• Sprott Money
    05/06/2016 - 06:03
    The US, in its own decline, is showing this same self-destructive tendency. The worse things get, the greater the inclination of the citizenry to say, “Carry on, everything’s fine.”

Live Webcast From Syntagma Square: Summer Solstice/Vote Of Confidence Edition

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Tue, 06/21/2011 - 12:33 | 1389288 Fidel Sarcastro
Fidel Sarcastro's picture

The Banking Mafia has already decided the outcome.  Sadly, this won't matter.

Tue, 06/21/2011 - 12:57 | 1389360 JR
JR's picture

Right. The bottom line is the bankers have decided that whatever it takes they’re going to continue with this.  If they have to buy a parliamentary election, they have to buy a parliamentary election.  Who are these parliament members voting for? They’re voting for themselves, for money.

The stakes just get bigger… and bigger…

Tue, 06/21/2011 - 13:33 | 1389481 Herd Redirectio...
Herd Redirection Committee's picture

The Oligarchy will soon begin in-fighting.  That is a certain sign that the erosion of their power is irreversible.

 Check out the latest from the Capital Research Institute "0% Interest Rates - Who Benefits?":

http://www.capitalresearchinstitute.org

Although buying Greek debt seems like a terrible idea to a normal person, to a person who only looks at the bond market (or only the CDS market) the low price of Greek debt somehow convinced people that they were getting a good deal.  This should serve as a reminder to people, that investing in debt, AKA lending money to people you don’t know, is only a good idea if you are sure you will be paid back in full.  For those holding US debt, thinking this could never happen to you, well, you might want to reconsider.

The other day I was discussing money with someone, and I mentioned that as long as interest rates are at 0% the fundamentals remain the same: expect rising asset, food, and commodity prices, a continually devaluing currency, high unemployment, and basically, speculation will continue to be rewarded over savings and investment.

Tue, 06/21/2011 - 13:37 | 1389507 disabledvet
disabledvet's picture

"speculation" indeed.  that is not the job of Wall Street though somehow they got it in their head that it was.  how could that happen?

  http://www.youtube.com/watch?v=7TULYBRHBAs&feature=player_detailpage

anywho "i see business decisions being made this time" since fundamentals always apply.  again "think of it as a professional courtesy."

http://www.youtube.com/watch?v=TCnoFyQVZfg&feature=player_detailpage

Tue, 06/21/2011 - 15:54 | 1389951 Max Hunter
Max Hunter's picture

Market Condition


News Announcement Notice

Please be advised that the Greek Parliament has scheduled a confidence vote for 5 PM EDT (10 PM London Time) today. This is typically the time of day with the lowest liquidity, as U.S. trading hours end at 5 PM EDT. You may witness increased market volatility before and after the scheduled event. As a result, you may see increased spreads and decreased market liquidity around this time.

Please note - it is important to manage your open positions accordingly. To learn more about this event, please visit DailyFX.com.

Ohhh yeah baby!!

Tue, 06/21/2011 - 12:59 | 1389368 bankrupt JPM bu...
bankrupt JPM buy silver's picture

OPA!

Tue, 06/21/2011 - 16:51 | 1390186 faustian bargain
faustian bargain's picture

Other People's Assets

Tue, 06/21/2011 - 13:12 | 1389407 Cassandra Syndrome
Cassandra Syndrome's picture

If they keep striking and maintain power outages, they could bankrupt the country no matter what the Powers That Be do.

Tue, 06/21/2011 - 16:13 | 1390045 Ag1761
Ag1761's picture

Like throwing bad printed money down a massive hole.

Tue, 06/21/2011 - 16:47 | 1390185 Freddie
Freddie's picture

I loathe the bankers but the leftists in Greece and a lot of the public want FREE govt money.  They want Germany's standard of living and Greece produces nothing.  Without manufacturing or high tech or energy - they cannot have Germany's standard of living.    It is not just the bankers.  It is scumbags who want free stuff too.

Tue, 06/21/2011 - 18:48 | 1390637 PY-129-20
PY-129-20's picture

Yeah, Germany's standard of living - tell me about it. It actually sank over the past ten years - since...oh nevermind. Meanwhile I am getting used to SPIEGEL stories about rich Greek pensioners that get 2.000 EUR (net) monthly for having worked 30 years...something most Germans, even in the same profession and even when they work 15 years longer, would not get.

