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One Third Of Athens Businesses Shuttered

Tyler Durden's picture


Two weeks ago we showed the human aspect of the absolute economic collapse in Greece (because depression is too light a word to describe what is happening in this globalist vassal collony) when charting Greek unemployment surging by 1% in one month to 24.4%, and which as of September is likely nearly 30%. What this means in practical tax revenue terms (if the tax collectors were actually doing their job collecting taxes, instead of striking) is that there is nobody generating any economic products and services, and thus no state revenues. Today, Kathimerini confirms this, in a report that almost a third of all business in Athens have now shuttered: "The number of shuttered shops on the capital's busiest commercial streets, Panepistimiou and Stadiou, also hit a record high in August, reaching 34.7 percent on Panepistimiou and 42 percent on Akadimias, up 14 percent in the last six months." And so the close loop continues as fewer businesses are around to hire less people, generating less state revenue, encouraging less businesses to open and so on, until the entire country collapses in a heap of worthless debt.


Greece's deep recession has forced almost a third of businesses in the capital's commercial district to close down as shrinking incomes and frequent strikes drive Athenians away.


Tens of thousands of small businesses, which make up a big chunk of the struggling economy, have shut since Greece secured a 110-billion-euro bailout package in 2010 in exchange for promises of painful austerity measures.


On the capital's cobbled pedestrian shopping streets, long lines of shops are boarded shut while others have «Everything must go» signs plastered across their windows. Some arcades, once bustling with activity, are empty and enclosed by derelict buildings.


In the city's «commercial triangle», where generations of merchants had run successful businesses a stone's throw from the central Syntagma Square, an August census by retail lobby group ESEE found 31 percent of shops had closed.


That was up 13 percent from August 2010, just months after the government secured the first of two multi-billion euro international rescue packages.


"There are no signs that this percentage will fall and this is very worrying,» said ESEE head Vassilis Korkidis, estimating that about 63,000 Greek businesses were at risk of closing down within the next year.

The good news: it is still warm and the millions of hopeless Greeks dont have to worry about heating themselves for at least a few more months. This will change soon.

"It will be a very difficult winter - perhaps the toughest in the last three years,» Korkidis told Reuters. «Many businesses will not make it."

One social class is still doing ok: the wealthy.

While business has slowed across the city, it is less evident in the wealthier suburbs where two of the capital's biggest malls, home to many foreign designer brands, still attract shoppers.

Finally for those who think a comparable confluence of circumstances has never transpired in the past, may we suggest reading up on the last days of the French monarchy, and why holders of guillotine stocks as the anti-rich revulsion finally swept through France first and the entire world next, were the New (pardon the pun) Killing It.


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Tue, 09/25/2012 - 08:11 | 2827295 GetZeeGold
GetZeeGold's picture



Only a third? That's pretty damn impressive.


Tue, 09/25/2012 - 08:22 | 2827326 N. B. Forrest
N. B. Forrest's picture

Atlas will soon shrug and they will then all close. 


When the current political system has a steak in its heart, then they will rise again out of the ashes of the current fascist regime. 

Tue, 09/25/2012 - 08:28 | 2827350 francis_sawyer
francis_sawyer's picture

2 out of 3 ain't bad...


Tue, 09/25/2012 - 09:19 | 2827519 Precious
Precious's picture

Say it again.  Big cities are no place to be unless you are a politician out to control a large citizendum. 

Tue, 09/25/2012 - 09:51 | 2827630 Nothing To See Here
Nothing To See Here's picture

If only Athens could get a little loan extension and some more inflation to grow their way out of this. Really, that's all they need. - P. Krugman

Tue, 09/25/2012 - 08:46 | 2827405 cossack55
cossack55's picture

I was not aware that there were so many people of Greek extaction living in Athens, Georgia. Hmmmm...

Tue, 09/25/2012 - 09:10 | 2827484 flacon
flacon's picture

Many Americans are not aware that there are any other countries besides "America".

Tue, 09/25/2012 - 09:24 | 2827537 krispkritter
krispkritter's picture

What do you mean when you say 'Other countries'?

Tue, 09/25/2012 - 10:14 | 2827691 MachoMan
MachoMan's picture

Places that primarily watch forumula one instead of nascar...

Tue, 09/25/2012 - 09:30 | 2827557 Lohn Jocke
Lohn Jocke's picture

Russian tanks enter Georgia, citizens of Atlanta report confusion because they didn't know that they shared a border with Russia...

