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The Greek Bankruptcy Case Study Is Now A Cartoon
With the Greek crisis approaching surreal proportions, now that everything from this point on is a carbon copy of events from May 2010 onward, and the only question is whether Europe will succeed in kicking the can down the road for another year (not with the 2 Year at 28% it won't and the 30 Year priced at 40 cents on the dollar) all one can do at this point is laugh at the daily dose of denial at the Keynesian-cum-monetarist experiment. Alas, one also has to be dead serious about this stuff because it just may usher the eventual implosion of capitalism once again, since many (us among them), believe that the downstream effects from the bankruptcy of Greece, and thus the ECB, and thus Europe, will make Lehman seem like a walk in the park (and the only reason Greece hasn't blown up yet, of course, is that Greece does not have a profitable fixed income trading desk that Goldman would love to gets its tentacles around). So in reporting on today's events we combine the hysterical with the somber. First, we present the latest NMA cartoon summarizing the Greek fiasco in only a way that NMA can. We also share the latest Greek summary piece from SocGen (which itself will be downgraded substantially when Greece folds). It should serve sufficiently well to defuse any left over levity: "This looks like a last ditch effort from Papandreou to save the
situation as his Parliamentary majority is eroded, and the opposition
threatens to renege on the conditions adhered to when the IMF Stand-By
Arrangement was originally signed back in May 2010. Meeting these
programme requirements is a binding condition for a continuation of the
EU/IMF quarterly disbursements, which are necessary to plug Greece’s
funding gap. Greece’s situation, and the euro area’s sovereign crisis, have reached a new level of uncertainty."
First, for regular idiots:
Then for wall street idiots:
Greece: the crisis reaches new highs
Euro area Finance Ministers so far have failed to find enough common ground on the next steps to address the Greek crisis, which continues to deepen inexorably. Credit rating agencies are mounting the pressure on Greek banks and financial institutions which are deemed to have material exposures towards Greece. All this is amplifying uncertainty and -- by reflex -- market volatility. Against this backdrop, Greek two-year yields reached their EMU era peak of 28%, and the euro hit a one-month low.
Sovereign bond yields at the periphery, Italy included, are all trading at distressed levels, close to one-year highs, as fears of contagion escalate. This is not a good sign.
In principle, next week’s Eurogroup and Ecofin meetings could mark some progress (June 20-21) and help to mitigate market distress, but there are two major policy complications.
Firstly, there is still a divide between the German inclination towards private sector burden-sharing and the Franco-ECB objection to anything that carries an‚element of compulsion?. A compromise will need to be forged to avoid a policy deadlock.
Second, even assuming that this major hurdle is cleared, an even bigger one is shaping up. On Wednesday, Prime Minister Papandreou offered to resign on the condition that all opposition parties agree to the additional austerity measures required under the EU/IMF programme.
This looks like a last ditch effort from Papandreou to save the situation as his Parliamentary majority is eroded, and the opposition threatens to renege on the conditions adhered to when the IMF Stand-By Arrangement was originally signed back in May 2010. Meeting these programme requirements is a binding condition for a continuation of the EU/IMF quarterly disbursements, which are necessary to plug Greece’s funding gap.
Greece’s situation, and the euro area’s sovereign crisis, have reached a new level of uncertainty.
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Whoa. She can remodel my kitchen.
> it just may usher the eventual implosion of capitalism once again
LOL! What we really need is "more government" to stop the speculators. More price controls, less capitalism - worls every time. /sarc
Rules are for commies.
He said not w/ the 2 yr (Treasury Note) @ 28% it won't, and not w/ 30-yr @ the .40 cent...this is absolutely hilarious the best finance site on the web thats so funny i cant breath& ill give $100 to whoever the son og a bitch is who that coined that frase for an autograph
dup
She can animate Cali's coming Crash.
Cali Comptroller stops paying Cali Politicians tomorrow; state employees next month.
My Motto: USUKs* delendam esse!
*US+UK, the original Globa-Fi-Scum, who rigged the WHOLE world.