In a recent survey, a staggering 96 % voted for Greece to be kicked out of the EU. Still, we get our daily propaganda article why Greece is so fucking important for us and why we can't live without them and why we should send more money to them - oh, did I tell you that we are closing more and more public buildings here - schools, kindergarten, - in some areas they aren't even able to repair basic things in some schools. Something that would've been unimaginable twenty years ago, even after the reunification of our country... (we spent more than a trillion on that one - and it looks like we have to spent 2-3 trillions to rescue people from other countries that will hate us for that and we still have to excuse for being productive and having jobs...)

Let them default. This is just painful to watch. The EUR is a failed project - maybe it would have worked with France, Netherlands, Austria, Finland (I even would've taken Belgium in) - but this is a sick joke.

Thu, 06/23/2011 - 13:20 | 1395514 Herd Redirectio...
Herd Redirection Committee's picture

Well, Greece has tourism... So... I mean, does tourism entail the population actually doing anything, other than being nice to the tourists, and taking some, but not all, of their money?

Greece and Germany are different cultures, and different geographically. Why do you think Germany wanted Mediterranean islands in turn for forgiving Greece's debt?  Because the real estate is valuable, thats why! 

Bottom line, our society is sick, and we have raised people to behave in this way, superficial (concerned only with their appearance), feeling entitled, money is all that matters, fame is more important than accomplishment, who you know is more important than what you know, I could go on, and on.

Check out the latest from the Capital Research Institute "0% Interest Rates - Who Benefits?":

http://www.capitalresearchinstitute.org

"The inevitable default of Greece inches closer by the day, as does the eventual death of the US dollar, as world reserve currency.   For people not following the ongoing Greek bankruptcy saga, if you have briefly read the reports of a bailout for Greece you would be under the impression the Greek taxpayers are the ones being bailed out.  It couldn't be further from the truth.  The truth is, Greek taxpayers WANT to default on the debt, they know repaying the debt incurred on their behalf will be a lot more painful than simply refusing to pay the debt.  Debt foisted on the population by politicians, much the same as what has happened in America and Canada."

Tue, 06/21/2011 - 12:51 | 1389346 Ethics Gradient
Ethics Gradient's picture

They will be told: "If you vote 'No', it will be the end for Greece. Vote 'yes'. There's another vote on austerity coming, after all!". For the vote on austerity they will be told "If you vote 'no', it will be the end for us all. Don't decide for your people. This is the birth place of democracy! There is going to be a referendum, vote 'yes' and give them the choice.".

Then they will be told there's no referendum.

Simples.

Tue, 06/21/2011 - 12:56 | 1389350 Josh Randall
Josh Randall's picture

Riot Dog! Riot Dog! Riot Dog!

Tue, 06/21/2011 - 12:52 | 1389352 Long-John-Silver
Long-John-Silver's picture

When does NATO get involved?

Tue, 06/21/2011 - 13:03 | 1389381 Dreadker
Dreadker's picture

They don't have any oil... No need for NATO lol

Tue, 06/21/2011 - 14:02 | 1389586 GoinFawr
GoinFawr's picture

Olive oil.

Tue, 06/21/2011 - 14:07 | 1389608 Whalley World
Whalley World's picture

And Greece for the lube they will need for this one!

Tue, 06/21/2011 - 13:04 | 1389359 Mercury
Mercury's picture

...all of them will end up far worse off than if they could merely devalue their currency and tell Europe's bankers and the ECB to shove it. Alas, courtesy of living in a quote unquote democracy, this vastly popular decision will likely never happen in a peaceful setting.

Think it's going to be any different when the Feds agree to sweep California's (or pick your favorite agency or muni) debts under the U.S. taxpayer rug?

Tue, 06/21/2011 - 13:00 | 1389372 Corduroy
Corduroy's picture

Sorry - Absolutely not the same thing and nobody in this case is sweeping any debt under the rug

Tue, 06/21/2011 - 13:10 | 1389389 Mercury
Mercury's picture

Oh, really?

http://www.zerohedge.com/article/each-eurozone-household-will-guarantee-%E2%82%AC1450-greek-debt-2014

" A second Greek bail-out is almost certain to result in outright losses for taxpayers further down the road because, even with the help of additional money, Greece remains likely to default within the next few years. Another bailout will also increase the cost of a Greek default, transferring a far bigger chunk of the burden from private investors to taxpayers. "

Tue, 06/21/2011 - 13:14 | 1389432 Corduroy
Corduroy's picture

Hi mercury : Im not arguing about Greeces situation - I just have issue with your final paragraph

"Think it's going to be any different when the Feds agree to sweep California's (or pick your favorite agency or muni) debts under the U.S. taxpayer rug?"

