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Is Greece Preparing To Give Europe The Finger?
From Capital.gr:
Greek PM: Major Reforms Need Referendum
The road to exiting crisis is difficult and the Greek government should proceed with major changes to make the state deficit sustainable and regain the confidence of creditors, said Greek Prime Minister, in response to a LAOS party question.
George Papandreou said that reforms on the political system or the public administration need the voting of Greek people through referendums.
Furthermore, he stated that “the road will be difficult but we must endure the pain”, adding that he is determined to proceed with all the necessary changes to make the country’s debt sustainable.
“We need to show unity, that we are consistent in our obligations and that we will change Greece, in order to convince those who give us a “helping hand”.
“If we give up halfway, our sacrifices will be wasted”, said the Prime Minister. “If we endure, we’ll solve the debt problem for the coming generations”, he added.
The key word above, of course, is "referendum." If it comes to that, better have those EUR shorts on (at least for the short-term).
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if I could I would be buying iceland bonds right now. alas I can't ge them from my dealer. I want to support anycountry that makes the senior bankers take real haircuts!!!
buy icelandic kronor
Once again Greece will redefine and bring civilization back to the mankind.
As for Rothschild, Warburg, Oppenheimer, Schiff families and other "world masters", the world empire they had built for the last 200 years using usury-fiat banking system is about to go down in flame.
Just imagine a moment that the USA will go bankrupt and refuse to pay back to the FED. Do you think that the City of London will declare a war on America?
Once again Greece will redefine and bring civilization back to the mankind.
As for Rothschild, Warburg, Oppenheimer, Schiff families and other "world masters", the world empire they had built for the last 200 years using usury-fiat banking system is about to go down in flame.
Just imagine a moment that the USA will go bankrupt and refuse to pay back to the FED. Do you think that the City of London will declare a war on America?
Someone explain me this quick
Who is giving them the right to create money out of thin air ?
I can do that also, you can do that allso we all can then
Lets suppose we have 10k in bank and we create 100K out of nada and loan it to our friends with 2% interest
That might be interesting
So again the question is WHAT LAW allows them to create money out of thin AIR
It is not a law, it is a system.
Think of the Mafia, only factorialize it.
They have used the fiat to create incredible weaponry and technology.
It is the reason why the Saudis, et al. continue to use the fiat.
It is a top down system.
If the grunts figure this all out- it's lights out.
So if is a system created by the bankers they reley on our deposits to perpetuate this system right ?
So screw the system then, it should be a way to brake it
OT
It's a very good Forum and a great community but we just point fingers.
We realy should discuss also about how we can fix problems cause to point fingers is more easy then to find a solution
Yes and no. Initially it relies on you and me. When you and I have ZERO, then they claim the country is bankrupt and force payback that way by increasing taxes etc.
Since most people now have ZERO.... well you see what's happening.
"who is giving them the right to create money out of thin air"
We did, via our spineless CONgress in the 1913 Federal Reserve Act. Please read "Web of Debt" and "Jekyll Island" books - additionally "War is a Racket" by General Smedley Butler (free book on the internets).
Welcome Vuvuzela - you are about to go down a rabbit hole very deep. I hope you live up to your avatar and make a lot of noise.
They don't create actual money, they create "credit." Our banks uses a fractional reserve banking system. In essence, for every dollar the bank has, it can create 9+ times that in credit. This is how they create "money" out of thin air as credit represents money. If a run on banks should occur and every depositor withdrew their money, the banking system would collapse as the banks could not honor the credit they issued with actual dollars.
There is very little reason to keep money in a bank other than for security. It's not as though you are earning some good interest on it. It's a shame there is no real safe haven to put your money. I have said all along that too big to fail banks does not mean they can't fail. It just means the government and the fed cannot let them fail. If one should fall, a systematic collapse would occur wiping out every depositor. The FDIC could not cover all the deposits.
i probably need to take a few more evening classes at Princeton as i find hard to understand how
Argentina defaulted and people were killing each other on the street..
Iceland defaulted, ccy devalued, now have stronger WE GDP + best performing CDS.....
any light on this?
rate of general unemployment a year before the actual default?
350,000 will be more in control than 40 million.
Especially when the women all look as sweet as Icelandic woman.
Especially when the men can lift five ox carts with one hand.
"Argentina defaulted and people were killing each other on the street.."