My Motto: USUKs* delendam esse!
Brilliant! Especially the "USUK" part.
Thank You. You are now my friend.
Can't we say it like this : U-Suk delendam esse...makes it more comprehensible for twitter bugs.
She can wash my underwear in her bath water ! Monedas 2011 I'd like to fluff and fold her !
i buy
She can remodel my grundle area.
Um, whatever course the moderator of the cartoon wants to give...I'm game.
It's hard to focus on our impending doom when the spokesperson is really hot!!! Suggest we bring back some lame-o economist or the like to moderate so I can properly recoil ahead of the collapse...rather than the reverse I'm dealing w/ from this video.
Bad hambone, bad!!!
bunga bunga
bunga bunga
yeah, I'd do her twice too.
Edit: I know, I know, it was shameful boy humor.
Ya, nice analogy, someone who goes crazy shopping to that of a country that was sold down the river and financed with usery rates, funny cartoon but not very educational
Yeah I don't find it funny either. The EU bosses demanded certain numbers from Greece in order to enter the EU market. Goldman sachs was nearby and happenned to offer its services. All planned. German, French and British pigs together with the Goldman Sachs ones took advantage of another country who will live in sorrow thereafter.
Agree. They should have been sharper, but then their Government is run by the same pigs..so what gives?
what gives : oligarchic pig sty ! Augean stables are in N Europe not Greece! Or maybe in Washington DC/N York.
The keynesians will see austerity as the problem not too much debt and pat themselves on the shoulder and demand more stimulus!!!
Incidentally isn't it interesting that Iceland is back in the international borrowing market: with a $5billion, 5 years, at 5%. Not bad for a country that defaulted two years ago. Take note Greece, Ireland, and Portugal.
You have ever heard of the concept called "systemic risk"?
Three French banks were put on watch today due the Greece contagion.
+1
Yeah, OK, discount by 90% just like when I see the babes standing in front of the display pitching me to invest in cryo.whatever .....
does anyone know if the greek politicians needed the tunnels today? or did the protesters part like the red sea for them as they exited the building?
".......or did the protesters part like my partner's ass cheeks?"
did that fix it for you?
my favorite is when the other countries are 'dissing' greece for the CCC rating..
This has been said on ZH by many, but Greece should default by denominating all their debts, public and private into a new Drachma. Since this constitutes a default, they could do anything else they needed to at the same time: lengthen maturities, lower interest rates etc. The Drachma would most logically be created 1:1 with the Euro, and then promptly be allowed to inflate the debt away. Nominal wages would go up, asset prices would go up and the debt would get proportionally smaller, and easily paid.
I believe that they are trying to pull off a default in such a way that it technically isn't a default, which would trigger an AIG-like payout of all sorts of CDSs. I am suspecting they will call it something simple (like a "banana") and declare no default occurred. Of course, the Wall St. brokerages tried to do this on Bury, Eisman, Paulson, et al. and eventually the banana started to look a lot like a default.
is this jim rogers?
US Mint Official Tells CNBC "Fort Knox is a Closed Facility" !!!
This should make Ron Paul's audit easier!
http://silverdoctors.blogspot.com/2011/06/us-mint-official-to-cnbc-fort-...
It is completely disgusting what the IMF and the international banking cartel is attempting to impose on Greece- a Western nation where modern democratic civilization traces many of its roots.
This crisis is reallyjust a "fake" and "engineered" just like the Flash Crash. Yes, they have been living well beyond their means. But the austerity measures being proposed are absolutely ridiculous (Selling off their land, WTF!)
Like ZH supports, impose a Wallstreet sales tax (Tobin Tax). Make them pay for the worldwide depression they created!
Both sides of his got together and stuck it to the people. Those loans were made to to make money off the peoples backs. It was a crime.
of course they did, without more debt the usurers cannot extract tax revenue from the sheeple.
Nation states have to borrow from private consortiums at interest?! Total joke of the century.
We are truly a 'caputred' populist.
