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Head Of Greek Debt Office Replaced By Former Goldman Investment Banker

Tyler Durden's picture




 

And so the tragicomic becomes surreal. Yesterday's news about the departure of the head of the debt management agency, Spyros Papanicolaou, was somewhat of a yawner, until we realized that his replacement would be none other than Petros Christodoulou, who until today was head of Private Banking and Group Treasury at the National Bank of Greece (reporting directly to the CEO of the NBG Tamvakakis), as can be seen on the org chart below. Yet was is oddest, is that Mr. Christodoulou worked not only as head of derivatives at JP Morgan but also held comparable posts at Credit Suisse, and... wait for it, Goldman Sachs... Uh, say what?

Petros' profile from Forbes:

Petros Christodoulou, born 1960, is the General Manager of Treasury,
Global Markets and Private Banking. Before joining the Bank in 1998, he
worked in various positions in Global Markets for Credit Suisse First
Boston and for Goldman Sachs. Additionally, at JPMorgan he led the
derivatives desk, followed by the short-term interest-rate trading and
emerging markets division in London as Managing Director. He is a
member of the Investment Committee of EH and the Foundation for
Economic and Industrial Research. He holds a BSc from the Athens School
of Commerce and Economics and an MBA in International Financial Markets
from Columbia University.

But, but, we thought it was all Goldman Sachs' fault for annihilating Greece? Wasn't it all Goldman's fault for fully (not) disclosing the terms of its nearly decade worth of swaps, which apparently were obvious to Risk magazine but oh so incomprehensible to Eurostat. Although it may all be good - it appears that Greece has found a new enemy. Reuters now reports that Greek opposition lawmakers said on Thursday that Germans should pay reparations for their World War Two occupation of Greece before criticising the country over its yawning fiscal deficits.

The fact that Greece's survival is now reliant on Germany's goodwill, seems to be lost on everyone.

We can not wait for the next installment in this ever more fascinating soap opera.

 

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Fri, 02/19/2010 - 12:19 | 237603 Not A Pundit
Not A Pundit's picture

CLASSIC!!

Fri, 02/19/2010 - 13:27 | 237718 Cognitive Dissonance
Cognitive Dissonance's picture

After the peasant revolts ended in the late 1600's, the powers that be knew they needed to switch to a more covert form of control, which was implemented under the cover of freedom and liberty. Over the next two hundred years, the rest of the "developed" world slowly adopted the much more effective method of allowing the passengers to believe they were running the boat, thought the captain never relinquished control of the ship of state.

This period of covert control is rapidly coming to an end, thou the first experiments in fascism (more accurately corporatism) and modern central control were experimented with in the late 1930's in Europe. Now the wheel is coming around full circle and it's becoming obvious that covert control has run it's course and overt in-your-face control is the new fashion statement of the powers that be.

Welcome to the change Obama promised. He's simply the puppet in charge of change in America.

Fri, 02/19/2010 - 13:43 | 237749 DaveyJones
DaveyJones's picture

It is turning isn't it. As it gets worse, they are getting bolder. No more pretending

Fri, 02/19/2010 - 14:14 | 237795 assembler
assembler's picture

Practically a biblical fight club:

For we wrestle not against flesh and blood, but against principalities, against powers, against the rulers of the darkness of this world, against spiritual wickedness in high places.

Fri, 02/19/2010 - 15:38 | 237934 Cistercian
Cistercian's picture

 Yes.The operation of evil is very clear here.

Fri, 02/19/2010 - 16:20 | 238013 B9K9
B9K9's picture

I've caught some flack by stating that the Bible is the most importance reference document we possess. For some reason, a few people apparently mistook my obvious atheistic principles for ecclesiastical belief. Wrong; however, if one is interested in any historical precedent of how this situation plays out, simply open a page in the Bible and start reading.

Seven years of feast & famine? Check. Powers-that-be pre-emptively attempting to wipe out the opposition? Check. Lectures on the evils of money-lending? Check. The one constant throughout history is that on a fairly regular cycle, the PTB get whacked.

Fri, 02/19/2010 - 20:49 | 238039 Cognitive Dissonance
Cognitive Dissonance's picture

I also regularly pick up the Bible for reference. It's a wonderful historical document that has been thoroughly documented itself. Meaning all the changes that have been made have been made in plain sight. Once you get past the religious aspects, it's amazing how accurate it can be at times, particularly when you cross reference.

However, one of the things most people take for granted is that each version (the King James version is widely used today in America) has been faithfully (sorry, pun intended) translated and recorded. It has not. Still, it's a great place to start and finish.

Sat, 02/20/2010 - 20:21 | 238952 JohnG
JohnG's picture

Interestingly enough, the many English language versions of the Bible were translated from Aramaic (and other ancient languages) into GREEK.

Things that make me say hmmmm.....

Sat, 02/20/2010 - 23:17 | 239028 Rusty Shorts
Rusty Shorts's picture

I'm not the religious type, but ran across this speech by Barry Smith, in 1995, very spooky, in the sense of how much of what he said 15 years ago, has happened.

 

http://www.youtube.com/watch?v=D1R_jtK03NQ&feature=related

Sat, 02/20/2010 - 23:08 | 239021 Anonymous
Anonymous's picture

The Bible is a good book! I have gained many an insight through studying it's passages. One that has 'stood' me well for the past 8 yrs has been..."Save the seven GOOD years, for the seven BAD years"....It Works! (so far...)

Fri, 02/19/2010 - 13:48 | 237754 Anonymous
Anonymous's picture

"Now the wheel is coming around full circle and it's becoming obvious that covert control has run it's course and overt in-your-face control is the new fashion statement of the powers that be."