Tue, 09/25/2012 - 09:30 | 2827559 Lohn Jocke
Lohn Jocke's picture

Russian tanks enter Georgia, citizens of Atlanta report confusion because they didn't know that they shared a border with Russia...

Tue, 09/25/2012 - 09:46 | 2827614 Blasé Faire
Blasé Faire's picture

Sarah Palin, when asked to comment on the issue: "I told you so"

Tue, 09/25/2012 - 11:19 | 2827920 boiltherich
boiltherich's picture

Athens?  I think TD meant Camden-on-the-Aegean. 



Out of curiosity I just went to Travelocity to see the spectacular discounts they must be having on Greek vacations, I mean they really have to be hurting for tourists right?  From November 10 through November 20 SFO to Athens with flight/hotel for two adults, $5,300.  I think it will be a long cold bitter winter for them.

Tue, 09/25/2012 - 08:34 | 2827366 GaryNeville
GaryNeville's picture

But curiously Greek voters apperently want to stay in the EURO at the behest of their German over lords...

Stockholm syndrome anyone...?!


Tue, 09/25/2012 - 08:36 | 2827373 Popo
Popo's picture

This has to be the easiest war ever fought.   Greece is 33% conquered already and the invaders haven't suffered a single casualty.  Only 67% more to go until there's no Greece left.


Tue, 09/25/2012 - 08:44 | 2827398 LawsofPhysics
LawsofPhysics's picture

WTF?!?!  Let's extend your logic to another area, Compton L.A.  Unemployment is greater than 50% in this part of Los Angeles.  Are you saying that the folks that live there are 50% "conquered"?  Why don't you go right ahead and march in there and take the "spoils" then?  I suspect you might actually encounter some resistance. Let me guess, you also believe that a paper promise is also worth more than gold.  Well, good luck with all that.

Tue, 09/25/2012 - 10:00 | 2827652 mendigo
mendigo's picture

If you do not understand that the people of Compton are conquered then you have not been paying attention.
They are oxen to be emplyed for the greater good - really we only want the young ones, the older ones know too much and are not worth the trouble. A problem easily solved though.

Tue, 09/25/2012 - 10:17 | 2827705 MachoMan
MachoMan's picture

March in there and take what?  It's already been taken...  to the conquerors, the physical land isn't particularly valuable nor are the people.  Control is now assured for an indefinite period of time given there is no viable support mechanism likely to emerge.  I hope I'm pleasantly surprised, but I sincerely doubt it.

Tue, 09/25/2012 - 09:58 | 2827647 HungryPorkChop
HungryPorkChop's picture

The leader that tried to get them out of the Euro was replaced. 

Isn't the new leader is all tied in with Goldman.  Looks like they are good to go!

Tue, 09/25/2012 - 08:37 | 2827372 Peter Pan
Peter Pan's picture

The reality is far worse than the one third of the shops that are vacant. Virtually every tenant is significantly behind in their rental but landlords do not dare to get rid of them as the alternative is far too scary. This is a fact.

In addition, Greece had built up too much excess capacity in terms of retail space and now that the world economy has slowed the day of reckoning has now well and truly hit.

Greece is one giant canary in the coal mine that many of us in other nations would do well to note because the same ill wind will eventually envelope all of us in one way or another.

Tue, 09/25/2012 - 09:28 | 2827551 JOYFUL
JOYFUL's picture


Readers unafraid to stare into the maw of the really real dirty lowdown will recognize the presaging of an all too familiar sequence of events here...

but Greece is simply too far away for most Merikans to relate it to their own lives...another, much closer to home example of the relentless erosion of 1st)political; 2nd)economic freedoms undertaken as a  mandated experiment in social Cuba...

only 50 odd years ago it's living standards amongst the top three in all the Americas, home of a large middle class and healthy export base - reduced within the space of a generation to a harbinger of the koming kabbalist-driven nightmare world of want - where peeple are forbidden from leaving, live just above(or on) the starvation level, receive indoktrination from kradle to grave in giving obedience to the state before family, friends, or kommunity, and die exhausted from the pointlessness of raising the 'new socialist man' up to bekome two bit hustlers renting their daughters or sisters out to swarms of smarmy visitors, whilst a 'new klass' of parasitical politicos dines out on the stolen proceeds of the kleptocraptic kriminal state monopoly of power.

...all brought together by another CFR trained n financed puppet princeling and the komplicit western media who aided his idolization(and that of his bloodlusting sidekick 'El Che')and the suppression of the authentic voices of the Cuban peeples in order to turn the island paradise into a huge open air prison kamp and lab experiment.

