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The Greek Bankruptcy: One Year Later - Exposing The Charlatans Formerly Lost In Translation

Tyler Durden's picture


What a difference a year makes. It was just over a year ago that Greece received its first (and certainly not last) $1 trillion + bailout package from the EU, the ECB and the IMF. Just over 12 months later, all those who peddled Greek bonds to the rest of the world (ahem Germany) are now furiously backtracking, having finally realized what we, and everyone else with half a brain said from the beginning: it's over for Greece, for the eurozone in its current configuration, and for the single currency. But fine, let's kick the can down the road for a few more months, which will allow banks, with access to interest-free central bank capital, to literally steal Greece's soon to be privatized assets for pennies on the dollar, and then send the carcass, now picked dry, to the international bankruptcy court. In the meantime, we would like expose all the idiots, who like various anchors on Comcast's bubblevision channel, pitched Greek paper to hapless investors, only to see losses (this is not some speculative asset - this is fixed income) of over 40% in one year, and for some reason continue to have a podium from which to spread their lunacy, greed and outright stupidity.

From "We are buying Greek Governmen Bonds!", published in Handelsblatt May 3, 2010: On this day, the German financial newspaper “Handelsblatt” launches a multi-page call to lure unsuspecting citizens into buying Greek government bonds. Gabor Steingart, editor-in-chief, opens the indecent proposal with the following words (loose translation):

Handelsblatt-Aktion: Wir kaufen griechische Staatsanleihen!
Gabor Steingart, editor-in-chief, Picture: Handelsblatt

“As the largest financial newspaper in the Euro region, Handelsblatt wants to be a voice of reason during these turbulent times. (…) The Greeks are sinners, but they are repentant sinners. The rescue package agreed on by the international community this weekend takes this into account. However, governments alone cannot save Greece. A stabilization can only be achieved if Greece can access capital markets. What is needed is a contribution of major banks. What is also needed is a sign of trust by the citizens of Europe. This is the purpose of our action call “I am buying Greek government bonds”. Last Friday, as a sign of responsibility, I have ordered EUR 5,000 Greek government bonds.”

What follows is a parade of German dignities.

First to praise the virtues of Greek government bonds is Hans Eichel, former German Finance Minister:

Handelsblatt-Aktion: Wir kaufen griechische Staatsanleihen!

Hans Eichel, former German Finance Minister. Picture: Handelsblatt

For the first time in my life I am buying government bonds – Greek government bonds! Because we have to keep the Euro-zone together. The Greek population has to bring great sacrifices, there is no way around that. But we should show our solidarity.”

Handelsblatt must have summoned every single pied piper available over that weekend (or was it the other way ‘round – was Handelsblatt summoned by the pied pipers?). Eichels virginal foray into government bonds is seconded by Bert Ruerup, former government advisor (“I have bought Greek government bonds at the beginning of the year and will continue to do so”), Gustav Horn, Director IMK Institute for Macro-economic Research (“I bought Greek government bonds since I can’t leave our currency’s fate in the hand of speculators”) and Wolfgang Kirsch, CEO DZ Bank (“I own Greek government bonds because I believe in the idea of a unified Europe”).

Manfred Lahnstein, former Finance Minister, felt like he had to lean out of the window a little bit further:

Handelsblatt-Aktion: Wir kaufen griechische Staatsanleihen!

Manfred Lahnstein, former German finance minister. Picture: Handelsblatt

“I am ready to buy a reasonable amount of Greek government bonds. I am doing this because I have confidence in the creditworthiness of Greece and the strength of European and international guarantees. I am doing so in order to also set a small sign against arrogance and thoughtlessness our Greek partners are treated with by parts of politics and media.”

Condolences go out to Werner Bahlsen, CEO of Bahlsen GmbH (“Today I bought Greek government bonds for EUR 100,000”). Not because of his reasoning (“we must not leave the country to speculators!”) but because of all the Choco Leibnitz one could have bought with that money.

Handelsblatt-Aktion: Wir kaufen griechische Staatsanleihen!

Werner Bahlsen, CEO Bahlsen GmbH, Picture: Handelsblatt

Deputy editor-in-chief Peter Brors gives free advice as he specifically addresses the retail investor reluctant to fall for the scam: “Greek government bonds for you as a private individual? Yes, of course! EUR 2,500 for Athens and a first-class yield for me.”