This has nothing to do with finance. Argentina has at least 35 million people, while Iceland has 320 thousand. Apples and oranges.
Icelanders are Scandanavian. Scandanavians are, on average, better behaved than a whole lot of other groups of people. Instead of rioting, they are likely to buckle down and solve the problem.
Know how you feel; my man is plumb out of ten dollar rocks and when I politely enquired abou an 8 ball, he just looked at me.
The 4 ball is now the substitute based on BLS metrics.
Thank the Bernank.
Buy a few cases of Egils Pilsner then!
Senior banker take haircuts :).
Open Note to G-Pap
Don't be a dumb ass.
Do not leave the EU.
Do not abandon the Euro.
Untill AFTER they've given you another Bazillion or many multiples thereof.
Then leave.
Rightey Oh! Just say anything... to get those panties down...
I presume you mean government bonds, but why would you do that? Is the government there less parasitic than other places, or has it become much leaner?
A government shouldn't be borrowing money to provide services; it should provide services that the people are willing to pay for and no more.
Then why have the government? The people can just pay for the services they want directly.
http://www.bonds.is
From the FAQ:
Where can I buy Icelandic Government securities and HFF bonds?
This website was created to provide information to parties interested in the Icelandic financial market, but not for the purpose of selling securities. We however provide a list of Dealers in Iceland that do offer securities to international investors. Investors have a choice of signing a custody agreement with any of our Primary Dealers, or of internetional settlement through agents like Clearstream or Euroclear.Interestingly, Iceland seems to have no trouble at all issuing bonds now. Granted, the volumes are small, but the "bond market boycott" never really materialized. So now, Ireland and Greece will smell blood in the water and default, delivering a big fat fuck you to the now insolvent ECB.
(at least for the short-term).
The easiest way to make it sustainable is to default on it.
I would say that the only way to make it sustainable is to default on it. Staying in the eurozone is toxic, not just for Greece but for everybody. I hope the greeks will lead the way and encourage others to follow.
mr prime minister: we have diebold on line #1.
this is a valid stalling tactic. we'll just schedule a few elections to run the troika's ideas past the greek electorate. the money greece needs to borrow is going up so fast, why not?
well, actually, i prefer it as part of the CIA plot 4 the mil takeover of greece. makes mo sense. unfortunately. that story was given zH rumor status as an official possible fabrication.
but it is best as a triumph for athenian democracy!
Interesting: Facebook + Linkedin all present at the Bilderberg meeting. One should think twice before using these networks.
When the zuck turned up at davos it was pretty clear where the "social network" was going.
Isnt it a thing of beauty?
Throughout human history TPTB have been trying their darndest to create some kind of central registry.
Now people sign up willingly lol.
We are so fucked.
+1
Correct - that is why I do NOT use them - f&ck it. My friends can think I am paranoid.
I also heard that TomTom which is a European navigation system, shared data with the police in the Netherlands. ie, if you often driven to Switzerland, you go on the "suspicious list" (black money you know).
These things are getting out of control - we need a revolution.
Yeah, and Apple announcing that they were preparing to install a thinglimebob in all their new products which will effectively shut them down when one gets too close to something you're not supposed to...
Like photos near certain people places or things....
Like web sites that You Shouldn't Be Reading....
Hey, the articles are in the public domain. Just everybody looks at them and figures it's another so-what....
So what?
Don't forget Apple is stopping the apps that show you where the fascist dui checkpoints are.
Droid still will have them for download, for the moment.
For a start, join the Blackberry Bashing Luddites, the iPhonoclasts, or Android Anonymous.
there are no safe devices. includingthe computers we are using right now.
if you want to be invisible you have to get off the grid.
Remember the Cartesian adage: Inlogito ergo sum.
very true. But the TPTB also must be somewhat afraid of the internet for now the masses are connected and can share ideas at will. i.e. Zerohedge (Probably their number one target). Tyler you have to promise that zerohedge II will be waiting in the wing.
You were fucked when registering for selective service put your name atop marketing lists across the Fortune 500. The USPS sells your data, routinely (and it's published and sold!).
Facebook and Linkdin sell the shit out of everything you do/say, and they inherit the rights to your life-content through self-posting (no privacy, no nothing, they own it!).