Oh please. As if the Greek population hasn't laid about while feasting on the good times brought on by ever cheaper debt. Witness these ridiculous protests! "We want our cake even though we've already eaten it, damnit!" And now the chickens are officially roosting. Fuck the Greek government and the fuck the pig-ignorant populace that voted for it.
And furthermore, if nation-states want to spend more money than they are able to extract at gunpoint from "their" citizens, how would you propose they do it?
New avatar is a solid 8.
Said the ignorant shitbag ingrate who today blithely made use of about 15 services/infrastructure paid for by generations of taxpayers before him... imagine how much this dickslap would bitch if he had to pay tolls everytime his fat ass rolled onto a new, privately owned piece of roadway. Or how loud his whinging if he had to pay big pharma's double secret patent prices for his insulin because Canada didn't just hand over the recipe out of sheer decency.
Hey you, penis breath: the Greeks trusted their leaders, who promised them that Greece could afford all they were offering (because a certain squiddy bank convinced them, lied or bought them off), then those same underhanded banksters pushed shit along by blowing them up and are now in the process of trying to gouge out any pennies left covering the Greek economy's lifeless eyesockets.
Warning: If you're American, this same shit storm is coming for you fifty-fold, fatty. If you still can manage it: get on your knees and pray to Jebus and while you're down there you can kiss your puffy sack of lard ass goodbye. Speaking of 'feasting': I am really looking forward to the likes of you choking on your own hubris, you pig fucking Rotschild wannabe.
Easy there JUNIOR! I feel your pain.
Act like an Adult. Yen Cross (dot)
... Guy pissed me off.
Self righteous prick like that makes me wanna change my life mission to privatizing breathable air and sunshine in whatever hick seedsville corner of the world inbreeding spawns coprophagists like him; teach him a fucking lesson right smartly.
Otherwise, yeah, unless there is a (real) war on, paper should be convertible (in some way) so that gov'ts find it far, far more difficult to spend more than their revenues.
Point taken. Just remember you are on the ball, a little more than most.
+1
We must protect the people from both governments and banks then.
I don't think it makes someone a rot-child wannabe just because they point out the follies of socialism.
In terms of privatizing things Tennessee has been leading the way. If you don't pay your fire assessment in certain rural areas then the fire department will let your house burn down, but protect any surrounding property. The majority of people in the county where this most recently ocurred supported this as a means of controlling the problem of the free rider.
While it may be a little extreme, socialism always dies because of the free rider phenomenon. By trying to prevent anyone from ever suffering any harm, enough people take advantage of such a system to kill it eventually. Your yob problem in the UK (assuming you are British) is actually worsened by such nanny statism. With unlimited unemployment or welfare benefits why would anyone ever get a job?
Would you label Ronald Reagan a 'socialist'?
ANY gov't can be financially imprudent, it's not contingent on their political leaning.
Do you consider Scandinavia 'socialist' Maggie? Despite the social safety net, stellar public education, universal healthcare, their unemployment numbers are staggeringly low, completely contrary to your 'why would anyone want to get a job?' thesis. I guess the whole world doesn't fall into your 'gotta whip 'em into action!' Rotschildean paradigm. Maybe YOUR dream is to sit around all day drinking beer until you die while watching fully grown men in tights squat and squabble over a turd shaped/coloured 'ball' on a life sized screen, but quit trying to project your fantasies onto the rest of us, please. In fact low unemployment is a consequence of Scandinavian mixed economies because, rather than be bored, well-educated people (for the most part) want to keep themselves occupied and subsequently, unlike the deliberately dumbed-down majority in the US, they have more opportunities to choose their line of work, rather than being forced into menial Mcjobs out of economic necessity.
Chump wasn't 'pointing out the problems of socialism', he was blaming a victim for having a drink with a suave rapist; 'sif Greece knew Lloyd had laced her cocktail with roofies, he repeatedly assured her that the mix was AAA rated. Well the buzz is wearing off now, and her nether regions are sore...
wtf, I only pressed that once.
and by the way one more thing.
