This page has been archived and commenting is disabled.
Tim Backshall Of CDR Summarizies The Greek Predicament In 3 Quick Minutes
One of the smarter people out there, yet one who constantly confuses his hopium kool-aid for other more alcoholically infused beverages, Credit Research's Tim Backshall, provides our temporally challenged viewer a 3 minutes crystal summary on the next steps for Greece (sorry, no Hollywood ending here), what record negative basis spreads mean (ref: Hollywood ending), on why idiots who say Greece is irrelevant with its mere 3% of European GDP are idiots (ref: Bear Stearns), what the contagion will look like, and how a Greek restructuring will be effectuated (will, not may).
»
- 16098 reads
- Printer-friendly version
- Send to friend
- advertisements -
You mean it wasn't a fat finger trade? Or a B instead of an M? Or some covert attack from China and North Korea??
for those who understand french
watch the french political class start to really panic
and even threaten the market rumour mongers...
too funny - too late
http://www.tsr.ch/video/info/journal-19h30/#id=1931942
Your link is a .ch. Should it not be Switzerland instead?
Yes.
Télévison Suisse Romande
Geneva.
Close to the French border. :)
Ya that was crystal clear... now when the socialist wake up we will have a clear view.
I'm amazed at how many people I used to admire are saying just that, "Greece is only 3% of EU GDP" etc etc etc - A real life example: My firm said this in a recent presentation to clients. My clients were the only ones who laughed out loud when this was said... meanwhile everyone else nodded as they enjoyed their helping of "V shaped recovery" kool-aid.
it was a very sad time.
Greek shoots! (courtesy john_connor)
We heard the exact same argument about Subprime, that it was only a small percentage of the overall housing market.
1:55
Why is default not good news?
Why is a fresh start bad?
A clean slate sounds fine by me. Sounds good to the Greek people too apparently.
Still in "investing"? Still have claims on the future, not to be, bound in paper chains? Fuck you. Do over one way or the other.
it is scary news in the short term...like the pain of quitting cigs...you know you will be better long term, but short term, pain, for everyone
I just remembered why I quit watching those tv programs. Utterly useless. Did I hear the woman host casting a waoooh on her way?
The man explained quite well the reasons he thinks a default bad news.
Would slow all the rest, making it longer to get out of pain.
Socialism on parade. What a pathetic, ugly and sad situation. Maybe there is a chance that people will wake up, but I'm not betting on it right now.
actually, rich folks in Greece pay almost nothing in taxes while workers pay a fair amount - their actual tax collections are very regressive with VATs etc, much more so than US, so their state might be bloated, but they also asked lower end workers to pay for whole thing.
"Socialism on parade." Absolutlety, you've hit the nail right on the head. Postively, Right! If this OUTRAGE continuses, it will only bring about the DEATH of the Empire! OMG, like...whatever...
I feel sorry for those that have to bare the burden of those that can't. I mean, it's like why can't THEY???
/endSarcasm
Personally, I think that a Greek default is inevitable and (could be) beneficial if the suffering of the Greeks wakes the US up to what is coming here. (Sorry, all you nice Greek people, my country and family are my first concern so if your stupidity coming back to smack you in the face can help my country, I'm just hoping we pay attention.)
The Greeks should default and then hope that the Eurozone will give them a little charity to survive until they wake up and start working hard enough (and spending what you can afford) so they can start rebuilding their country.
Our country needs to do the same thing!
I have been seeking a fanciful Grecian Urn to store the ashes of my remaining Euros...Does Craig still have a list?