Google/Yahoo have revenue steams modeled around subpoenas. It's big business - surprisingly big (hundreds of millions of $).
(Excluding no privacy) You get nothing in return for it, either. Not a fucking crumb.
The systematic extermination of the rule of law killed privacy first. Ownership is next (happening as I type).
Your attribution should be a lesson that shit on the Internet is alive and well over 12 years later.
This iattitude has been aggressively icultivated too. My little bro's little friends think that it is weird to be concerned about things like personal privacy, and they blindly trust TPTB.
For them, being considered 'weird' is the scariest adjective anyone could ever attach to their idiom.
That is an interesting thought. Voluntarily becoming one of the 'Borg'...
You should tell them that THEY are the ones that are 'weird' (for feeling that way).
heh, they`re not THAT young; I think they may be beyond the `I know you are, but what am I?` gambit. I figured that if I just got 'lite status on Cawl of Doody online then they'd listen; unfortunately I found out just how many hundreds of hours of gameplay and study I would have to invest to get there.
I cancelled my Linkedin subscription the day they went public.
World Control Tracking System:
Google,Yahoo,Oracle,Visa,AExpress,....Social networks........
This is getting ugly...
When you search with Startpage, we remove all identifying information from your query and submit it anonymously to Google ourselves.
Source?
And here we get to the real point, I suspect, and why equity vomiting will continue. The absolute bullshit regularly published at large on the subject of Greek debt is something absolutely no one believes in...despite the nonstop headline manufacturing machine.
As for Greek referendums, I get a chuckle out of this. Didn't all the molotov cocktails, beat downs, broken windows, strikes, and general chaos in the streets indicate that the referendum has already been taken, the vote registered as an abysmal failure regarding the status quo?
At what point does even ONE MSM 'journalist' simply report the truth on the matter of PIIGS and their OBVIOUS default. One!
All the MSM have been promised safe haven in the bunkers as long as they keep on script. Soon as one of them has a moment of clarity and realizes 'Hey...these elites are probably lying to me as they have no use for a bullshit artist yes-man C- ournalism student like me in a bunker for a couple years'...then one of them may come on and say its all a pile of crap.
It is clear that the vast majority of the MSM long ago lost is journalistic integrity while simultaneously having no sense of what the 4th estate is. However, all I am asking for is ONE journalist in the MSM complex. One!
In the meantime, what is so funny about having the BlowHorn [CNBC] on is that for more than two years, the criminal syndicate known as Wall Street has built a Ponzi rally SPECIFICALY fueled by their intentional acts to devalue the currency, with the helmet wearing S&P the directly inverse beneficiary...and now...as the entire money printing madness is ending, and the lubed up and father raping depraved USD studman is rising [as the entire 2 year long Ponzi trade unwinds...and having largely bankrupted Average Joe]...and no one is talking about the rising dollar...which I assure you will utterly destroy this market.
Nope...nada...and it won't be discussed seriously, either.
We are so far over the FUBAR rainbow at this point, that no matter how hard I try to encapsulate it here or there, comments, emails...it is impossible to communicate the size and scope of this mess.
And any minute now, the BlowHorn will say "buying opportunity" or "historically cheap valuations" or "upside potential" and "channel checks." Who believes any of this anymore?
Fuck me.
**and is if to make my point, P. Najarian just describe today's market action as the market "allowing you the opportunity to be patient." Nice. Sounds fucking pleasant, no? What a fucking tool!
Right... no matter what, the stock buying opportunity of a lifetime is only moments away on CNBC. I love looking at them all stuck between a rock and a harder place now, truly their damned if they do and damned if they dont.
Print and the dollar blows up, China reacts violently. Dont print, and the dollar rises wiping out the equity markets as everyone panics to dump to a no-bid marketplace.
Actually the Chinese are printing more than enough by themselves thank you very much.
With a 20+% RR isnt it nuts that the central govt still had to bail out the lenders?
Yahoo lending.
Nutso.
Referendum for economic of finacial issues is forbiden by our Constitution.
yes, but a referendum on the legitimacy of any government to give away at fire sale prices assets that belong to the Greek people is not forbidden The referendum will be about the ligitimacy of the Papamdreou government not about financial issues.
Default Greece, or address basic issues such as you produce nothing and the avg Greeks work day is 2 hours, with 6 months govt paid holiday per year. WTF is this shit, Fantasyland??
