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Live Feed From Athens As 100,000 Greeks Go On Strike, Consider Storming Parliament Again

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Thu, 05/20/2010 - 07:34 | 362536 jkruffin
jkruffin's picture

This saves the government instant money right?  They don't have to pay them while they are all on strike.  That could be a good plan for the government to cut expenditures.  :)

Thu, 05/20/2010 - 09:25 | 362792 B9K9
B9K9's picture

To an individual who personally committed to a credit agreement and utilized/enjoyed the use (investment, consumption, etc) of said funds, the choice between dramatically reducing one's future expenditures (austerity) or saying "fuck you" & defaulting result in essentially the same outcome: a drastically reduced living standard.

In truth, there isn't any real difference between the two options since laboring to service an un-payable, exponentially growing principal+debt balance eventually results in default anyway. So the key is to not only default first before wasting any time attempting the impossible, but also to move quickly in order to try & keep the underlying collateral.

Now, take the exact set of circumstances as above, but replace individuals who both committed & enjoyed the use of funds not only with other persons, but other peope from a different generation (ie younger) who weren't even of voting age, or weren't even born yet, to shoulder and accept paying the debts of an older generation!

Yeah, like that's gonna work. It's cliche, but what we're seeing in Greece will soon visit the USA. There is simply no way in hell younger generations are going to accept laboring as debt peons under dramatically reduced living standards in order to pay off debts incurred to support extravagant standards of older generations.

Thu, 05/20/2010 - 09:53 | 362880 Renfield
Renfield's picture

Hear, hear. Flag as Gold.

Thu, 05/20/2010 - 12:03 | 363125 TBT or not TBT
TBT or not TBT's picture

Well there will be a lot less working age, voting age, tax paying-age Greeks in the future, thanks to several decades of low birthrates in that country.   Italy and Spain are similarly doomed.

Thu, 05/20/2010 - 07:41 | 362541 peripatetic86
peripatetic86's picture

Can anyone foresee this ever happening in the good old USA?  Is it even feasible or would it quickly turn into a Kent State redux?

Thu, 05/20/2010 - 08:57 | 362739 Psquared
Psquared's picture

Everybody doesn't work in a government job in the US - at least not yet. So no, I don't foresee this happening here. To my knowledge there has never been a general strike in the US although I think there have been attempts at it.

Could it happen in the future? Yes, if we continute down the path we are on and then the government were to say, "oops, we don't have enough money to pay you, the bankers stole it all."

I think, back in the 1870s, when railroad speculation collapsed and drove the economy into a 6 year depression (which the government allowed and did not interfere with Keynesian spending - of course Keynes was unknown then) there was some violence in New York and a few bankers were dragged out in the streets and hung from lamp posts. But we are much too civilized to do that now.

Thu, 05/20/2010 - 09:06 | 362761 TBT or not TBT
TBT or not TBT's picture

Keynes was also relatively unknown in the early parts of the depression.   FDR met him at some point but was unimpressed.   His ideas, I'm not going to say theories, backed what the power mad freaks in government wanted to do and were already doing anyway.   The whole thing was a "just so story" that isn't so, but met the ends of statists and true believers in central planning. 

Thu, 05/20/2010 - 09:45 | 362856 Marley
Marley's picture

Think more along the lines of New Orleans.

Thu, 05/20/2010 - 07:43 | 362546 Citizen of an I...
Citizen of an IKEA World's picture

Is everybody in?
Is everybody in?
Is everybody in?
The ceremony is about to begin.
WAKE UP!

Thu, 05/20/2010 - 07:45 | 362551 Sudden Debt
Sudden Debt's picture

Popcorn : CHECK

2 bottles of cola : CHECK

anybody needs to go to the toilet? PLEASE DO IT NOW or you'll miss the show! :)

Thu, 05/20/2010 - 08:33 | 362667 Cheeky Bastard
Cheeky Bastard's picture

Smokes: CHECK

Internet: CHECK

Oxygen tank: CHECK

Lets roll nigga ...

Thu, 05/20/2010 - 08:48 | 362712 Sudden Debt
Sudden Debt's picture

I like your preperations better :)

Thu, 05/20/2010 - 08:41 | 362699 optionswriter
optionswriter's picture

Ah.  The lizard king.

Thu, 05/20/2010 - 09:02 | 362749 Renfield
Renfield's picture

Where's Chumba? Seems to me this would be his kinda thread. Dude can DO anger.

Thu, 05/20/2010 - 09:39 | 362835 Cheeky Bastard
Cheeky Bastard's picture

Its early in SoCal.

6:40 am.

Thu, 05/20/2010 - 07:43 | 362547 Sudden Debt
Sudden Debt's picture

If you math works out, the DOW will go negative today :)

DOW : -89521

 

They Tyler! Look into the Belgium austerity measures that will begin after 16 june! 4800 euro per person needs to be taxed EXTRA to meet budget deficits! They already pay 52% on wages, and 21% on all the rest. As the capital of Europe (Brussels), that should be interesting :)

 

Thu, 05/20/2010 - 07:58 | 362581 duo
duo's picture

Don't we have to extract $13,000/year  PER HOUSEHOLD in the US to balance our budget?  I think that comes to $25,000/year for taxpaying household.