You are a wise man and marching towards becoming a Zen Master. I value your comments a lot.

btw. Thanks for your insightful article you posted earlier.
I was thinking to ask you a few questions, but I was caught up in a few things. Now I forget what I want to ask. :)

Whe I see your part II, I will remember to ask.

Fri, 02/19/2010 - 21:29 | 238335 albion402
albion402's picture

always wondered what happened to my favorite Greek ag econ professor?

Fri, 02/19/2010 - 15:27 | 237912 Going Down
Going Down's picture

 

First A Greek Tragedy and Now An Italian Comedy

 

“The transaction with Greece ‘was executed prior to the arrival of Draghi at Goldman Sachs,’ added sources from the [Banca d'Italia*], recalling that the governor [Draghi], who has headed the Banca d’Italia since the beginning of 2006, was vice president and managing director of Goldman Sachs in London from 2002 to 2005.

http://baselinescenario.com/

 

The story never ends.

 

Fri, 02/19/2010 - 21:30 | 238337 albion402
albion402's picture

Econometrics.... fun stuff for Greek lefty professors.

Fri, 02/19/2010 - 12:20 | 237605 Ragnarok
Ragnarok's picture

Real life really is more interesting than fantasy.

Fri, 02/19/2010 - 13:05 | 237683 Anonymous
Anonymous's picture

That's why I don't read fiction.

Fri, 02/19/2010 - 15:56 | 237966 WaterWings
WaterWings's picture

...and spend 7 hours a day on ZH instead. Sometimes I skip lunch.

Thu, 03/17/2011 - 07:45 | 1065864 rubsgen12
rubsgen12's picture

Thanks for taking this opportunity to discuss this, I feel fervently about this and I like learning about this subject. If possible, as you gain information, please update this blog with more information. I have found it really useful.
Ruby Genders,
motor trade insurance

Fri, 02/19/2010 - 12:22 | 237607 Stuart
Stuart's picture

wow, talk about a real Greek tragedy. 

Fri, 02/19/2010 - 16:29 | 238029 Anonymous
Anonymous's picture

FTW!

Fri, 02/19/2010 - 12:22 | 237608 Ragnarok
Ragnarok's picture

When all else fails blame the Nazis, as it is now the only group which you are aloud to discriminate against.

Fri, 02/19/2010 - 12:48 | 237653 Misthos
Misthos's picture

I'm beginning to see this a lot.  Remember, it is the *opposition* party that is bringing up the Nazi Germany thing. It's pure politics and demagoguery.  Too many people are accusing the entire country as wanting reparations from Germany.

But I will say this - that it is very strong demagoguery - I have heard horror stories about the German occupation from people alive today.  Those things are not easily forgotten - but again, it is the OPPOSITION party that is bringing this up - it's the only "solution" they can come up with and they are playing a xenophobia card.

Fri, 02/19/2010 - 13:12 | 237693 Ragnarok
Ragnarok's picture

Agreed.

 

I was also bringing up a broader point that Nazis were and are still always the bad guy, never terrorists, Stalin, Che, Castro or Mao as they garner sympathy from the liberal media.

Fri, 02/19/2010 - 13:13 | 237696 Ragnarok
Ragnarok's picture

Not defending Nazis in anyway, shape or form.  Just making that clear.

Fri, 02/19/2010 - 15:03 | 237865 Kitler
Kitler's picture

Even us Kazis hate the Nazis.

Fri, 02/19/2010 - 15:11 | 237879 MsCreant
MsCreant's picture

I am subordinated to my cat, Kitler. Your avatar and screen name make me smile everytime I see it. Very creative.

Fri, 02/19/2010 - 15:36 | 237928 Kitler
Kitler's picture

Danke Schon!

Fri, 02/19/2010 - 15:50 | 237948 _Biggs_
_Biggs_'s picture

>>

Fri, 02/19/2010 - 16:10 | 237992 Ragnarok
Ragnarok's picture

Do Kazis have a final solution for the Kews? How does one distinguish a Kew from a Karian?

Fri, 02/19/2010 - 16:21 | 238015 Ragnarok
Ragnarok's picture

I know, the Kazis run the SPCA and send their storm troopers out to round up the undesirables.

Sat, 02/20/2010 - 08:05 | 238599 Anonymous
Anonymous's picture

The reasons nazis are hated so much is because they nerfed their bankers. Which ethnicity is disproportionally repesented in angloamerican banking? Which ethnicity is dispropornally repesented among owners of angloamerican media?

The nazi currency was value based and not debt based. It was issued without bankers getting their cut and thats a very bad thing to do if you ask some people. They also refused to use the London moneychangers to get their foreign currency and instead did simple bartering with other nations. Thats very very very evil taking the bread out of their mouths just like that.

In some ways they got things right (value based currency, economy centered on productivity) in others they got things wrong (they believed in central planning, cooperative rather than competitive market etc). However we have the benefit of 80 years hindsight as well as a much better information exchange system so we cant blame them for flunking some things. They did get their nation away from banker control. WRT to their cruelties, they have been surpassed by many nations, including America. Few of you americans know that you starved more than a million iraqis to death in the 90's. When told you say "it was for their freedumbs!" I think it more was for the lolz - and because you really do not care what your soldiers and your leadership do abroad in your name and with your support.

Do you understand why ethically unstunted people all over the world despise America and americans? Every american trooper killed in the war on terra and every american dollar spent on blowing up pashtun peasants is one soldier/dollar less that can be spent against my nation later if we should choose to break with your system - which we have to if we want to survive as a people and as a nation.