Castro, Pol Pot, Barry Soetero. First kome Hope. Change. Dignity of the New Man.

Then gunshots in the night. After a while, no one asks, or looks when the bodies are rolled away by the lorry load. Now yu too, have the chance to "vote" for yur own extinction.

Tue, 09/25/2012 - 09:06 | 2827470 Offthebeach
Offthebeach's picture

2/3rd of businesses still open? That would be a boom revival in Detroit., Brockton....and a hundred post Federal Reserve Act cities.

Tue, 09/25/2012 - 09:26 | 2827545 Yes_Questions
Yes_Questions's picture



Post Federal Reserve Act Cities...


That's fucking good right there.

It removes the mystical and distracting 'apacolyptic' and gives us back to reality.



Tue, 09/25/2012 - 09:48 | 2827620 TX-Mike
TX-Mike's picture

Actually, those cities are DEMOCRAT cities.  Between the Democrats running the show politically and the Unions extorting blood money from the employers (as well as teacher's unions dumbing down the kids) those cities are the greatest US examples of what Democrats do when left unchecked.

Somebody needs to produce a video for the sheeple that puts it in simple terms..  Vote Democrat long enough, get Detriot.  Thank you..  Game over...

It's sad when current day Democrats make me miss Slick Willy...  UGH!


Tue, 09/25/2012 - 11:29 | 2828027 Offthebeach
Offthebeach's picture

The industrial/trade cities were built and continuously prospered for two to three hundred years on true economy, real production of real physical goods with comparatively little debts. The Federal Reserve was the method by which everything became leveraged, financialized. Liquid, as in liquidation.
Now the so called economy can't even support the last huckster redoubt of Real Estate, Insurance and even Finance.

This nation reminds me of third generation trust funders talking about old tooth and claw Gramps who made, stole, cast, branched whatever, the big bucks. Now were in the decaying manse, kiting checks to the plumber, drunkenly taking offense to his weary demand for cash first.

Tue, 09/25/2012 - 09:35 | 2827580 Eireann go Brach
Eireann go Brach's picture

How dare you ZH report on Greeces woes!! Obama has banned everyone on earth from discussing this issue until after the elections, and you will be considered a terrorist!

Tue, 09/25/2012 - 08:19 | 2827296 Sudden Debt
Sudden Debt's picture

The glass is still more than half full...

     Greetings, The Socialists.

Tue, 09/25/2012 - 08:35 | 2827338 GetZeeGold
GetZeeGold's picture



Communism can be sexy......the Soviets tried to scare us. We said....screw you.


Good thing they didn't send Irene Nelson.


I don't understand a damn word of that...but I like it.


Do you surrender? Yes ma'am......I do!

Tue, 09/25/2012 - 08:40 | 2827386 Joshua_D
Joshua_D's picture

Central planning? Sounds good to me.

Tue, 09/25/2012 - 08:49 | 2827413 Its_the_economy...
Its_the_economy_stupid's picture

Video killed the radio star

Tue, 09/25/2012 - 09:10 | 2827486 ElvisDog
ElvisDog's picture

The ADD-style editing in that video ruins it. They need to hold the camera on her for more than 1 second before changing the shot to a different scene or angle.

Tue, 09/25/2012 - 09:12 | 2827492 GetZeeGold
GetZeeGold's picture



Dude....maybe your just gay.


....not that there's anything wrong with that...

Tue, 09/25/2012 - 09:37 | 2827586 ElvisDog
ElvisDog's picture

Hmmm, Can you be gay if you really like to have sex with women? Off topic historical tidbit, the Athenian democracy was initiated because of a gay love triangle (and the murder of one part of the triangle who was part of the ruling oligarchy at the time).

Tue, 09/25/2012 - 09:43 | 2827607 GetZeeGold
GetZeeGold's picture



That could be bi.....not that there's anything wrong with that.

Tue, 09/25/2012 - 08:28 | 2827348 JPM Hater001
JPM Hater001's picture

Um, the glass is neither half full nor half empty.  It has been hoc'ed for food.

Tue, 09/25/2012 - 09:29 | 2827552 Yes_Questions
Yes_Questions's picture



Broken with a shard held at our necks.

Tue, 09/25/2012 - 08:12 | 2827297 Clashfan
Clashfan's picture

Their leaders (and a lot of the people) wanted in the EU. Then the leaders (increasingly against the will of the people) wanted the bailouts.