You sound a little British. I do know that the Brits are the fourth most leveraged nation in the world in terms of total bank debt, sovereign plus private, right after iceland, ireland, and switzerland. Google Forbes sovereign debt to gdp levels and you will find a 2008 article that was very prescient in its warnings. Brits have always had a love hate relationship with America, but what they really hate is us "dumb" hicks have done amazingly well. If you have ever lived in the USA then you know our average standard of living is much higher. I can't believe the small crowded houses that people buy in the UK and the over priced electronics as well as the high taxes. In my profession my income would be cut in half if I worked in the UK and my taxes and expenses would be higher. It is a wonder that more of your people don't move over to hickville. You could have a 3100 square foot house with a 33000 gallon pool and a four car carrage for $150,000 euros. Nice deal, eh? Plus you pay far less in taxes than in the UK.
You can also carry around your assault rifles in the trunk of your car and go out plinking during your lunch break like me if you are so inclined. what a paradise!
Hahaha! 'Amazingly well', that's rich. Maybe if you see 'success' as Jolly Green Giants with guns roaming the world and drowning in blood anyone who has something they covet but haven't developed the resources to protect. Yeah thugs do pretty well when there is no one around willing to stand up to them. In case you hadn't noticed: it's coming back around again.
http://www.guardian.co.uk/news/datablog/2010/may/27/debt-deficit-oecd-co...
How is the standard of living in Norway? Sweden?
As for moving to seedsville: thanks, but I don`t think I can adopt the whole `I`m all right so fuck all the rest` ethos, and I lack the aggressively overdeveloped sense of self importance that all you little Lloydensteins emanate.
+1 unjunk. dont you just know he's a lardy couch-dweller with no clue it applies to him also.
thanks d.
While I always enjoy your rants ignorance does not spare a population from suffering from their collective stupidity.
While the average greek, american, or any citizen of the world probably qualifies as incredibly stupid financially and easy prey to banks and politicians, the greed of a population voting for the politician who promised to give them something for nothing is not as innocent a behavior as you might indicate by stating "the Greeks trusted their leaders."
As far as phatties, it appears the Europeans are catching up with the americans if certain stats can be trusted. Americans have pretty much alway been the trend setters and europeans trend followers, even when they sneered at an american smoke-free coffee shop in France when it first opened. My have times changed in the French tolerance of cigarettes, ten years behind the americans as usual. Americanisms are so trendy and scary to reactionary French that they feel the need to ban certain words from being uttered on TV or radio. The europeans are also ten years behind the Americans in the the phattie epidemic, but they always catch up and there is nothing more frightening or puke promoting than a fat, smelly, unshaven frenchman.
Now for the rest of your rant. I am not so convinced the same shit storm is heading to America, certainly not fiftyfold the Greek shitstorm. Our banks are less leveraged and less over concentrated than european banks as was politely pointed out by Ben Bernanke in his latest speech.
Sovereign debt to GDP ratios and other financial statistics show the europeans to be the trend setters in this area, perhaps the only area they can claim to be way ahead of us! You assume that we will somehow race ahead of the europeans in terms of total bank leverage, bank concentration, and sovereign debt levels?
tct is so 'evolved'. He wants everyone to Do the Evolution with him.
ROFL. Hit a little close to home there, did I? Are you a Greek that was promised unsustainable bullshit by mean old politicians and evil bankers? And now that you've had your cake, you want to eat it? Sorry, you'll be puking it up, we all will. We all have blame in this game, and crying about bankers overlooks the fact that all populations wanted something for nothing and thought it would last. You reap what you sow, and so on.
Now grow the fuck up and learn to communicate coherently.
Heh, coming from a hayseed who obviously doesn`t know his ass from a tea towel holder, I`ll take your advice for the plugged obeloi it`s worth. If you find me incoherent I`ll try to rephrase things in terms you can understand,
"Moo. Mooooo..."
Me `puking it up`? MB, but I doubt it. OTOH, a cunning stunning stunt like you who spews vitriol at the victims of fraud rather than the perps: I sure fuckin hope so. In fact, by the way you denigrate instead of praising those with the will and heart to protest a crime that you admit will eventually affect even a domeless wonderboy like yourself I'd say you're in the bag already, punk.