Sat, 02/20/2010 - 12:53 | 238722 Art Vandelay
Art Vandelay's picture

Here's what I don't get about people like you: why not just come right out and say "FUCK THE JEWS"? I mean, you're posting anonymously, and it's clearly how you feel, so why not just go for it? Why try to be clever and skirt the issue? What's the downside - social opprobrium from other anonymous posters on the Internet? Do you really care? You goddamned pussy!

Fri, 02/19/2010 - 12:25 | 237612 Traianus Augustus
Traianus Augustus's picture

Who cares about this stuff...the really cool stuff is about Tiger, and it's on all the business channels.  Yea! 

Long live the VS...NOT!!!!

Fri, 02/19/2010 - 13:40 | 237743 Going Down
Going Down's picture

 

"the really cool stuff is about Tiger"

 

Yup...especially if Wall Street pigmen saw it.

 

http://jessescrossroadscafe.blogspot.com/2010/02/how-could-i-be-so-selfi...

 

Fri, 02/19/2010 - 13:46 | 237753 Ripped Chunk
Ripped Chunk's picture

Tiger should just retire and become an ordained minister. Then his actions will appear common place.

Fri, 02/19/2010 - 16:01 | 237975 WaterWings
WaterWings's picture

As a corporate mouthpiece a lack of "mea culpa" would have been seen by the zombie public as arrogant. The likes of Blankfein and Geithner get away with it because only those paying attention even know who they are.

Fri, 02/19/2010 - 20:39 | 238294 Rainman
Rainman's picture

+ 100 , resoundingly !!

Fri, 02/19/2010 - 12:27 | 237615 I am a Man I am...
I am a Man I am Forty's picture

Greece playing the Nazi card....hilarious.

Fri, 02/19/2010 - 12:29 | 237620 bugs_
bugs_'s picture

Wholly owned subsidiary.  Leave the E.U. and join the G.U.

 

Fri, 02/19/2010 - 13:42 | 237748 Sabibaby
Sabibaby's picture

Don't tou mean the G.S?

Fri, 02/19/2010 - 12:31 | 237622 Postal
Postal's picture

So the fox guards the henhouse?

Fri, 02/19/2010 - 14:21 | 237806 35Pete
35Pete's picture

Is that why the pen is full of half eaten chicken carcasses? 

Hint: We're the poultry. 

Fri, 02/19/2010 - 12:31 | 237623 ReallySparky
ReallySparky's picture

I knew the squid was running the world. 

Fri, 02/19/2010 - 12:32 | 237626 williambanzai7
williambanzai7's picture

Traders and hedge fund employees are advised to avoid Greek diners.

Fri, 02/19/2010 - 12:54 | 237667 hedgeless_horseman
hedgeless_horseman's picture

For fun, I tried to pay for lunch at Niko Niko's with some German Euros last week.  The lady said, in a thick Greek accent, we don't accept that money, only US dollars. 

I laughed, then cried, when I realized the joke was on me.

Fri, 02/19/2010 - 12:32 | 237627 crosey
crosey's picture

When the game is up, the logic unravels into threads of unbelievable yarn.   In this case, woolen yarn woven quickly into a covering with which Greece will further attempt to cover our eyes.

Is that hysterical laughter that I hear?

Fri, 02/19/2010 - 12:33 | 237629 buzzsaw99
buzzsaw99's picture

If you can't beat 'em, join 'em!

Fri, 02/19/2010 - 12:34 | 237632 zenon
zenon's picture

Guys cool it. 10% of the Greek population died during the nazi occupation either by being killed or by famine - the result of all the food & produce being confiscated to feed the nazi war machine. Post WWII, Greek demands for war reparations were fended off on the legal argument that W. Germany was not the whole Germany. Following Germany's unification, similar reparation demands were kept in the closet on account of European unity and transfer payments towards EU's weaker memebers (ala Greece). Should such payments (and financial assistance when it is needed) not be forthcoming, these demands could well re-surface as a bargaining tool. Said differently, if the EU just enforces tough conditions on Greece with no dinero at the end of the process, maybe the IMF is a better & friendlier solution.

Fri, 02/19/2010 - 12:46 | 237648 Cow
Cow's picture

"maybe the IMF is a better & friendlier solution"

Better for whom?  Why should the US taxpayer bail out the overspending Greek socialist government?

Fri, 02/19/2010 - 12:55 | 237669 Anonymous
Anonymous's picture

taking money from the IMF is like selling your soul to the devil. they own you now. however, taking money from germany won't be much different. no matter how these chips fall, they will have to get their act together. if the IMF or the Germans can't do it, the market will do it for them. the greek economy is in major trouble.

Fri, 02/19/2010 - 14:24 | 237810 35Pete
35Pete's picture

+50

The first thing the IMF will do is make Greece privatize it's atmosphere. 

Oxygen is a marketable resource and the World Bank demands collateral. 

Sat, 02/20/2010 - 08:10 | 238603 Anonymous
Anonymous's picture

Correct. The IMF is a vehicle for transforming fiat credit conjured out of thin air into real world collateral. The audacity and the scale of the scam is simply enormous. Read "confessions of an economic hitman" by John Perkins for more details about how the scam is set up. The IMF "rescue" is just the last stage in this process.

Fri, 02/19/2010 - 13:18 | 237704 Anonymous
Anonymous's picture

No one is questioning the attrocities of the occupation, but the events are independent on one another, unless extrapolated out to unrealistic lengths. You could connect them by saying that the Nazi occupation played a large part in creating the modern Greece that got into this mess, but in that case, Greece should probably pay reparations to the western world for creating the first forms of modern democracy.

Confronting their national debt crisis by pointing to unrelated, long past events is pointless at best, detrimental at worst because it takes the focus off of potential solutions (if there are any).