How much did either help Greece, in the long run? Plenty of voices were urging them to go the Icelandic route.


Tue, 09/25/2012 - 08:12 | 2827299 DutchMadness
DutchMadness's picture

When you change your donkey for a Porsche, this is what happens..

Tue, 09/25/2012 - 08:14 | 2827303 GetZeeGold
GetZeeGold's picture



Fine....i'll give you two donkeys for the Porsche......but that's my final offer.



Tue, 09/25/2012 - 08:20 | 2827320 Sudden Debt
Sudden Debt's picture

Are they still Virgins? If so, we've got a deal because Virgin donkey's raise top money in Arab world!

Tue, 09/25/2012 - 08:23 | 2827330 petolo
petolo's picture

Long donkeys .

Tue, 09/25/2012 - 08:34 | 2827364 Dugald
Dugald's picture

I raise you two donkeys and a small island off Japan.

Tue, 09/25/2012 - 09:31 | 2827560 GetZeeGold
GetZeeGold's picture



.......I'm thinking.


Tue, 09/25/2012 - 08:40 | 2827384 Peter Pan
Peter Pan's picture

How about I give you 300 Greek politicians for a single donkey.

Tue, 09/25/2012 - 11:21 | 2827988 The Navigator
The Navigator's picture

Throw in a rope and a tree and you got a deal......... and you can keep the donkey.

Tue, 09/25/2012 - 09:24 | 2827536 Shevva
Shevva's picture

What about 3 asses?

Tue, 09/25/2012 - 14:19 | 2828788 Anusocracy
Anusocracy's picture

That's what is on your typical American's backside.

Tue, 09/25/2012 - 21:18 | 2830556 jerry_theking_lawler
jerry_theking_lawler's picture

no, he said 300 asses.

Tue, 09/25/2012 - 08:13 | 2827301 FubarNation
FubarNation's picture

Soon coming to an American City near you?

Tue, 09/25/2012 - 08:16 | 2827308 LongSoupLine
LongSoupLine's picture


See: Camden, NJ and most of RI and CA

Tue, 09/25/2012 - 08:24 | 2827332 francis_sawyer
francis_sawyer's picture

Soon your storefront dog walking service/day spa services won't be required... But if you have a degree in computer sciences, you can get a job with an alphabet soup agency to spy on all the homeless people... The more you went into debt to obtain your degree, the better your chances of getting hired...

Tue, 09/25/2012 - 08:45 | 2827402 FubarNation
FubarNation's picture

I've seen 4 frozen yogurt shops go up in my village (FEME Region IV) in the past few months.  I am not seeing 1/3 of businesses shuttering.


I fucking hate frozen yogurt - I imagine that it tastes like shit.



Tue, 09/25/2012 - 21:41 | 2830624 StychoKiller
StychoKiller's picture

Yer "imagination" is flawed...

Tue, 09/25/2012 - 08:16 | 2827309 caimen garou
caimen garou's picture

already happening to a city near you

Tue, 09/25/2012 - 08:17 | 2827310 urbanelf
urbanelf's picture

Apple stores now accepting EBT.

Tue, 09/25/2012 - 08:15 | 2827304 Jack Sheet
Jack Sheet's picture

You haven't been paying attention to Jim "globed cranium" Rickards! The old Greek guys might protest and throw a smoke bomb or two, but the youth will be employed on cheap-labor BMW assembly lines on Lesbos financed by Chinese capital (paraphrased from a recent interview on RT).

Tue, 09/25/2012 - 08:15 | 2827305 resurger
resurger's picture

Can't wait till Nov 6th!

Tue, 09/25/2012 - 08:25 | 2827339 CompassionateFascist
CompassionateFascist's picture

Yes, Nov. 6th is National Buy-a-Gun day. Also get some ammo while yer at it. What else of any significance is happening on Nov 6th? Nothing I can think of. 

Tue, 09/25/2012 - 08:50 | 2827420 cossack55
cossack55's picture

"Nothing I can think of." Well, duh!!!
How about still plowing thru the piles of Halloween candy?
Did you ever think of that smart guy?


Tue, 09/25/2012 - 09:11 | 2827487 pods
pods's picture

Hopefully we can ponder what went down on the 5th of November.


Tue, 09/25/2012 - 08:15 | 2827306 buzzsaw99
buzzsaw99's picture

excellent [/mr. burns]

Tue, 09/25/2012 - 08:16 | 2827307 Sudden Debt
Sudden Debt's picture

"It will be a very difficult winter -Many businesses will not make it."

