Greek Bonds Slump As Austerity Backfires, Country Enters "Death Spiral", And The Violent End Game Approaches

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Wed, 08/18/2010 - 13:18 | 528479 jswede
jswede's picture

congratulations on your stock picking.   your original comment makes even less sense now.

"cried wolf"?....  "I'll keep [picking] stocks"...?

Wed, 08/18/2010 - 13:54 | 528568 Janice
Janice's picture

If you ain't got no money, take your broke ass home.

Wed, 08/18/2010 - 15:39 | 528830 johan404
johan404's picture


Wed, 08/18/2010 - 15:39 | 528831 caconhma
caconhma's picture

The Greek play is very informative since it will provide a preview of event to be taken place here in America.

Conclusion: watch, enjoy, take notes, and be ready to implement it here in America.

Wed, 08/18/2010 - 13:07 | 528449 economessed
economessed's picture

Sold to you.....

Wed, 08/18/2010 - 13:07 | 528450 equity_momo
equity_momo's picture

You do that. You'll probably experience some very nice paper profits.  

When the repo-man comes round for the car and plasma though dont say you werent warned.

Wed, 08/18/2010 - 16:38 | 529003 sethstorm
sethstorm's picture

Invest in a lead delivery vehicle and make it the repo's last trip.

Wed, 08/18/2010 - 21:20 | 529451 Iam_Silverman
Iam_Silverman's picture

"Invest in a lead delivery vehicle and make it the repo's last trip."

I don't understand this reasoning.  Is someone trying to take something that you have already paid in full for?  NO!  It is not yours, so why kill someone doing their job?  Would you also deliver lead to the Sheriffs Department Deputy that usually accompanies the repo man?

I guess that I am unusually sensitive about that kind of thinking since my brother is in that exact line of work.  It would be silly of you to think that they (the repo men) are not also (heavily) armed, with training too.  My brother is also in the reserves and serves in an MP unit.  A special MP unit.

Wed, 08/18/2010 - 13:14 | 528472 doggings
doggings's picture

lol, Greek stocks? good luck with that numpty.

Wed, 08/18/2010 - 13:57 | 528573 Ethics Gradient
Ethics Gradient's picture

You lot 'junk' too easily. I can't get any amusement from the original comment now it's been junked into oblivion!

Please tell me it was Leo.....

Wed, 08/18/2010 - 17:53 | 529164 Ethics Gradient
Ethics Gradient's picture

I've been junked!

I think I have my answer.

Wed, 08/18/2010 - 21:40 | 529491 MsCreant
MsCreant's picture


Wed, 08/18/2010 - 13:17 | 528477 Double down
Double down's picture

If those comments does not frighten you then seek help.  This is not about investing.  

Wed, 08/18/2010 - 14:34 | 528685 septicshock
septicshock's picture

On that note, I wonder why 20 million people suffering in pakistan doesn't even make headlines.  That country has 100's of nukes and a starving population.  Put two and two together... disaster. 

War is always the biggest motivator for people to rally... simply because of the fear it causes.  All countries on the brink of collapse will have to go to war. 

Greece already gave a glimpse by instituting martial law during their strikes.  I wonder if the next time... they will declare war against well... anyone.. doesn't matter... to distract people from their problems.

Bigger problems will distract people from smaller problems.  Even our own body's physiology is proof.  A bigger wound causing more pain will mask a small wound causing less pain.

Wed, 08/18/2010 - 14:57 | 528731 JLee2027
JLee2027's picture

All countries on the brink of collapse will have to go to war. 

Plenty of history examples where that happened, and where it didn't happen (Ottoman Empire, Soviet Union, etc).

Wed, 08/18/2010 - 15:35 | 528820 Thurifer
Thurifer's picture

Free Constantinople! 500 years of occupation is enough!

Wed, 08/18/2010 - 17:23 | 529109 cougar_w
cougar_w's picture

Let's see would that make it the 5th or the 6th Crusade? I forget how many there were last time around.

Wed, 08/18/2010 - 20:53 | 529412 jakoye
jakoye's picture

Apparently this will be number 10. Didn't realize there'd actually been that many.

Wed, 08/18/2010 - 13:03 | 528433 ghostfaceinvestah
ghostfaceinvestah's picture

This is what needs to happen, give austerity time to work.

Wed, 08/18/2010 - 13:34 | 528526 tmosley
tmosley's picture

Exactly.  This is the bitter medicine that must be taken in order for the economy to reorganize into a form that is productive.  All those who were on the government dole must be tossed out into the street before they can find productive employment elsewhere.