So enjoy your FEMA camp, sucker, eventually even a plank as thick as you'll figure out where to keep your valuables.
Brangelina and many more Hollywood aristocrats own homes and islans in Greece. Johnny Depp owns a Caribbean island.
Point: US pop celebs are much like GS, brands that leverage their owners into fantasy semi-immortal icon-hood, as evidenced by their posessions and mainstream media bestowed attention. They too, like globo-bankster scum, appreciate the sheeple's adoration.
Heil Hollywood. Heil Wall Street. Heil US Hegemony.
Oh, btw, there's celebs in CFR.
So let's clean house AT HOME: boycott or steall all US entertainment PLUS US banks.
Let them walk away from the debt! Then, any lender foolish enough to provide Greeks with dough deserves what he gets when they default again. No bailouts for bad lending!
Greek default = Euro down, dollar up, commodities down. Once at par, buy commodities and additional PMs.
What if the IMF disburses the payment even after Greece fails to enact austerity measures?
It's crap, when money is debt there will be lots of debt.
best comment of the thread, right there.
MarketWatch:
June 15, 2011, 7:01 p.m. EDT
Greece poses $41 billion risk to U.S. banksAnd how much do they have in Ireland, Portugal, Italy, Spain...well, you get the picture.
EU banks and nations lost a Trillion USD in US housing/bank bubble crash.
European bought billions of US$$ to support the USD rate when US crashed.
US rigs and Europe rescues. The pathetic inuendo to the opposite effect are laughable.
Don't they mean "US Taxpayers" instead of US Banks?
maybe these credit rating agencies should re-evaluate their scoring systems.
Does fff+ make you credit worthy?
ffff is relative to alternatives
I like the Default start over idea!
It'll all reset this year.
Chinese Feng shui calls this the moneybags year...year of the money. July has 5 Fridays, Saturdays and Sundays, only happens every 823 years. Add the last two digits of the year of your birth to your age without lying and it adds up to 111 for all humans in the World. All signs.
Interesting. Now I know Bilbo Baggin's birth year when he had his eleventy first b-day party.
hahaha....September 22, 2890...right ??
+1
I'm born in 51 (December) and I'm 59 (in June). 110. Almost worked.
Covered.
it works and its not Fibonacci's series!
Once every 823 years? Don't think so.
http://www.snopes.com/inboxer/trivia/fivedays.asp
The 111 thing is simple math, although you need to state it as "the age you will be this year". If you haven't had your birthday yet, you'll be off by a year. It's math; not a mystery.
that and it only works for people who were born in or before 1999. I guess the last eleven years worth of people is irrelevant to the 'signs'.
LOL - so my nephew who is 8, was born in November of 2002.
8 + 2 = 10
wrong century
Nothing Europe can do now, Germans won't back a bailout on Greece. So yes major sell ahead...
I have solution: Get rid of Papandreu, and
Bring in Mamandreu
Bingo ! BTW Mamandreu is Christine Lagarde as portrayed by WB7 ! Total definition of his final fantasy. Once she is IMF chief she will really fit the bill!
MESSAGE OF THE DAY: Greece Was Rigged by GS.
Eyes glued on Greece? Looking for Greek events to effect US markets?
USUKs Bitchez! US + UK - the source of all Globa-Fi-Scum.
USUKs Bithcez - coined for zerohedge level intelligence by me, EUReka!
Forget Greece - WATCH CALIFORNIA.
Ceterum censeo Angloginem USUKs delendam esse!
This is the end game. Its people-o-nomics from here in. Country needs a bailout, EU screws country needing bailout, countries people say screw the EU...
No taxes
No work done
No co-operation
Damage
No bailout deal
Nationalisation
Exit EU
End of Euro
Queue Farage like "told you so"
not quite told you so, but here's the set-up..
http://red-pill.org/european-mep-greece-default-2-weeks-ecb-bust/
How can your rating be triple A when your currency is just a notice of debt?