It's like watching a docu on discovery channel about wild rabbits surviving in a wolf reservation...


Tue, 09/25/2012 - 08:24 | 2827335 Doode
Doode's picture

Brace yourselves - the Greek Winter is coming!!!!

Tue, 09/25/2012 - 08:17 | 2827312 fonzannoon
fonzannoon's picture

deep recession?

Tue, 09/25/2012 - 08:17 | 2827313 Inthemix96
Inthemix96's picture

When this finally does kick off, it going to be epic, as in biblical proportions.

Lets hope the Greek politicos, and politicos from all over the world take heed to this warning.  Fuck the central banks.  Damn them to hell and help your people.  Do the right thing you criminal scumbags.  Otherwise, history well tell a tale your kids will not believe.

And on that note, lets hope benny and the inkjets get exactly what is due their way.  Who would have thought even ten years ago that the internet could have informed folk of where their labour ended up?  It beggars belief that money printed from nothing could have the whole world on its fucking knees.

The end game is almost upon us, I can smell it, it is palpable, it is coming.

Tue, 09/25/2012 - 08:27 | 2827344 N. B. Forrest
N. B. Forrest's picture

I wish you wouldn't beat around the bush.  Please tell us what you really think.

Tue, 09/25/2012 - 08:30 | 2827354 Apocalicious
Apocalicious's picture

Curious, and not trying to start an argument but do you think he's wrong on anything? Because I can't find one fault with his post. It's...perfect...

Tue, 09/25/2012 - 08:28 | 2827352 Apocalicious
Apocalicious's picture

I love the smell of napalm in the morning. It smells apocalicious.

Tue, 09/25/2012 - 09:13 | 2827497 ElvisDog
ElvisDog's picture

Hmmm, I don't know. The French Revolution was not a spontaneous event. The organization and philosophy of it built up for years in the wine clubs of Paris, so when the spark was lit the French people were ready. Where is that same organization in the streets of Athens today?

Tue, 09/25/2012 - 10:39 | 2827784 MachoMan
MachoMan's picture

Still rioting for entitlements...  vacation...  shorter work weeks...  retirement benefits... 

Wake me up when people start rioting solely for an equal opportunity to utilize their own labor and recognize the spoils thereof.

Tue, 09/25/2012 - 12:27 | 2828279 Inthemix96
Inthemix96's picture

That right macho?

Would the banks be still rioting for entitlements?  No, our respective governments saddled us with their filthy demands.  And right there the rest of your post is null and void son.

You are living in 2012 son??  Or are you a banking shill?

Tue, 09/25/2012 - 14:13 | 2828758 MachoMan
MachoMan's picture

Two wrongs make a right?  Obviously if you're arguing for the mere opportunity to succeed and a level playing field, then the banksters' mouthes get removed from the teet just the same.  Again, people have not made the leap out of the present paradigm...  they/we still believe in perpetual monetary motion.  Like I said, wake me up when all the demands are for a simple, fair system...  and beggar thy neighbor is actually socially unacceptable.

[note: in your scenario, what's left of the middle class (i.e. the idiots that pay taxes without the benefit of lobbyists) gets gang banged from the top and bottom...  there is no free lunch]

Tue, 09/25/2012 - 10:01 | 2827659 Crtrvlt
Crtrvlt's picture

definitely agree.  greece should still default and go back to the drachma ala argentina and iceland only problem is that the pain will be more severe now for the middle/low class.  all the wealthy ones have already taken their money out and would bring it back into the country to pounce on the new 1:4 EUR/Drachma exchange rate.  At least there would be some direct "foreign" investment in that scenario

Tue, 09/25/2012 - 08:19 | 2827318 francis_sawyer
francis_sawyer's picture

As soon as Draghi & Bernanke get done feathering their nests, they'll be right on that problem...

Tue, 09/25/2012 - 08:19 | 2827319 tedstr
tedstr's picture

Once all these shop keepers realized they would have to start paying taxes, I guess it just wasnt worth the effort.  Pass the Ouzo plz

Tue, 09/25/2012 - 08:21 | 2827322 Vegetius
Vegetius's picture

We are through the looking glass  -

“But I don't want to go among mad people," Alice remarked.

Oh, you can't help that," said the Cat: "we're all mad here. I'm mad. You're mad."

How do you know I'm mad?" said Alice.

You must be," said the Cat, "or you wouldn't have come here.”