Yeah, Craig still keeps his list. I recommend using Craiglook.com, which allows one to search the entire USA. You have a choice of 14 Grecian urns...
http://www.craiglook.com/sale.html?q=grecian+urn
Watch this:
and this:
I'm not a fan of the guy interviewed in the first video. He speaks in half and unmentioned truths. I find it amusing when he says that S Europe is endanger of sliding back into the "2nd world." In the 3 world model/idea, the 2nd world is composed of communist states, the first world was/is the capitalist "free world", and the third world was every other poor bastard looking in/the battleground. Maybe that's what he meant, but I doubt it. He seems to think that the only way forward for S Europe is to eat depression/austerity on the behalf of N Europe and it's banks. He doesn't even mention default and EU fracture as a mere possibility, let alone an inevitability? Perhaps I have the mood wrong, and my finger is not on the pulse, but I don't see the Greeks or other nations seeing the value in austerity and depression so that the banksters/financial terrorists/N Europe/Wall St can avoid bankruptcy. I could be wrong, but I doubt it. When/if I have to eat a depression and austerity, I can assure you the banks/Wall St/big government are coming with me. My son gets a clean do over, or daddy dies a patriot, it's as simple as that.
Next video. (Thanks for posting Leo, btw.)
"My son gets a clean do over or daddy dies a patriot, it's as simply as that."
Amen, brother.
I will cite you as the author of "My son gets a clean do over, or daddy dies a patriot, it's as simple as that. " every time I use it. Perfect.
Ok. I really like the second guy. He knows what's going on. Good juxtaposition on the two videos, worth watching. The only thing I would add is that it may seem insignificant, but I believe Iceland to be the test case. A very small insular peaceful society was brought to mass demonstration, acts like tossing red paint on bankers, voting by referendum to not pay back ransom to foreign countries/banks, and blowing up cars to avoid usurious impositions. Look what the same scenario is wreaking in Greece. Think what will happen when the same thing comes knocking in places like "we're always good for a riot" France, and the road rage gun toating US.
What's coming is epic. Epic like the Biblical flood. We are at the dawn of a new historical era, and what we are feeling now are just the first twinges of labor pain. It will get much much worse, before even a glimmer of hope will surface; IMO.
+2010
Yep, the shit is starting to hit the fan.It can break at any second too.
Faster than the Wankster disappeared
Go long physical gold.
Been long Au for years.
Time now to build the bunker, er I mean house, on the farm. Featuring inch thick rolled steel shutters with nice slits to allow sunlight in and Pb and Cu out...
the bunker also should have revolving machine gun torrents
err house on the farm .. with wire fortified property lines ,
I disagree with you crabcake, about the observations of Mr. Gay. His thesis about Greece, and by extention, Italy and Portugal, were 2nd world. It was posited at the creation of the Eurozone, that it would be a 'rising tide. Northern 'industrial' Europe would carry the load with production and the South could do so by tourism. It is where Europe went to 'summer' and American tourists loved the South.
The second speaker was spot on, and it is a reason rarely put to the front about accountability. These are middle class protestors demonstrating about the lack of austerity and accountability by the rich/corrupt.
Also Spain, Italy, and Greece have a significant small farm economies. Many of the 'unemployed' are on farms, as in family farms and not agribusiness.
25% of the Greek workforce supports the rest. 25% is unemployed. The government was the employer of last resort. They lost a bundle on the Olympics.
We have misinformants like larry kudlow grousing about the people protesting as 'whiners' on the dole. He is careful to omit the oligarchs.
Also Mr. Gay was spot on in his comparison to the banks at the meltdown, and the government's absorbing the bank debt whilst trying to resuce the economy.
Where they both went wrong was to coverup the FRAUD.
Also the failure to hold those who perpertatedit to account.
As someone who voted to the President, and was fooled into thinking he would drain the swamp. He instead, became an accessory after the fact. Clearly, a choice he made. It was his first major error, I beelieve it will ultimately be his undoing.
When this hits here, there will be more than teabaggers in the streets. There are rumblings of clear thought at Huffpo and Firedoglake. Kos is still in the tank. I think Ratigan, who I am amazed has a job, and Schultz who is a bit dumb about this, but gets good guests, and even Matthews is becoming smarter about the banksters.
