"Greece On The Verge Of A Precipice" As A "Lehman-Like" Avalanche Could Be Set In Motion As Soon As Sunday

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Thu, 06/16/2011 - 22:37 | 1376498 bugs_
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Thu, 06/16/2011 - 22:35 | 1376502 mynhair
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Fri, 06/17/2011 - 01:55 | 1376787 Ahmeexnal
Ahmeexnal's picture

The franco-germanic imperialist banking cartel will face a full blown greek intifada.

The power elite are about to get torched.  Already they have tried to divest themselves from the toxic greek assets, in effect transfering most of the burden to the US/french taxpayers.

The burning ball has been kicked to another player.  Who will receive the exploding ball now?


Thu, 06/16/2011 - 22:45 | 1376530 hugovanderbubble
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Emporiki,Credit Agricole ----------------------------->pink sheet .---------------------> DEFAULT

Thu, 06/16/2011 - 23:29 | 1376636 Pegasus Muse
Pegasus Muse's picture

Just listened to Jim Sinclair's latest (16 June) KWN interview.  I've never heard him this worked up about the current state of financial affairs.  He feels we could well be at the cliff's edge.


Fri, 06/17/2011 - 01:15 | 1376748 Maiden Lane
Maiden Lane's picture

Is it time for "This is it" again already?

Thu, 06/16/2011 - 23:29 | 1376639 string
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Fri, 06/17/2011 - 00:16 | 1376685 tickhound
tickhound's picture

dude, that's funny... precipice, bitchez.

Thu, 06/16/2011 - 22:40 | 1376501 baby_BLYTHE
baby_BLYTHE's picture

The IMF is a criminal exterprise, they redefine the word FASCISM. If Greece tolerates IMF 'Shock Theapy' they are doomed no matter what.

Thu, 06/16/2011 - 22:38 | 1376509 mynhair
mynhair's picture

But what about the bonuses for TPTB?  Only riot dog has a clue in that country.

Fighting for his rice bowl, riot after riot.

Thu, 06/16/2011 - 22:45 | 1376516 baby_BLYTHE
baby_BLYTHE's picture

Angry Mob Justice is the solution. Just like the French proved in 1789.


Thu, 06/16/2011 - 23:28 | 1376629 Concentrated po...
Concentrated power has always been the enemy of liberty.'s picture

though I normally relate to many things said on this site.  The idea of French Revolution style mob justice is not a solution to anything.

A mob is not a rational thing.  A mob is not a creative entity, only a destructive one.  I do not disagree with unity against a threat to society.  But the French Revolution was and is not a solution to anything.

Thu, 06/16/2011 - 23:47 | 1376658 Rational Psycho
Rational Psycho's picture

It'll scare the shit out of TPTB, and maybe make them think twice before enslaving people with debt again.

Fri, 06/17/2011 - 10:26 | 1377462 Founders Keeper
Founders Keeper's picture

[It'll scare the shit out of TPTB, and maybe make them think twice before enslaving people with debt again.]---Rational Psycho

Psycho, I appreciate your optimism, but TPTB never "think twice."

Count on them to be consistent.


Fri, 06/17/2011 - 01:30 | 1376745 baby_BLYTHE
baby_BLYTHE's picture

I am just saying, it is one ultimate solution.


If I were POTUS, I would have offered up Bin Laden to the pubic (whether you believe the official story or not).

Public hangings have rich history in American and other western nations.

Many bankers and politicians deserve their necks stretched.

Angry Mod Justice is what republican democracy is all about. Freedom of speech ensures everyone's voice is heard

Fri, 06/17/2011 - 03:29 | 1376844 Urban Redneck
Urban Redneck's picture

As long as you are willing to sacrifice your own head in the process.  These things don't tend to be about guilt or innocence. 

Fri, 06/17/2011 - 10:40 | 1377490 Founders Keeper
Founders Keeper's picture

[Angry Mod Justice is what republican democracy is all about.]---baby_BLYTHE

Hi bBLYTHE. I can see you wrote this statement at 1:30am. Now today, do you still stand behind this statement?

