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Koo: "Greece Is Not Argentina"

Tyler Durden's picture


So far, every iteration of the trite, overused and cliched "X is not Y" has meant to generate confidence, when all it really does is inspire laughter. Today we get Nomura's stimulus advocate Richard Koo giving a different spin on the "Greece is not Argentina" perspective. "It should now be obvious that it is reckless to argue that since Argentina successfully defaulted on its debt, so can Greece. While the probability of success is not zero, I suspect the associated costs would be significantly greater than what Argentina experienced. That it took Argentina more than two years to restore real GDP to pre-default levels despite having its own currency suggests that it would take Greece substantially longer. This means Greece faces several years of extremely painful adjustments no matter which path it takes. It is simply not the case that everything will be all right if Greece just defaults and leaves the euro." His conclusion: "I have previously noted that the current euro problems are attributable to the fact that the designers of the eurozone forgot to enact one rule when they introduced the common currency—namely, a regulation stating that member countries can sell government debt only to their own people. Had this rule been adopted ten years ago, the current problems in Greece and Portugal would never have happened." Supposedly this is predicated by the sterling example of Japan's 200% debt/GDP being indicative of how a ridiculous debt load can be spun as a good thing. We would like to add our own contribution: "Koo's version of Japan is not reality's version of Japan." But just like in Europe, this will also take time to be processed by the market.

The strategist's latest note in full:



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Wed, 07/13/2011 - 08:22 | 1451109 camoes
camoes's picture

When are we gonna hear US is not Europe?

Wed, 07/13/2011 - 08:27 | 1451119 Popo
Popo's picture

Right after Greece goes all "Argentina"

Wed, 07/13/2011 - 09:45 | 1451358 ratso
ratso's picture

Argentina was courageous and thumbed their nose at the IMF and the World Bank.  Greece is a weasel country that is still trying to get everyone else to pay their bills for their profligacy. The lesson is that Greece will be effectively taken over by its bond holders. Argentina suffered the pain and came out with its dignity and nationhood in tact. 

Wed, 07/13/2011 - 11:27 | 1451937 MS7
MS7's picture

Greek government = weasels. Greek people want their government out. Trouble is every time the protests get to be overwhelming, the government send in the agents provateurs and allows the police to beat, and throw rocks at protesters, and cover the whole center of the city in a cloud of expired tear gas.

Wed, 07/13/2011 - 08:29 | 1451133 DonnieD
DonnieD's picture

When are we going to hear that Argentina is the model?

Wed, 07/13/2011 - 09:13 | 1451263 Urban Roman
Urban Roman's picture

Ferfal has been saying that for years on his blog.

Wed, 07/13/2011 - 11:21 | 1451901 JeffB
JeffB's picture

Or Iceland?

Wed, 07/13/2011 - 08:32 | 1451141 wandstrasse
wandstrasse's picture

When are we going to hear there is neither US nor Europe?

Wed, 07/13/2011 - 08:44 | 1451149 pesamystik
pesamystik's picture


Wed, 07/13/2011 - 08:24 | 1451113 Hedgetard55
Hedgetard55's picture

Koo is just one more soldier ant in the global banker's propaganda network.

Wed, 07/13/2011 - 09:08 | 1451254 Popo
Popo's picture

And Koo isn't doing a very good job either....  He just compared Greece and Argentina.   Any propagandist should know that negative comparisons are a great way to get people to make comparisons.

What's the next gaff from this public-relations genius going to be:  "Italy is not Greece"?     


Wed, 07/13/2011 - 08:27 | 1451122 cosmictrainwreck
cosmictrainwreck's picture

yup - and I'm not Barack O'bummer

Wed, 07/13/2011 - 08:31 | 1451137 SheepDog-One
SheepDog-One's picture

Barack Obama, Barak Mounir Ubayd, Harrison J. Bounell, Saebarkah, or whichever name Barry Soetoro is using lately.

Full retard america, a president with no identifiable historical record, with so many different names used we cant keep track...and no one cares. US has lost its mind completely.

Wed, 07/13/2011 - 08:37 | 1451154 bigwavedave
bigwavedave's picture

you are a racist. pure and simple. anyone who cannot see past the present and not realize that the fat white fuckwits really did sell you out is a moron. yeah. blame the black guy. use his name as a stick to beat him into the cotton field where he belongs. 


personally i think he has done a shit job. but he isnt a total cunt like Bush.