Fri, 02/19/2010 - 14:05 | 237780 zenon
zenon's picture

They are as unrelated as the claims against the Swiss banks by Jews who had savings confiscated during WWII. If you recall these claims were settled at a rather hefty price. To the degree that there are voices in national parliaments in favor of expelling Greece from the single-currency, you get reactions like these from the Greek side. Whether or not they are detrimental is another issue. They probably are so to the concept of an enlarged Euro-area. Probably why the IMF is falling over backwards to lend money to Greece. So in answer to the previous poster, don't worry your tax dollars are being put to good use - the prolongation of the reserve curency stauts of the $.

Fri, 02/19/2010 - 14:44 | 237844 Anonymous
Anonymous's picture

The fact that the occupation issue is unrelated to the national debt crisis does not invalidate either issue. It should be debated on its own merits. I do not know enought to start picking out how or where that debate should begin or end, I just don't think it should happen in talks about the debt crisis.

Fri, 02/19/2010 - 14:08 | 237785 I am a Man I am...
I am a Man I am Forty's picture

Good idea, make people that had nothing to do with it pay for it.  Better yet, just start arresting and fining all people of german descent that had a relative in Germany at the time of WWII.  

While we are at it, let's do that for all countries in wars past going back to the stone ages.

 

Fri, 02/19/2010 - 12:40 | 237643 Anonymous
Anonymous's picture

Too dame funny

well, not really.

Fri, 02/19/2010 - 12:41 | 237644 Anonymous
Anonymous's picture

"These people are sociopath, and they will put their mother in the microwave oven, if the price is right". Jim Sinclair

http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/2/15_J...

Fri, 02/19/2010 - 14:26 | 237811 35Pete
35Pete's picture

Great interview from Mr. Gold. 

I listened to it twice this weekend. I didn't know that Sinclair was a Seligman. 

What's a privileged establishment guy doing ratting out his own? 

Fri, 02/19/2010 - 12:42 | 237645 alexdg
alexdg's picture

Reparations! I'm rich biotch!

http://www.youtube.com/watch?v=98958txVSrE

How about that Reuters url? Where it at?

Fri, 02/19/2010 - 12:43 | 237646 Anonymous
Anonymous's picture

It never ends

Fri, 02/19/2010 - 12:51 | 237655 Harbourcity
Harbourcity's picture

Petros Christodoulou is uncle-dad.

Fri, 02/19/2010 - 12:51 | 237658 Anonymous
Anonymous's picture

Since Greece fought with Stalin, let the USSR bail them out.

Fri, 02/19/2010 - 12:52 | 237660 SDRII
SDRII's picture

http://www.reuters.com/article/idUSL0882180020070608

JPM/Greece

Wasn't it greece that triggered the Truman doctrine

Fri, 02/19/2010 - 12:53 | 237666 GoldmanBaggins
GoldmanBaggins's picture

annnnd PUNT!!

Fri, 02/19/2010 - 12:54 | 237668 Leo Kolivakis
Leo Kolivakis's picture

So they stuff another ex-Goldman guy as the Chief Klaparhidi! Malakies!

Fri, 02/19/2010 - 13:03 | 237681 hedgeless_horseman
hedgeless_horseman's picture

Here you go, Leo.  Knock yourself out!

...a major global solar panel manufacturer headquartered in Athens, Greece...

http://solarenergypublication.com/greek-solar-panel-maker-now-branded

Fri, 02/19/2010 - 13:55 | 237764 Nout Wellink
Nout Wellink's picture

Sounds like a Trojan Horse to me ;-)

Fri, 02/19/2010 - 14:12 | 237792 DaveyJones
DaveyJones's picture

a horse and a prophylactic

Fri, 02/19/2010 - 15:13 | 237881 MsCreant
MsCreant's picture

Are you saying the greeks are just getting ready for a screwing?

Fri, 02/19/2010 - 12:59 | 237673 JR
JR's picture

How long will it be before the accusations and the ill will against the German people comes to an end? Have not the German people suffered enough from prejudice? 

Can the peoples of nations be collectively condemned without condemning human nature itself?

Is there no appeal to democratic faith in the simple honesty of soundness of the broad masses of people, no appeal to sympathy with those millions of suffering and starving victims of total war?

Consider developments after WWII:

In 1947, a defeated, divided, truncated, occupied Germany was a mass of rubble, its economy a desperate scratching for subsistence.

Although the Marshall Plan enabled Germany’s people to rebuild a free society and a free economy, a predecessor blueprint for genocide became the on-going principal occupation policy directive – a policy that aimed at the destruction of a nation’s people. It was the Morganthau Plan, drawn up by America’s wartime Secretary of the Treasury, Henry Morganthau and his closest advisor, Harry Dexter White, later discovered to be a high ranking Communist.

It aimed at the permanent destruction of Germany’s industrial heart and the consequent death through starvation and disease of millions and tens of millions of Germans.

“Time” magazine has aptly called it “history’s most terrifying peace”.

The conservative newsletter, “Review of World Affairs,” quotes as follows from a confidential memorandum prepared by an eminent European economist:

“Since the end of the war about 3,000,000 people, mostly women and children and overaged men, have been killed in eastern Germany and south-eastern Europe; about 15,000,000 people have been deported or had to flee from their homesteads and are on the road.  About 25 per cent of these people, over 3,000,000, have perished.  About 4,000,000 men and women have been deported to eastern Europe and Russia as slaves….” Quoted by Sen. Homer Capehart in speech before U.S. Senate, Feb. 5, 1946.