We will spare readers the embarrassing statements by the rest of the 20+ celebrities. Remarkably, the only sane person in the asylum seems to be troll-like Hans-Werner Sinn, head of IFO Institute for Economic Research: “It’s okay to be partial for Greece. But I cannot recommend buying Greek government bonds in good conscience. Instead, I would recommend vacationing in Greece. That way, you know you’ll get something in return for your money.”

Handelsblatt-Aktion: Wir kaufen griechische Staatsanleihen!Hans-Werner Sinn, IFO Institute. Picture: Handelsblatt

If Greek government bonds were so attractive at 9% yields (and a national duty for Germans to pile into), where is the call to gobble up those gems now at 17%? Or maybe better to see bond express in price terms...

As Lighthouse Investment Management's Alex Gloy points out: "I am not holding my breath for Handelsblatt to revisit this blatant display of licking their advertisers’ boots (banks, insurance companies, consultancies). Usually, advertisements are marked as such. Cigarette companies have to display prominent health warnings on their products (“Smoking kills”). Next time, Handelsblatt should label each page accordingly: “Following the investment advice of these politicians and bankers might kill your performance”.

Last but not least, perhaps it is time to revisit the performance of the Norway Sovereign Wealth Fund:

Norway, which has amassed the world’s second-biggest sovereign wealth fund, says Greece won’t default on its debts.

The Nordic nation’s $450 billion Government Pension Fund Global has stocked up on Greek debt, as well as bonds of Spain, Italy and Portugal. Finance Minister Sigbjoern Johnsen says he backs the strategy, which contributed to a 3.4 percent loss on European fixed income in the second quarter, compared with gains on bonds in Asia and the Americas.

“The point is, do you expect these guys to default?” said Harvinder Sian, senior fixed-income strategist at Royal Bank of Scotland Group Plc, in an interview. “Norway has taken the view that they will not. The Greek holdings are particularly interesting because the consensus in the market is that they will at some point restructure or default.”

Norway says its long-term perspective will protect it from losses. “One could say we are investing for infinity,” Johnsen said in an Aug. 27 interview...

Who would have thought infinity could come so fast (and at a 36% annualized loss). And what, we wonder, would Alanis Morrisette say about this: "Norway Stops Aid Payments To Greece"...

with Alexander Gloy


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Mon, 05/23/2011 - 15:36 | 1302751 Sudden Debt
Sudden Debt's picture


untill the road ends...



Mon, 05/23/2011 - 16:20 | 1302924 Urban Redneck
Urban Redneck's picture

Need a physical or temporal road built in Belgium?  No Problem.

We still accept payment in Euro (reluctantly) and it's xCHF priced, but the local whores must be better looking than the Germans above. 

Mon, 05/23/2011 - 17:30 | 1303077 ??
??'s picture

Guess which Zero Hedge contributor made this statement:

Submitted by        ?           on 03/26/2011

Are we heading towards a "major European default"? Are macro funds shorting the euro? Is owning Greek debt "ridiculous"? Of course not.

Mon, 05/23/2011 - 17:29 | 1303089 wandstrasse
wandstrasse's picture

but the local whores must be better looking than the Germans above.

Dear Tylers, next time can you please WARN in the headline that such kind of creatures are depicted in the main article. The unexpected vision spoilt my evening and will give me uneasy dreams. Thank you in advance.

Tue, 05/24/2011 - 03:54 | 1304347 ambrosiac
ambrosiac's picture


>Who would have thought infinity could come so fast



Overnight our world went flat
Can't do this and can't do that
Long live mediocrity
Greater than the deep blue sea

Eternity is at an end
We have no more Gods to send
No one longer hears our prayers
We are left to our despair

Eternity is at an end
There are no more rules to bend
We have played our final card
Killed the play in which we starred

Freedom has been torn to shreds
Three Cheers For The Newlydeads
Honor doesn't mean a thing
Empty words a pleasant ring

Eternity is at an end
There are no more rules to bend
We have played our final card
Killed the play in which we starred

Send "Eternity At An End" Ringtone to your Cell



Ashbury Heights - Eternity at an End



Mon, 05/23/2011 - 15:37 | 1302753 TSA gropee
TSA gropee's picture

Wilfully ignorant or deliberately playing along, one has to wonder...

