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Troica Demands Deep Public Sector Cuts, Higher Taxes As Part Of Greek Bailout #2, Or My Big Fat Greek Anschluss

Tyler Durden's picture




 

So here it is:

  • EU, IMF: GREECE NEEDS TO REINVIGORATE STRUCTURAL REFORMS (so, fire more people and generate more GDP with whoever is left?)
  • EU, IMF: GREECE WILL REDUCE PUBLIC SECTOR EMPLOYMENT (so, fire even more peple)
  • EU, IMF: GREECE TO REDUCE TAX EXEMPTIONS, RAISE PROPERTY TAXES (So, generate more GDP by taxing people more?)
  • EU, IMF: `AMBITIOUS' MID-TERM PLAN, WILL MEET 2011-2015 TARGETS (If the targets are all Greek bankruptcy, yes)
  • EU, IMF: OVERALL ASSESSMENT GREEK PROGRAM `SIGNIFICANT PROGRESS (uh, where?)
  • EU, IMF: GREEK ECONOMY TO STABILISE AT TURN OF YEAR (Idiots)

And now, the people get angry. Expect live webcast from Syntagma square shortly.

Full release:

3 June 2011 - Statement by the European Commission, the ECB and the IMF on the Fourth Review Mission to Greece

Staff teams from the European Commission (EC), European Central Bank
(ECB), and International Monetary Fund (IMF) have concluded a mission to
Greece to discuss recent economic developments and policies needed to
keep the country’s economic program on track. The mission has reached
staff-level agreement with the authorities on a set of economic and
financial policies needed to meet program objectives. Strict
implementation of these will help to restore fiscal sustainability,
safeguard financial sector stability, and boost competitiveness to
create the conditions for sustained growth and employment.

Overall, significant progress, in particular in the area of fiscal
consolidation, has been achieved during the first year of the adjustment
program. However, reinvigoration of fiscal and broader structural
reforms is necessary to further reduce the deficit and achieve the
critical mass of reforms needed to improve the business climate and pave
the way for sustainable economic recovery.

Regarding the
outlook, the recession in 2010 was slightly more
pronounced than what was anticipated. But there have been encouraging
signs recently, in particular a notable pick-up in exports. Unit labour
costs are set to decline further, supporting the strong export dynamics,
and inflation is on a declining trend. We expect the economy to
stabilize at the turn of the year.

In the
fiscal area, further sustained deficit reduction will
require comprehensive fiscal structural reforms. The government has
committed to an ambitious medium-term fiscal strategy that will enable
it to maintain its 2011 and medium-term fiscal targets. This strategy
includes a significant downsizing of public sector employment,
restructuring or closure of public entities, and rationalization in
entitlements, while protecting vulnerable groups. On the revenue side,
the government will reduce tax exemptions, raise property taxation, and
step up efforts to fight tax evasion.

The government is committed to significantly accelerate its
privatization program. To this effect it will create a
professionally and independently managed privatization agency, and has
drawn up a comprehensive list of assets for privatization with the aim
of realizing revenues of EUR 50 billion by the end of 2015. The
government will assess progress against intermediate quarterly and
annual targets.

In the
financial sector, liquidity remains tight, but policies
are in place to ensure adequate liquidity provision for the banking
system. The banking sector remains fundamentally sound and the
authorities are increasing capital requirements to further strengthen
capital buffers, giving priority to private market-based solutions.
However, the Financial Stability Fund is available as a backstop for
viable banks that cannot raise capital in the private market.

Further progress has been made with
structural reforms. Legislation to modernize public
administration, reform healthcare, improve the functioning of the labor
market, remove barriers to setting up and operating a business and
liberalize transportation and energy has already been passed or is
underway. The government will continue to push ahead in these areas,
with a particular emphasis in coming months on growth-drivers such as
reviving the tourist industry and removing administrative barriers to
exports. To make sure that the reform frameworks are effective as soon
as possible, the authorities will strengthen the process of
implementation, including through technical assistance from the IMF, EU
Member States, and the European Commission, and put monitoring
mechanisms in place.

Building on the agreed comprehensive policy package, discussions on
the financing modalities for Greece’s economic program are expected to
take place over the next few weeks. Once this process is concluded and
following approval of the IMF’s Executive Board and the Eurogroup, the
next tranche will become available, most likely, in early July.

 

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Fri, 06/03/2011 - 11:42 | 1336198 baby_BLYTHE
baby_BLYTHE's picture

Government cannot collect revenue in deflation. So they will print, print and printl

Fri, 06/03/2011 - 11:45 | 1336239 Aductor
Aductor's picture

No, they won't. It's not within its powers. Germany will never allow ECB to print the same way chairsatan has done. Expect the EUR/USD to print 2.00 - the amount of hopium produced by the troika is just stupendous.

Fri, 06/03/2011 - 12:12 | 1336351 Robot Traders Mom
Robot Traders Mom's picture

So the European Central Bank operates under strict monetary rules and transparancy?

Please feel free to expand...

Fri, 06/03/2011 - 12:29 | 1336399 Aductor
Aductor's picture

No, of course not. But money printing is somewhat more complicated for the ECB.

Fri, 06/03/2011 - 12:39 | 1336434 Robot Traders Mom
Robot Traders Mom's picture

Just like putting hotels on Park Place is technically more complicated than putting hotels on St. James in Monopoly...

Fri, 06/03/2011 - 12:45 | 1336467 Aductor
Aductor's picture

If you can't see the point trying to be made here, you really must have bought the story about European unity. The Euro is flawed by design, which is precisely why we are witnessing this farce and it is precisely the reason why good old Jean Claude has had a much harder time than the Bernank.

Fri, 06/03/2011 - 13:15 | 1336588 dracos_ghost
dracos_ghost's picture

I'm not seeing your point. Jean Claude may have better PR but the EFSF is definitely printing money and basically ramming it down member states throats. They need to reguage the elitists bank accounts by forcing more debt -- hence print more money.

