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Prudent Greek Fiscal Policy - Panhandling For Public Debt
Remember G-Pap's statement, repeated roughly once for every dollar of US sovereign debt, that Greece is not looking for financial aid? One could say the man knows a lost cause when he sees one (nobody can say they refused to help you if you didn't actually need help), which is why Greece has just become the biggest sovereign debt panhandler, begging its own people for a bailout. The Greek situation is now so bad that as of a few days ago there is a newly opened account titled "Solidarity Account for Repayment of Public Debt" at the Bank of Greece, which is now redirecting public donations straight for the "repayment of Greece's public debt." We hope these are tax deductible. This account has appeared about at the same time as California has started asking retail investors to directly invest in its critical $2 billion bond offering. In the sovereign crises of the future, will paypal donations play a critical role? All signs point to yes.
h/t Marco
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"In the sovereign crises of the future, will paypal donations play a critical role? All signs point to yes."
But only after GS repeatedly plunges it's blood funnel into the mouth of Paypal/eBay, after which they pick up the company stock for a song.
Do Greece and Cali really think that their citizens with money to spare at this point are dumb enough to tread where yield-hungry global investors won't, and in large enough numbers and amounts to make at least a dent? Guess we will find out. I smell desperation.
GS should just buy $5BB in bonds and derivatives. Then just deposit $1BB in the account.
Sorry to break it to you fellas, but we beat the Greeks to this one a long time ago - 1996 to be exact. Be patriotic, donate to reduce the national debt:
http://www.treasurydirect.gov/govt/reports/pd/gift/gift.htm
You couldn't make this stuff up if you tried...
http://www.dailymail.co.uk/news/worldnews/article-1256905/American-archi...
US Americans seem to be very good at building those things.
+10
I'm speechless. Well, maybe not. But the symbolism and timing of this "feat" and the subsequent article is not coincidental. I firmly believe the God(s) of hubris and irony are ROTFLOL(ing).
:>)
As if robbing people at gunpoint (more commonly known as "taxation") wasn't enough, these government a--holes now have the audacity to ask their victims directly for money. You'd have to be a complete and total moron to give money to these criminals.
Could not agree more. I cannot fathom why I would ever consider giving money to an entity that is openly robbing me and doing it's damndest to impoverish myself and everyone I know.
The US does it as well
http://hedgedin.wordpress.com/2009/12/29/turbo-timmah-has-a-plan/
You know how at the bottom of some spam there is sometimes a helpful link asking you if you would like to opt-out of spam from this particular sender? If you click it, it asks you for your e-mail address so it can update its database and promises you it will never ever deliver spam to you again.
What you just did was confirm for the e-mail spammer that your e-mail address is active AND that you will open spam for whatever reason. This makes your e-mail address extremely valuable because you have just self identified as the greatest of the greater fools. For companies who sell lists of names/e-mail addresses, this is considered the Gold Standard and they charge top dollar for these "greater fools".
So when you "donate" money to pay down the US deficit, what do you think you just self identified yourself as?
True that. There's a sucker born every minute.
Talk about hypocrisy:
Obama to urge Greece on fiscal stability
LOL, maybe Obama hasn't checked out the Fed's balance sheet or the state of US public pension funds lately, but he's not one to lecture on fiscal stability.
And "G-Pap" as you so rudely refer to him, is bang on about curbing excessive speculation using CDS. On the one hand, Zero Hedge castigates the "Vampire Squid", but on the other hand you defend Chanos and his hedge fund buddies who are in bed with Goldman, JP Morgan, et al.
I understand there are a lot of "free market" lunatics here who think all regulation is bad, but if you ever watched PBS's "The Warning", you'd see that Brooksley Born's warning fell on deaf ears and the OTC market still remains unregulated.
Get with the program ZH, you can't have it both ways. Yes, Greece has a fiscal crisis that is largely their own doing, but if you think speculators didn't gang up on them to try to rape them while they're down, then you're all smoking some serious shit. Hedge fund managers and investment bankers are only interested in 2&20, and they don't give a fuck of who gets hurt in the process. If they play fair, I got no problems with that, but I know this isn't always the case.
We have plenty of regulation. The problem is that regulations are not enforced on the banksters because the government is bought and paid for. If we enforced regulations while still allowing companies that risk and lose to fail, things would work themselves out. Lack of enforcement plus bailouts is the worst of all worlds.
U r a miserable man.
Not at all, I am actually very happy to expose bullshit & hypocrisy. :)
+1
Did you text that reply? Are you a 12 year old girl?
In the age of excessive leverage and illimitable lending, a natural concomitant of the global Keynesian economic structural overhaul at Bretton Woods, the assumption was "regulation". Even after its requisite dissolution in 1971, with the final abandonment of the dollar exchange for foreign gold, "regulation", through the continuation and augmentation of fiscal policies of the World Bank and the monetary largesse of the IMF and U.S. Treasury, consisted of vast capital flows with the direct and immediate intention of controlling foreign and domestic markets through lending and interest rate manipulation. All the various regulatory agencies SEC, CFTC, FASB and indeed the lending rating agencies are mere window dressing, have been co-opted, and stand culpable of collusion with the racketeering known as monetary policy. Why do you think poor Brooksley Born's warning fell on deaf ears? Why do you think OTC derivative markets remain "unregulated"? These markets are all too well "regulated" by the systemic and structural manipulation of capital by insanely complex financial instruments engineered by extremely devious "regulators".
During the Asian financial crisis the South Koreans (among others) answered their government's call for donations. Cash, gold, foreign exchange given to treasuries...what a sight to behold. Whether the Greeks are so patriotic (or wealthy) may be an issue here but don't be surprised if donations appear out of nowhere.