Wed, 07/13/2011 - 08:43 | 1451158 SheepDog-One
SheepDog-One's picture

OH now Im a 'racist', simply because I researched and listed just a FEW of the names 'Barack Obama' HAS USED in the past! How about those 5 social security numbers, just those that we know of? You're a baboons ass.

BTW, Soetoro is black? Huh...I thought he was half white! Who's the racist now?

Wed, 07/13/2011 - 08:46 | 1451184 Loose-Tools
Loose-Tools's picture

Where do perform your research, FOXipedia?

Wed, 07/13/2011 - 08:47 | 1451192 SheepDog-One
SheepDog-One's picture

Oh look, another idiot popped up.

Wed, 07/13/2011 - 08:52 | 1451211 Loose-Tools
Loose-Tools's picture

As often as you post, you certainly advertise who you really are as a person.

Wed, 07/13/2011 - 08:56 | 1451214 SheepDog-One
SheepDog-One's picture

Yea, one of the few who actually knows what the hell is really going on? You can tell by the reaction to such facts as stated above, the sheeple cant handle the truth. Too bad for them.

Wed, 07/13/2011 - 09:19 | 1451282 Loose-Tools
Loose-Tools's picture

I'll concede that you may know alot about some things, but I doubt that you know a lot about every thing. (BTW, I did not Junk you.)

Wed, 07/13/2011 - 09:13 | 1451264 Sudden Debt
Sudden Debt's picture

Why can't we all get along and worship ME?

Wed, 07/13/2011 - 10:07 | 1451426 hbjork1
hbjork1's picture


Interesting indeed!

Documentation please?

Wed, 07/13/2011 - 08:42 | 1451164 cosmictrainwreck
cosmictrainwreck's picture

touche'....agreed (except calling the man a douche doesn't presuppose racism). Bush was a pansy, his daddy was a wannabe Prescott emulator, Clinton - meh?, you name it.....

Wed, 07/13/2011 - 08:47 | 1451182 SheepDog-One
SheepDog-One's picture

Telling the easily verified terrible truth now makes you a 'racist' among the 'smart people' of america who can only look at things thru their 'Demican/republicrat brainwashing....LOL!!! No better than Lord of the Flies...have fun in the coming days my pretties, Im going to be laughing my ass off.

Wed, 07/13/2011 - 08:48 | 1451199 Sudden Debt
Sudden Debt's picture

and yet you guys elected those guys and nobody protested....



Wed, 07/13/2011 - 08:59 | 1451227 SheepDog-One
SheepDog-One's picture

Well Sudden Debt if you recall, ANY criticism at all towards Mr Harrison J. Bounell was attacked viciously with charges of RACISM, and DOMESTIC TERRORIST...remember that? 'Nobody protested'? LOL. There were many protests, and the Govt/Media complex scoffed at them all calling anyone against Mr Saebarkah 'must be short a few chromosomes'. Oh well, time to pay now, enjoy.

Wed, 07/13/2011 - 10:14 | 1451459 hbjork1
hbjork1's picture

Sheep Dog,

What on earth are you talking about?  I must not be living in your country.

Wed, 07/13/2011 - 08:47 | 1451193 Id fight Gandhi
Id fight Gandhi's picture

There's nothing racist about what he said.

The more people cry racist the less it means and nobody cares.

Wed, 07/13/2011 - 08:50 | 1451204 i-dog
i-dog's picture

"but he isnt a total cunt like Bush"

You ain't seen nuthin' yet! We'll see how you feel about him next year, when the half-caste CIA-plant starts starving blacks and whites alike.

Bush was dumb evil ... this guy's pure sociopathic evil.

Wed, 07/13/2011 - 08:59 | 1451228 SheepDog-One
SheepDog-One's picture


Wed, 07/13/2011 - 09:21 | 1451290 Loose-Tools
Loose-Tools's picture

I heard on FOX News that Obama had Gay Sex with a Terrorist at a Convention for Unionized Abortionists.