If anything, the EU being flawed by design with even more room to print than the Bernank.

Fri, 06/03/2011 - 13:27 | 1336656 Robot Traders Mom
Robot Traders Mom's picture

Bingo. Thanks for doing my job without the sarcasm...+1

Fri, 06/03/2011 - 16:43 | 1337514 Aductor
Aductor's picture

The question was not whether the ECB prints money, but whether it would be just to "print, print, print". I don't think the ECB with some 20+ sovereigns/fiscal policies is quite in the same spot as the Bernank. JCT may want to print, but the political landscape is quite different compared to US.

Fri, 06/03/2011 - 12:41 | 1336449 Ahmeexnal
Ahmeexnal's picture

Meanwhile, in a parallel universe, Belarusia is being sucked into a black hole, while the rest of the world plays ostrich head in the ground pretending they don't see the incoming tsunami emanating from the erstwhile soviet province.

http://news.belta.by/en/main_news?id=634878

"As of 1 June inflation in Belarus is estimated at 20.2%."

With prices soaring 20% in just 2 days, the Belarusian multi Ph.D. economists should take a cue from the CME and hike margin rates for food, gas, and well...everything under the belarusian sun...because those price increases are a clear sign of a bubble.

And when the CHF hits 1.20USD in a few minutes/hours, another house of cards comes down.

Fri, 06/03/2011 - 13:12 | 1336563 hedgeless_horseman
Fri, 06/03/2011 - 11:45 | 1336243 camaro68ss
camaro68ss's picture

A bunch of pissed of greeks not getting there hand-outs anymore... this is not going to end well

Fri, 06/03/2011 - 11:59 | 1336289 dwdollar
dwdollar's picture

And a bunch of arrogant bankers trying to suck the blood of a dried up corpse.   Definitely not going to end well.

Fri, 06/03/2011 - 13:16 | 1336553 Bob
Bob's picture

God, I hope it doesn't "end well."  I hope that our fat, lazy Greek brothers throw down like a drunken extended family in a trailer park holiday celebration when the COPS film crew shows up.  Banksters should be understood as mankind's common enemy, imo.  The Greeks are at the cutting edge. 

View the Greeks as badly as you like as a people, but at worst what we've got is a bunch of bullshitters telling the banksters that they best not try bullshitting bullshitters.

Said banksters have no trouble grinding down better people, anywhere you might look.  No trouble at all.  They even have armies of useful idiots out there evangelizing for fiscal responsibility/austerity.  Talk to the hand. 

Anschluss was a perfect choice of words for this situation.

We maybe probably gotta tax the financiers into something more nearly resembling their proper place.  Before it's too late. 

If we're not gonna put 'em behind bars or on lamposts where they belong.

Fri, 06/03/2011 - 13:04 | 1336548 tmosley
tmosley's picture

Here's hoping they return to their roots: http://www.youtube.com/watch?v=EmOH5f1J1Uc

Hopefully the emissary is a banker.

Fri, 06/03/2011 - 12:02 | 1336308 glenlloyd
glenlloyd's picture

They gave up their printing press when they joined the club.

Fri, 06/03/2011 - 12:27 | 1336320 Zedge Hero
Zedge Hero's picture

World Revolution anyone?  Down with the Global Bank Cartel.

http://www.youtube.com/user/ze­dgehero

Fri, 06/03/2011 - 12:25 | 1336394 chet
chet's picture

I think this ends with Greece out of the Euro.  Just a feeling.

Fri, 06/03/2011 - 12:36 | 1336428 Vuvuzela
Vuvuzela's picture

Can someone explain the financial system in Europe ?

All nations states have to borrow though ECB and no nation state can print ?TY

Fri, 06/03/2011 - 11:38 | 1336199 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

It's all greek to me.

Fri, 06/03/2011 - 11:42 | 1336218 Silver Dreamer
Silver Dreamer's picture

You might as well be speaking Chinese.  We all will or Russian by the end of this.  ;-)

Fri, 06/03/2011 - 11:52 | 1336268 Korrath
Korrath's picture

I think China has far more problems beneath the surface then most people would believe; one of the benefits of having an authoritarian centrally planed government is that ability to hide most of the toxic crap building up in your system.

...you may have point on that Russian thing.  Time will tell.

Fri, 06/03/2011 - 12:38 | 1336437 Things that go bump
Things that go bump's picture

They're so sly.  All this time they have been quietly building up their arsenal, never opposing us directly unless our proxies encroach on their backyard, and allowing us to over-extend ourselves.  

Fri, 06/03/2011 - 11:52 | 1336271 A Man without Q...
A Man without Qualities's picture

Basically, they've not managed to reduce spending, reduce the deficit or increase tax revenue, but they've promised to try really hard in the future, whenever that comes.

The markets are going to take great cheer from these new promises from the Greeks, and forget the jobs number in order to close green...

Fri, 06/03/2011 - 11:40 | 1336203 knukles
knukles's picture

LOL

Fri, 06/03/2011 - 11:40 | 1336205 carbonmutant
carbonmutant's picture

Definition of Loan Shark on Investopedia - A person or entity that charges borrowers interest above an established legal rate.

Fri, 06/03/2011 - 11:45 | 1336214 Abitdodgie
Abitdodgie's picture

I hope they take the bailout , or it will be bad business for us ,because whilst the world gets in debt its easy money

Fri, 06/03/2011 - 11:45 | 1336215 jus_lite_reading
jus_lite_reading's picture

BOTH WAYS THE PEOPLE LOSE!!!!!! THE BANKSTERS WIN!!!!

Fri, 06/03/2011 - 11:46 | 1336249 Ray1968
Ray1968's picture

Only until the return of the Guillotine.

Fri, 06/03/2011 - 11:41 | 1336216 DoChenRollingBearing
DoChenRollingBearing's picture

Bullish.  Am I the first to get that out?