Mon, 05/23/2011 - 15:34 | 1302756 hack3434
hack3434's picture

Can we add Leo to the list?

Mon, 05/23/2011 - 16:13 | 1302903 luster
luster's picture

I haven't seen Leo's Greece blatherings around ZH in quite a while.

Mon, 05/23/2011 - 16:23 | 1302922 I am a Man I am...
I am a Man I am Forty's picture

no doubt, leo was a big pumper of this junk as well

Mon, 05/23/2011 - 15:37 | 1302758 LawsofPhysics
LawsofPhysics's picture

Priceless.  nice work TD

Mon, 05/23/2011 - 15:38 | 1302763 topcallingtroll
topcallingtroll's picture

If you call one or more countries leaving the euro " the end of the euro" then you are probably right.

I would be curious to hear from europeans on this issue.

Will the north permanently subsidize the profligate south?

Mon, 05/23/2011 - 15:38 | 1302765 goldm3mb3r
goldm3mb3r's picture

I am not convinced that these guys actually bought these bonds, certainly not with their own money. Losing is for little people.

Mon, 05/23/2011 - 16:11 | 1302894 gmrpeabody
gmrpeabody's picture


Mon, 05/23/2011 - 15:36 | 1302769 Sudden Debt
Sudden Debt's picture



Mon, 05/23/2011 - 15:48 | 1302808 SheepDog-One
SheepDog-One's picture!!! Oh wait...

Mon, 05/23/2011 - 15:52 | 1302823 Sudden Debt
Sudden Debt's picture


We'll give you athens as a extra if you pay cash...

Mon, 05/23/2011 - 16:27 | 1302933 rocker
rocker's picture

+1  Your too funny.

Mon, 05/23/2011 - 17:19 | 1303072 wandstrasse
wandstrasse's picture

would you be so kind and also accept my PMs?

Mon, 05/23/2011 - 15:36 | 1302770 dick cheneys ghost
dick cheneys ghost's picture

If you see a fork in the road take it.........


Wall street banks own 872,000 foreclosed American homes...with 2 million more to come....

Mon, 05/23/2011 - 15:58 | 1302842 disabledvet
disabledvet's picture

I'm in the market.  "at a price" of course.

Mon, 05/23/2011 - 15:37 | 1302773 agent default
agent default's picture

There is a fine line between contrarian investing and being a jackass.  The Norwegians jumped over it buck naked.  But then again it's a pension fund ie. Other Peoples Money.

Mon, 05/23/2011 - 15:38 | 1302774 bugs_
bugs_'s picture

some things you just can't paper over

Mon, 05/23/2011 - 15:41 | 1302777 Dolemite
Dolemite's picture

Support being put into Euro

Will it hold?

Mon, 05/23/2011 - 15:42 | 1302778 Internet Tough Guy
Internet Tough Guy's picture

Leo K and the circus freaks are blowing town?

Mon, 05/23/2011 - 15:39 | 1302779 InconvenientCou...
InconvenientCounterParty's picture

It's all a giant confidence game. These sophists will try to convince you it's real and it's elegant and what not. Losing confidence in a foundational meme like fiat currency will be non-linear.

There's no conceivable way it will end peacefully. I would like it to, but I simply can't imagine it.

Mon, 05/23/2011 - 15:44 | 1302802 molecool
molecool's picture

Why would you like it to end peacefully. Sometimes 'real' change only happens at the point of a barrel. Fact is that the banksters' games are destroying our children's future - I for one am out of good will and short on patience.

Mon, 05/23/2011 - 16:21 | 1302926 LawsofPhysics
LawsofPhysics's picture

"I for one am out of good will and short on patience."

Ditto.  People will be sharecropping again in the USSA again soon enough.  Hell, the southern states would have never stopped if not for government subsidies.

Mon, 05/23/2011 - 18:03 | 1303169 Ride30B430
Ride30B430's picture

Mole (Chart Chaser),

I agree 100% with, "the banksters' games are destroying our children's future". 

Now go back to your own crappy blog where you only give terrible advice and never time the market correctly with your BS indicators.  I bet you start telling people that your prediction for a bear market was correct (using quotes out of context) even though the market rallied 90% first over 2 years......