Wed, 07/13/2011 - 08:44 | 1451179 Sudden Debt
Sudden Debt's picture



Wed, 07/13/2011 - 08:57 | 1451220 cosmictrainwreck
cosmictrainwreck's picture

so, you wanna get in a pissin' contest over who's not O'bummer, huh? I think you'll need to get in line.... things nust be real boring in belgium this morning :)

Wed, 07/13/2011 - 09:12 | 1451261 Sudden Debt
Sudden Debt's picture

business is always slow in the summer :)

Wed, 07/13/2011 - 09:38 | 1451334 wandstrasse
wandstrasse's picture

a pissin' contest over who's not O'bummer

contests which are about being NOT a specific person are the only ones where I have a chance to win.

Wed, 07/13/2011 - 08:28 | 1451124 SheepDog-One
SheepDog-One's picture

I'm KooKoo for Koo's puffs!

Wed, 07/13/2011 - 08:28 | 1451127 wandstrasse
wandstrasse's picture
Greece Is Not Argentina

well... taking a second, more geographical look.... this is actually true.

Wed, 07/13/2011 - 08:55 | 1451215 Version 7
Version 7's picture

I believe Argentina's  debt/GDP ratio was about 60% when they went belly up. Compare it to Greece's present 143%, and other EU countries as well..

Wed, 07/13/2011 - 09:23 | 1451291 agent default
agent default's picture

Which proves his point. Greece is not Argentina.  Greece is more than twice as bankrupt as Argentina.  Did I mention Greece is not Argentina?

Wed, 07/13/2011 - 08:31 | 1451135 bigwavedave
bigwavedave's picture

Lots of Germans want to go there on holiday and put their towels by the pool. Paying in Drachma. Buying Chinese made blue and white nick-knacks to take home as gifts..... He is correct. Greece is NOT Argentina.  In Argentine we only have German NAZI runaways like Josef Mengele.

Wed, 07/13/2011 - 08:34 | 1451143 SheepDog-One
SheepDog-One's picture

Well in the US we have a lot of Nazi runaways as well under Project Paperclip, starting with Bushs grandfather, an SS officer. Did ya know that?

Wed, 07/13/2011 - 08:46 | 1451183 bigwavedave
bigwavedave's picture

I take your word for it then. Have you been following the story about the the black bodybuilding bible bashing butt beater? Anyone who forgives can fuck off in my book.

Wed, 07/13/2011 - 08:48 | 1451198 SheepDog-One
SheepDog-One's picture

WTF are you mumbling about now?

Wed, 07/13/2011 - 09:07 | 1451250 francis_sawyer
francis_sawyer's picture

Buying Chinese...nick-knacks to take home as gifts


I want my pissing Archimedes statuette... The REAL father of "trickle down" economics...

Wed, 07/13/2011 - 09:18 | 1451258 GOSPLAN HERO
GOSPLAN HERO's picture

The National Socialist German Workers Party (Nazi) was a racist leftist movement, comrade.  It differed from the Communist Party only on matters concerning race and control of private property.  It was and is another leftist alternative to Communism.  Communism and National Socialism share the same mother: The First Internationale.

Wed, 07/13/2011 - 09:32 | 1451314 Lednbrass
Lednbrass's picture

Pure stupidity.  Nazism was nothing like Soviet Communism. Differed only on matters concerning race? Total cluelessness.

Communism is inherently anti nationalistic, that is one of the primary left right differences. Nazism was ferociously nationalistic.

Communism does not allow private ownership, Nazism most certainly did.

German top individual tax rates under Nazism? About 14-15% ish. Hardly even socialistic. 

The problem here is a a stupid group of epsilon double minus sub morons in the US with very little concept of anything that actually occured in those years or what any of those political philosophies actually mean.  Just dumb people calling the other guys Nazis with little or no comprehension.

Nationalism/internationalism and private/public ownership are the primary things that differentiate left and right.

Put a boot through your TV and read some books.

Wed, 07/13/2011 - 10:13 | 1451453 Urban Redneck
Urban Redneck's picture

So Soviet Communism was inherently anti-nationalistic??? Since they weren't promoting national"ism" - I guess they were promoting individual"ism", or was it religion"ism", or was it cultural"ism", or was it race"ism"??? 


And I guess all those industries in Nazi Germany were free to make what they wanted, sell their chosen to goods to whomever they chose, and charge whatever price the market would support???


What were the income and corporate tax rates under Soviet Communism??? (Since the numbers for Nazi Germany are being provided and characterized as having significance).