More seriously, Greece has been Act One in a very long and very bad play.  Coming to a theatre near you.

If you do not have gold, you should go buy some ASAP.

Fri, 06/03/2011 - 12:34 | 1336418 Shell Game
Shell Game's picture

Agree, risk is rising for retail to find, 'Gold sold out, restock date unknown', at their local dealer.  Shock and aweful time is nearing..

Fri, 06/03/2011 - 11:44 | 1336217 AldoHux_IV
AldoHux_IV's picture

Much like here in the US, the unholy union of policymakers and bankers will only rape and pillage the peasantry-- spending doesn't matter when it comes to billions of bailouts that have only made the financial system more unstable and deviate further from its original purpose of utility, trillions in stimulus that have not moved the economic needle (in real terms), but it now matters when it comes to social benefits for those who couldn't benefit from the ponzi that is the world economy what a joke.

Nothing like manipulative MSM, police batons, and pepper grenades to help implement rapacious initiatives.

Fri, 06/03/2011 - 12:47 | 1336483 duo
duo's picture

Could you imagine what America would be like if foreigners owned our utilities back in the early 1900s?  Only the rich parts of certain cities would have running water and electricity today.  Rural farms, forget it, the investors need their money back.

The toll both economy.  Owned by bansters for banksters.

Fri, 06/03/2011 - 15:16 | 1337127 Milestones
Milestones's picture

Good analogy!!  I like it.     Milestones

Fri, 06/03/2011 - 15:24 | 1337176 Milestones
Milestones's picture

An add on the advise to Greece:

1) Take the $$ never mind the terms!

2) Up from 1--2Bn for ground to air missles

3) Up from 3 --5Bn for some good tanks from Russia

4) new-1Bn for RPG's (rocket propelled gernades)

5) 1 Very stealth bomber equipped with--well ya know!

6) Wine, women and song and lots of it

Fuck you Europe      Milestones

Fri, 06/03/2011 - 14:21 | 1336892 duo
duo's picture

Could you imagine what America would be like if foreigners owned our utilities back in the early 1900s?  Only the rich parts of certain cities would have running water and electricity today.  Rural farms, forget it, the investors need their money back.

The toll both economy.  Owned by bansters for banksters.

Fri, 06/03/2011 - 11:45 | 1336222 buzzsaw99
buzzsaw99's picture

OT - It looks like A.G. Holder finally found a safe target to go after. John Edwards, whatever. Could he be any more irrelevant?

Fri, 06/03/2011 - 11:45 | 1336240 traderjoe
traderjoe's picture

They'll let Goldman lie to Congress, but not baseball players. It's ok to steal our money in plain sight, but don't mess with our bread and circus. 

Fri, 06/03/2011 - 12:04 | 1336315 buzzsaw99
buzzsaw99's picture

the squid is the law.

Fri, 06/03/2011 - 11:54 | 1336263 Joe Davola
Joe Davola's picture

He's hot on the case of the BCS - look out Tostitos!

Fri, 06/03/2011 - 12:02 | 1336295 nantucket
nantucket's picture

funniest avatar and screen name EVER!  almost spit out my diet pepsi laughing at that one.

Fri, 06/03/2011 - 12:06 | 1336324 Thisson
Thisson's picture

You're not the only one with an appreciation for the Seinfeld reference.

Fri, 06/03/2011 - 11:47 | 1336227 Rodent Freikorps
Rodent Freikorps's picture

Why not just kill them all, and repopulate the country with less useless humans?

There are only 10 million of the lazy bastards. That would only be half a Stalin in mass death terms.

Fri, 06/03/2011 - 11:54 | 1336260 Herman Strandsc...
Herman Strandschnecke's picture

What incentive to work and progress if you lose your democracy and national assets to bankers and the EU. That is why the EU will fail because our pride and national heritage is being taken away bit by bit.

Fri, 06/03/2011 - 11:53 | 1336275 Rodent Freikorps
Rodent Freikorps's picture

Sell it to the morons. These whiny, lazy bastards lived beyond their means, and now want to protest when the bill comes due.

Pay the bill you ran up.

Fri, 06/03/2011 - 12:03 | 1336312 Herman Strandsc...
Herman Strandschnecke's picture

Maybe so but they are thinking about their grandchildren. And their sovereign homeland. Don't let the bankers and the EU elite take your country.

Fri, 06/03/2011 - 12:27 | 1336386 DeadFinks
DeadFinks's picture

Why weren't they thinking when the sold their grandchildren and homeland to the bankers and EU elite?

Fri, 06/03/2011 - 12:36 | 1336436 Herman Strandsc...
Herman Strandschnecke's picture

Yeah, it's a mystery ain't it? Same goes for USSR, China, Germany 1936~45, Ireland, UK, etc.

Herman Beach-Screw

Fri, 06/03/2011 - 12:41 | 1336462 DeadFinks
DeadFinks's picture

Throw the U.S. in there too. 

Fri, 06/03/2011 - 12:42 | 1336472 DeadFinks
DeadFinks's picture

Throw the U.S. in there too. 

Fri, 06/03/2011 - 12:46 | 1336473 DeadFinks
DeadFinks's picture

Throw the U.S. in there too. 

Fri, 06/03/2011 - 12:51 | 1336486 zaknick
zaknick's picture

You and the rodent have it backwards. The banksters havebeen shaping society and perceptions for hundreds of years. These people never had a chance. Forced to work like an animal after going through a barren educational system, with a government of, by and for elites, constant crypto-fascist brainwashing in every piece of information consumed...the Classics which spelled out our true, unchanging humanity relegated to the dustbin or reserved for the "true" masters of mankind (the better to manipulate) with the financial ability to get a real education.

You serve them well by allowing yourselves to be manipulated. Not surprised at the rodent though. Couldn't find a stupider person if you tried. Oh wait, there's always Spalding Smailes (btw where the hell are his rosy predictions now??) and that pathetic excuse of a human being, topcallingtroll.