Do you really even trade real money?


Mon, 05/23/2011 - 15:51 | 1302816 SheepDog-One
SheepDog-One's picture

They keep it going till things get too unprofitable for them, then they run and hide and let everyone kill each other in 'WW3' which they designed.

Mon, 05/23/2011 - 15:59 | 1302841 Franken_Stein
Franken_Stein's picture


Yeah there will be bloodshed, carnage and mayhem.

Sacking, looting, pillaging, too.

Dead bodies lying in the gutter.

Burning rubbish bins.


All this while international bankers, who hold the countries' taxpayers hostage, are paying themselves huge bonuses.

Privatizing gains and socializing losses.


It's all part of the gameplan to establish the one world government.

First they leave behind scorched earth and then they want to rule over the remaining rest.


Mon, 05/23/2011 - 16:04 | 1302872 disabledvet
disabledvet's picture

"Who called the Stay-Puff Marshmellow man?  Fess up!  Whoooo did it?"

Mon, 05/23/2011 - 16:17 | 1302915 mayhem_korner
mayhem_korner's picture

"I couldn't help it. It just came to me."

Very nice.

Mon, 05/23/2011 - 15:39 | 1302780 Trillax
Trillax's picture

Wirtschaftswoche, WirtschaftsWiki, Der Tagesspiegel, and Handelsblatt are interesting reads at times but they have been opening the floodgates for the advertisers and not vetting whom they necessarily deal with for the last few years.  In such, I must agree with Alex Goy about "..holding my breath for Handelsblatt to revisit this blatant display of licking their advertisers’ boots."

I've noticed they (at times) let the advertisers influence their opinion and writing and as such take writing contained therein with some scepticism.  However, "a podium from which to spread their lunacy, greed and outright stupidity" sounds pretty close to Handelsblatt company line.

Mon, 05/23/2011 - 15:42 | 1302792 molecool
molecool's picture

The world as protrayed by the Handelsblatt does not exist - anyone following the advice of their blantant shill pieces is doing it at their own peril.

Mon, 05/23/2011 - 15:49 | 1302809 Trillax
Trillax's picture

Agreed.  However, there have been rare times that Handelsblatt does indeed have some actual reporting/journalism within their pages; this is the exception and not the rule but it does happen on occasion.

Mon, 05/23/2011 - 18:06 | 1303178 Ride30B430
Ride30B430's picture

Anyone following your advice is doing it at their own peril.  I would rather own Greek bonds than let you trade my account!  You are a fraud.

Mon, 05/23/2011 - 15:39 | 1302781 molecool
molecool's picture

I can appreciate Hans-Werner Sinn's advice: Vacation in Greece instead - perhaps plunge a few hot Greek babes. Either way - Greece is getting fucked...

Mon, 05/23/2011 - 15:46 | 1302797 Misean
Misean's picture

I'll vacation in Greece when they revert to an appropriately devalued me an island or two while I'm at it.

Mon, 05/23/2011 - 15:45 | 1302807 molecool
molecool's picture

Make sure whatever you buy has access to drinking water - it's a rare resources on some of those islands and has to literally be shipped in.

Mon, 05/23/2011 - 18:16 | 1303202 Ride30B430
Ride30B430's picture

If you use EW counts water appears magically on those islands.  How many people burned in the last two years following your bad advice?  Now they will not get to ride this move down and swoop at the real bottom......unless QE3 comes first.  You do get how QE works now?  I tried to warn people on your blog but you seemed to always delete my comments back in the day since it did not agree with you BS count.  JK knew you were a fraud when you  posted on him blog with different user names but from the same IP address.  He told me!


Mon, 05/23/2011 - 16:14 | 1302893 disabledvet
disabledvet's picture

Will you call it "Disabled Vet der lander?"  What will your national anthem be?  Am I..."allowed the possibility of some form of path to citizenship?"  Some "strange ritual" involving "binge drinking" or something?  And will we mock the Sophists through the works of Aristophanes causing Mediocrates to "laugh his balls off" as only the Greeks would have it?