Our Founders vehemently opposed "Mob Justice." The ends do not justify the means. The rule of law must stand.


Sun, 06/19/2011 - 09:04 | 1382245 jimhalpert
jimhalpert's picture

You assume the USA is still a free country.  There's room for debate on that one.

Fri, 06/17/2011 - 03:53 | 1376854 Popo
Popo's picture

A mob is certainly not a rational thing.  But creative destruction requires destruction prior to creativity.


One must smash, tear down and destroy that which is beyond repair.  It is the natural way of things.  

The anarchists and nihilists of the early 20th century understood this well.  The mob is important even if it is dumb.   Terror and random destruction are both inevitable and vital.  Control *is* the problem.  A lack of it is the solution.

Fri, 06/17/2011 - 05:21 | 1376893 Incubus
Incubus's picture

I understand it, but I don't have any faith in people to do anything proper. 

The next system--should it ever come to be anytime soon--will end up just as messed up as this one.  Everything "human" ends up corrupted, eventually.



Fri, 06/17/2011 - 08:42 | 1377133 j0nx
j0nx's picture

Agreed. It always re-corrupts at about the same time as the last of the generation who lived through the old corruption start to die off.

Sun, 06/19/2011 - 09:12 | 1382249 jimhalpert
jimhalpert's picture

Human is the problem but what should we do?  Kill ourselves? every last one of us?  By nature we are imperfect.  The key is to course correct when we have the opportunity to.  Unfortunately there is a condition that has spread of stick your head in the sand itis that may be incurable.

Thu, 06/16/2011 - 23:45 | 1376653 Oh regional Indian
Oh regional Indian's picture

I agree witht h eposter above.

Baby, violence begets violence. In a violent game, only the most violent wins. Logical right? Even if their viollence is hidden in the garb of intelligence/cleverness.

If you want to wish for something, wish for a CME that hits a machine reset.

That will be a "fresh" start.

Revolutions? It's what got us here, right?



Fri, 06/17/2011 - 09:12 | 1377232 mayhem_korner
mayhem_korner's picture

Was that you in Vancouver Wed night?  :D

Fri, 06/17/2011 - 13:53 | 1378142 Oh regional Indian
Oh regional Indian's picture

Hah! Far away. Sporting related violence has to be TPTB wet-dream eh, Mayhem?


Fri, 06/17/2011 - 08:36 | 1377123 Silver Dreamer
Silver Dreamer's picture

The problem with a mob justice or French Revolution situation is that they only punish innocents and puppets.  The people responsible rarely ever get what they deserve.

Fri, 06/17/2011 - 07:06 | 1376949 Tim White
Tim White's picture

I love Riot Dog! Have it saved on Fave's...

Fri, 06/17/2011 - 03:49 | 1376848 dolly madison
dolly madison's picture

Greece will face austerity with our without the IMF, so they might as well tell the IMF to go to hell.

Thu, 06/16/2011 - 22:39 | 1376510 JustACitizen
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I hope that the Greek citizenry continue to resist...and even if the gubmint somehow agrees to something - I hope that more of the economy just goes underground - y'know barter and such. Even if the elite have their hands on all of the levers - I like to think that there are ways around the machine... Good luck Greeks!

Thu, 06/16/2011 - 22:40 | 1376513 mynhair
mynhair's picture

You mean the loser goobermint employees, right?

Thu, 06/16/2011 - 23:40 | 1376646 JustACitizen
JustACitizen's picture

Regardless of their employment - I think that once the elites get done plundering the country - the only things that people will have - will be whatever they can keep physical control of - y'know - something like we are heading for...

Thu, 06/16/2011 - 23:46 | 1376656 The Profit Prophet
The Profit Prophet's picture

Agreed...the black market will grow exponentially and their funding shortfall will only increase. There is a palpable loss of control taking place by the world's financial Elites.