This right here is why the banksters are winning; smalls brains and no due diligegence (exactly what you accused the Greeks of).

Fri, 06/03/2011 - 12:53 | 1336495 zaknick
zaknick's picture

.

Fri, 06/03/2011 - 12:58 | 1336498 zaknick
zaknick's picture

!

Fri, 06/03/2011 - 12:56 | 1336518 Silver Dreamer
Silver Dreamer's picture

We do hold some responsibility in the amount of debt we hold ourselves and the welfare We the People have come to demand, but the game is definitely rigged in favor of the banksters.  They know the majority are thieves willing to sell future generations into slavery to maintain their falsely high living standards.

Fri, 06/03/2011 - 12:57 | 1336514 Silver Dreamer
Silver Dreamer's picture

Yeah, ditto for the Americans too, right?

Fri, 06/03/2011 - 11:43 | 1336229 rockraider3
rockraider3's picture

Who the fuck are the IMF and EU hiring to do this analysis?  What a bunch of morons. 

Fri, 06/03/2011 - 11:46 | 1336230 Cleanclog
Cleanclog's picture

Greece should just default already.  Punish the bankers, who are really the beneficiaries of the bailouts, not the Greeks.  Greece default not weakness, but more like defiance.  First out will be first to reset and restructure with a future.  We should take note.

Fri, 06/03/2011 - 11:44 | 1336238 Abitdodgie
Abitdodgie's picture

Why punish the banksters if the people are stupid enough to let this happen , fuck um

Fri, 06/03/2011 - 11:56 | 1336280 Cleanclog
Cleanclog's picture

But look at how stupid the bankers were.  Why should they be bailed out?  They're "paid" to assess the risks - but their payment is a bailout by non-banking people.  Quite ugly.  And not limited to Greece.  Greece is the metaphor not the contagion.

Fri, 06/03/2011 - 12:05 | 1336322 Hansel
Hansel's picture

The banksters failed to properly assess Greece's ability to repay -- the banksters only job when lending money.  Let them suffer the consequences of their actions.

Fri, 06/03/2011 - 12:39 | 1336452 chinaguy
chinaguy's picture

You forgot the banker's other (and most important) job....to corrupt and subvert the government & legal system so they never take risk.

Fri, 06/03/2011 - 12:57 | 1336524 Silver Dreamer
Silver Dreamer's picture

Do you feel the same way about America then?  How have we been any different??

Fri, 06/03/2011 - 13:12 | 1336575 Things that go bump
Things that go bump's picture

Aren't you one of the people?  How can the people be complicit when so few actually understand what is going on?  

Fri, 06/03/2011 - 12:36 | 1336429 Shell Game
Shell Game's picture

Iceland, bitchez.

Fri, 06/03/2011 - 11:43 | 1336231 firstdivision
firstdivision's picture

Sell south Cyprus to Turkey.

Fri, 06/03/2011 - 11:49 | 1336232 Herman Strandsc...
Herman Strandschnecke's picture

Here's the live link. Scroll down page

http://www.xodrobizeli.gr/2011/05/livestream_25.html

Fri, 06/03/2011 - 11:44 | 1336235 Xibalba
Xibalba's picture

Ahhhh...socialism....drink it in Greeks.

Fri, 06/03/2011 - 11:47 | 1336236 Cdad
Cdad's picture

And up steps the perpetual BlowHorn [CNBC] to toss whatever is left of its declining viewership [and even more rapidly declining credibility] onto the bonfire in order to pimp this always hopeful story of a Greek bailout.  

Thank you shill Bill Griffith.  You should have stayed on leave.

COMCAST collapse anyone?

Fri, 06/03/2011 - 11:52 | 1336269 SheepDog-One
SheepDog-One's picture

As the CNBC whoring business dries up, the anchor whore skanks have to gyrate and dance ever more wildly!

Fri, 06/03/2011 - 12:42 | 1336466 tickhound
tickhound's picture

We should hope that one day CNBC is held accountable and found complicit in the fraud... Along with the aider and abettor whoring hosts.

Jim Cramer... "He (Lenny Dykstra) is one of the great ones!"  -In 2008 for just $999.99 one could access Lenny's "picks" from Street.com

Fri, 06/03/2011 - 11:58 | 1336273 Cdad
Cdad's picture

Classic!  Pimp the rumor that Greece is okee dokey...then move on to a segment about the National Spelling Bee.  Seriously, is there a crack addict running NBC these days?

NBC/COMCAST...the Kingdom of Irrelevance.  The New American Marxist/Banker Party would like to thank all of the advertisers for their support for our paper mache network.

Fri, 06/03/2011 - 11:44 | 1336237 writingsonthewall
writingsonthewall's picture

Tax hikes - yes, because that's the fastest way to destroy any hope of growth.

The only solution to the Greek crisis is currently protesting in the main square of Athens - the people need to overthrow the banks, kick the bondholders out and return to old values.

I am happy to lend the Greeks money to help them rebuild - what I am not prepared to do is lend the Greeks money to save the European banks collapsing.

Fri, 06/03/2011 - 11:48 | 1336253 traderjoe
traderjoe's picture

You got the first two paragraphs right, but missed the finale. 

Sovereign countries DO NOT HAVE TO BORROW MONEY. See the Lincoln Greenback and Kennedy Silver Certificate. Printed currency/scrip right from the Treasury. No interest, no debt-money, no debt-slavery. 

Yes, the Lincoln Greenback was still fiat money, but at least it was the money of the people. 

 

Fri, 06/03/2011 - 12:15 | 1336349 zelter
zelter's picture

The Lincoln Greenback was debtmoney issued, in the main, at interest, your mythologising notwithstanding.