I, personally, look at a number of factors when determining "ownership".  Otherwise, I could look at the United States right now and come to the conclusion that MERS is the proper owner of God knows much of the real estate market.  John Paulson also took a rather simplistic view of "ownership" recently when he decided to buy into Sino Forest- it cost him and his company a fuck-ton of money, they probably won't be doing that again.




Wed, 07/13/2011 - 10:55 | 1451620 Lednbrass
Lednbrass's picture

At its root, Global Collectivism.

The best known slogan of the Manifesto is "Workers of the world, unite".  The aim of Soviet Communism was a world revolution of the proletariat, Germany had no such goals.

You may define ownership as you please, but Germans owned their own land and businesses, paid minimal taxes, and central planning was virtually absent until Speer took over at the end. Indeed, a case could be made that the total lack of central organization in the economy cost them the war.

Yes, until the war started companies could pretty much do business as they wanted.

Claiming that the Nazis were lefties because of the use of the word socialism is like saying that dems in the US dont want centralized power because they call themsleves the Democratic party and repubs dont roll over for corporations because they call themsleves Republican and therefore care only about the Republic. Labels are only labels- Hitler was just stealing the thunder fof the left in the aftermath of the civil war.

Wed, 07/13/2011 - 13:02 | 1452559 Urban Redneck
Urban Redneck's picture

The problem here is a a stupid group of epsilon double minus sub morons in the US with very little concept of anything that actually occured in those years or what any of those political philosophies actually mean. Just dumb people calling the other guys Nazis with little or no comprehension. -and you're trying to split hairs over the distinction between collectivism and nationalism.

Germans owned their own land and businesses, paid minimal taxes, and central planning was virtually absent until Speer took over at the end. - The Four Year Plan (prior to WW2) was central planning at its finest, Stalin's 2nd Five Year Plan borrowed elements of Hitler's earlier Four Year Plan, which had in turn borrowed elements from Stalin's first Five Year Plan.  Contemporary income taxes in the Soviet Union were lower than in Nazi Germany.

until the war started companies could pretty much do business as they wanted. - If this were the case then Germany would never have been able to wage WW2.

Claiming that the Nazis were lefties because of the use of the word socialism- I never claimed the Nazis were lefties because of the use of the word socialism.  However, they were lefties because of far more than just their economic policy- there was the forced labor policy, the centralized eugenic apparatus, state marriage control, free state sponsored heathcare and centralized administration beginning in 1934 -whether sterilization or the T4 plan.


Wed, 07/13/2011 - 13:35 | 1452693 ddtuttle
ddtuttle's picture

The Nazis were Fascists.  Although Fascism is hard to define precisely, it is a unholy alliance between corporate, military and political power groups.  The Nazis were obsessively racist to the point of trying to exterminate inferior racial groups.  Homosexuals, mentally deficient and ill people as well as communsits were all sent to the camps.

The USSR wasn't really a country, it was the last colonial empire.  It was mildly ethnist and racist, but in the end it severely exploited any non-Russian ethnic group. The end result was not all that different from Fascism, although it would never describe itself that way. Ultimately, the inequalities kept it from functioning efficiently, and led to its collapse.

Communism promotes the elimination of ethnic, religious and racial groups, which is equally bad in the opposite direction.  Anti-racists try to eliminate all references to racial differences, good or bad.  But that means everyone must conform to some ideal form of non-racist behavior. In the end this can only be the power group's behavioral standard.  FOr example, in America blacks are OK if they don't "act black".  

It's not complicated: you take people one at a time.  If you don't like them, fine.  But don't try to control their behavior or eliminate their culture.


Wed, 07/13/2011 - 08:31 | 1451138 pesamystik
pesamystik's picture

" not...*slurp*...Greece," Koo tries to struggle out the words, but becomes scared as Bernanke pushes his full girth into Koo's tiny mouth. Koo tries to push Bernanke off, but Bernanke is oh-so-insistent, and grasps Koo's Hermes tie hard, pressing harder towards the back of Koo's throat. Bernanke then erupts into Koo's waiting maw. Hot jizz flows out the side of Koo's mouth, his eyes bugging and his face turning red from lack of oxygen. Bernanke is finished, and finally releases Koo, who quickly collapses to the floor, crying.

I'm thinking of doing banker erotica and charging guys at Goldman $100 a story. 

Wed, 07/13/2011 - 08:33 | 1451146 bigwavedave
bigwavedave's picture

im just glad i thought jung was a damn sight smarter than freud.