Dr. Lawrence Meyer, executive secretary of the Lutheran Church, Missouri Synod, after a tour of Germany at the time stated:

“About 16,000,000 German refugees east of the Oder are being deported from their homes.  It has been estimated that already 10,000,000 have been driven out.  The human tragedy and suffering caused by this ’Volkswanderung’ are unparalleled in history…”

An authentic eye-witness report…

“A large barge is slowly being towed across the Oder River.  In it, lying on straw, are 300 children ranging from 2 to 14 years of age.  There is hardly a sign of life in the whole group.  Their hollow eyes, their swollen bellies, knees, and feet are telltale signs of starvation.  These are merely the vanguard of hundreds of thousands—millions of homeless, shattered, hungry, sick, helpless, hopeless human beings fleeing westward – west of the Oder and Neisse rivers.

“A trust in God—in his goodness and mercy—these are the only hope of Germany today.  And thank God in many there is still faith in God against which the gates of hell have stormed in vain during the past decade.” (Capehart)

Fri, 02/19/2010 - 13:31 | 237730 JohnXXX
JohnXXX's picture

Get a grip ffs. Next thing you know you'll be asking us to apologize for shutting down their gas chambers.

Fri, 02/19/2010 - 15:04 | 237872 JR
JR's picture

The greed and destruction of a people legitimized in the Treaty of Versailles led to Germany’s 1923 hyperinflation and an entrapped impoverishment that led, ultimately, to WWII.

Of Versailles, Francisco Nitti, the prime minister of Italy, wrote:


”It will remain forever a terrible precedent in modern history that, against all pledges, all precedents and all traditions, the representatives of Germany were never even heard, nothing was left to them but to sign a treaty at a moment when famine and exhaustion and threat of revolution made it impossible not to sign ... In the old canon law of the church it was laid down that everyone must have a hearing, even the devil ... the new society of nations did not even obey the precepts which the dark Middle Ages held sacred on behalf of the accused.

”The cost of the war of all participants totaled three times the value of all property in Germany. She was ordered to pay an impossible 1.7 billion marks a year (in foreign exchange) for 59 years, until 1988. Even worse, according to the normally circumspect banker, Hjalmar Schacht:: ‘The Treaty of Versailles is a model of ingenious measures for the economic destruction of Germany’, adding:

Every natural economic advance, every step toward the restoration of economic confidence was made impossible by the influence of the foreign political factor.'"

The Treaty of Versailles turned out to be an instrument of continuing aggression. Even at the time, it drew strong condemnation. The American Secretary of State Robert Lansing wrote:

The impression made by it is one of disappointment, of regret, and of depression. The terms of the peace appear immeasurably harsh and humiliating, while many of them seem to me impossible of performance ... The League [of Nations] as now constituted will be the prey of greed and intrigue.

Writes Stephen Zarlenga, researcher in monetary history and theory,  “The great German hyperinflation of 1922 and 1923 is one of the most widely cited examples by those who insist that private bankers, not governments, should control the money system. What is practically unknown about that sordid affair is that it occurred under control of a privately owned and controlled central bank.”

http://billtotten.blogspot.com/2009/05/germanys-1923-hyperinflation.html

“Since its sucker-punch inception in 1913, the central planners have devalued the dollar down to roughly $0.04 (”inflation” actually means the devaluation of the dollar). It also serves as the engine of the American Imperialism perpetual war machine, which is currently devouring roughly $1 trillion per year. As a result, you can thank “the Fed” for the rest of societies woes such as poverty and the crime that spawns from it, the recent housing bubble, much of the current economic woes and criminal gas price gouging…”  – 08/21/2008  ignoranceisntbliss AT hotmail.com

Fri, 02/19/2010 - 15:33 | 237917 Kitler
Kitler's picture

If there is one thing I hate worse than Nazis it's Banksters! (Well the Nazis are gone so who ya gonna hate?)

Fri, 02/19/2010 - 18:01 | 238154 WaterWings
WaterWings's picture

Sad stuff. Good post.

Sat, 02/20/2010 - 00:56 | 238477 Anonymous
Anonymous's picture

Yes the gas chambers paid by Rothschild, Rockefeller and Bush, and use as propaganda for all the present crime of the state of ISRAHELL

Fri, 02/19/2010 - 13:09 | 237688 Gordon_Gekko
Gordon_Gekko's picture

Why won't Greece just die already? The POS just keeps dragging on and on and on.

Fri, 02/19/2010 - 13:19 | 237703 Leo Kolivakis
Leo Kolivakis's picture

Why don't you jump off a cliff already? Η Ελλαδα Ποτε Δεν Πεθαινει (Greece Never Dies). Go read some history, you ignorant asswipe!

Fri, 02/19/2010 - 13:36 | 237736 Gordon_Gekko
Gordon_Gekko's picture

At least I am not ignorant enough to think we are in a "recovery". How are them solar stocks doing? Right. Are you greek? Why are you so hot and bothered? There has been so much noise about that POS yet I don't think how it would even minutely impact the world economy if it ceased to exist tomorrow. What is its percentage of Global GDP - like 0.0000000001%?

Fri, 02/19/2010 - 13:49 | 237756 Leo Kolivakis
Leo Kolivakis's picture

You are an ignoramus...quite pathetic actually.

Fri, 02/19/2010 - 14:12 | 237767 tenaciousj
tenaciousj's picture

Not quite, something like 0.0006%. 

Of course, their financials are probably all lies and most of it is debt.  So on second thought you are probably right.

Fri, 02/19/2010 - 13:49 | 237755 Ripped Chunk
Ripped Chunk's picture

How about that jobs report!!???  Recovery is here!!!!!!

Ignorant was the word you used Leo????

 

Fri, 02/19/2010 - 13:50 | 237758 Leo Kolivakis
Leo Kolivakis's picture

Jobs will come back but the snow storms probably hit Feb. payrolls.