Deus ex machina
I will prefer death to giving anything to any government, including my own. Fuck the "public" debt. It is nothing but money looted from me without my consent at gunpoint to pay for the extravagances of the ruling oligarchs. You already extracted your pound of flesh via taxes and now you want me to willingly cut off my arms and legs and give it to you? For what? So the government and the public sector assholes can keep living like kings off of my hard work? No fucking way , Sir.
If you are talking about your guvmint sure it is run and owned by the Big Banks, by the Vampire anyway so I read and fair enough it has you bought and sold for generations. INot the public sector assholes who are reaping the rewards, mate, its the Vampire Bonuses & Its got Greek Lotto and airport taxes... And its coming to a country near the rest of us.
The problem I see is that there are no decent carefree long term investments out there for people who don't trade for a living, and institutions like pension funds, which from the few I've looked into (Dallas Police and Firfighters, for example) seem to employ firms to manage their money who don't trade for a living either.
Given a declining oil energy supply, there's no long term anything as we've known it. JQ Public, 62% of whom still believes (per a recent Pew survey) that his kids will have more opportunity for a better life than he does, is ripe for an investment that he doesn't have to think about. Those stocks in the old 301-k really didn't live up to their billing. JQ knows that bonds pay interest, and rich people invest in "stocks and bonds," ... and if he can get in ahead of the big boys, well hell, that's a deal. Hold my beer while I get the kids to show me how this pay pal thing works.
There is. PHYSICAL GOLD.
I understand the point of your post so I'm not responding but adding to what you're saying.
"there are no decent carefree long term investments out there for people"
"is ripe for an investment that he doesn't have to think about"
Clearly if ever there were an investment oxymoron, it would be "decent carefree long term investment". For anyone to believe such a thing exists speaks volumes about the individual and the system that proffers the idea or sells such an investment. Having been in the business for over 25 years, I've found first hand that many people are looking for exactly this type of "sure thing". This is one of the reasons people are attracted to bank Certificates of Deposit and ignore the hidden costs and fees associated with it.
As Barnum was accused of saying "There's a sucker born every minute".
http://en.wikipedia.org/wiki/There's_a_sucker_born_every_minute
My point, sadly ... as H L Mencken said, since we're bandying quotes about, "Nobody ever lost a dime by underestimating the intelligence of the American people."
Not that half the population isn't above average, it must be, but until recently there were some investments that didn't take much thought or attention. One's home, for example, didn't lose value with regularity in the span of the present generation's reference. One's skills used to last a lifetime, before computing technology and outsourcing increased productivity for everyone - except formerly productive people who were replaced by them. People born post WW 2 didn't have a lot of worries and 62% of an entire generation, one that grew up ingesting aerosol lead from gasoline fumes, still has no idea that life's no longer something to be taken for granted.
Sadly, many of those JQ's who are waking up a bit believe guns will provide for them, expecting chaos and collapse, since they appear to have little idea how the situation they're in developed and cannot envision anything outside of a "digital" viewpoint - it's either the way it was or hell on earth. Perhaps they're right, since self-fulfilling prophesy is probably the only type that seems to come about.
Thorny Xi,
You highlight numerous important and valid points in your response. Even those who think they have escaped the tentacles of the beast are still just as entwined as those they think they've left behind. Same game, different vantage point, same result.
We create our own reality, in ways the vast majority will never understand because they take as a given the "rules" and "laws" of man or nature. Those who know they know are the easiest to lead astray.
100,000 "loving" couples....nothing but Ghandi and Mother Teresa types.....fully provisioned for (at the outset)on an island of Madagascar size....100% isolated.
The experiment provides all resources necessary but requires work to use them.
Curious as to how the children would test at all age groups.
Would some "laws" of human nature appear novel to what we now expect? (yes, i've used lsd:))
40muleteam borax
Since the FED's and US Treasury's books are coming up a little short these days, maybe we should have a "moneybomb" for them? Maybe on April 15th?
Zimbabwe Ben can stand in front of the FED ringing a bell with a golden pot to drop donations in. Goldman Suchs can get the fundraiser going by dropping a couple of billion in.
Romano Prodi has declared the Greek crisis over. nothing to see here, move on!
This is pathetic.
Who voted for these idiots anyway?
"Oxymoron" seen tht abv and liked the word. Oxymoron is to see in Greek TV for hours the words "get back the money" addressed ofc to corrupted politicians and on the other hand poor elderly people donating their pension. But tell u wht, George A. Papandreou is a decent sincere and very tough minded guy and if not for him we greeks shud invented him.
If they let him and be able do the housekeeping cut down the expenses no need for loans, penhandling etc.
consider
-each constructed road mile costed 10 times the actual price, without ever completing the road.
-medicines etc in public hospitals costed upto 20 times the actual price .
-public servants noone knows their exact figure. Supposed tb 800.000 persons while they very well cud do with 250.000
-fuck up and cut down all the pimps moving around the public sector and put in the open all requisitions and offers as he promised to do
-reorganize and put in motion the IRS whc is heavily corrupted. Out of 30 billions last year only got 450 million.
That makes many billions and can make a long list but no need everyone ustands .
Anyone watch G-Pap's interview with Charlie Rose? This guy is second only to Mahmoud in evasiveness, unwillingness to admit the truth and eagerness to blame others. A bullshit artist extraordinaire, he always steered the conversation clear of anything concrete, and toward their stance on global warming. He also was careful enough to replace "solicitation" with "solidarity" whenever he was talking about asking for aid. WTF?
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