Wed, 07/13/2011 - 09:18 | 1451276 cosmictrainwreck
cosmictrainwreck's picture

your avatar evidences this perception; thanks, btw...reminds me of my last girlfriend (don't ask)

Wed, 07/13/2011 - 10:22 | 1451502 wandstrasse
wandstrasse's picture

bigwavedave's avatar is muir's avatar gone totally insane.

Wed, 07/13/2011 - 08:32 | 1451142 Mercury
Mercury's picture it's worse!

Greek history lesson just ou from Marla for those so inclined:

Wed, 07/13/2011 - 08:36 | 1451152 SheepDog-One
SheepDog-One's picture

Greece is worse than Argentina. Nice try though Koo Im sure you got paid pretty well for carrying the central bankster overlords water.

Wed, 07/13/2011 - 09:14 | 1451266 francis_sawyer
francis_sawyer's picture

Greece is not Argentina...

In Argentina, you have a bunch of rich fucks & hollywood types scooping up land in Patagonia... Instead, In Greece... Oh no wait!

Wed, 07/13/2011 - 09:16 | 1451270 francis_sawyer
francis_sawyer's picture

Funny thing is... One of the largest 'private' landowners (in Argentina), are the Bennetton family...

Seems there a lot of sheep there... Wool bitchez!

Wed, 07/13/2011 - 08:33 | 1451147 PsefTikos
PsefTikos's picture

Greeks did fine for thousands of years without the "Others" and we will do fine (yes I am Greek) once we exit the cult of Europe.  Greece can be like Argentina.  The Powers That Be (PTB) don't want troubled countries using another defaulted country as a template for future defaults - we can't set succesful precedents here...Yes, default would be extremely painful in the short to mid term but it's the only way out.

Look, the Euro was a good experiment with good intentions but it's essentially over.



Wed, 07/13/2011 - 08:39 | 1451157 bigwavedave
bigwavedave's picture

go iceland my friend. get the politicos out of the process, anyway anyhow. then be Greek. we will always love you. default now. make them pay. if you do this and go back to Drachmas I promise that I will visit you for 2 or 3 weeks next summer. 

Wed, 07/13/2011 - 11:32 | 1451979 MS7
MS7's picture

Totally agree! But how do you get G-Pap out? Any chance the questioning of his brother about CDS will result in anything significant-- like the government falling?

Wed, 07/13/2011 - 13:50 | 1452744 Rick64
Rick64's picture

 Agree, just imagine if Greece defaulted and 1-2 yrs later was back on its feet. If this happened right in the middle of the EU while the other PIIGS were experiencing austerity measures and loaded up with even more debt, well it wouldn't look good for the EU/Banks/IMF/Multinational Co.s agenda. Even if the other PIIGS emerge with a growing economy they will still have an even bigger debt to deal with and its not going away.


Wed, 07/13/2011 - 08:34 | 1451148 Mongo
Mongo's picture

US is not Europe

Europe is not Africa

Africa is not Asia

Asia is not US

=> US is not US

Wed, 07/13/2011 - 08:40 | 1451161 wandstrasse
wandstrasse's picture

adding Karl Popper: When rationally US cannot be US, then US must be a black swan.

Wed, 07/13/2011 - 08:36 | 1451153 GetZeeGold
GetZeeGold's picture

The US is kinda like Greece.....but not Iceland....definitely not. Argentina......that's just krazy talk there.


Wed, 07/13/2011 - 08:41 | 1451155 firstdivision
firstdivision's picture

You have to give Koo some credit.  He is correct in that Argentina was able to manipulate its own currency and decide on its own whether to default or not.  Greece is not given any option, but to be a bastard child within a bastard family.

Wed, 07/13/2011 - 08:39 | 1451159 goldfreak
goldfreak's picture

At least Argentina can export agricultural commodities and...has Messi

Wed, 07/13/2011 - 08:42 | 1451168 pops
pops's picture

Maybe if Greeks took to the streets banging pots and pans.....