Fri, 02/19/2010 - 13:56 | 237766 Ripped Chunk
Ripped Chunk's picture

As long as municipal, county and state employees are excluded from the numbers though right?

Fri, 02/19/2010 - 14:00 | 237771 tenaciousj
tenaciousj's picture

And yearly seasonaly adjusted, revised, and the sample data is altered to be all new and improved

Fri, 02/19/2010 - 14:13 | 237793 Ripped Chunk
Ripped Chunk's picture

If you have a state refund coming you better get it filed before the windows start shutting.

Fri, 02/19/2010 - 14:15 | 237801 girl money
girl money's picture

*** MEEEEP MEEEEP **** We interrupt this broadcast for an Apples vs Oranges BS Alert.

Leo, Leo, Leo... tsk, tsk.  You can talk about snow hitting payrolls OR rising unemployment, but they are not the same,  so don't mix them up for convenience.

Snow generally does not cause a LAYOFF, it causes fewer hours for hourly employees.  Lower withholding, not higher initial claims.

Plus, the Dept of Labor itself said that the snow was not a factor in the filing of initial claims, as most are done online or by phone. 

Anyone else watching dailyjobcuts.com?  Is this site ZH vetted, or is there a better one?

Fri, 02/19/2010 - 14:40 | 237835 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

nah.

Fri, 02/19/2010 - 16:34 | 238037 Rick64
Rick64's picture

snowstorms, do you mean that literally or figuratively?

Fri, 02/19/2010 - 14:29 | 237814 35Pete
35Pete's picture

Hey, I know those letters from my calculus and physics classes! 

Epsilon is permittivity, lamda is wavelength, ect..ect.. 

Fri, 02/19/2010 - 13:11 | 237691 Joe Sixpack
Joe Sixpack's picture

Hey what's good in the USA is good in Greece!

Fri, 02/19/2010 - 13:21 | 237712 Anonymous
Anonymous's picture

How can all thas is happening be happening. I was supposed to be cynical... I never imagined all that is going on could occur. There have been countless times I thought "OK, this has to be as nuts as it can get"... and once and again I just continue to get shocked. Is "reality" as crazy as I perceive it or am I insane?

Fri, 02/19/2010 - 14:15 | 237798 Ripped Chunk
Ripped Chunk's picture

Wait  6 or 8 more months if you think this is insanity.

Fri, 02/19/2010 - 13:26 | 237719 Biff Malibu
Biff Malibu's picture

Well, I'LL BEE DIPPPED!   (In my best Joe Dirt's dad impression)...  Mohammed Atta hit the wrong F'n building.....  you gotta be kidding me...unbelievable....

Fri, 02/19/2010 - 13:41 | 237747 Anonymous
Anonymous's picture

How else do you expect GS to make some real dough?

Gotta own the house....

Fri, 02/19/2010 - 13:44 | 237750 mark mchugh
mark mchugh's picture

I think the Greeks should first pay reparations to the Trojans for that ugly "Horse" incident....

Fri, 02/19/2010 - 14:21 | 237804 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

.

Fri, 02/19/2010 - 14:01 | 237775 JR
JR's picture

I would agree that Goldman Sachs’ power is omnipotent but for the fact that it now has to use only an insider to keep the cover lid on all its machinations—or face a worldwide outcry. To me, that’s pure proof the squid’s power is slipping; that its internal bookkeeping problems are so big, it can’t trust anybody but one of its own to look at them, follow orders and keep his mouth shut. That, to me, is the look of an eroding power, not an increasing power. When the people finally are able to identify the problem, they begin turning against it, and the erosion of power begins.

Even the president emeritus of the Council on Foreign Relations, Leslie H. Gelb, is getting nervous.  In a February 15 article by Gelb,  Replace Rahm, The Daily Beast sums up Gelb’s article as follows:

President Obama desperately needs a sweeping staff shakeup to save his presidency. Leslie H. Gelb on why he must reassign Rahm, dump Larry Summers, and get rid of National Security adviser Jim Jones.  .

http://www.thedailybeast.com/blogs-and-stories/2010-02-15/replace-rahm/

Fri, 02/19/2010 - 14:07 | 237782 Anonymous
Anonymous's picture

Since Goldman (and the Club), effectively, controls Greece's Debt, who will they go after next PIIS?

Fri, 02/19/2010 - 14:09 | 237789 Anonymous
Anonymous's picture

"Uh, say what?"

You're so right, Tyler. Wouldn't it be so much better having a career politician or civil servant in this position who knows frighteningly little about modern finance and cares only about protecting their little bureaucratic fiefdom????

Uh, say what?

Fri, 02/19/2010 - 14:10 | 237791 Rusty_Shackleford
Rusty_Shackleford's picture

Yow! Greece May Have $75 Billion More Of Debt Hidden Off Its Books

http://www.businessinsider.com/yow-greece-may-have-75-billion-more-of-de...

John Carney| Feb. 19, 2010, 12:27 PM

Fri, 02/19/2010 - 14:14 | 237796 MsCreant
MsCreant's picture

To me, the important question is, "How did they do that?" How do you get your squid in there, just as they are going to have to be accountable for what is going on? How do you make Papanicolaou step down (threat? blackmail?) and get your tentacle up in there?

WTF!

Fri, 02/19/2010 - 16:13 | 238003 carbonmutant
carbonmutant's picture

Blackmail is such a crude word for simply discussing the alternatives...

Fri, 02/19/2010 - 16:38 | 238052 Rick64
Rick64's picture

You get the IMF involved of which the U.S. is the CEO then a few promises in return for control.you get whatever you want. Read Economic Hitman by John Perkins.