Tue, 09/25/2012 - 08:23 | 2827329 Doode
Doode's picture

Not a problem - the same thing happened in Russia in the 1990's. All that is missing is hyperinflation (still HOPEFULLY possible upon exit, or not (hehehehe)) - the country will take the pain, shed the mismanaged part of the economy and recover in a few years better than ever. Might take 5-10 years, but it is a great opportunity to buy businesses - that is how Russian oligarchs came to be - buy on the cheap while everybody else are running around mindlessly screaming.

Tue, 09/25/2012 - 08:26 | 2827342 francis_sawyer
francis_sawyer's picture

ummm... I believe most of those "buy on the cheap" opportunities came as result of the business end of a gun...

Tue, 09/25/2012 - 08:31 | 2827356 Doode
Doode's picture

In many cases, yes, but the opportunity is still there for an enterprising doode or doodette.

Tue, 09/25/2012 - 14:58 | 2828857 JuliaS
JuliaS's picture

It wasn't an orderly transition. I know because I was there. You didn't "buy" businesses. You bought thugs that took over businesses. You boughts police. You bought security services.

Keep that in mind, all of you goldbugs bathing in fantasies of going around with a purse of coins, snatching up entire city blocks for fraction of their worth.

When the old system goes up in flames, so do the former transaction mechanisms and legal enforcements.

You no longer buy assets with your cash, but connections and influence. You bribe people that steal for you if you do not want to get your own hands dirty.

Russian oligarchs didn't buy things, when everyone was running around screaming. They bought people. Huge difference.

Khodorkovsky tried building business and buying assets instead of people and looked what happened to him.

Tue, 09/25/2012 - 08:23 | 2827331 SDS Trader
SDS Trader's picture

It's "colony," not, "collony."  Rants are more effective when the reader is spared typos.

Tue, 09/25/2012 - 08:32 | 2827359 mayhem_korner
mayhem_korner's picture



I think we got what the gist was.  Typos are really only noteworthy if they convey Freudian-slippage.  Otherwise, admire the lack of editing a la Dead Poet's Society.

BTW...interesting of all the typos you might have picked up on in the various posts that you zeroed in on "colon," Bwaney.  ;)

Tue, 09/25/2012 - 08:45 | 2827389 Dugald
Dugald's picture

By George! I do believe he's got it...........

And its Stake not Steak,

You missed that one Trader, but then, sadly, there are so many....

Tue, 09/25/2012 - 09:14 | 2827504 pods
pods's picture

If we only focus on there typos we all loose.


Tue, 09/25/2012 - 08:24 | 2827336 q99x2
q99x2's picture

1/3's not bad. I thought it was bad. No wonder they haven't listened to Max Keiser, Mish Shedlock, ZH, Biderman or Casandra they can still get German taxpayer money with 2/3 of the businesses open. Might even find some green shoots in there to buy a German sub or two. Any word on wheather or not Greece is headed for a default?

Tue, 09/25/2012 - 08:26 | 2827340 LawsofPhysics
LawsofPhysics's picture

1/3, that's it?  Been to Detriot lately?  How is the black market doing? 

Tue, 09/25/2012 - 08:34 | 2827363 mayhem_korner
mayhem_korner's picture



Can you still go to Detroit with a a couple of homes and have change for a #4 at Mickey-D's?

Tue, 09/25/2012 - 08:46 | 2827404 GetZeeGold
GetZeeGold's picture



Detroit....two men enter. One man leaves.


Tue, 09/25/2012 - 14:41 | 2828869 JuliaS
JuliaS's picture

Detroit - rock and a hard place city.

Tue, 09/25/2012 - 08:46 | 2827406 LawsofPhysics
LawsofPhysics's picture

Can do the same thing in parts of Greece.  Given the choice and proximity to the mediterranean, I'd buy in Greece.

Tue, 09/25/2012 - 08:54 | 2827431 cossack55
cossack55's picture

You might want to avoid the whole Santorini area.

Tue, 09/25/2012 - 08:28 | 2827351 rsnoble
rsnoble's picture

In the US  everyone is going to be homeless because of real estate taxes. Public union employees don't want to join the depression/collapse so they just sell your shit off if you can't pay them.  So basically we'll end up with a bunch of investor owned homes and 5 families living in each one to make the $1000 a month rent. Which is already happening.

Every year everyone out here has to look around and see what possesion they want to part with to pay these motherfuckers off.  I'm really surprised the ones that can't and get tax foreclosed just don't burn the house down.  I mean you're homeless, burn it down and get free rent and food in jail.  In fact, I think ill go start a website right now and promote this idea and teach these fuckers a lesson.