Wed, 07/13/2011 - 08:44 | 1451176 argentinian ser...
argentinian serial defaulter's picture

another example of self delusion and idiocy,argentina has corn,wheat,soy,gas,oil,gold.silver,etc,etc,while greece has olives and government employees.laughable

Wed, 07/13/2011 - 08:44 | 1451180 cacho
cacho's picture

Por lo menos jugamos bien al futbol, no como todos los paises nombrados en los comentarios... eso si es importante! :)

Wed, 07/13/2011 - 08:47 | 1451196 wandstrasse
wandstrasse's picture

y el carne de vaca Argentino... espectacular tambien!

Wed, 07/13/2011 - 08:50 | 1451203 cacho
cacho's picture

meat is a given when you speak about the best in the world... let's not forget chicks... prime stuff too!

Wed, 07/13/2011 - 08:44 | 1451181 PsefTikos
PsefTikos's picture

....the good ol' drachma, that brings back good memories.

I'm off to get a good pot & pan

Wed, 07/13/2011 - 08:46 | 1451185 Sudden Debt
Sudden Debt's picture

True. Argentina isn't greece.


Argentina has a lot of farmable land.

Argentina has a lot of resources.

Argentina could print it's own money.


Poor Greece. All they have is sheep and olive oil...


Wed, 07/13/2011 - 08:52 | 1451209 wandstrasse
wandstrasse's picture

what can one do with sheep and olive oil? One, can for e<CENSORED>

Wed, 07/13/2011 - 08:53 | 1451212 bigwavedave
bigwavedave's picture

no one will ever go to Argentina on a bus tour. 

Wed, 07/13/2011 - 09:08 | 1451251 Sudden Debt
Sudden Debt's picture

nobody should go on a bus tour to Greece either :)


Wed, 07/13/2011 - 09:18 | 1451280 fallout11
fallout11's picture

How about a cruise then? Lots of cruises to the beautiful Aegean. Not so much to Buenos Aires.

Wed, 07/13/2011 - 11:38 | 1452025 MS7
MS7's picture

Greece has the best, best fruits and vegetables. They have the best, best fish. Not many countries have as excellent a climate with as much sunshine (hence, there is talk about solar energy development). It must have resources or the agreements it signed for giving up exploration rights for oil and other natural resources wouldn't have been required by the troika. Greece can and should print its own money. G-Pap and his party are standing in the way. They want to please their European bosses first.

Wed, 07/13/2011 - 08:50 | 1451207 dcb
dcb's picture

Sure if Argentina defaults it's because it's some bannana republic. If a major european nation defaults those in power have to admit their system is screwed up and they got it wrong. Hence why we will see the endless bailouts.  To admit something is wrong means they would have to alter it, means they may make less or be out of power. Not going to happen!!

Wed, 07/13/2011 - 08:55 | 1451216 PsefTikos
PsefTikos's picture

it's nice dissing Greece - that's what they want us to do - talk like it's a competition between Argentina & Greece - pit one against the other but what we're talking about economic wars against sovereign states.

Many Greeks sought (and seek) solidarity with their Argentinian counterparts.

Yes, Greece is poor but that is preferable - the more lucrative resources you have, the more you become a target of the Powers That Be. 


Wed, 07/13/2011 - 11:45 | 1452076 MS7
MS7's picture

I agree. I have no idea who these folks are who are so angry at Greece. Must have had a bad vacation there-- maybe they didn't get "lucky".

Wed, 07/13/2011 - 08:58 | 1451224 Version 7
Version 7's picture

Greece can take advantage in case they witness a formidable break down. It might attract a new kind of "collapse tourists".

Wed, 07/13/2011 - 10:43 | 1451590 snowball777
snowball777's picture

My X-TREME Greek Vacation. Umbrella cocktails by day...Molotovs by night.

Wed, 07/13/2011 - 09:11 | 1451257 steve from virginia
steve from virginia's picture

Koo doesn't mention energy imports paid for in euros which is the real reason no EU country will voluntarily default. Saudi Arabia has no interest in steeply devalued drachma/lira; these would have to be swapped -- at a steep discount -- for dollars in order for PIIGS etc. to buy fuel.

It will likely come to this anyway, as Greece is hopelessly bankrupt and the other EU states aren't far behind.


Wed, 07/13/2011 - 09:11 | 1451260 j0nx
j0nx's picture

Someone needs to post a picture of Baghdad Bob after reading this thread.

Wed, 07/13/2011 - 09:25 | 1451301 lookma
lookma's picture

Wow, lotsa supposed "smart" commentary on Greece, but no mention of gold.