Fri, 02/19/2010 - 17:55 | 238147 Anonymous
Anonymous's picture

Excellent recommendation, Rick. That book was a game changer for me.

Fri, 02/19/2010 - 14:17 | 237802 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

All things musical chairs.

Fri, 02/19/2010 - 14:29 | 237813 MsCreant
MsCreant's picture

I know you know this, but I saw you and thought I'd say it, I think you will understand:

Gold bitches!!  Woooooahhhhhhwoaaaah! Hahahahahaha!

Fri, 02/19/2010 - 14:38 | 237829 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

;)

Fri, 02/19/2010 - 14:33 | 237822 Stranger
Fri, 02/19/2010 - 14:38 | 237830 MarketTruth
MarketTruth's picture

The Fox Is In The Hen House

Repeat, The Fox IS IN The Hen House

Fri, 02/19/2010 - 14:39 | 237832 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Copy.

Fri, 02/19/2010 - 14:40 | 237833 Anonymous
Anonymous's picture

Wow, you couldn't make this stuff up!

The vampire squid's problem is that they no longer share with the masses. Now that they've infiltrated all parts of U.S. government, they are moving into global markets. They want it all and don't bother to hide it any more. We used to get some crumbs and were happy with our little share. There are no more crumbs.

Sat, 02/20/2010 - 08:15 | 238605 Anonymous
Anonymous's picture

No, the problem is that they are beginning to run out of pristine food sources and now have turned to feed on the USA and the rest of the developed world. The eating is best where the riches are biggest. Your great great great grandpappy made a covenant with these people - in exchange for letting them use your nation as a base for robbing other nations, grandpappy would recived a part of the loot. But grandpappy was too greedy to understand that swindlers never keep their word, and now you have to pay.

Fri, 02/19/2010 - 14:40 | 237834 Anonymous
Anonymous's picture

Reminds me of the 911 margin call on the World Trade Center, that put the prophetic military force in place in the Middle East, what a controlled demolition that inside job was.
This is another World Trade Center 7 Larry Silverstein AIG airline short cover up. Oh yeah, this reminds me of the FBI Anthrax case that just closed today, the American weapons grade Anthrax that Admiral Crowe gave to the, hey, lets just set up a Saddam Insane Guy and an Iranian Kingdumb freak to use, so when the Iranian's, that kicked out the Shaman, before April GillaSPY was told to tell Sadman ''it's OK'' to check the ''Kuwait A Minute'', while our daughter tells yuh about Iraq soldiers smashing babies so yah know why it's all good ta just accept our line of bullshit about WMD's etc... all to maintain control of oil tied to the dollar debt derivative market to secure all the nations and Israel with our New World Order standard.

So now it's Onward to Iran and Greece is just part of the inside economic control word.
The economic inside job is just part of the whole damn New World Order counter intelligence operation. These nutball Skull and Bones ''hey lets go to the Cremation Of Care ancient Phoenician child sacrifice'' so we can claim dominion with debt and destruction cause, we still have our man at the executive helm of our global pirate ship and he's a white black Christian Middle East Muslim which no one can deny, which no one can deny, well, it's all just pure evil ain't it?

This ''real'' shit is so beyond the Bone Head Masonic Tomb Boys controlling currency etc... fiction just looks pathetic and juvenile at this point. What's next, a flu virus genetically designed to reduce the ''abort the second born Chinese kid Great Wal Mart of China standard'' so Ted Turners Georgia Guide Stones number is achieved before some idiot flies another plane into the White House again or another IRS building?
Goldman Sock it to me baby cause, Greece is the word fer the inside job, this is beyond ridiculous, it's prophetic demand destruction.

Fri, 02/19/2010 - 17:58 | 238151 Anonymous
Anonymous's picture

Calm down, Robin Williams.

Fri, 02/19/2010 - 15:00 | 237860 Anonymous
Anonymous's picture

"Snow generally does not cause a LAYOFF, it causes fewer hours for hourly employees. Lower withholding, not higher initial claims.

Plus, the Dept of Labor itself said that the snow was not a factor in the filing of initial claims, as most are done online or by phone."

Please don't confuse Leo with the facts it may cause a brain hemorrhage.

Let me guess the snow caused a dip in solar sales also.

Fri, 02/19/2010 - 15:12 | 237880 Jim in MN
Jim in MN's picture

 

Do you ever get the feeling

That the story's too damn real

And in the present

Tense

 

--Jethro Tull

Fri, 02/19/2010 - 15:17 | 237894 MsCreant
MsCreant's picture

...you're a rabbit on the run.

Fri, 02/19/2010 - 15:14 | 237885 Leo Kolivakis
Leo Kolivakis's picture

Did you guys ever stop to think that squids just prefer swimming near the Greek islands?

Fri, 02/19/2010 - 15:14 | 237886 BlackBeard
BlackBeard's picture

wow.  Greek politicos are so dumb, they're giving the fireman the middle finger while they're sitting in a burning top floor suite.

Fri, 02/19/2010 - 15:18 | 237895 buzzsaw99
buzzsaw99's picture

The Greeks don't want no freaks.

Fri, 02/19/2010 - 15:30 | 237916 Anonymous
Anonymous's picture

The Greeks shouldn't have too much worry about Germany. GS reps, err... I mean U.S. reps will move things in the proper direction;

The U.S. Ambassador to Germany (Philip D. Murphy appt. 8/7/2009), from 1993-1997 headed Goldman Sachs’ Frankfurt office, where he had oversight responsibility for activities in Germany, Switzerland and Austria, as well as in the then-emerging nations of Central Europe. From 1997-1999, Ambassador Murphy served as the President of Goldman Sachs (Asia). In all, he spent 23 years at Goldman Sachs and held a variety of top-level positions before becoming a Senior Director of the firm in 2003, a position he held until his retirement in 2006.