Mon, 05/23/2011 - 17:40 | 1303115 Two Towers AU AG
Two Towers AU AG's picture

You can also dig on your island to mine for Silver... it takes only $5 for an OZ of silver.. wewewewewewewewewewewewe... :) :)

Mon, 05/23/2011 - 18:05 | 1303185 Ride30B430
Ride30B430's picture

How many little blue pills does it take before your old ass can hook up with a paid in full Greek?  Go back to your EW counts sucker city.

Tue, 05/24/2011 - 01:08 | 1304226 NotSpartacus
NotSpartacus's picture

Doesn't sound like you've been here...  There are no "hot Greek babes."  All the hotties are high dollar imports..  Unless you like girth=height

Mon, 05/23/2011 - 15:45 | 1302793 AR15AU
AR15AU's picture

for some reason continue to have a podium from which to spread their lunacy, greed and outright stupidity


That's one badass podium. You can see why Comcast wanted it...

Mon, 05/23/2011 - 15:44 | 1302803 SheepDog-One
SheepDog-One's picture

'We are investing for infinity'...nevermind the defaults along the way to infinity, because in the land of Infinity apparently all is well.

Mon, 05/23/2011 - 15:53 | 1302832 plocequ1
plocequ1's picture

Its all good. Let em eat Krispy Kreme

Mon, 05/23/2011 - 15:55 | 1302844 Trillax
Trillax's picture

All things are coated in sugar and fine/dandy when your drinking the 'kool-aid' and freebaseing Unicorn scat.  Infinity can seem mighty close during those times ;)

Plus I think some of these guys think 'defaulting' is the same as 'Winning!'


Mon, 05/23/2011 - 15:47 | 1302814 Flore
Flore's picture

If the ECB buys gold in the open market.. the usd is toast.. instantly..

Tue, 05/24/2011 - 00:42 | 1304201 Non Passaran
Non Passaran's picture

And that is because...

Mon, 05/23/2011 - 15:49 | 1302824 MrTrader
MrTrader's picture

The Norwegians contributed how much $$$ ...hum EURO for Greece bailout? $ 42 million? I am my pants - that´s actually my travel expense budget. Freaky....

Mon, 05/23/2011 - 16:02 | 1302852 Tyler Durden
Tyler Durden's picture

There happens to be a modest difference between a sovereign wealth fund and the Norwegian finance ministry.

Mon, 05/23/2011 - 18:55 | 1303324 LMAO
LMAO's picture

and modest it is. . . . 42 million vs. 800 billion NOK


As for you Mr.Trader Ignoranus.

on Fri, 05/20/2011 - 11:07

Norway Stops Aid Payments To Greece 

Surprise, surprise . . . .

Since the Norwegian Oil-fund heavily invested into PIIGS and other European debt related paper (roughly about 800 billion NOK) it was only yesterday it finally started to dawn on them that this debt (first domino Greece) will never be repaid... and yes, nobody NOBODY saw this coming..... They finally decided to hit the brakes off the already crashed vehicle in an effort to contain the damage.


That's how Norway rolls.


Mon, 05/23/2011 - 15:59 | 1302850 mayhem_korner
mayhem_korner's picture

For the first time in my life I am buying government bonds – Greek government bonds!

...cut to 4th of July scene...

Vaughn: We're really a little anxious that you're, ah, you're rushing into something serious here. It's your first summer, you know.

Brody: What does that mean?

Vaughn: I'm only trying to say that Amity (Athens) is a summer town. We need summer dollars (Greek Bonds). If people can't swim here, they'll be glad to swim in the beaches of Cape Cod(Crete),  the Hamptons (Sardigna), Long Island (Sicily).

Brody: That doesn't mean we have to serve them up a smorgasbord.

Mayor's Assistant: We've never had that kind of trouble in these waters.

Mon, 05/23/2011 - 16:02 | 1302863 SheepDog-One
SheepDog-One's picture

LOL nice.

Mon, 05/23/2011 - 23:44 | 1304138 StychoKiller
StychoKiller's picture

Bruce:  "Chomp, chomp...tasty creatures, these Humans!"

Mon, 05/23/2011 - 16:03 | 1302861 Nicholaz
Nicholaz's picture

Reminds me of the Black Swan book.  People are far too confident in their judgments and don't know what they don't know. 

Plus, if someone is the editor in chief of a well known economic newspaper, overconfidence is probably part of the job description (people tend want certainty from the media, not either-or-maybe).