Thu, 05/20/2010 - 08:20 | 362630 nedwardkelly
nedwardkelly's picture

What makes you think they have any intention of every trying to balance it?

Thu, 05/20/2010 - 09:25 | 362798 tonyw
tonyw's picture

and as an employer I pay more than 30% on the wages of my staff:-(

 

Thu, 05/20/2010 - 07:44 | 362548 suteibu
suteibu's picture

A guy on CNBC is blaming pictures of Greek riots for market volatility (tanking).  It's all your fault Durden.

Thu, 05/20/2010 - 07:46 | 362554 Sudden Debt
Sudden Debt's picture

nice... the media saying it's better to keep the people ignorant...

could work...

Thu, 05/20/2010 - 07:51 | 362564 silvertrain
silvertrain's picture

 I saw that, lol@he wanted them to cut it off..

Thu, 05/20/2010 - 07:45 | 362550 metastar
metastar's picture

Just wait until the summer heat really starts making people crazy!

Thu, 05/20/2010 - 07:48 | 362556 Mako
Mako's picture

I told Harry to hold onto his 10,000 party hat.

Thu, 05/20/2010 - 07:51 | 362567 Duuude
Duuude's picture

First Bellysnort of tha day!

Thu, 05/20/2010 - 07:48 | 362558 Sudden Debt
Sudden Debt's picture

Today they can only expect some lightning

http://www.weatheronline.co.uk/weather/maps/forecastmaps?LANG=en&UP=0&R=0&MORE=0&MAPS=over&CONT=euro&ZEIT=201005201147&LAND=GR®ION=0002

should be a good show

 

Wish you where here!

Greetings from Athens :)

Thu, 05/20/2010 - 07:47 | 362555 economicmorphine
economicmorphine's picture

It is fascinating to watch the hubris of man at work.  The Greeks will destroy what's left of their country out of self-righteous indignation, never quite grasping that their government can no longer give away what it has given away in the past because the cost of borrowing hsa gone up.  Speaking of never quite grasping, none of the rest of the world will grasp that they are in exactly the same boat as the Greeks.  Fascinating.  

Thu, 05/20/2010 - 07:52 | 362568 Postal
Postal's picture

+1 "All I know is my children are hungry and I don't have a job." Of course, that's somebody else's fault/responsibility...

Thu, 05/20/2010 - 08:31 | 362664 TBT or not TBT
TBT or not TBT's picture

Its like the cargo cults various island cultures developed after the departure of the GI's from Pacific Islands during WWII, but even dumber.   The cargo cults cleared "landing strips" and made "control towers" and performed ceremonies begging the american gods to come back with their amzing supplies of food and tools and goodies, to no avail.   The difference with the cargo cults is they can be forgiven for not understanding how all that material wealth came to be.   The Greek rioters have no such excuse.   

Thu, 05/20/2010 - 09:14 | 362782 primefool
primefool's picture

You dont get the deeper game . You see all these silly natives with "antennae" stuck to their heads running around pretend control towers - will be a Huge Tourist Attraction. The tourist dollars will be much greater than any imagined "cargo" that they were praying for!

Thu, 05/20/2010 - 12:08 | 363132 TBT or not TBT
TBT or not TBT's picture

And I thought vacations in Greece were all about the sea, sex and sun.    They could get that reputation going again if they could stuff the protests with bronzed eye candy, show that on the news.   Maybe Greece can be saved after all..if it they can find some bronzed eye candy.  Birth rates haven't been all that great for the last several decades.

Thu, 05/20/2010 - 13:12 | 363348 RockyRacoon
RockyRacoon's picture

There is still MILF-candy.  Must be popular or there wouldn't be an acronym for it.

Thu, 05/20/2010 - 08:44 | 362680 PhotonJohn
PhotonJohn's picture

The problem is that it is the wages of the very people that make things work (not that efficiently maybe) where the cuts always start. Not the funding to programs like "what are the effects of smoke on monkeys" or farm subsidies to corporations like Monsanto. Do you think these "statesmen" that we have, most that do not need a pension or paycheck, would ever say "you know what I do not need this and I am willing to do it for free until we can fix it"? I am all for cutting government but there are better places to start. I think this is what the protests are really about. Maybe I am just to blind to see it.

Thu, 05/20/2010 - 08:40 | 362693 snowball777
snowball777's picture

Primus - Pudding Time

http://www.youtube.com/watch?v=wkS11FsA2cs

You can have a lolly pop 
A candy bar a jelly bean. 
I'll buy you a rainbow 
To hang above your door. 
It's pudding time. 
Laughter is a sweet 
You can't put a price on. 
When laughter's all gone 
Daddy won't buy you more. 
It's pudding time. 
It's pudding time children. 
Money money monye 
To buy you things. 
Daddy's gonna buy you a 
Diamond ring. 

Humpty Dumpty sat on a wall 
Humpty Dumpty had a great fall 
All the kings horses and all the kings men 
Couldn't put Humpty together again. 