These guys should be glad I'M not the one in charge.  I'd have cut their expenditures by 90%in year one, and I would have done it again in year two.  By year four they would be the most powerful economy in Southern Europe.  

Wed, 08/18/2010 - 14:05 | 528598 MachoMan
MachoMan's picture

Part of our predicament is the speed of change; too quick, and the world burns.

Does the BP well get capped in the credit winter?  Are all of OUR (yes our) nuclear weapons accounted for in the credit winter?  Does the supply chain remain remotely together in the credit winter?  How does the wealth gap get utilized to fill the power vacuum created by the credit winter?

I suppose the genius in our stupidity is that we're hamstrung as to possible choices...  austerity is our only possible avenue...  and it will be incredibly brutal...  but, we will also do everything in our power to control the demolition and ease the pain.

Don't worry, you'll get your austerity (be careful what you wish for).  It will just be on a longer timeline than you desire.  Patience.

Wed, 08/18/2010 - 17:39 | 529139 Mark_BC
Mark_BC's picture

"austerity is our only possible avenue"

What about currency destruction followed by a barter system and then a new currency?

Wed, 08/18/2010 - 20:44 | 529400 MachoMan
MachoMan's picture

It's doomed anyway...  but the point is austerity is our only avenue to prolong the inevitable.  We've reached the high point of printing with reckless abandon (maybe one more crazy budget, but I doubt it).  The wolves are howling at the door.

Wed, 08/18/2010 - 15:47 | 528853 Lucky Guesst
Lucky Guesst's picture

Exactly "exactly"!

I'd say your pretty close on the 90% cut too.

It's just like the school supplies I have been made to buy every year. They were getting ridiculous with the requests. The teachers were treating back to school like Christmas. Suddenly the economy is bad and I get a supply list with just the basics. The kids didn't really need 3 different size boxes of crayons, 4 different kinds of markers and multiple shapes of scissors and glue. Most people just do not have the ethics to spend someone else's money the same way they would spend their own IMO. The government is treating our tax money in the same manner...... extravagant.

Wed, 08/18/2010 - 16:07 | 528904 kathy.chamberli...'s picture

no shit, sherlock.

Wed, 08/18/2010 - 18:32 | 529220 Lucky Guesst
Lucky Guesst's picture

So you think my comment is too basic to even be said? Maybe so, but I am surrounded by my children and their friends all day long while I work. The most important job I have is to educate and prepare them to be self reliant, positive additions to this world. I am constantly breaking down the most complex issues into simple examples that they can understand. I don't care how intelligent you think you are. It's not only you, your peers and those you hope to impress that will be voting and making the policies that will affect you.

Wed, 08/18/2010 - 20:56 | 529416 kathy.chamberli...'s picture

"The most important job I have is to educate and prepare them".

U forgot to include calorie counting in this list. just remember your fondness for this activity.  ;-)

Thu, 08/19/2010 - 08:03 | 529887 Lucky Guesst
Lucky Guesst's picture

Well duh!

They both play sports and I cook dinner so weight isn't an issue for them. Of course my reward for doing things right is that Michelle O. wants to take my tax dollars and put it towards feeding all the starving fat kids. :-P

Why'd u ditch the boobies?

Thu, 08/19/2010 - 19:56 | 531718 kathy.chamberli...'s picture

they are still on my chest. but have come to respect myself, i guess a little more, with

l e s s   i s   m o r e

Wed, 08/18/2010 - 20:57 | 529417 jakoye
jakoye's picture

Or maybe kathy was just emphatically agreeing with you. I would just assume the positive until proven otherwise! :)

Wed, 08/18/2010 - 17:39 | 529144 Ethics Gradient
Ethics Gradient's picture

Ethics? I'm a bit naive so far as they're concerned.

Wed, 08/18/2010 - 15:52 | 528872 Rick Masters
Rick Masters's picture

LOL Tmosley, really? Guess the end of day one of your reign you'd be looking up at the blade of a guillotine. You simply can't do that; it's not reasonable.

Wed, 08/18/2010 - 21:24 | 529457 Iam_Silverman
Iam_Silverman's picture

"by the end of day one of your reign you'd be looking up at the blade of a guillotine."

I guess he forgot to mention the part about rasing the wages of the military by 25%.  You gotta have friends....