Tue, 09/25/2012 - 08:33 | 2827361 Apocalicious
Apocalicious's picture

I struggle to find any meaningful difference between today's public sector unions, and the thugs who used to ride around with the feudal lords, taking tithes from the villagers at the end of a sword for their "services."

Tue, 09/25/2012 - 08:34 | 2827368 mayhem_korner
mayhem_korner's picture



The difference is about 600 years.  And maybe iPads.

Tue, 09/25/2012 - 08:39 | 2827382 Bartanist
Bartanist's picture

So where's Robin Hood when you need him?

Tue, 09/25/2012 - 09:31 | 2827561 krispkritter
krispkritter's picture

He's in a Public Union and now called "Robbin' the Hood" as in stealing the neighborhood blind...

Tue, 09/25/2012 - 15:11 | 2828900 JuliaS
JuliaS's picture

According to one theory, fairy tale heroes are invented by the slaveowners themselves not to enspire but to promote complacency. Instead of taking matters into your own hands you sit on your ass waiting for Robin Hood to save you.

Tue, 09/25/2012 - 09:17 | 2827512 Urban Redneck
Urban Redneck's picture


Tue, 09/25/2012 - 09:22 | 2827524 JohnKozac
JohnKozac's picture

You need to read "When Money Dies." He describes in detail who the 'winners' and 'losers' are on these types of economic times. Public employees were actually 'winners' since the Gubbermint continued raising their wages for fear they would go on strike.


Lawyers, engineers, doctors and other professionals -- the enitre private sector (unless you owned the company and could get your money out of the ocuntry into hard currency) --- were some of the biggest losers.

Sound familiar?


Tue, 09/25/2012 - 16:28 | 2829407 green888
green888's picture

when you ordered a coffee, the bill was more after you had drunk it

Tue, 09/25/2012 - 08:38 | 2827374 Bartanist
Bartanist's picture

So, this is what central banks with the authority to create fiat money out of thin air do. They create a false and unsupportable economy and then suck the life out of it, enriching themselves as the expense of everyone else.

The question is whether we are better or worse off in the long run with the false and unsupportable economy.

I am thinking that there has to be a better way... not sure what it is, but being whipped around at the whim of an bloosucking squid does not bode well for one's long term security and survivability.

Tue, 09/25/2012 - 08:38 | 2827377 autonomos
autonomos's picture

"the anti-rich revulsion"? French revolution was the bourgeoisie getting rid of the nobles, to the detriment of people

Tue, 09/25/2012 - 08:50 | 2827417 Dugald
Dugald's picture

But bullish for the guillotine industry

Tue, 09/25/2012 - 09:45 | 2827612 AurorusBorealus
AurorusBorealus's picture

Before the revolution, the bourgeoisie, or "middle class," who were not laborers, but small business owners in the city and not subjects of any lord (hence the term bourgeoisie), objected to the many priveleges granted the nobility.  They also objected to the many regulations, limits, and taxes placed upon businesses by the monarchy and the aristocracy (who were mostly the landlords).  The revolution actually began, however, when a series of poor harvests broke the back of the price controls that Louis XVI had placed on bread in Paris (hence the famous exchange.. "they have no bread..." "let them eat cake."  The revolution was led by the middle class (think small business owners), but the primary revolutionaries were urban poor.  The rural poor, peasant farmers, either stayed out the revolution or actively fought against it once the middle class had assumed control and began to expropriated the farm products of the rural peasantry:  the rural peasantry supported the ancien regime (the aristocracy) in general.  It was not the wealthy, per se, who were executed by the urban revolutionaries (many bourgeosie had become as wealthy or more wealthy than rural nobility).  The revolution executed those who had special privileges (the aristocracy).  This does not bode well for government employees and unions, most of whom are in cities in todays world. 

However, the intellectual influences on the French Revolution were those of the Enlightenment and the middle class (known then as liberals).  Marxism and socialism came later.  With socialism the dominant school of thought in the modern education system of the West, it seems likely that a revolt against the moderne regime will fall more along class lines, especially in Europe.  In the United States, it is likely to fall more along pro-government and anti-government lines.  The key to the moderne regime retaining power in the United States will be to coopt the peasantry (rural poor) when social welfare (the modern equivalent of price controls) breaks down and no longer can sustain the urban poor.