After leaving Goldman Sachs, Ambassador Murphy served from 2006-2009 as the National Finance Chair of the Democratic National Committee.

Fri, 02/19/2010 - 15:54 | 237964 Anonymous
Anonymous's picture

Greeks fighting Germans and other Euros ? Can't we just get along ? After all recent scholarship shows Ancient Greek civilization in all likelihood to have been a Scandinavian import. The City States remembered in the Homeric Tales were located in the Baltic region; Ithaca and the Peloponnese in Denmark, Crete in Northern Germany and Poland and sorry Prof. Schliemann Troy was in Finland. Seems that the Mycenaean civilization was founded by the Northern migrants fleeing the close of the northern climatic optimum (Al Gore: investigate the Bronze Age metallurgical industry connections!)and Greek or perhaps proto-Greek was a language of the south of Sweden. So maybe we should be less parochial and adopt a larger Indo-European Brotherhood view and work toward the solution
of a civilization wide debacle.

"The real scene of the Iliad and the Odyssey can be identified not in the Mediterranean Sea, where it proves to be weakened by many incongruities, but in the north of Europe. The sagas that gave rise to the two poems came from the Baltic regions, where the Bronze Age flourished in the 2nd millennium B. C. and many Homeric places, such as Troy and Ithaca, can still be identified. The blond seafarers who founded the Mycenaean civilization in the 16th century B. C. brought these tales from Scandinavia to Greece after the decline of the "climatic optimum". Then they rebuilt their original world, where the Trojan War and many other mythological events had taken place, in the Mediterranean; through many generations the memory of the heroic age and the feats performed by their ancestors in their lost homeland was preserved, and handed down to the following ages. This key allows us to easily open many doors that have been shut tight until now, as well as to consider the age-old question of the Indo-European diaspora and the origin of the Greek civilization from a new perspective."
See:
http://forums.atlantisrising.com/ubb/Forum1/HTML/000927.html
and 'The Baltic Origins of Homer's Epic Tales' Felice Vinci

Fri, 02/19/2010 - 21:40 | 238348 Anonymous
Anonymous's picture

Na, the micenaean civilization originally started on Mars, but they had to leave Mars and settle the Earth after they drank all the water....

Fri, 02/19/2010 - 16:14 | 238006 carbonmutant
carbonmutant's picture

 Good work as usual Tyler and Co.

Fri, 02/19/2010 - 21:20 | 238329 Anonymous
Anonymous's picture

skating away on the thin ice of a new day...

Sat, 02/20/2010 - 00:21 | 238444 Lionhead
Lionhead's picture

Time to get out the squid "bazooka" & blow off a few tentacles. Don't worry, new ones will grow back...

Sat, 02/20/2010 - 05:34 | 238565 Anonymous
Anonymous's picture

C'mon guys, realistically, where do sovereign debt management chiefs get their work experience anyway?

Sat, 02/20/2010 - 07:30 | 238591 Anonymous
Anonymous's picture

GO TEAM SQUID!!!

Mon, 02/22/2010 - 14:59 | 240494 Anonymous
Anonymous's picture

1) "Once up on a time" there was a Central Bank called BUBA (Deutsch Mark Uber Alles) that financed the P-IIGS Central Bank at a "friends rate" (not market rate), so why it will be different this time ?

2) About the statistics ....

http://translate.google.pt/translate?u=http%3A%2F%2Fwww.publico.pt%2FEco...

3) ... Talking about jose Manuel Barroso, I just remembered his political friend ...

http://www.ecgi.org/members_directory/member.php?member_id=5

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Tom123456's picture

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Tue, 11/02/2010 - 16:21 | 694213 smwatson
smwatson's picture

It sounds like the guy has a lot of experience. He could potentially help straighten out the economy a little bit. Another alternative is to *not* have a national bank, which makes the entire country's economy vulnerable...

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Karston1234's picture

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Wed, 02/23/2011 - 02:51 | 987795 shawnlee
shawnlee's picture

"Now the wheel is coming around full circle and it's becoming obvious that covert control has run it's course and overt in-your-face control is the new fashion statement of the powers that be."

You are a wise man and marching towards becoming a Zen Master. I value your comments a lot.

btw. Thanks for your insightful article you posted earlier.
I was thinking to ask you a few questions, but I was caught up in a few things. Now I forget what I want to ask. :)

Whe I see your part II, I will remember to ask.

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Thu, 03/24/2011 - 01:42 | 1093985 george22
george22's picture

"The real scene of the Iliad and the Odyssey can be identified not in the Mediterranean Sea, where it proves to be weakened by many incongruities, but in the north of Europe. The sagas that gave rise to the two poems came from the Baltic regions, where the Bronze Age flourished in the 2nd millennium B. C. and many Homeric places, such as Troy and Ithaca, can still be identified. The blond seafarers who founded the Mycenaean civilization in the 16th century B. C. brought these tales from Scandinavia to Greece after the decline of the "climatic optimum". Then they rebuilt their original world, where the Trojan War and many other mythological events had taken place, in the Mediterranean; through many generations the memory of the heroic age and the feats performed by their ancestors in their lost homeland was preserved, and handed down to the following ages. This key allows us to easily open many doors that have been shut tight until now, as well as to consider the age-old question of the Indo-European diaspora and the origin of the Greek civilization from a new perspective."
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Wed, 04/20/2011 - 06:15 | 1187267 shawnlee
shawnlee's picture

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kummar's picture

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