Mon, 05/23/2011 - 16:23 | 1302908 Franken_Stein
Franken_Stein's picture


The best way to counter this false trust is to always assume the worst possible outcome.


This has 2 advantages:

1. If the outcome is as bad as predicted, then you are both prepared and you can feel vindicated.

2. If the outcome is better than predicted, then you only lost some money on expenses for  the worst-case-scenario, secondly you performed a dry run for doomsday and well, you're still alive and kicking, which shouldn't be undervalued either.


Mon, 05/23/2011 - 16:06 | 1302875 Franken_Stein
Franken_Stein's picture


At the time when that ad was printed in April 2010, that was when I got heavily invested in gold.

No sane person in Germany would buy Greek bonds, please.

All the nice interest is eaten up by the drop in bond price.


Mon, 05/23/2011 - 16:44 | 1302978 Nicholaz
Nicholaz's picture

If you like playing musical chairs, you could try holding short term (or soon to mature) bonds to maturity.

Mon, 05/23/2011 - 16:10 | 1302881 bobola
bobola's picture

Bond koolaid = bondaid.

Mon, 05/23/2011 - 16:16 | 1302905 mayhem_korner
mayhem_korner's picture

Feta cheese flavored kool-aid, no doubt

...with a side of smoldering Belarus fiat.

Mon, 05/23/2011 - 16:09 | 1302888 Ham Wallet
Ham Wallet's picture

[FredoFinanciers] I'm smart! Not like everybody says... like dumb... I'm smart and I want respect! [/FredoFinanciers]

Mon, 05/23/2011 - 16:12 | 1302898 monopoly
monopoly's picture

Sudden Debt, to, to funny. Yup, just bring in 6 supervisors to watch one worker with the shovel. Some things just never change.

Mon, 05/23/2011 - 16:21 | 1302917 Big Ben
Big Ben's picture

Hey, the water's fine. Come on in!

Do the "Black Swan Dive".

Mon, 05/23/2011 - 16:36 | 1302959 hedgeless_horseman
hedgeless_horseman's picture

...and for some reason continue to have a podium from which to spread their lunacy

I am pretty sure these same banks are CNBC's biggest advertisers.

Mon, 05/23/2011 - 16:37 | 1302962 walküre
walküre's picture

Greeks are hoarding huge amounts of cash.

It's part of their cash economy where everyone milks the government teet but nobody pays anything to keep feeding the government cow.

This should have been commonly known and therefore, Greeks should have been monitored much closer from the get-go.

Now Greece is all of a sudden everyone's problem and I'd say just fuck 'em. No more money for Greece, let them bleed their hoarded Euro cash positions if they want to keep themselves over water.

Merkel is getting it.

The Norwegians already refusing to pay.

KHD has canceled the Greek U-BOOT contracts.

Fuck Greece. Opa!

Mon, 05/23/2011 - 16:46 | 1302984 Cult_of_Reason
Cult_of_Reason's picture

"Buy undervalued Greek bonds" = Goebbels-like propaganda lies of this century.

Amazing how these lowlifes have no shame lying to their own people.

Goebbels (Hitler's propaganda minister): "after hearing the same lie repeatedly, people will begin to believe it, and people will believe a big lie sooner than a little one"

Mon, 05/23/2011 - 16:44 | 1302987 Rodent Freikorps
Rodent Freikorps's picture

Maybe the Greeks have some vids of these guys with underage hookers.

Mon, 05/23/2011 - 16:47 | 1302990 emsolý
emsolý's picture

And in next week's issue, some of these monkeys are going to publicly humiliate themselves by stating that they bought some Portuguese bonds, too?


Maybe they should sell Greek bonds on Amazon.

Then you'd get something like:


Customers who bought this item frequently also bought: Irish bonds, Portuguese bonds.

Buy all three items together to save on shipping!

Mon, 05/23/2011 - 16:52 | 1303004 magpie
magpie's picture

If these gentlemen were selling wallpaper, i'll load up the truck.

Mon, 05/23/2011 - 16:53 | 1303014 topcallingtroll
topcallingtroll's picture

The interview is amazing if you havent read it.

I just wish our press and politicians in the usa were so direct and brutally honest in their interviews.

