• Sprott Money
    05/06/2016 - 06:03
    The US, in its own decline, is showing this same self-destructive tendency. The worse things get, the greater the inclination of the citizenry to say, “Carry on, everything’s fine.”

Greece Reports: “Circular Reasoning Works Because Circular Reasoning Works” – Or – Here Comes That Default!!!

Reggie Middleton's picture




 
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Tue, 05/24/2011 - 21:13 | 1307424 sgorem
sgorem's picture

Bet ya China will be visiting the "Big, Fat Greek yard sale", with CASH by the way, Ports, etc.= Strategic position in the middle of Hell-ena......middle east, Mediterranean, OIL?

Tue, 05/24/2011 - 16:47 | 1306653 Caveman93
Caveman93's picture

Makes sense.

I use cocaine so I can work harder and make more money so I can ...use cocaine so I can work harder and make more money so I can ...

Tue, 05/24/2011 - 19:53 | 1307217 NewThor
NewThor's picture

Adderall is a much wiser investment choice.

 

Tue, 05/24/2011 - 16:40 | 1306642 nah
nah's picture

i think therefore i own

Tue, 05/24/2011 - 16:40 | 1306638 carbonmutant
carbonmutant's picture

Greece won't be any more "contained" than subprime mortgages were in 2008.  Reprofiling is another word for default.

Tue, 05/24/2011 - 16:42 | 1306614 ebworthen
ebworthen's picture

 

Little different than the circular reasoning of all modern governments and economies, which reminds me of a phrase that occured to me the other night:

"three-dimensional Euclidean econometric masturbation"

I won't throw in any famous economists names because it takes more than two to engage in such high horsepower wheel spinning that the PhD's and TPTB are engaged in.  They arrive at their own conclusions.

We have reached the point where theory, policy, and binary machinations swing reality about their head on the end of a rope; rather than the other way around.

 

Tue, 05/24/2011 - 15:45 | 1306426 Ancona
Ancona's picture

If Greece defaults, they will start an avalanche. This storm will circle the globe and take out a lot of businesses, pension funds and banks.

None of this looks good for us.

Tue, 05/24/2011 - 15:34 | 1306372 agent default
agent default's picture

Forget about rioting there will be blood.

 

Tue, 05/24/2011 - 19:51 | 1307202 NewThor
NewThor's picture

You can have rioting and blood.

Tue, 05/24/2011 - 15:19 | 1306305 falak pema
falak pema's picture

They should hang the ECB barons and the political bosses, as the TBTF banks, from the branches of the same tree...after due diligence and trial for gross negligence and collusion...obviously...Not that the future will be any rosier... but it does no harm to prune the rotten branches.

RM : what size of haircut are we talking about for greece? (% gdp).

Tue, 05/24/2011 - 15:02 | 1306230 Jasper M
Jasper M's picture

The profligate enslave themselves. WHoever ends up holding their chains is just an agent for what was, in essence, their own choice. 

Tue, 05/24/2011 - 15:26 | 1306340 Nothing To See Here
Nothing To See Here's picture

Or is it? As Jefferson said, democracy is pointless without and educated and informed people, and that's what happened to the Western world. The elites took control of the brains before anything else. Thus it is not through fully conscious choices that peoples elect morons and slavemasters to power, but through ignorance and propaganda.

Tue, 05/24/2011 - 20:49 | 1307382 Ponzi Unit
Ponzi Unit's picture

Yes, how else can you sell the 2003 Iraq War and trillions transferred to banksters?

A triumph of ignorance and propaganda, indeed.

Tue, 05/24/2011 - 16:23 | 1306573 ATM
ATM's picture

+1

Right on Brother

Tue, 05/24/2011 - 14:51 | 1306192 aerial view
aerial view's picture

The bankruptcy sale begins

Further enslavement of people continues

The thirst for power and control never ends

Tue, 05/24/2011 - 14:49 | 1306177 williambanzai7
williambanzai7's picture

Who will benefit from this privatization bonanza? Hint: the same guys who make money doing parking meter deals in Chicago.

Tue, 05/24/2011 - 14:30 | 1306085 Commander Cody
Commander Cody's picture

So, when the raping and pillaging of Greece is over, what is left?

Tue, 05/24/2011 - 14:29 | 1306074 tradewithdave
tradewithdave's picture

There goes Reggie with his "new math" again.  Doesn't he know that the GAAP answer to the classical accounting question has always been the same.

Q:  What does two plus two equal?

A:  What do you want it to equal? 

Now that's old math. 

Dave Harrison

www.tradewithdave.com

Tue, 05/24/2011 - 14:24 | 1306033 MarketTruth
MarketTruth's picture

Ok, i'll say what many are probably thinking.

It is one big worldwide circle jerk. (They don't call him Ben Shalom BUKAKE for nothing).

As always, great work Reggie as your articles are always informing and well thought out.

Tue, 05/24/2011 - 14:13 | 1305960 topcallingtroll
topcallingtroll's picture

We can't default because default is unthinkable.

Yep..sounds logical.

Tue, 05/24/2011 - 16:52 | 1306649 Zero Govt
Zero Govt's picture

circular reasoning (logic) works if it doesn't include reality

...sounds like the Greeks have got the message now though, they're soon to be flogging airports, islands, telecoms and sewage facilities (no shit!)

Tue, 05/24/2011 - 14:02 | 1305915 Herne the Hunter
Herne the Hunter's picture

Reggie, nice to see you on VPRO's "Tegenlicht"... Which episode was that?

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