Fri, 06/03/2011 - 12:31 | 1336405 traderjoe
traderjoe's picture

At interest? Bullsh@t. What was the interest rate? Please provide citations.

http://uts.cc.utexas.edu/~wbova/fn/history/greenbacks.htm

Fri, 06/03/2011 - 13:30 | 1336667 zelter
zelter's picture

Read the damned Acts (online) and Congressional debates (online) and publications at the time (important ones on archive.org), and you'll learn that the Greenbacks were NOT interest-free, and in fact came in a mixed package (by the end, 1,100 mil. bonds at six percent, 1,200 mil. notes at 7.2 percent, 400 mil. notes bearing no interest) from the get-go. (The small "interest-free" portion could be deposited and collected interest on, and has been in part, anyway.) The average interest rate was about six percent every six months, in coin.  Hence national debt that could never be paid off, and never has. Must be why the banksters were the Greenback scheme's--it was not Lincoln's nor his Dick's conception by a mile, by the way--greatest supporters.

As to your other showing of idiocy which I left unaddressed, by the "Kennedy Silver Certificate" I presume you mean Executive Order 11110, infamous among conspiracy kooks, which you have never read. It only authorised the Secretary of the Treasury to begin to phase out silver certificates, not increase them.

Since the only recent sound monetary system came from the dreaded Dolfy, at complete odds with your probable glib libertardian dogma, feel free to squirm away.

Fri, 06/03/2011 - 14:36 | 1336947 I_ate_the_crow
I_ate_the_crow's picture

Zelter is half-right here on the Greenback, but only through distinction. Interest is really inconsequential. The power of the current banking system is primarily in fractional reserve lending, and secondarily in collecting interest on loans to the government. 

Focusing on the interest issue overlooks the utility of the government issuing the currency itself, and thus controlling how much currency is in supply and where any interest payments are redistributed. If you're interested in learning more about this, take a look at the State Bank of North Dakota. They don't issue their own currency so it's only half of the idea in practice, but it does have total control of where the profits are redistributed (hint: they don't go to banksters).

Zelter is also right about Executive Order 11110. Kennedy certainly wasn't murdered by Oswald, but his silver order didn't really scew with the Fed directly (but his anti-military industrial complex ideas definitely screwed with the oligarchy's mafioso collectiona agency, the US Army).

Fri, 06/03/2011 - 14:53 | 1337035 zelter
zelter's picture

I'll answer this at length later (and traderjoe) if I remember to, though I'm kind of busy right now (and later too). Still, two points:

1.) Please read the following: http://www.yamaguchy.com/forum/index.php?topic=2.0

Lincoln consolidated the National Banking System and the debtmoney system that existed up until the Federal Reserve.

2.) We do not have fractional reserve lending, we have no-reserves lending. The credit multiplier is a myth, banks lend to whomever is available. It is all bullshit at this point where money is backed by debt that must grow exponentially.

Fri, 06/03/2011 - 14:43 | 1336991 traderjoe
traderjoe's picture

First, I am a proud card-carrying member of the anarcho-capitalist sect. http://en.wikipedia.org/wiki/Anarcho-capitalism

Second, you have actually proved my point in several respects, but let me touch on your EO 11110 comment first. Where in the executive order does it discuss the "phase out" (your words) of silver certificates? Here's the order: http://en.wikisource.org/wiki/Executive_Order_11110. It doesn't, by the way. 

Third, you have acknowledged that Lincoln issued $400 million in interest-free currency. Colloquially, that is what is referred to as the Lincoln Greenback - the physical currency that had a green reverse side: http://www.21stcenturynetworker.com/articles/the-real-american-economy/. I'm happy to cite other articles, but whether there was an additional component of bonds involved in his financing plans was beyond the purvey of my original point. As was the nefarious fractional reserve banking system under-pinned by Federal debt. 

The key distinction being that this was a United States Note issued interest-free directly from the Treasury, as opposed to a Federal Reserve Note borrowed from a private banking cartel (I guess that makes me a conspiracy kook). http://en.wikipedia.org/wiki/United_States_Note - read the section on the Comparison to Federal Reserve Notes.

Whether the Lincoln Greenbacks received interest upon deposit is a different matter. They were interest-free currency issued directly from the Treasury. You do not seem to dispute this fact. 

Fourth, 9/11 was an inside job: www.buildingwhat.org.

Fri, 06/03/2011 - 14:37 | 1336955 Thisson
Thisson's picture

True, but while those might be improvements, they still are not constitutional money.  We need a combination of constitutional money and a ban on fractional reserve banking.

Fri, 06/03/2011 - 11:45 | 1336242 Hondo
Hondo's picture

We need to get rid of all these idiot thinkers from all global agencies......close them all down (think of the money and lives saved).  The proposal doesn't even make logical sense......they're playing to idiots...the Greeks should revolt....I will support the move to liberty.

Fri, 06/03/2011 - 11:49 | 1336244 slaughterer
slaughterer's picture

Fire people and tax them to death while they are earning nothing.  Nice plan.  Expect a wave of Greek "immigrant workers" to reach Germany and France in a week or so.

Fri, 06/03/2011 - 11:46 | 1336245 Silverhog
Silverhog's picture

Anymore austerity and Greece will explode. Farce taken to perfection.

Fri, 06/03/2011 - 11:52 | 1336254 Rodent Freikorps
Rodent Freikorps's picture

What austerity?

Fri, 06/03/2011 - 11:51 | 1336251 Dick Darlington
Dick Darlington's picture

Banking cartel is once again having a huge boner. Amazing how they still can be so excited for a few months of delay of the inevitable ie. default and exit from the eurozone. All the european tbtf's are spinning spain, italy and belgium. One by one the banking cartel's favorite countries are nearing bankruptcy and now it's time to spin the last ones which haven't been bailed out yet. And when the time comes, it's finally bye bye french wet day dream. I just hope it comes soon.

Fri, 06/03/2011 - 11:49 | 1336255 alien-IQ
alien-IQ's picture

commence burning the city in 5...4...3...2...

Fri, 06/03/2011 - 11:50 | 1336259 b_thunder
b_thunder's picture

no, not jsut fire them from their jobs - sell them into slavery!