The senate votes, and the Administration have been absolutely craven and will doom us to a Eurofate.
The pigeons will come home to shit.
Next the rest of Europe and then the US.... World Wide Depression soon...
It all matters! I remember watching some Greek, on this site, saying we have no problems. Now, I'm hearing the same from Spain, etc. Whenever you hear shit like that, run for the hills. The USA is in the same boat, and the masses are being lied to, and of course most don't have a clue in this country. History is not only repeating, but this time it is different, despite what the denialist say.
Being the reserve currency buys us an extra 2 years or so...
In the long term I think this is good. It seems like EU is the only major economic area that's forcing it's members to make "hard choices" instead of going to quantitative easing. Unlike other regions the money printers clearly have limits in the EU. This will force Eurozone governments to live within their means or default on their debt. I think either event would be beneficial,in the long run.
In the short term: anyone who buys bonds now has to be INSANE.
http://www.youtube.com/watch?v=8spKRu5w7Gk
Gold really seems like the ONLY asset to buy. Most of the world's governments are too leveraged to make good on their promises,at least without hyperinflation. Once IRELAND,UK and the US go everyone will wish we were dealing with small and insignificant countries like Greece collapsing.
BUY GOLD.
Anybody got a light ?!?!?!?!?
If that's a spliffy I sure do.
Well done.
Only 3%, eh? As most European banks have greater than 30:1 leverage, it would only take a 3% hit to wipe them out, Tower of Basel II parlor tricks notwithstanding. Another fun fact is that OTC/UTT bets involving sovereign references are not even subject to the manifestly inadequate collateralisation requirements of other riverboat gambling products in the festering quadrillion dollar plus derivatives pyramid. Because sovereign risk so negligible.
This was posted on May 1st - a week before the crash.
'11,250 / 300 is an area of significant resistance and if this level can’t be breached it should signal the end of the March 2009 bear market rally - the weekly DOW chart shows an expanding wedge indicating a significant move is probable - this remains an overbought bear market rally and the uptrend could falter at any time - the VIX index continues to give bullish warnings which is bearish for equities - long term charts of key equity indexes continue to give bearish warnings and the March 2009 lows will be breached in my opinion - USD Index bullish warnings since 2009 on the weekly and monthly chart have not changed and further USD strength and thus EURO weakness is still expected '
http://www.zerohedge.com/forum/latest-market-outlook-0
http://stockmarket618.wordpress.com
three minutes lol
try 5ive seconds
creeping Keynesian debt, The OTC derivative credit default swap is about to clean the clock of the world. Der Spiegel is right but the debt is there. It will not go away but only grow bigger.
(Deleted)
EU does not bailout Greece. EU loans Greece. So does IMF.
The problem is that democracy has been violated as goverment made a constitutional coup d'etat by giving a NON ELECTED FinMin authority to by pass Parliament (aka Vouli=will of citizens) as regards to financial matters and other possible austerity measures. It is a form of totalitarianism like the one in Socialist Republics of Eastern Europe that collapsed 20 years ago.
Against all those false dilemmas, democracy gives answer. Jubilee. Solon did it 2600 years ago to relief people from debt so that they can not be enslaved.
All other ways to deal with this problem is a way to keep things going as they did, that is how they brought the world to this condition, but with more debt. The corrupt system is trying to survive by consuming the whole world. If you thing that bailouts are the answer you are fooled. It is like the pouring water in the bootomless pit of Danaides.
Democracy is the answer. Otherwise the mases will find leaders that Hitler will look like a pet in front of them.
I've uploaded a new DOW chart.
http://www.zerohedge.com/forum/latest-market-outlook-0
http://stockmarket618.wordpress.com
A few faithful carrying the flag of sense and sensibility. The rich and powerful men in this world OWN the media, they tell the masses the best way to drink the cool-aide...and they obey.
The Mayan's ended their calendar in 2012. How convenient.
...pay no attention to the mayan caledar, it is a barbarous relic...