case), I expect his complaint to resonate with other euro states and become a common refrain.
Whose banks packaged crap into MBS CD02 and sold it to Europe? What nation suckered everyone into a pair of expensive and futile wars? What nation triggered the blow-up in the global economy? What nation holds seignorage rights to the world reserve currency and is free to print as they please? What nation brought us craptabulistic "happy meals?" What nation gladly watches its population descend into 3rd world poverty while spending more on its military budget than the rest of the world combined? Hint: regardless of what the msm would have you believe, it was not Iran.
heh, so what's your point here Sushi? That America has the best brains because no-one came up with any better ideas or could transact them?
... He who dares wins...
... You don't get a second chance to make a first impression...
... Put up or shut up...
... You can't fix stupid...
G-Pap won't resonate with other euro states as he is stating the obvious. Italy, France, Germany do not need G-Pap to tell them how to manipulate entry into the EU, or bastardize the supposed strengths of the European identity. The EU states are not stupid, just corrupt. They will roll on Greece as that is in the European nature. G-Pap wants to use a broad brush to push back the European banking system. He is still in negotiating mode. This time I suspect he is negotiating his exit plan.
Using Goldman starts the dominoes falling. Italy had the same deal. France & Germany played the same game with their banks. There is nothing new there. (Who was busy shorting the euro last week?)
Hint: a whisper campaign in a hurricane does not gather an audience.
Has anyone in their right mind cared what that stuffed-shirt, pompous, elitist, self-agrandizing, grass-combing lubber of a piece of sh*t said in the last 18 months?
Apparently not. He's like a cross between Rodney Dangerfield ("I don't get no respect!") and Kim Jong-Il ("Come on, guys! What's it take to start a war?")
Yeah. I mean, who's even going to put this guy up in a condo when he has to take a helicopter out-of-country. They'll likely put him in prison.
This "threat" is for domestic consumption, to convice his countrymen that he still matters. The outside world is not expected to take it seriously and they won't.
The U.S. and its Wall Street friends are destroying the Euro to enhance the dollar's position as the only reserve currency.
Rubin and Summers are corrupt, but not stupid.
On the contrary, they THOUGHT they were destroying the Dollar to enhance the euro with these bailouts. Oops! Laurel and Hardy at work.
The purpose of the "bailouts" was to highlight the weakness of the Euro and the untenability of the Eurozone...and accelerate its destruction: it has succeeded more than even I expected.
In a hopeless crisis you begin to realize that it's a zero-sum game and you destroy your competitors as the only means to improve your own position.
Hat tip to Larry, Ben and Bob!
There is a new world currency coming after the USD fails; the Special Reserve Deposit SRD. Listen to Jim Rickards interview on King World news.
FF to 1:07
I actually watched the interview and thought it was more balanced than what is presented here. Tyler, please, next time, wait to embed the interview before inserting your foot in your mouth!
Tyler, please, next time, wait to embed the interview before inserting your foot in your mouth!
Leo, you classless piece of shit.
Tyler, Marla, please boot this fool. He is a turd in ZH's punch bowl.
I guess you didn't bother watching the interview either...FOOL!
(as if the peasants don’t know u.s. financial institutions are corrupt?)
(corrupt nations suing each other?.. yikes!)
Fool me once, shame on me.
Fool me twice, shame on you.
Fool me 3x ?
Sushi, you got it down pat.
America prospers and the world bleeds.
Some things never change, or do they?
Isolated they are more and more.
In this round of the game:
1. Remaining U.S. manufacturers of tradables are decimated (no..not the defense contractors, Pharma, energy producers or agribusness) as Euro exports boom
2. U.S. bankers get much richer and the NY base consolidates control of the increasingly dollar-based GFS.
The rounds of the game are getting geometrically shorter in duration of time...and also more exciting in many respects:
The next BIG QUESTION?????-
How can the U.S. appropriate the wealth of Emerging Market countries (without a "hot war") to reduce its debt and support a standard of living for its plebes/prols sufficient to maintain control of U.S. domestic regime by the reigning elite? I never have bought the argument that the U.S. can declare China to be terrorists and nuke them, but I admit that since we are rapidly building bases next door in Afghanistan the chore is becoming easier.
It seems like every day the U.S. governing elite proves that not only are they greediest and most corrupt, they are also the most effective and efficient.
" analogy skills, Greece is in the same shoes as a bankrupt debtor who wants to sue his creditors for daring to hike up his interest rate when the only means he has to roll his debt is by using another credit car..."
Sue Your Credit Card Companies Papandreou?File for bankruptcy, drive an '88 Buick and eat beans for 3 years like everyone else who ran up their cards and/or HELCO...
Watch Obummer shit bricks and get on the phones to Europe over that one!
You can't imagine what Greek people suffer from G-Pap's Gvnt. A totallitarian regime now rules Greece with Socialist characteristics and nazistic rhetoric. G-Pap is presented by the Greek media as a "father of the nation", but he is the one that disregards Greeks in favor of Muslims.
Greek people disaproves these ridiculus Socialist craps.
G-Pap is not going to sue any GS, for G-Pap placed a former GS banker to control Greek debt. It is all for the propaganda in Greece cause Greeks are begining to understand that G-Pap is a liar and lied before the elections.
Only the best for you and your countrymen. May G-Pap and his minions get what they deserve.
The only reason Greece is not bankrupt now is because even as its past mistakes have caught up with it and climaxed in a solvency and liquidity crisis unseen since the Lehman days, the country's end would bring down all of Europe. If Greece would not have impaired French, German and UK banks, the country would have long been allowed to default.
And this of course is why the stuff about how the EU can't eject Greece from the Euro is a red herring. Even if Merkel could eject Greece from the Euro tomorrow, that would do nothing to reduce the EU banks' exposure to Greece; in fact, because ejecting Greece would almost certainly provoke it to default thereby blowing up the EU banks, Greece would almost certainly not be ejected no matter how easy it might be to eject it. Most likely we would be almost exactly where we are today.
And again, is there any reason to doubt that /Maison Trichet/ is among the dodgy banks that will need an emergency rescue if Greece restructures? That it was among them even before the last few weeks, and that it is even more deeply at risk now?
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