 

Fri, 06/03/2011 - 11:50 | 1336261 Racer
Racer's picture

How about bondholders and banksters paying?

Fri, 06/03/2011 - 11:54 | 1336262 SheepDog-One
SheepDog-One's picture

My Big Fat Greek bend over and grab the ankles!

Fri, 06/03/2011 - 11:56 | 1336286 Herman Strandsc...
Herman Strandschnecke's picture

lol. Don't forget to attach the EU flag bumper sticker like we are forced to have on vehicle licence plates. Feck the EU.

Fri, 06/03/2011 - 12:01 | 1336302 Franken_Stein
Franken_Stein's picture

Strandschnecke = "beach snail" ?

Funny name you have there.

Fri, 06/03/2011 - 12:08 | 1336319 Herman Strandsc...
Herman Strandschnecke's picture

Its Strand-Schnecke. Herman.

Fri, 06/03/2011 - 11:54 | 1336264 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

This isn't about the EUR (we all know that this is a junk bankrupt currency), this is about the USD... which shows it's true worth when people would rather have EUR in this current climate.

While the U.S. citizenry sat idle buy, the privately owned FED devalued their currency even closer to it's intrinsic value.

Fri, 06/03/2011 - 11:54 | 1336265 wombats
wombats's picture

So where would the Greeks get money to run their gov't and economy in the future if they default on their debts today?  Who in their right minds would give them anything in the future?  Even the Euro banks can't be that stupid could they?

Fri, 06/03/2011 - 13:49 | 1336764 FeralSerf
FeralSerf's picture

Maybe they could try printing some?  Why not call them drachmas?  Or dollars?   The Americans and Argentines print money and some idiots accept it.  Why can't the Greeks?

The Euro banks thrive on debt.  The bigger they are (and  the more debt they have) the more they thrive -- just like TBTF American banks.

Fuck the EU.  It's not like they're not already fucked.

Fri, 06/03/2011 - 11:54 | 1336266 augie
augie's picture

Don't it make you feel bad?
When you're trying to find your way home you don't know which way to go?
When you're going down south and there's no work to do
And you're going on to Chicago!

...

Thinking about my baby and my happy home

Going - going to Chicago
Going to Chicago
Sorry, but I can't take you

Going down - going down, now

Going down - going down, now

going down....

Fri, 06/03/2011 - 11:59 | 1336284 markar
markar's picture

Greece can't default until they overthrow their govt. first. Wake me when Papa is swinging from his ankles in Syntagma Sq. Mussolini style.

Fri, 06/03/2011 - 11:58 | 1336291 jal
jal's picture

The USA will soon be hiring the Troica to make the decisions that the lawmakers cannot.

 

The template is already in place.

+++

 

This strategy includes a significant downsizing of public sector employment, restructuring or closure of public entities, and rationalization in entitlements, while protecting vulnerable groups. On the revenue side, the government will reduce tax exemptions, raise property taxation, and step up efforts to fight tax evasion.

The government is committed to significantly accelerate its privatization program. To this effect it will create a professionally and independently managed privatization agency, and has drawn up a comprehensive list of assets for privatization with the aim of realizing revenues of EUR 50 billion by the end of 2015. The government will assess progress against intermediate quarterly and annual targets.

 

Fri, 06/03/2011 - 12:06 | 1336310 traderjoe
traderjoe's picture

The logical conclusion of the fractional reserve banking system is the ownership of all productive assets by banks. Banks create money out of thin air, take collateral and charge interest for loans. Through the process of inflation and deflation, all productive collateral will be eventually taken over. Privatization of state assets is another gift to the bankers, they'll earn fees for leading the sales and then help their fractional reserve friends buy the assets with digital money created for free. 

Fri, 06/03/2011 - 12:21 | 1336365 jal
jal's picture

 

The Saudies might be interested in buying a fully operational aircraft carrier with a full complement of well trained mercenaries.


 

Fri, 06/03/2011 - 13:49 | 1336780 FeralSerf
FeralSerf's picture

How many fully equipped camels will it hold?

Fri, 06/03/2011 - 11:59 | 1336292 rlouis
rlouis's picture

Raise property taxes - cuz it's so easy.

Last week the San Francisco Bay Area Rapid Transit system (BART) revealed that they had been holding secret meetings in violation of the Brown Open Meeting Act. One of the discussion topics was how to implement a parcel tax.  It isn't enough that they are supported by sales tax, which allowed the directors to approve overly generous pay and pensions programs (some janitors make $100k per year).  Even with tax payer support, the transit fares are high enough to make a New Yorker cry, and yet... in order to find more ways to squeeze the public they break the law.   

Greece - banksters vs public employees - a real class struggle to make everyone else pay

 

Fri, 06/03/2011 - 12:01 | 1336304 nobusiness
nobusiness's picture

Why does the S&P rally on news that a $350 Billion economy is postponed from distruction and it ignores the same day news that a $14 Trillion dollar economy is falling apart?????

Fri, 06/03/2011 - 12:03 | 1336313 nathan1234
nathan1234's picture

That's because the PPT has money and want the markets up. They will pump in $14 trillion if needed too.

Fri, 06/03/2011 - 12:07 | 1336314 traderjoe
traderjoe's picture

Because the Fed/banking cartel are buying. 

Fri, 06/03/2011 - 12:06 | 1336311 treemagnet
treemagnet's picture

At least they'll riot properly.  The Irish are just quietly getting drunk.  Wake up and throw something hey!

Fri, 06/03/2011 - 12:07 | 1336317 Central Wanker
Central Wanker's picture

Democracy & Capitalism...

Those were the good old times!

Fri, 06/03/2011 - 12:05 | 1336318 apberusdisvet
apberusdisvet's picture

Why don't they just invade using the US Marines (or NATO sychopants)?  It would be more transparent when you are going to take over and loot a country.