The only AAA rating goes to the introduction, damn lucky she's not animated.
When morons lent money to morons, that's some moron's fault not the population's fault
oh well, on the plus side, at least theres a funny cartoon and a smoking hot asian lass.
Oh my God the presenter...I just wanna...
Ok I'm going to resist the temptation to say anything overtly demeaning, anything of an unrespectful nature; I'm sure many of us would appreciate more female input on this site...
The tatoo is a major buzzkill
Nah, It's the 2 fat chicks holding a ( Maple) leaf.
yup. the tatoos are hot
Surely you jest, they are clearly male.
2 girls bumping rumps, is hardly a jest!
No way! I'd never scar myself with one but as long as there not over the top I go for them on chicks
I like the somewhat deep throughty voice too!
As long the Greece doesn't need to import any oil, gas, or food they could take the Drachma/default route. But man cannot live on shipping and tourism alone. Otherwise, they would need to eliminate about 90% of their government "workers". No one would notice I'm guessing.
"The problem with socialism is that pretty soon you run out of other people's money"
Food, Water, Housing is all that is required.
Education seems to lead to braindead jobs for most anyway.
+1
Tomorrow California's Comptroller will stop paying salaries to Cali State Politicians - if they have not reached a budget agreement.
Next month he will start issuing IOUs to 250,000 Cali State employees.
Forget Greece (2% of EU economy).
Watch Cali Crash & Burn (8 largest economy in the world).
Ceterum censeo Angloginem USUKs delendam esse!whatever that chick is selling i m buying
i buy
So, GS put a gun to the head of the Greeks and made them screw up the country? Me thinks not. Total Loser socialists will always take the money regardless the conditions. Screw the future, it only matters now. Why anybody is surprised at what's happening speaks to our totally dumbed-down educational system and the lack of any brains in the public arena.
Wait 'till this shit explodes here in the U.S. and that is when the real fun starts.
Note to video makers: scratch the hot chick and replace with shrill Hillary. This will force everyone to stay on message.
Socialist, communist and capitalists are all eating from the same pile.
You only have the illusion of choice.
I am intrigued by that smokin' hot tattooed Amerasian chick's point of view, and will subscribe to her newsletter.
easy there 'V' , She's just a figment of your Imagination!
i will also. probably is a bar tender from brooklyn
I got a new tattoo as an early birthday present from my BF. On my arm (shoulder).
I know I will be junked for this (off topic), but whatever here it is:
http://i56.tinypic.com/34hvvc6.jpg
http://i56.tinypic.com/2qutap0.jpg
got any titty pics?
Nice dreamcatcher; awesome detail on the feathers.
I miss your nuclear ass.
I don't eat Chipotle.
Shame on you blythe.
huh? what's up?
Absolutely nothing. Just getting junked in Singapore, and wishing I was fishing for Blue fin tuna with a friend. Glad you are well, any weiner comments? That looser!
Come on.. admit it. You would fuck her tatoo or no tatoo. You are no better than the rest of us.
Besides. I have grown to like tatoos on ladies.
You have written the better part of a novel today. Who am I to argue?
Did someone say my name?
You even look like Angelica Houston! At her most sultry sinister. She sizzled...
Lianne Lin - I'd clean her bathroom. http://audreymagazine.com/my-story-lianne-lin/
My previous comment from earlier today with an edit or two...
The Greek peoples dependent generational mindsets are under the delusion caused by the sick notion that mothers tits (statist government, which ought to be completely funded by it's own private sector) will not run out of milk. Like any dependent child these Greek adolescents need to be weaned so they can go out into the world and learn how to produce something of value make a profit and earn their keep as all mature healthy adults try to do.
Victim and dependent mindsets never recover because the projection of blame is never on themselves which is the first place they should look. The Greek predicament is what the sloth filled minds of it's people have caused and as a result of the peoples decisions they are feeling the pain of the consequences of their dependent childlike decisions. These Greek children desperately need to go out into the world and take responsibility and create and produce and make a profit rather than acting out like whining spoiled dependent child.