San Francisco bay the  Gulf of Mexico

Striped bass are dying. 
But you're gonna get 
That brand new bike 
Oh joy 
It's pudding time 
It's pudding time children.

Thu, 05/20/2010 - 07:48 | 362557 bobby02
bobby02's picture

Economis stimulus and recovery program: burn down lots of buildings -> construction spending -> jobs -> boost GDP -> better tax receipt -> narrow bond spread.

It's brilliant! You don't get to be a 3000-yr old civilization for nothing.

Thu, 05/20/2010 - 07:54 | 362571 Sudden Debt
Sudden Debt's picture

It doesn't end there!

 

burning bank employees -> hire new people -> shrinking workforce -> supply><demand = wages go up -> wages go up -> higher tax receipts -> narrow bond spread

Thu, 05/20/2010 - 07:59 | 362587 old_turk
old_turk's picture

OR:

burn down lots of buildings->move to Albania to herd goats->lots of rubble->no GDP->stiff everybody.

Who knew national strikes = national sport in Greece?

Thu, 05/20/2010 - 08:57 | 362738 contrabandista13
contrabandista13's picture

"......national sport in Greece?..."

naked men wrestling with naked boys.....

That kinda explains it all....

Best regards,

Econolicious

Thu, 05/20/2010 - 08:33 | 362670 TBT or not TBT
TBT or not TBT's picture

You forgot the "burning people" part.  They already partook last time around.  Two employees and a pregnant lady, a four-fer!

Thu, 05/20/2010 - 07:49 | 362559 AnAnonymous
AnAnonymous's picture

Lets see if this time the Greek government deploy more than a dozen of riot control police officers to protect the parliament.

Else...

Thu, 05/20/2010 - 08:40 | 362692 UGrev
UGrev's picture

All the police need to do is "Put some windex on it".. LAWL!!

Thu, 05/20/2010 - 07:49 | 362560 nedwardkelly
nedwardkelly's picture

So I actually watched a few minutes... Thought "wow that looks pretty tame, hardly any people". They were all just sitting around chanting, blowing whistles etc. Hardly violent or destructive.

Then a bunch of cops on bikes showed up and it actually looked like the protestors had found something to get excited about. Then all the cops just rode away.... Back to being tame.

Thu, 05/20/2010 - 07:51 | 362566 Renfield
Renfield's picture

Cynic. You probably yawned your way through the Y2K crisis too.

Thu, 05/20/2010 - 07:57 | 362579 Jeff Lebowski
Jeff Lebowski's picture

Watched that as well.  It was anticlimatic.

I think what you're missing is that the people whistling and chanting are off camera.

Thu, 05/20/2010 - 08:36 | 362678 TBT or not TBT
TBT or not TBT's picture

Maybe the media corporations thought better of "if it bleeds it leads" on this particular topic, after the flash crash.   This time it may be tape loop on bored strikers having a day off work.

Thu, 05/20/2010 - 07:56 | 362575 Sudden Debt
Sudden Debt's picture

it's still noon in Athens, people first have there siesta!

Never break tradition he :)

They get out of bed around 4 o'clock (another 2 hours)

Thu, 05/20/2010 - 09:23 | 362561 Renfield
Renfield's picture

Hmmm. Switzerland may be called on again in the coming week to swallow up another three economies' worth of euros.

Maybe some of those revolting peasants are actually speculators in disguise, doing what works best to get more of that Swiss-paid fiat in their pockets.

The War on Speculators is shaping up to enjoy the same success as the War on Drugs, War on Terror, War on Poverty...

ETA: May not have to wait until next week. Strikes in Greece, Romania, France (upcoming); critical bankster bailout vote tomorrow; upcoming German transaction tax; upcoming pan-Euro short-selling ban; capital flight into Swissie; breakup rumours every day hotly denied; oh and no workable solution of any kind put forward. And EUR up on steady buying, natch.

Thu, 05/20/2010 - 07:52 | 362570 jkruffin
jkruffin's picture

Benny and Timmy are in closed door meeting right now planning the QE 3.0 introduction.  The start of the hyperinflation model.  See you at DOW 30k, Gold 3k and Silver $300 before the collapse begins.  Once they stop the market trading, you know the money has system collapsed.

Thu, 05/20/2010 - 07:56 | 362574 Goods
Goods's picture

Leo what is your take on the riots going on in Greece, people there seem very restless about the austerity measures?

calm will be restored when the trillion dollars starts being felt in the financial system.

I see. But Tyler seems to be connecting the May 5th stock market crash to the riots in Greece?

Tyler, please, next time, wait to embed the interview before inserting your foot in your mouth!

Thank you for your time Leo!

Now, back to my favorite porn site. 

Thu, 05/20/2010 - 08:58 | 362740 Canucklehead
Canucklehead's picture

Goods, just a marketing observation.  The first few times you posted this it was quite funny.  To some it is now getting a bit stale.

I think you need to "juice" things up a bit or you may be seen in the same light as the "caricature" that you are presenting.

It's your call.

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