I say absolutely not the same thing as there will be no direct austerity required as a result of sweeping such debts under such rugs. Plus I dont think the Fed will ever take the debt and it will be dealt with in a different way. Likely to be the mother of all loans to be paid back at .0000000000000001% interest :)

Tue, 06/21/2011 - 13:22 | 1389453 Dr. Richard Head
Dr. Richard Head's picture

The indirect austerity will still be in play though.  Actions such as sweeping the debts under the US taxpayer rug will require the creation of more credit at the expense of anyone who buys food or gas. 

Will anyone notice outside of the ZH walls when that happens?  Probably not.

Tue, 06/21/2011 - 13:39 | 1389501 Mercury
Mercury's picture

Getting big brother to absorb bad debt doesn't mean it magically goes away.  It will likely -at the very least-beget more (U.S. taxpayer) debt and/or a further devalued dollar.  Forced austerity for the public sector may be politically difficult but the austerity for everyone else that results from paying higher taxes and watching your dollars buy less is a near certainty.

Tue, 06/21/2011 - 12:59 | 1389367 Oh regional Indian
Oh regional Indian's picture

I wonder what syntagma means.

Nonetheless, this is just the beginning. When the real summer hits, I expect to see a few fires, literal and figurative.

July 16th and August 15th are key dates. July 16th is of course Doddering Frankenstein and trinity Test Memorial.

Greece will be a sideshow by August.,

ORI

http://aadivaahan.wordpress.com/2011/06/21/thunder-perfect-mind/

Tue, 06/21/2011 - 13:03 | 1389379 DavidC
DavidC's picture

The Square is named after the Constitution that King Otto was forced to grant the people after a popular and military uprising, on September 3, 1843.

http://en.wikipedia.org/wiki/Syntagma_Square

DavidC

Tue, 06/21/2011 - 14:06 | 1389604 GoinFawr
GoinFawr's picture

Pedant alert!

(j/k. Query posed, question answered. I was going to deliberately mispell something or dangle a participle just to annoy you.)

Tue, 06/21/2011 - 14:12 | 1389624 DavidC
DavidC's picture

Sorry, why? A question was posed, I answered it.

DavidC

Tue, 06/21/2011 - 14:46 | 1389652 GoinFawr
GoinFawr's picture

Like I said: just kidding. In fact I appreciate your appreciation of the English language, and your willingness to assist. A jape (weak, evidently); no offense intended.

Tue, 06/21/2011 - 15:26 | 1389865 DavidC
DavidC's picture

GoinFawr,
My apologies for misinterpreting.

DavidC

Tue, 06/21/2011 - 17:22 | 1390326 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

Hehe...He said 'Pedant.'

Tue, 06/21/2011 - 23:41 | 1390524 GoinFawr
GoinFawr's picture


.

But give him a hand anyway folks!

DavidC was obviously too polite to say anything. You, OTOH, can't use that excuse, so: my condolences.

Tue, 06/21/2011 - 13:07 | 1389384 Spastica Rex
Spastica Rex's picture

You probably think I don't like you, which isn't true at all, but I'm a westerner, and a cynical, tired westerner at that so I probably come off as a dick. But anyway, I'm very curious about your TEOTWAWKI ideas and if you think it's still on schedule. What is the schedule?

Tue, 06/21/2011 - 14:08 | 1389600 equity_momo
equity_momo's picture

T minus when youre exhausted thinking about it.

 

I reckon this clusterfuck can continue until late next year , just long enough for everyone to get tired of worrying , especially all the 2012 Mayanites. Then BANG.

So thats 18 months , 24 at a push ,  to get your shit in order. Alot longer than many people think. But still a nice IN YOUR FACE to 95% of the cabbages going about their American Idol lives.

Youre welcome.

Tue, 06/21/2011 - 15:07 | 1389809 Joeman34
Joeman34's picture

Contributors all over this site have been predicting another, more severe meltdown for 2+ years now.  Keep waiting/wishing...  TPTB will not relinquish their hold easily.  If we ever see a repeat like 2008/2009 again, I'm not sure it will happen anytime soon.  For illustrative purposes, I've heard for nearly 10 years now that U.S. interest rates have to rise.  Empirically, how has that call worked out???