T.E.I.N. everyone!

Fri, 06/17/2011 - 03:51 | 1376850 dolly madison
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Thu, 06/16/2011 - 22:43 | 1376512 Mentaliusanything
Mentaliusanything's picture

The Old fart agrees - Greece is a no brainer for default


Which means it won't happen because he has never been right on any major issue.

But I know Greeks - first they get the money then they default while laying off some good side bets

Fri, 06/17/2011 - 02:45 | 1376824 A Man without Q...
A Man without Qualities's picture

The old fart hopes Greece defaults, so they can blame the US economic crisis on external elements and use it as an excuse to print more money.

It seems to be the global playbook.  Look how the Japanese markets are suffering because of Greece - not the damage from the earthquake, not the never ending nuclear disaster, not the 220% debt to GDP ratio, but the ongoing clusterfuck in Greece.

Thu, 06/16/2011 - 22:41 | 1376515 NumberNone
NumberNone's picture

Eurogroup and Ecofin?  Let me fix that....Eurogrope and Ecoffin.  All better.

Thu, 06/16/2011 - 22:47 | 1376523 mynhair
mynhair's picture

I long for the day TSA strikes.  Dem jet engines are hungry.

Thu, 06/16/2011 - 22:43 | 1376524 Roger Knights
Roger Knights's picture

"the survival of Papandreou’s government hangs on a formal confidence vote on Sunday, ..."

Sever on Sunday?

Fri, 06/17/2011 - 00:32 | 1376711 The Fonz
The Fonz's picture

He is just guessing as to the day, the most important thing is to know when it is going to happen and make darn sure you know the results immed.

Fri, 06/17/2011 - 02:46 | 1376825 A Man without Q...
A Man without Qualities's picture

So as long as the money has arrived into their Swiss bank accounts by Saturday, all will be well?

Thu, 06/16/2011 - 22:45 | 1376534 JR
JR's picture

Here’s how the chief executive of Europe’s largest bank, Deutsche Bank, intends to play the Greek crisis.

Designated as “the most powerful banker in Europe and, depending on whom you ask, possibly the most dangerous one, too,”  Josef Ackermann is the man who has helped ECB’s Jean-Claude Trichet “ shape Europe’s economic and financial future.“

In a recent NY Times article, Deutsche Bank’s Chief Casts Long Shadow in Europe, the authors observe that it is no secret where the Jewish international banker’s allegiance lie: “with the banks.”

For instance, writes the Times, Ackermann “has insisted that providing some sort of debt relief for Greece would be a huge mistake. Such a move — a restructuring, in banking parlance — would involve writing down Greece’s debt, which is now more than 140 percent of its gross domestic product, deferring payments and cutting interest rates….

“European banks, including German ones like Deutsche Bank, hold many billions of euros in Greek government bonds, and the banks would lose big if those debts were restructured. For the moment, Europe’s solution for Greece is, essentially, Mr. Ackermann’s: more bailout money and more austerity — an approach that some economists say only buys time without offering any hope of recovery….”

The Times, which says Ackermann is admired by many but “has also become a lightning rod for public hostility toward banks,” keeps an apartment near Central Park and “his bank has a large operation on Wall Street – indeed, it helped inflate the American mortgage bubble.”

Ackermann, whose office in Frankfurt is just a few blocks from close associate Jean-Claude Trichet’s at the ECB, claims the biggest challenge now is to “convince people of any country to help Greece even more.”

Writes the Times: Ackermann "called on European governments to devise a ‘Marshall Plan’ for Greece that would offer more aid, while forcing the country to sell billions of euros’ worth of state assets, and provide a framework for rebuilding its economy.

European governments have largely followed that advice. At the same time, however, Mr. Ackermann has opposed the German government and sided with his friend Mr. Trichet...in arguing against restructuring the Greek debt, which would force investors — and banks — to share Greece’s pain.