Fri, 06/03/2011 - 12:09 | 1336323 Franken_Stein
Franken_Stein's picture

 

I support Greece by eating Greek feta cheese and using Greek olive oil.

There's nothing more I can do about it.

I'm not in charge of things.

 

When I was young I used to drink some nice ouzo or metaxa.

But those days are gone.

 

Fri, 06/03/2011 - 12:28 | 1336410 richard in norway
richard in norway's picture

or you could grab an uzi and join the revolution

Fri, 06/03/2011 - 12:41 | 1336446 carbonmutant
carbonmutant's picture

Or you could serve cocktails....

Fri, 06/03/2011 - 12:12 | 1336334 youngman
youngman's picture

I heard the occupied the "federal reserve" building....?????

Fri, 06/03/2011 - 12:11 | 1336344 tradewithdave
tradewithdave's picture

Obviously you fail to understand what is happening.  All those people gathering in front of Greek landmarks, they're not protesting... they're lining up in those zig zag lines like they have at theme parks when you're waiting to get on the roller coaster. 

Theme parks are about being happy and celebrating.  What could be better than an entire country owned by a Fortune 500 corporation?  It's like a Sovereign Truman Show, but so much bigger and more exciting. 

http://tradewithdave.com/?p=6686

Dave Harrison

www.tradewithdave.com

 

Fri, 06/03/2011 - 12:14 | 1336345 nathandegraaf
nathandegraaf's picture

Congratulations on once again being mentioned on Bloomberg.  The veil must be getting a lift if Bloomberg is mentioning honest to god facts.  They even let Rosie speak his mind yesterday.  Weird world 

Fri, 06/03/2011 - 12:35 | 1336438 Shell Game
Shell Game's picture

Reality is allowed into the msm when deflationary forces benefit CB agenda.

Fri, 06/03/2011 - 12:15 | 1336348 Caviar Emptor
Caviar Emptor's picture

Greece is the word....

Pledging the Acropolis and free Moussaka and virgins for life to all EU finance ministers, bankers, and politicians. 

It's going to be a huge party on Santorini next week! 

Fri, 06/03/2011 - 12:22 | 1336364 virgilcaine
virgilcaine's picture

people used to rob the Banks.. now the Banks are robbing the people, sheople.  They are hitting first like the Wolves they are.

Fri, 06/03/2011 - 12:26 | 1336401 Use of Weapons
Use of Weapons's picture

It is rather painful when the only current robbery Robin-hood style manages to target the banks owned by... the common people [allegedly].

 

http://www.lutontoday.co.uk/news/local/watford_bank_bomb_alert_suspect_i...

 

And yes, Luton is very proud that two of its sons went to give what-for-in-Watford!

Fri, 06/03/2011 - 12:44 | 1336460 Herman Strandsc...
Herman Strandschnecke's picture

Luton-the arsehole of the world. Lol

Fri, 06/03/2011 - 12:24 | 1336370 Iriestx
Iriestx's picture

Must.  Close.  Green.

Fri, 06/03/2011 - 12:30 | 1336373 virgilcaine
virgilcaine's picture

ZH Owns bloomberg.. Tyler makes their machines speak. The ability to decipher and analyze and intelligently write about what comes out of it is amazing to me. Genius factor.

Fri, 06/03/2011 - 12:22 | 1336374 LRC Fan
LRC Fan's picture

Well there goes the DXY back on the highway to a 72 handle.  Probably by the day end it will be there. 

Fri, 06/03/2011 - 12:26 | 1336378 alien-IQ
alien-IQ's picture

Wow...USD getting pounded mercilessly.

Fri, 06/03/2011 - 12:25 | 1336393 LRC Fan
LRC Fan's picture

How sad is it that the Dow is still down 2% this week while the Dixie is also down 2%.  Fucking pathetic markets. 

Fri, 06/03/2011 - 12:32 | 1336424 alien-IQ
alien-IQ's picture

Since 9:30 the /ES has traded straight up thanks to the USD going straight down. Typical. Killing the dollar to save the market.

the final hour could get interesting.

Fri, 06/03/2011 - 12:34 | 1336431 LRC Fan
LRC Fan's picture

Yeah, obviously the ES will close well off its lows.  No chance of a reversal here.  Just like there is never any solid downside confirmation on any sell off, ever.  Yesterday could have been if we had closed near the lows but nah. 

Fri, 06/03/2011 - 12:26 | 1336381 Phat Stax
Phat Stax's picture

They secretly are jonesing for real souvlaki, thus the trip.  The commentary to the announcement is priceless!

Fri, 06/03/2011 - 12:31 | 1336413 strannick
strannick's picture

Between 'my big fat greek anchluss' and waiting for the white smoke of Q3, I know I have my homepage set to the right place.

Tyler (whatever he is: Paul could hold up an IPAD with Tyler's 'Fight Club' face icon and a dialogue box underneth: the VP is afterall just a 'figurehead') should run as Ron Paul's running mate, with Max Keiser as Secretary of State. Does anyone really, REALLY think, that such a slate wouldnt dramatically improve the state of the union??

Fri, 06/03/2011 - 13:21 | 1336600 zaknick
zaknick's picture

That is a beatiful dream

BUT not gonna happen without a major cognitive infiltration of real values and real people (not apparatchiks) into the bankster Matrix. The MSM is owned lock, stock, and barrel.

Who you gonna call?

Fri, 06/03/2011 - 12:33 | 1336425 Comrade de Chaos
Comrade de Chaos's picture

The longer the real issue is ignored, more ill the patient will become. And they don't have too look far, just to take a cue from our employment numbers and how much it has been helpful to throw in the good money after bad money. 

 

 

 

Fri, 06/03/2011 - 12:36 | 1336430 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Fed's Tarullo Says Banks Need More Capital to Avoid Systemic Risks

Bear/Lehman 2.0....so which bank(s) is/are at the Discount Window?