Mon, 05/23/2011 - 16:58 | 1303019 Josephine29
Josephine29's picture

Some still havent learnt much less than a fortnight ago the BBCs economics editor Stephanie Flanders entitled her update thus.

Why the Greek bail-out has worked

At least the others said it a year ago....

Mon, 05/23/2011 - 17:05 | 1303033 geno-econ
geno-econ's picture

 "Buy US bonds today, Bonds for freedoms sake , Buy your bonds today" was the advertising song during WWII.

 In Euroland same refrain;

"Buy Greek bonds today. Bonds for Euro sake , Buy your bonds today"

Question is does Europe have same sense of unity as US had during WWII, essentially a European war, and would the US have same sense of nationalism and patriotism in similar circumstances of impending global default caused by bankers rather than Hitler.  I think not, and politicians know it. Thats why even PIMCO avoiding bonds with Chinese and bankers loaded with bailout dollars only takers. Pathetic! 

Mon, 05/23/2011 - 17:05 | 1303034 geno-econ
geno-econ's picture

 "Buy US bonds today, Bonds for freedoms sake , Buy your bonds today" was the advertising song during WWII.

 In Euroland same refrain;

"Buy Greek bonds today. Bonds for Euro sake , Buy your bonds today"

Question is does Europe have same sense of unity as US had during WWII, essentially a European war, and would the US have same sense of nationalism and patriotism in similar circumstances of impending global default caused by bankers rather than Hitler.  I think not, and politicians know it. Thats why even PIMCO avoiding bonds with Chinese and bankers loaded with bailout dollars only takers. Pathetic! 

Mon, 05/23/2011 - 17:08 | 1303044 Chingadera
Chingadera's picture

Mon, 05/23/2011 - 17:14 | 1303062 zaknick
zaknick's picture

Pretty good report. Trolls are everywhere these days. Even here on ZH (see last Sean Corrigan piece about not hitting our peak yet). Everywhere they seek to distort and manipulate. If humanity could somehow start over without harmful manipulating banksters financing their empire with our money what a world that could be.

Apocalypse Now!

AmeriKKKlan Empire Monetary Supernova in the Sky!!

Mon, 05/23/2011 - 18:12 | 1303195 topcallingtroll
topcallingtroll's picture

You cant find one good thing to say about a country that let you ( and your parents?) come over here for a better opportunity than your homeland?

Who else would let you in, and at the same time provide you with a forum to exercise free speech and wish for that country's downfall?

Mon, 05/23/2011 - 17:22 | 1303076 jharry
jharry's picture

So many skinny dippers. So little water.

Mon, 05/23/2011 - 18:44 | 1303093 ebworthen
ebworthen's picture


The U.S. Federal Reserve is the ultimate Greek Bond.

When do the War Bonds go on sale?


Mon, 05/23/2011 - 17:36 | 1303110 Joebloinvestor
Joebloinvestor's picture

All one has to do is read the Vanity Fair article," Beware of Greeks bearing bonds" to realize this is gonna end badly.


Mon, 05/23/2011 - 18:25 | 1303224 topcallingtroll
topcallingtroll's picture

An amazing article for people who want to understand greece.

Mon, 05/23/2011 - 17:45 | 1303119 TheMadNumismatist
TheMadNumismatist's picture

In when money dies by Adam Ferguson, one of the most depressing themes that runs through the entire book is how people kept faith in the government and continued buying every scrap of paper they threw at them. Loyalty to the state is inbred in Europe, the depth of the brainwashing is intense. Even today o speak with people I told to buy gold at E400, and they still believe everything is fine.

Mon, 05/23/2011 - 17:50 | 1303142 DNB-sore
DNB-sore's picture

Like people say over here; all roads leed to Rome

Maybe the can lands there and there is only capo Berlos and the Vatican to solve problems. That's going to be a hard choice and combined they do a wonder, Berlos catches your doughter while you are working your new medieval job feeding cows.

Mon, 05/23/2011 - 17:57 | 1303148 Miss Expectations
Miss Expectations's picture

Wow...kinda like an AA Meeting:

My name is__________________and I own Greek Bonds.