“Any restructuring, Mr. Ackermann cautions, could be even worse than the crisis brought on by Lehman’s collapse. It could threaten the stability of major financial institutions, as well as the European Central Bank, which hold huge amounts of Greek debt, he says. “


Thu, 06/16/2011 - 23:21 | 1376620 desgust
desgust's picture

Yes, so is it! And he's Merkel's best friend. She invited him 2 years ago to celebrate his anniversary in Kanzleramt. He is the real Fuehrer in Germany, not Merkel! She's just another American vassal like all chancellors before. Germany has not peace treaty after the WWII and according to international lawa is still an occupied country. The rest is theater for the peasants. Germany is not independent, Germany has no constitution. Das Grundgesetz, the so called constitution in "Germoney" is a provisorium and should have be voted on by the sovereign after the reunification which didn't happen.

Germany is worse than Iraq, it's the hoax of the century!


Thu, 06/16/2011 - 23:49 | 1376661 Oh regional Indian
Oh regional Indian's picture

It's all a scam des, even India. An Italian ruling us, whose father was a KGB agent. 

Every central banked country.... you can take it for granted that their "definition (democracy, republic...etc) is all one big farce.


Thu, 06/16/2011 - 23:57 | 1376662 Oh regional Indian
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Fri, 06/17/2011 - 00:03 | 1376673 JR
JR's picture

Alas, is America soon to follow Germany’s fate as retribution for her past sins?  By helping to seal Germany’s fate, did she seal her own?

In 1911, the year banker Paul Warburg was commuting between Germany and America to conspire with bankers and politicians here to birth a banking cartel, Professor Werner Sombart was summing up the situation in Europe where Finance had come to occupy a disordered dominant position.

“If we want to make clear in one sentence the direction in which modern political economy is moving, we can say: the stock-exchange agents of the banks are becoming in an ever-increasing measure the dictators of economic life.  All economic happenings are more and more subordinate to the decisions of finance.  The question whether a new industrial undertaking is to spring up or an existing one to be developed; whether the owner of a shop or a store is to get the means to extend his business, all these questions are decided in the offices of Banks and Bankers.  In just the same way the sale of products is becoming, in an ever greater degree, a problem of finance.  Our greatest industries are indeed already just as much financial associations as industrial undertakings.”

Fri, 06/17/2011 - 01:10 | 1376739 JLee2027
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Fri, 06/17/2011 - 02:50 | 1376827 NoClueSneaker
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 .... aber WIR sind der Export-Weltmeister ... :-P


( It's easy to sell 500 tanks to Greece with an argument of the knife under their troath . )

Fri, 06/17/2011 - 01:48 | 1376779 Michael
Michael's picture

I bought a Deutsche Bank owned home in Florida for 10 cents on the dollar. They lost 275k on the deal.

I did my part.

Fri, 06/17/2011 - 04:31 | 1376873 FlyPaper
FlyPaper's picture

Ackermann's arguments are exactly what you'd expect from a cartel banker.  The bank wants to loan Greece more money - because they make interest.  A write-down is the 'end game' for that debt; no more accounting gimmicks to pretend they can keep the bad debt at book value.

This is when the banks have to take a loss.  

Followed by: "OMG, you know, if you don't bail us out, there could be MAYHEM in the economic life; people will be unemployed; the world will collapse..."  which usually means a politician can assume he/she will be out of a job.  

Followed by: "We must have the government help out" - which keeps the banker's game going - and puts the PUBLIC on the hook for the banker's screwup.

He's doing nothing more than playing the "central bank game," which translates: we make the money, we take the risk; and you bail us out if our casino game doesn't work.

Isn't that what they did in 2008 to the US Congress?  

How the hell did Goldman go from an uninsured investment bank to a commercial bank with FDIC backing?  

Frankly if I was Ackerman, I'd push the crisis, because its then that you can scare the politicians out of the public's money.


Fri, 06/17/2011 - 08:55 | 1377171 M.B. Drapier
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