Note: Other than Germany, the rest of the EU needs to do the same.
Keep in mind that what Europe is doing to itself now is what it did to it's people over 200 years ago and the consequence of that was the birthing of America by great, great men.
Perhaps it's time for the Europeans to get their head out of their ass do some footwork and birth their own recovery.
There is a lot of blaming of banks by the greeks and little soul searching.
Greece could not have developed a debt problem if the populace rejected politicians who promised something for nothing. Debt addicts should remember they are part of the problem.
Free healthcare is not free.
Early retirement is not free.
Government provided benefits are really taxpayer provided benefits or bank debt provided benefits.
And dependency has expanded enormously in the US even in the past three years. I live in a poor state where the biggest export is crushed cars and the biggest contributor to state GDP is public transfers of all kinds: SSI disability, food stamps, AFDC, medicaid...
Duh, Bu bu chomp! Bu chewy chewy chomp! Me bad?
Not a very funny piece , except for the little green ember - we should have seen more of him.
The blandness of Chinese cultural exports is amazing - you would expect their "flowering phase" would have more substance.
Fucking slant eyed coal eaters.
You r The Best Dork of Cork I have ever met!
I will back you up any day! Yen
anything that smells of ethnic slur makes you high!
It's like the smell of good ole shit...of the medieval type.
I too have to question their ability to take over the world; they've had all the advantages for so long - why is it still taking so long?
The only answer that springs to mind isthat they enjoy bein the producers for the west; they enjoy the long hours, low wages, awful living conditions. Its the natural balence of things; they enjoy that, the same way westaners enjoy being the consumers. Forget about all the money and debt, just let things roll the way they have been for so long...
The chinese are primitive and unsophisticated but think they are smarter than us. It is not a good idea to underestimate the west.
Nasty polluting heavy industry is the past. China, just like most generals, is fighting the last war. Mercantilism and trying to grab all the nasty polluting industries and labor intensive commerce by competing on price ( a subsidized price) is fighting the last war.
We need not fear chinese domination if we keep our markets as free as possible and accept change. In such case we will always stay a few steps ahead of a more rigid, cautious, centrally planned economy and they will always be the hard working slaves.....for us!
"We need not fear chinese domination if we keep our markets as free as possible and accept change..."
Well, that settles that, then.
Dear Peasants of the Global World,
We thank you for your contributions throughout your life time. We ran a study back in 2002 and have now discovered our worst fears. We can never pay you back.
Exhibit#1
Population Aging and Its Macroeconomic Implications: A Framework for Analysis
We hope that your accceptance to Universal Health Care will become uniform globally. We are counting on your future contributions to help generations ahead. Time has been taken to illustrate how bad this situation is. Your help is needed to accept our new health panels. Your saved assets will be used to help future generations. We have a extreme humanitarian crisis at hand.
Exhibit#2
IMF Global Aging
http://link.brightcove.com/services/player/bcpid625505131001?bckey=AQ~~,AAAACofWkTk~,d-cWVfCeeBEH0CDEexAone3jAYWFdAyT&bctid=985358401001
So I'm looking @ 5-H dxy RIGHT NOW. Any ideas?
Perfection on china GDP- Fixed numbers yesterday?
The goons who created this piece should get a few things straight.
1. It is impossible to realize actually what is real debt and manufactured debt by the banks via their derivative scams. Iceland did a good job and just told them to stick it.
2. The rating agencies are a joke and are either owned by the very same institutions that created the garbage derivative scams or are the clients of the creators of it (close association).
3. Remember Hong Kong and the multi-billion dollar bailouts of the HKD and market manipulation? In other words, there is no country with an entirely sound financial system - it just does not exist, but when it gets overly stupid as all cycles of stupidity do...
4. Humanity always purges itself of parasites. It is proven time and time again throughout history, which is why humanity created a rule of law, free and fair election systems!, US Constitution - via Bill of Rights, and system of checks and balances. It is probably a good idea to make sure these things work very well.
Otherwise, Good luck with all that!