Mon, 05/23/2011 - 18:17 | 1303152 Ride30B430
Ride30B430's picture

Great Post

Mon, 05/23/2011 - 18:06 | 1303187 Fifthwave
Fifthwave's picture

I've been reading the blog for a while. Articles like this one makes me realize that I am reading the best blog on the web. Great work Tyler.

Mon, 05/23/2011 - 18:16 | 1303203 Blorf
Blorf's picture

I am also investing for infinity. That is to say, the price of gold denominated in Euros. 100 years from now people will trade paper euros as a novelty, like confederate dollars.

Mon, 05/23/2011 - 18:29 | 1303246 Curtis LeMay
Curtis LeMay's picture

Sydney Morning Herald

May 24, 2011 - 6:39AM

The European Central Bank has held off taking more shaky Greek bonds onto its balance sheet for an eighth straight week after European leaders said the debt could be subject to delayed repayments.

Mon, 05/23/2011 - 18:56 | 1303313 ebworthen
ebworthen's picture


My favorite part was hearing that Greece is not making payments to health insurance companies.  Good for Greece.  As if health insurance was really insurance anymore.  Insurance has become little more than a shadow tax, an asset funneling mechanism for the banks and governments.

The deeper you look the more obvious it becomes that our societal construct is a ponzi. 

Central banks, insurance, taxation, litigation, political machinations, bailouts; we are prostituting out the future for the present.

I suppose this may be the way things have always been but it is sad to see in an age of such literacy and promise. 

Reading doesn't mean you understand; and knowledge doesn't induce morality.

Mon, 05/23/2011 - 19:35 | 1303421 Vuvuzela
Vuvuzela's picture

Someone explain something to me please i have this lurking in my head for to long:


If a sovereign State like Greece, Portugal, Ireland etc etc sells all important assets they have like water, telephone companies, electricity etc etc and use this money to pay back debt, that State will be left with only one source of income and that will be Taxes.

So after all those sells are final what is left of that soverign state ?

This BS with Sovereign states forced to sell national Assets is another step in the creation of the Socilaist States of European Union.

Same BS here in US, sell sell all State assets: roads, prison systems like in FL, water, lakes you name it and after all is done and money gone then whats left for the states ?

Mon, 05/23/2011 - 20:14 | 1303579 ebworthen
ebworthen's picture


What they are doing is selling us all into bondage.

They are really selling their already taxed obligations to the citizenry they have defrauded via banks, central banks, unfunded entitlements and social programs.

It's living off the credit card on a societal scale which leads to slavery; or your kids dying in a war of one kind or another.


Mon, 05/23/2011 - 19:51 | 1303505 aerial view
aerial view's picture

The grand experiment on how to restructure Greece has now gotten very serious and will become a blueprint (refined and modified in each iteration) for dealing with the rest of Europe and ultimately the U.S. Will the Greeks get it "Belarus" style or will TPTB do it to them another way?!

Tue, 05/24/2011 - 00:46 | 1304202 Peter K
Peter K's picture

Even if the Greeks privatize, they will have the last laugh, when they nationalize all those sold assets a couple of years down the road, ala French Banking nationalization circa 1970.

Wed, 06/22/2011 - 13:16 | 1392288 topcallingtroll
topcallingtroll's picture

I dont know why people would be so stupid as to buy "privatized" assets.

Labor strife, intentional sabotage, purposeful regulatory harrassment and frequent fines for "violations" and high taxes that focus exclusively on the privatized assets means the greeks will get it all back after they bankrupt the buyer.

Tue, 05/24/2011 - 06:55 | 1304423 Shylockracy
Shylockracy's picture

Thanks Tylers for not letting the anniversary Handelsblatt's day of infamy go uncelebrated.

Handelsblatt has purged the comments -including mine- to that shameless piece of propaganda. As I recall, the comments ranged from cold disdain for Steingard and his paper, to blind rage. No wonder Handelsblatt spared themselves the embarassment of letting them online.

In better times, the mysanthropes who participated in this shamless disinformation campaign would have already been rounded up.

Wed, 06/22/2011 - 13:09 | 1392261 topcallingtroll
topcallingtroll's picture

And that is exactly what it was, a disinformation campaign.

I think a couple of them had some hope that it would work out, or that tremendous growth over the next few years would solve the problem eventually, if they could jawbone market participants into having faith and patience with the greeks.

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