You guys do know that's *the* main feature of the EMU, right- the GOLD?


Wed, 07/13/2011 - 09:32 | 1451313 css1971
css1971's picture

Koo seems to think that simply centralising all the debt in the government is a good idea. It's the ultimate in can kicking. Banker's heaven.

Just get rid of it.

Greece... 2 years of pain vs 20 years of pain. You choose.

Wed, 07/13/2011 - 09:33 | 1451318 I Am The Unknow...
I Am The Unknown Comic's picture

So, I had an orange for breakfast that tasted just like an apple.  I looked at the bowl of oranges and realized that either they're really all apples or else the grocery store is lying.  Could I really be so dumb as to not be able to tell the difference?  Well apparently most of the world is.... 

Wed, 07/13/2011 - 09:44 | 1451354 ElZorillo
ElZorillo's picture

It's all going to be fine.. a uk gov stooge was on the national radio this morning saying that the only way to save the world is for a federal europe and that default is NOT an option.

Wed, 07/13/2011 - 10:25 | 1451514 FMR Bankster
FMR Bankster's picture

Greece will continue this nonsense as long as the ECB and others loan them more than enough to pay their interest and principal. (in other words they still get the benefit of a primary deficit) As soon as any of the loan programs require them to pay ANY interst not to mention ANY principal they will default, leave the Euro, make good their debts to Greek banks and it's game over.

Wed, 07/13/2011 - 10:30 | 1451542 snowball777
snowball777's picture

No, Richard, Greece is not Argentina....Argentina could devalue...and eventually recovered.

Wed, 07/13/2011 - 10:37 | 1451563 ivana
ivana's picture

oooo yes. Greece is not Argentina.

It's much worse. For greek people.

Banksters will suck them until judgement day. And do not forget magic words: don't let the good crisis go into waste!

Wed, 07/13/2011 - 10:51 | 1451648 HedgetBedgadget
HedgetBedgadget's picture

Greece is not Argentina. Do you know why?

Because unlike the Greeks, the Argentinians are hard working, play great football and have beautiful women.


Greece on the other hand received 90 billions euros from the EU since it entered and did NOTHING. Source :


Argentina compared to Greece, is like comparing a beautiful white speedy horse with a fat old pig.

Wed, 07/13/2011 - 11:14 | 1451859 PsefTikos
PsefTikos's picture


Good boy!  Toe the mainstream media line, blame the people of Greece for the shit their politicians put on them. 

So typical.

Unlike other clowns on this thread, I will not disparage ARG or GRE, it's not a competition.

Screw them all,  default, let the bastards who took the risk pay for it.

This is wake-up call to all countries under the yoke of the New Debtocracy.

...and HedgetShit, you should visit Greece (not Athens), expand your limited horizons, and you'll find true beauty

Wed, 07/13/2011 - 11:34 | 1451940 HedgetBedgadget
HedgetBedgadget's picture

With people talking like you, no wonder Greece is junk.


 Be honest, how old was your father when he retired? And that neighbour down the street that recently retired from that warm government job?


You Greeks are lazy people. Period. You even import Eastern Europeans to do the dirty jobs you guys don't want to do.

Oh, and who voted the corrupt politicians in Greece?

Well your fellow countrymen. Why? Because of promises of easy money. What does that tell you? Greeks don't like work and like to be subsidized by hard working germans and scandinavians.

Greece got from the EU the same amount as Spain, even though Spain is 4 times larger than Greece in population numbers. So following this logic, Greece should do way better than Spain. It's not. Just an example.



Wed, 07/13/2011 - 11:57 | 1452161 MS7
MS7's picture

Poor baby. You must have had a bad vacay in Greece. Maybe you'll get lucky with those Germans or Scandinavians you see on the beach next time, if you whisper in their ear about how hard-working they are and how the Greeks don't deserve them as tourists.

Wed, 07/13/2011 - 11:41 | 1452044 valuetrader
valuetrader's picture

I personally think that Greece is in much worse shape than Argentina ever was. Argentina never had as much debt. I doubt that Greece is much more competitive (less I guess) and doesn't produce anything. Argentina has political problems and corruption but so does Greece. They are doomed - Greek tragedy. Even then they will refuse to do any work and try to talk the Germans into paying their pensions/salaries.