Got nay facts to back that up? - or are you just another nodding dog?
'Got any facts to back that up'? What? Like thats all untrue, and actually Greece is a high producer of fine exports and doesnt have a people who mostly are on vacation all the time, govt funded? Go ahead and name the top 3 Greek world exports, I'm waiting.
Olives??? :)
feta cheese
Philosophers
It's a shame that they didn't have the foresight to patent Socratic Method the way Monstrous Santa is securing rights to the genome of every living organism in the universe, known or undiscovered yet(and "inflicitng pain" on any culture/population that attempts to use their flagella to wriggle out of it)...
The facts say the exact opposite. But facts are for wimps.
There may be other "basic issues" to be addressed, dawg:
http://www.zerohedge.com/article/how-financial-oligarchy-replaces-democracy
Yep read it when it came out.
My local barber has just started a new service - 'Haircuts for bondholders' it's called and there is already a queue forming.
Default, Deeeefault, Deeeeefault, DEEEEEEEEEEFAULT!
Stop the messing around, default now - we all know you're gonna in the end. This is like watching an episode of Friends that you've already seen a thousand times before.
What will be scary is the second Greece defaults then there will be a rush for it - I can't see Portugal, Italy, Ireland and even Spain attempting to impose austerity when there is an 'easier' way out.
N.b. I said 'easier' - not 'easy'.
Hell if Greece default I might even declare myself bankrupt too - I mean if you can't beat 'em - join 'em.
Now please - stop paying your mortgages - the banks are not going to reposess your houses - they don't pay their debts - so why should you?
If the law forces payment on mortgages but doesn't allow banks to fail - then you know you're in a corpo-facist state - it's 100% guaranteed.
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Digitus Impudicus, Bitchezz.
from agincourt, pluck yew
They will show this finger exactly in one year after having spent the money now freed to help them !!!
Greece: Bail us out.
Germany: No way.
Greece: We'll leave the EU.
Germany: Fine.
EU: Let's talk about this.
Germany: Yeah, okay. And Greece will give us its literal soil.
EU: They will?
Greece: What?
Germany: That was uber-sarcasm.
EU: Maybe it was the start to a solution...
Greece: What?
Germany: Really?
EU: Why not?
Greece: Screw you guys. The people will kill us 'elected representative.'
Germany: No scenic islands and toll roads, no dice. Utilities would be nice, too.
Greece: Go f*ck yourself.
EU: This is good. Let's keep the dialogue going.
Probably real close to the actual dialogue.
Yes, probably close to the actual negotiations.
However, if you were to look under the puppets, you'd realize they are all being manipulated by the same Rothschild octopus.
hahaha! Thanks for the day brightener Sunshine.
Papandreou would never adress to EU or Germany like that.
Papandreou is fan of EU and wants to eliminate the Greek State.
well said
and the Greek peole have woken up that this man is a traitor
his days as a PM and his days living in Greece are numbered
He should marry queen sofia's niece or great niece, like in the Comnenos days of old. After all Greek Oligarchs have been around since Agamemnon...
LOL, good one!
From the Simpsons:
Psychologist: "Now, now, don't talk at Apu, talk to him..."
Snake: "Apu, lately when I rob you, it's like you're not even there."
Apu: "That is because you're robbing my brother Sanjay!"
Snake: "Dude, I didn't know!"
Apu: "Just shut up!"
the analysts at banks have been way behind zerohedge at looking at greece
The only function of banks is to suck up free money, they know nothing else.
+1
The black holes that destroy real economic productivity.
The boom-bust cycle is entering hyperwarp.
If people actually understood sell side analysts they wouldnt waste their time, but there are hundreds of thousands of new suckers born every minute.
The Greeks should screw the banks. Iceland did and they seem none the worse for wear. Even better for the Greeks, default this weekend and crash the whole system come Monday. If you're gonna teach someone not to screw with you....teach 'em good.
Trichet, Juncker, and now papandreous all want votes on this.
The reason is clear. No politician wants to get blamed when this all falls apart.
They can claim they were just following the will of the people.
Exactly why this is likely to be resolved via referendum, as its probably the only why the Pap doesnt get lynched.
Punt it to the proles.
Fireworks by the end of June.
I hope it does get voted on by the public. I'll view it as the most direct measure of the elite's media hold upon the "popular mind" ever provided.