Tue, 06/21/2011 - 12:59 | 1389369 MonsterZero
MonsterZero's picture

So will today's latest protest session in front of the Parliament do anything to change an outcome which the market has already decided is certain and favorable?

No.

Tue, 06/21/2011 - 13:04 | 1389373 Robslob
Robslob's picture

Well QE 2 has clearly funded the EU banks to kick the can so you can almost feel the need to dump our dollars on Greece in the form of Euros?

Tue, 06/21/2011 - 13:03 | 1389376 carbonmutant
carbonmutant's picture

The trick is getting out of the Parliament building...

Tue, 06/21/2011 - 13:02 | 1389377 pepperspray
pepperspray's picture

Plenty of space available

Tue, 06/21/2011 - 13:08 | 1389386 DavidC
DavidC's picture

If it gets through, the Greeks, to a man and woman, will strike and bring Greece to a standstill.

DavidC

Tue, 06/21/2011 - 13:10 | 1389400 williambanzai7
williambanzai7's picture

Tue, 06/21/2011 - 13:16 | 1389439 disabledvet
disabledvet's picture

You forgot to add the requisite "i am become death destroyer of worlds!" moniker.

Tue, 06/21/2011 - 13:22 | 1389443 optimator
optimator's picture

Waiting for the dawn, which will be much earlier and quicker than usual!

Tue, 06/21/2011 - 13:28 | 1389478 Cognitive Dissonance
Cognitive Dissonance's picture

Didn't they believe in cable ties back then?

Or did they just not care since they were going to instantly vaporize the cables and everything else within 400 yards?

Tue, 06/21/2011 - 13:43 | 1389516 disabledvet
disabledvet's picture

that's of course why our bombs explode better these days.  "we have Cable Ties."

Tue, 06/21/2011 - 14:56 | 1389774 Bagbalm
Bagbalm's picture

The cables have to be the same length because propagation time is critical for an implosion device. But if you roll them up neatly you create inductive delays.

Tue, 06/21/2011 - 15:03 | 1389783 disabledvet
disabledvet's picture

apparently a few deductive delays as well

Tue, 06/21/2011 - 16:00 | 1389986 hedgeless_horseman
hedgeless_horseman's picture

I am intrigued that a poster with a moniker that is an udder ointment knows such a thing as this.

Tue, 06/21/2011 - 16:19 | 1390057 disabledvet
disabledvet's picture

he's just a puppy.... with a large imagination.  now you have to bring "udders" into it.

Tue, 06/21/2011 - 13:46 | 1389539 JR
JR's picture

"We are observing the birth of global governance." -- George Papandreou

George Papandreou, international socialist and  scion of a Socialist dynasty whose father helped erect the sprawling Greek welfare state when he was prime minister in the 1980s, now presides over the culmination of his father’s policies - "a sinking ship.'' Today he’s delivering up his country’s infrastructure to the bankers.

As well as being prime minister of Greece and leader of the Panhellenic Socialist Movement (PASOK) party, he is president of The Socialist International (SI). Papandreou stressed at the UN summit in Copenhagen on December 18, 2009:  "At this time, we are observing the birth of global governance. We must, however, agree to an obligation and be committed to carrying this out.”

PASOK was founded in 1974 as a radical Marxist-inspired party that called for the dissolution of the country’s military alliances and for tighter government regulation of the economy... for the planned excesses of socialism...

The New American reported in June 2009 in the UN's Marxist Plan for Global Government "that one of the most important Socialist International-Sandinista ties comes in the person of former Sandinista junta member Miguel D'Escoto, who now sits as president of the United Nations General Assembly.” Writes The New American: “D'Escoto's UN Commission of Experts on Reforms of the International Monetary and Financial System is chaired by Joseph Stiglitz, who is also simultaneously chairman of the SI's Commission on Global Financial Issues...

 “Stiglitz's 2003 book The Roaring Nineties was described by Bloomberg News as "a cornerstone of President Barack Obama's blueprint to reshape the U.S. economy." Stiglitz, a Nobel Prize-winning economist, "mentored several members of Obama's economic team, including budget director Peter Orszag, 40, and Jason Furman, 38, deputy director of the National Economic Council," according to the Bloomberg story. -- The New American.com, 16 February 2010

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