Wed, 08/18/2010 - 13:56 | 528563 Young
Young's picture

+1, take the pain now or follow Bernanke in fulfilling Einsteins definition of insanity.

Wed, 08/18/2010 - 17:06 | 529071 MichaelG
MichaelG's picture

+1,776 How do you think the US will deal with the austerity that will be forced upon them? (99% serious question)

Wed, 08/18/2010 - 20:59 | 529423 jakoye
jakoye's picture

Not well. Spoiled children never react well to having their toys taken away.

Wed, 08/18/2010 - 14:15 | 528629 Ethics Gradient
Wed, 08/18/2010 - 14:27 | 528673 septicshock
septicshock's picture

"Or they could just default"

Default?  How?  As the EU has already assured everyone when they did their 'stress tests'...  default is just not an option.  

I wonder if the media will even show even a tiny glimpse of the rampage that will hit greece this time.   If you ask the average joe, they never even knew riots happened in greece.

Wed, 08/18/2010 - 15:26 | 528793 bigkahuna
bigkahuna's picture

I have thought open war was going to engulf Greece since the beginning of the year. I am not certain why it has not yet. Perhaps it will, perhaps it will not.

Wed, 08/18/2010 - 17:21 | 529103 MichaelG
MichaelG's picture

We have the ECB. It's like the Fed, only worse. It has less of mandate. Fewer ideas. Less ingenuity. More porn.

Anyone not convulsed in laughter - see you on the other side. (I hope.)

Wed, 08/18/2010 - 16:07 | 528909 Phil
Phil's picture


I agree.  Seems to me that if the article accurately defines the position on the ground, the default "restructuring" conversation will start in the end of 2010 and be done within a year of that.  

You can bet Spain and Portugal are watching this closely



Wed, 08/18/2010 - 17:50 | 529157 Ethics Gradient
Ethics Gradient's picture

I don't know how it works.

They have a fake stress test and it's published by everyone.

They talk about default and no-one is interested.

I can't believe there's a conspiracy featuring so many individuals. Going on experience, it's more likely that most of the population cant deal with change. Or it doesn't sell air time.

Wed, 08/18/2010 - 21:26 | 529460 Iam_Silverman
Iam_Silverman's picture

"I wonder if the media will even show even a tiny glimpse of the rampage that will hit greece this time. "

Not as long as there is real news to report.  How is the Lohan girl doing, oh and that old guy with throat cancer, will he still be starting out the NBC Nightly News?

Wed, 08/18/2010 - 14:25 | 528656 midtowng
midtowng's picture

When has it ever worked? Look at the 3rd world. They've done austerity time and time again. Most of them are poorer now than when they first started it.

Wed, 08/18/2010 - 14:40 | 528692 Arthor Bearing
Arthor Bearing's picture

Bullshit. Do you work for JPMorgan or Goldman? Greece should default immediately, as should the USA, and they should start over without borrowing money.

Edited to add: Austerity is just another word for international banks bleeding a country dry until there's nothing left to steal and leaving a shattered, ruined wreck behind to pick up the pieces. It's like rape except with more victims.

Wed, 08/18/2010 - 15:46 | 528835 Village Idiot
Village Idiot's picture

"Austerity is just another word for international banks bleeding a country dry until there's nothing left to steal and leaving a shattered, ruined wreck behind to pick up the pieces..."


"Freedom is just another word for nothing left to lose,
Nothing don’t mean nothing honey if it ain’t free, now now.
And feeling good was easy, Lord, when he sang the blues,
You know feeling good was good enough for me,
Good enough for me and my Bobby McGee."


Both kind of had the same ring - please move along.

Wed, 08/18/2010 - 20:58 | 528911 kathy.chamberli...'s picture

janis rocked, now it is ani. that babe uses a new guitar with every new song she belts out in a set. kick ass message, but damn she sure holds a guitar with her body mighty mighty fine.

Wed, 08/18/2010 - 15:48 | 528850 MsCreant
MsCreant's picture

When you default, no one extends you credit, austerity is in the bag any way you go. Me, I like defaulting instead of inflating the currency. More honest and forces good behavior.

Wed, 08/18/2010 - 20:35 | 529386 RockyRacoon
RockyRacoon's picture

That assumes that people do the right and logical thing, Missy.  That doesn't happen in politics or rigged banking.

The best line in the entire article:

A loaf of bread is my political party.

Wed, 08/18/2010 - 21:01 | 529424 jakoye
jakoye's picture

Reminds me of the Bolshevik mantra "Peace, land, bread".

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