I'm hoping for a surprisingly unbrainwashed public to speak.
Damn 'democracy', trying to force its egregious will onto the helpless, fragile bankster minorities. A Republican state would never let that happen as it would protect their inalienable right to pillage the rest of the population, (err depending on the interpretation of its constitution, natch).
haircuts? the barber shop that the bondholders are going to is going to be like the one I went to on my first day in the USMC. we were unrecognizable when we came out and so will they.
Seems like a good place to post this...
Bill of lading on 3-day trip to Yankee Stadium:
1 Deep Thigh Bruise = $800
2 Yarded Rawlings Official MLB Baseballs = $40 (Credit)
1 Lost TV Revenues for Missing Playoffs by 3 Games = $4 MM (Credit)
-thank you for doing business with Big Papi Enterprises & RED SOX NATION
:D
:D
:D
...oh the Greeks don't want no freaks http://www.youtube.com/watch?v=vVNbD1nySlw
Greetings from Greece to EU:
http://flipthatbird.com/wp-content/uploads/2009/05/middle-finger-of-apoc...
Nice.
Imagine trying to suck that. You'd need hot lips. Like this girl called Ruby.
Greek History replaying itself?
STARRING:
The EU as Persia!
Greece as......Greece!
and the Bailout Referendum as Thermopylae!
Greece will now heroically sacrifice itself to destroy the EU!
Pass the popcorn!
Excellent analogy!
Well I'm waiting for the sequel which was Salamis! Will they sink the Persian (EU) fleet off Santorini when it erupts? Or Mykonos...thanks to their monokinis?
G-papa's disingenuous and hypocritical fluff is meaningless to a people already virtually enslaved to international corporate interests and the IMF big brother. with the fire sale of Greek public enterprises to Chinese and international financial interests, hedge funds picking apart what's left, and a 24% interest rate on a ten year note, a once sovereign nation has been reduced to the status of a colonial protectorate. the effective and ongoing destruction of thousands of years of civilization by a culture of insatiable greed bent on instant gratification, the cradle of western civilization is appropriately the first nation-victim of the reduction of society to a playground for rapacious financial predators.
+1
Its time for Europeans to get their dignity back and give those bankster fuckers the finger.
World trade is dead in its current form - I can see shipbuilding coming back to Glasgow in my lifetime.
www.youtube.com/watch?v=NucJ5XC5OpI
Yeah, they will be building ships to try and fucking escape.
Well maybe... and I did not specify the level of technology that shipbuilding will be at in 50 years but maybe it will be something like this.
www.youtube.com/watch?v=wB2EsZhzVtE
Nothing wrong with that - never throw away your old shoes! Are you a sea dog dork? My ancestors were boat builders im told, very noble craft, is there any profit in it these days?
No Scratch but I know the Scottish west coast like the back of my hand - beware of incredible caledonian predictions , they just may come true
www.youtube.com/watch?v=XcxKIJTb3Hg
"We wanted the money but we wanted to burn it more"
www.youtube.com/watch?v=d9lRJ2m0fso
I'll grab me tools then. As for them guys burning that money, did they not think of giving it to a kids charity or something, what a bunch of stupid cunts. "obviously we thought about it, but we are not a charitable organisation" ...PR stunt, and they still have no talent.
You don't get it scratch - if you watched the entire 3 sections you would realise that they knew exactly what they were doing.
The leader of the band stated that the money does not go anywhere , they did not consume any extra loafs of bread or indeed buy a Yacht.
I am disappointed in you scratch - you made the same mistake as the audience - they did not understand money.
If that was a Scottish audience of the 1990s I am sure at least some would have made a connection but alas it was a Irish one.
Its why we will always be a colony - we just can not make a imaginative leap , the Gaelic , Pictish and Norse blood must be stronger in Caledonia.
When this monetory crash is over that video clip will be thee most important historical document testifying to the peoples lack of knowledge in monetory matters.
To my mind it was a work of genius.
Its hard to put into words really
This Jewish Glaswegian kid does it better
www.youtube.com/watch?v=3wfDDgg0ct0
You are a total idealist man, there is a huge gulf between understanding the implications of money on a peoples, and its practicalities. Everyone uses money dork, not just colonies, and no one made you join the Euro lol. When it comes down to it, you cant (no one can) prove we would be better off without using money, than if we never had. I am with you on the political and historical implications of money as a possible supressor, but aren’t you overlooking the world we now live in? The horse has bolted and ideologues of the nature of money wont save anyone now. The hand was in the coookie jar dork, it closed, its a timing thing...