Wed, 07/13/2011 - 12:30 | 1452050 Miles Kendig
Miles Kendig's picture

It seems what Richard Koo and others are missing is that, in essence, Greece is printing its own currency realize it or not.  Nearly everyone from the status quo is obsessed with ring-fencing and fire-breaking Greece as a means to isolate it from the remainder of Europe while Greece remains in the monetary union.  This set of operative conditions gives weight to Greece far in excess of its nominative footprint.

Greece has Europe, especially Italy shaking in their boot

Perhaps there may yet come a day when Richard Koo and Silvio Berlusconi come to appreciate that there is no such thing as a free lunch

Wed, 07/13/2011 - 11:51 | 1452115 PsefTikos
PsefTikos's picture

Greeks are not lazy, they just know how to play the system, just like GS, JPM, et al.  The Germans may be "harder working" but they're not that bright if they allow Europe to lend/give money to "lazy" Greece.  To clarify, now that Greece is defaulting, they're lazy?  What about before this shit hit the fan, weren't they lazy? Should money be lent to lazy countries?

Greeks were living the good life (until now), and no one said anything - they were busy lending money to them.  Now, default, hey! Look at those Greeks, they're lazy pigs!

Who's fooling who here?  Greece worked the system and people are pissed at that.




Wed, 07/13/2011 - 11:57 | 1452149 HedgetBedgadget
HedgetBedgadget's picture

So the Greeks worked the system, everyone else now wants to punish them by asset stripping them, to have some sort of "justice" for them playing the system, and you are against IT???

You sir are a fuckin idiot!!

If I lend money to someone I know, and when time comes for him to repay me, and says  "Tough luck bubba, if you were stupid enough to lend me money", well those will be his last words. I'm gonna skull fuck him, kill his children and rape his wife, coz' I ain't gonna see my money, might as well enjoy my revenge.




Wed, 07/13/2011 - 12:00 | 1452185 MS7
MS7's picture

You're an angry little person, aren't you? Well, if you were bank and it was your job to evaluate credit worthiness and you loaned to someone who was not credit worthy a ton of money, then you weren't too good at your job, eh?

Wed, 07/13/2011 - 12:02 | 1452209 HedgetBedgadget
HedgetBedgadget's picture

Doesn't  matter to me that I was stupid enough to lend you money as a bank, I have the guns. If you don't pay, I'm gonna kill you.

Now enjoy that fetta cheese, while you can, will ya

Wed, 07/13/2011 - 13:59 | 1452779 Rick64
Rick64's picture

 Exactly, they made bad loans so accept the consequences. OTH those loans weren't made because of credit worthiness, but was part of the agenda to take away sovereignty, force privitization, manipulation, and leverage.

Wed, 07/13/2011 - 15:34 | 1453195 HedgetBedgadget
HedgetBedgadget's picture




Well, if the Greeks value so much their country and sovereignty, they shouldn't have taken those loans, wouldn't they?

But they did, because they are lazy olives eater people, so now they must pay.  They don't wanna pay, asset striping or default. Doesn't really mater, what will they choose, they are fucked. It's their own doing.




Wed, 07/13/2011 - 16:49 | 1453533 Rick64
Rick64's picture

 Well, if the Greeks value so much their country and sovereignty, they shouldn't have taken those loans, wouldn't they?

  Wrong, it was the politicians, who like almost all politicians are on the take from big business, and cater to the demands of the EU and IMF who cater to Multinationals.  They lie their asses off to get elected then change their agenda once elected, and rarely if ever represent the average citizen.  Do politicians value their country? I would say no. They threw the common man some crumbs while they and their bribers raped the country, and now its time for the common man to pay for those crumbs and also the corruption of the politicians.  It would seem the least they could do is share the blame, haircuts for the banks and bondholders and austerity measures for the people, but heaven forbid any resemblance of fairness.

Wed, 07/13/2011 - 12:10 | 1452271 PsefTikos
PsefTikos's picture

We set precedents in 2008, do what you must to work the system and get bailed out!  There is no responsibility anymore.  I'm not defending Greece here, they're doing just what GS et al did.

Corp's got bailouts and secret backroom deals, why shouldn't sovereign nations?

Why aren't you going after Blankfein's & Dimons's kids?  Did they pay everything back? 

You're just an ignorant fuckhead who will read the mainstream press and make judgements and racial slurs to feed your retarded logic.




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