Like PBoC unloading short term debt? You are a lot of fun to play with.
Greek citizen's should stop protesting and just stay at home. Completely grinding the country to a halt. No need to get upset, or have the bad press-just close down the country. No buses, no trash pick up, no hotel workers, make all the tourist leave. Then, you watch, the EU will bail them out no questions asked. It is a shame how the bankster's use fear of failure to brainwash people into sheeple. I love Greece, and wish their people all the best...
It is a shame that people would try to spin a socialist, big- government, corrupt banking alliance as a " failure of capitalism."
Far from it. Free market capitalism without such huge protective barriers that favor special interests ( i.e. trucking), is what they should try next in greece.
Well stated TCT. 1.4b and still in the dark. Actually the chinese are revolting in a big way. The MSM just is a bunch of PUSSYS.
OTOH it is far more unconscionable that ignorant jingoists would try to spin deregulated, immune to civil oversight or rule of law big-banks corrupting gov'ts with the agenda to blow up public coffers via fraud as a 'failure of socialism'.
Fucking light years from it. A mixed economy modelled on the principles of fiscal prudence is what Greece should try next (After they tell the shit bags who robbed them to go and fuck themselves.).
See what I did there?
Question for the ZH gang and Tyler. Should the Greek government walk away, leaving the Greek Parliament Building empty, how do the EU banks collect their debts?
A) Send in Sothbys to auction the Acropolis,
B) Put all Greeks in giant debtor gulags until bailed out,
C) Sell Greek kids into slavery,
D) Take over the Greek media stations and play Wayne Newton until the Greeks pay up,
E) All the above.
They're fucking broke along with everyone else. New revenue streams will be sought out, as new mandated laws under a humanitarian crisis effort.
Its all an illusion. Planned economies never work out! These Central Planners will either resign or run for the hills under a new identity.
Grab your popcorn. Let the party begin..
Exactly!!!
Numbers don't lie. Who's winning at this table?
http://www.guardian.co.uk/news/datablog/2010/may/27/debt-deficit-oecd-co...
@Zero: I'm sure it wouldn't take very long for 'D' to get the job done.
Nice one.
Greece is nothing. ECB/EU would let the country go tomorrow boot them out of the EZ. The problem is 95% of Europe's greedy banks have sucked up too much debt from Greece. The ECB is now systemic in the sense that it holds too many unrealized losses from EZ toxic waste. They can print but Germany then goes into inflation, as does the rest of Europe. Totally boned situation. Greece will 100% restructure, but the BIG problem is Spain, Ireland (haircuts already on the table). We are going to get our iceage, europe will be hit hard 3-6 mths of major weakness, ecomomic turmoil, stocks etc.
Ha! AUD is on HFT autopilot...get ready for the break out!
The ITN reporter suggest it is a mystery that the UK's credit rating has not been downgraded. Frankly its no mystery. The credit rating agencies are US organizations with political motivations. As long as the UK retains "the essential relationship" that the US wants to have with it, it will be one of the last to be downgraded. For the time being, pounding the eurozone with downgrades is the only way to prevent the dollar from collapsing. The US doesn't want a competitor to its reserve currency status.
Here comes capitulation. Tight. Gonna be brutal.
If Greece defaults, we're all doomed I tell ya. Doomed with a capital D;)
In that case, no sense in sending my suits to the cleaners:(
ZH bring up your CDS charts for EZ...from wires
*Synthetic European credit markets are opening up are continuing where they left off last night, with both iTraxx Main and Crossover in full reverse mode. As of 06.35GMT according to Tradeweb, Main was 4bps wider at 114.5, the widest level seen on the index since the end of November last year. Crossover was 17bps wider at 423, having widened by 15bps yesterday, taking the high yield index to its widest levels since January 12In the words of Lord Vader on the eve of the siege of Dantooine, this could be a day long remembered. Instead of the demise of Kenobi and the Rebel Alliance, substitute Greece and the senior financial sector.*
Three MPs have left the governmental party since yesterday.
This might be an indicator of an impending collapse.