Those guys are sitting somewhere penniless, with big swollen lumps in the places where they have constantly slapped themselves over the years, lets hope they live somewhere with free healthcare.
Scratch , why do you think I am rejecting the use of money ? , I am rejecting the present concept of money.
Maybe I am being inarticulate but you just don't get what I am saying.
"Its pretty Technical"
www.youtube.com/watch?v=KiNSCKtfVos
You're obviously on the sauce.
Just a bit , not much by Irish standards - anyhow I prefer to drink in a public house.
That film best captured the collective monetarist angst as the dollar began to hyper inflate to take advantage of the oil glut coming onto the market.
That era is dying Thank God.
All that energy saving of the late 70s early 80s for what ?
To buy shit.
Your prediction would make Sean Connery and Ken Loach very happy.
I hope that the people of Greece give this a big fat NO.
Many say a new long term top is in EUR/USD...it's hard to argue, the way it sold off after yesterdays news which we should have rallied off (i took an almighty drubbing, still have a headache) is not a good omen at all, coupled with the fact that it was falling today off its own bat - no freakshow required, so it was either over-extended or something more concrete is happening. I fancy some bounce off these levels 350-300(technically its still very strong on the weeks - how many times has there been blood in the streets only for it all to be mopped up?...the difference this time is that risk coming off everywhere) so going to be doing some ducking and diving and hopefully make up for this weeks hammering, new shorts on AUD/JPY, long USD/CHF(technical).
I am nobody but that AUD is just bizzare, its almost as if all the liquidity that would otherwise be sloshing elsewhere is keeping the sucker propped up.
Anytime that wasnt the last 12 mths, similar conditons would see the AUD off twice or thrice the drop we've seen so far.
Yeah, but when she breaks, she breaks. Remember AUD/JPY in 2008? -55% in 3 months, no-holes-barred, shit-running-down-leg selling. An interesting thing i learned this week is that reserve managers across the world still see the US as the safest place to be when the SHTF, take from that what you will. But if the dollar goes back to defaults and we see a prolonged bout of risk aversion, AUD/USD wont be spared.
somebody has got to go to Jail..
inside bilderberg meeting: main topic is security of the elite during the coming collapse.
it is a target rich environment for a people under the kleptocrat boot.
Is Obama at the Bilderberg meeting? I haven't heard much today about Osama bin Laden.
...Maybe, but I bet they rather have all those pretty little islands instead
Thought I was hearing things when I read earlier this morning about a Greek referendum.
My thoughts exactly -- Default by Greek popular referendum. Then let the EU try to come and foreclose on Greece after the Greek people have spoken and said "no".
If Greece were really smart they'd have a summit with Ireland, Portugal, and the other PIIGS to give the EU bankers the middle finger at the same time. It's the banker's investments and their bag to hold.
What are the odds of an "E.coli outbreak" among the greek protesters?
You guys celebrating default need to have a 2nd tier mechanism that avoids starvation in Greece, because remember, the reason it's an issue is they run a big deficit.
If they default, the deficit goes to zero immediately, and it will do so on the backs of SOMEONE who presently has enough money to eat.
My recommendation to Greece is this:
1) Default
2) Use what tax revenue you have to fund police and old age pensions
3) Fund no medical and no food support, but do fund camera crews to document the health care absence and starvation
4) Accept the Red Cross offers to help with starvation and accept all other aid (GIFTS) from other countries who can't bear to see children starve.
5) Victory achieved.
Someone? You mean the european TBTF banks.
Oh and if anyone is buying debt outright in the last few years knowing what is going on, then they are akin to buying a ticket on the titanic (excuse the fact it could never happen) after it hit the iceberg.
Glass-Steagall, the legal reset button akin to default.
You don't 'eat' because there is money, but because there is food...that is currently allocated with 'money'.
If all the 'money' in the world tomorrow was gone...the only reason people would starve is because they couldn't set up a different way for that food to get to the people.
'money' is bullshit.
Letting people starve is idiotic...you might as well be on the banksters side. Especially since in no way is it necessary.