Fri, 06/03/2011 - 12:38 | 1336440 Bob
Bob's picture
Anschluss, My Big Fat Greek . . . now that was beautiful, Tyler. 

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

Fri, 06/03/2011 - 12:40 | 1336441 carbonmutant
carbonmutant's picture

The Euro apparently likes this deal...

up 161 pips so far...

Fri, 06/03/2011 - 12:46 | 1336475 chinaguy
chinaguy's picture
while the USD/CHF is @ .835
Fri, 06/03/2011 - 12:45 | 1336442 SirIssacNewton
SirIssacNewton's picture

Let's face it......Germany and France have too much invested in this idea of the Euro because it was supposed to be the entry way for the one world government (at least, in their minds).  The PIGS are being prepared for their overt serfdom serving their overlords.  Greece will be bailed out, but they will no longer control their own destiny.  They are, in fact, merely negotiating the terms of their surrender.  The terms.... pledge us everything....sell us everything for cents on the dollar.....wear these collars so we know where to find you...at all times.  Greece will henceforth be renamed "Euro Prefecture Zone #9."

No one wants to take the haircuts we all know they need to.....including the U.S.  It sucks, but the pain of avoidance only allows the infection to go deeper and, in reality, has already caused irreparable harm.  I wish the PIGS would just default and leave the Euro zone, because at least the wounds would be exposed and maybe the real doctors can be allowed in to start the healing process.  This won't happen.....because the PIGS.....want their welfare checks even if it costs them everything they should value.  The way this is going....the implosion will be in slow motion with periodic accelerating explosions.

Fri, 06/03/2011 - 13:02 | 1336531 jmc8888
jmc8888's picture

Umm, no, it has nothing to do with welfare. 

Sir Issac Newton was a fraud btw.

Fri, 06/03/2011 - 13:13 | 1336556 strannick
strannick's picture

"Euro Prefecture Zone #9."

Germany's Blitzkreiging Euro-Fiscal Panzer Divisions.

Why send in tanks when the politicians will just give it away.

Fri, 06/03/2011 - 12:37 | 1336445 Greeny
Greeny's picture

It's funny how EUR going straight up, like they have no DEBT

and no problems, Time to short those suckers soon.

 

Fri, 06/03/2011 - 13:17 | 1336596 youngman
youngman's picture

The Japanese Yen is up too....this is so funny..I am going to get drunk...why we keep comparing these curriencies to each other is a joke...

Fri, 06/03/2011 - 12:40 | 1336459 Clowns on Acid
Clowns on Acid's picture

Surprised ? Absolutely not. The ECB cannot let Greece default as Spain would surely follow and the EU banks would be double fecked. R/E would crumble even more, and meeting the capital requirements would force the ECB to print even faster.

All those layed off Greek Gov't "workers"...sloths, can go hang on another tree somewhere because they have transferable skills?

Is the ECB has just volleyed the bag of shiite back over the net to the Fed / Treasury. ECB gambles that the Fed will resume QE3 equivalent or let the US equity market crumble.

That is why one sees the bounce back from lower levels in ES this morning. ECB has tried to snooker Fed to bring QE3 (or equivalent non de plume) on earlier than expected. 

What will 'lil Timmy do now?

 

Fri, 06/03/2011 - 12:52 | 1336492 Greeny
Greeny's picture

I expect Bernank to announce on the next FOMC meeting that

Fed will reinvest those papers (fin. instruments) back to

the Market, sort of QE 2.5, which will support the Markets.

Let's watch. By the way for example FED's balance sheet right now

is about 18% of GDP and Japanese 30%, so FED have planty

room for more QE's. I'm buying quality stocks f*ck the shorts!

 

 

Fri, 06/03/2011 - 12:42 | 1336471 aerial view
aerial view's picture

Nix word Independence from dictionary

All countries are Dependent on Bankstas

Eliminate their power or remain a slave

There is NO other solution!

 

Fri, 06/03/2011 - 12:51 | 1336502 Miss Expectations
Fri, 06/03/2011 - 12:55 | 1336505 JR
JR's picture

The spectacular plunder that the IMF wreaks upon its “client” nations is bringing a host of examples now that DSK has brought the IMF into the media spotlight.

London Independent columnist Johann Hari today has another shocker. When the IMF came into help the small country of Malawi in Southeastern Africa with its severe economic problems, the outcome more closely resembled putting Malawi’s resources into bankers’ pockets.

Writes Hari: “They ordered Malawi to sell off almost everything the state owned to private companies and speculators, and to slash spending on the population. They demanded they stop subsidizing fertilizer, even though it was the only thing that made it possible for farmers – most of the population – to grow anything in the country’s feeble and depleted soil…

“So when in 2001 the IMF found out the Malawian government had built up stock piles of grain in case there was a crop failure, they ordered them to sell it off to private companies at once. They told Malawi to get their priorities straight by using the proceeds to pay off a loan from a large bank the IMF had told them to take out in the first place, at a 56 percent annual rate of interest… The next year the crops failed.  The Malawian government had almost nothing to hand out.  Aid workers who were there watched as the starving population was reduced to eating the bark off the trees and any rats they could capture.”

Says Hari: “Imagine a prominent figure was charged not with raping a maid, but starving her to death, along with her children, her parents, and thousands of other people.”

But in global politics, of course, that’s not a crime.

Fri, 06/03/2011 - 12:57 | 1336521 jmc8888
jmc8888's picture

When Greece revolts, we better not send any 'advisors'.  (of course we will)

Are they trying to create Al-Greece-a? They're doing a mighty fine job of it.

Greece too needs Glass-Steagall

 

 

Fri, 06/03/2011 - 13:11 | 1336558 shushup
shushup's picture

No Problem - S&P 1500 by month end. The jokes on us.

Fri, 06/03/2011 - 13:25 | 1336641 PulauHantu29
PulauHantu29's picture

So when does the next Nobel Peace Prize winner, Sarkozy, send in NATO troops to Greece?

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