An American dollar is not a monetary federal reserve note. We used FRN's.
Glass-Steagall
Most famines in History have been political phenomenons.
Trichet Escalates Greece Clash as ECB Puts Onus on Governments for Rescue
Trichet yesterday ruled out the Frankfurt-based ECB setting an example with its own assets. While the bank has said it could accept a plan in which investors voluntarily agree to buy Greek bonds to replace maturing debt, President Trichet said the ECB has no intention of rolling over its own Greek holdings.
http://www.bloomberg.com/news/2011-06-09/trichet-rejects-ecb-participati...
How come? It's only a Greek tar-baby...
For some reason, this reminds me of the Phil Spector song, "The Screw":
Let's do it.
C'mon and do it. To the right, To the left. Now front, Now back. C'mon and do . . . Dance The ScrewThere is a prisoner's dilemma game going on now. First PIGS out of the Euro gets the best terms.
The referendum is a red herring - there is absolutely no doubt that the popular vote would be a "no" majority - just as this issue in various forms whenever the concept of Europe went directly to the people.
Germany is also upping the ante in perhaps the most serious development is that the Karlsruhe will hear the Starbatty case which seeks to have all mechanisms such as the ESFS and ESM unconstitutional with oral arguments made July 5th.
It would not shock me if some leadership is shown and PIGS either organize into a constitutional drafting block or they go "each for his own" which means the country that announces midnight Sunday that they are out of Euro for market open the next morning gets best terms - and only one will get those terms.
What does a referendum cost?
Say 100 million each
It will have cost at least 1 billion, maybe 10 billion, before the EU gets the "desired result" and the bribes and promises they will make will solve Greeces immediate and maybe longer term needs.
Failing that DEFAULT A.S.A.P.
I don't think EU politicians care enough now to keep having elections until they get the desired effect.
I think everyone now recognizes that Greek default and leaving the Euro is inevitable, either now or later.
If the politicians have some referenda then they can escape blame when the inevitable happens
If bad shit is going to happen no matter what you do, it is best to focus on finding a way to avoid blame.
Let's all pound some ouzo. Yamas!!
Can I set the question on the referendum ballot?
Try this:
Do you want to spend the rest of your life in servitude to the ECB and IMF ?
Apart from the greasers who are feeding at the European trough that should get 85 to 90 % "not bloody likely"
Fed just came out with cap requirement chagnes that helped pop the financials, but to me it looks like a pre-emptive buffer for more scarier things to come: END of QE2 and no real catalyst for QE 3-- all this jockeying with headline market manipulation will soon come to an end as it only serves as a minor distraction for the pending problems to explode: sovereign debt, contagion, and inability of policymakers to effectively address and solve the growing structural problems.
Maybe the Greeks are waiting for their next bail-out to recapitalize broke Greek banks, so that
the the Greek people can finish taking their funds out. Then they will give the EU the finger.
Second largest group of customers on the London real estate market these days are
*drumroll*
Wealthy Greeks !
No question they need some more bucks, those apartments in the City are quite expensive.
Crapandreou ist just diverting attention from his pitiful record and delaying tactics in pushing through essential reforms, such as opening up the closed shops in 400 professions like pharmacists, attorneys, bakers and undertakers which are organized like medieval guilds to keep the prices high and the competition out. There are significant delays in privatization due to kowtowing to the powerful unions and his own socialist party.
Newest tidbit: the new minister of Labour in Crapandreou's cabinet, Louka Katseli, divulged that pensions are still being paid to 4500 dead citizens. The swingeing response: checks on whether all those over 100 years of age are still breathing.
Source: Wirtschaftswoche (German)
Public companies in Greece were paid by the people and are the people's property.They should not be sold without asking them through referendums,especially at such low stock prices.Imagine that by selling 10% of OTE(The Greek Public Telcommunications Company) the state received the pitifull amount of 400 million Euro's.Unfortunately Greek politicians, being what they are,dare not say no to their masters,so a referendum is out of the question because here in Greece everyone knows what the people would have said given the chance:"The hell with the Euro we default and go back to our national currency".At least this is what i would vote for.
well they will form a comittee to solve the problem...
I think your right, the leaders of Greece know they can't give the banks what they want and the austerity is to much. They are preparing their society for what is to come. The first domino is about to fall hard.