Tue, 09/25/2012 - 08:38 | 2827379 Waterfallsparkles
Waterfallsparkles's picture

With the huge austerity and higher taxes we will see a huge migration out of Greece.  We are seeing the same thing here in the States with California.

Tue, 09/25/2012 - 08:38 | 2827381 Bagbalm
Bagbalm's picture

Our leaders are watching this happen too - they must want the same for us is all I can conclude.

Tue, 09/25/2012 - 08:40 | 2827387 Ignorance is bliss
Ignorance is bliss's picture

"There is no such thing as a sanity clause"

Groucho Marx

Tue, 09/25/2012 - 09:05 | 2827392 Mercury
Mercury's picture

Finally for those who think a comparable confluence of circumstances has never transpired in the past, may we suggest reading up on the last days of the French monarchy, and why holders of guillotine stocks as the anti-rich revulsion finally swept through France first and the entire world next, were the New (pardon the pun) Killing It.


Maybe, but a good part of that revulsion could (should!) be anti-status quo government, not simply anti-rich.

Yes the rich have it better than the poor but I'm sure it hasn't gone unnoticed that there is a much larger group of people who are employed by and/or are tight with the government who have it better than those who aren't and it is this state of affairs that has contributed more than any other to the current economic disaster.

What is the best historical compare for that situation exactly?
Certainly not the French revolution.

Tue, 09/25/2012 - 08:44 | 2827400 kito
kito's picture

ahhhh.....yes.......athens.....ray dalios picture perfect "beautiful deleveraging"........where banks deleverage by throwing their moldy, rotten kitchen scraps into the ecb compost bin.....and the people deleverage by starving to death.............

Tue, 09/25/2012 - 09:56 | 2827643 Ricky Bobby
Ricky Bobby's picture

I am with you on that- "Beautiful Deleveraging"  Hey Ray  "Let them Eat Cake".

Tue, 09/25/2012 - 08:46 | 2827403 Ignorance is bliss
Ignorance is bliss's picture

What if this happended in the U.S. ? That's a scary thought. Dumpster diving...I think not. Try mansion looting.

Tue, 09/25/2012 - 08:52 | 2827425 kito
kito's picture

There is no "what if".........the question is "how long until".................

Tue, 09/25/2012 - 09:19 | 2827518 ProtectiveFather
ProtectiveFather's picture

The question is, "why does your finger become so heavy when it touches the period key?"

Tue, 09/25/2012 - 09:35 | 2827577 kito
kito's picture

you would make a great politician, or perhaps you are..............the world is falling apart, and focus.....focus...... on the irrelevant.....................

Tue, 09/25/2012 - 08:52 | 2827424 Zwelgje
Zwelgje's picture

Sure this is in Greece alone?

In Holland 50% of office space is vacant.

Tue, 09/25/2012 - 08:58 | 2827445 Ignorance is bliss
Ignorance is bliss's picture

I don't know the percentage of empty store fronts and offices but it is very high in South Florida. Surreal if not scary. Oh Well...gotta get my garden bigger and producing more. Especially with the effect of money printing and drought conditions on the price of food. I also believe the Chinese will outbid  a lot of Americans for the nations food. Think Argentina.

Tue, 09/25/2012 - 09:04 | 2827461 adr
adr's picture

This is what happens when everyone wants a free lunch and nobody is left to pay for it.

Coming soon to every city in America. One of the school districts near me has tried to pass a levy for three years and has failed every time. The school board has said they need to fire up to 30 teachers. The voters have told them to deal with the problem, not just throw more money at it.

The problem is 60% of the levy will go to fund pensions. So the majority of the new tax will not get to the school, only retired teachers who want their free lunch. So instead of cutting the pensions, they will fire teachers. They will end up paying more to teachers that no longer work, than to teachers that actually do. All of the retired teachers will be paid more with their pension, than any current teacher makes. The average pension is $60k, the average salary of a 30 yr old teacher is $32k.

It doesn't stop with teachers, it goes to cops and firemen as well. There are over 100 cops sent to retire in my city over the next five years. There was just an energency city council meeting to discuss how to fund the pensions.

Soon there will be nobody working for the city, but somehow all the tax money will be spent so "public servants" can all sit on their ass collecting a fat check for tike served. Pretty much doing the same thing when they were actually "working".

Tue, 09/25/2012 - 09:25 | 2827539 d edwards
d edwards's picture

Ever notice how when those in power want to "cut expenses" it's always teachers, cops, and firefighters? Here's why:

Fewer teachers THREATEN  your kids education

Fewer cops THREATEN  your personal safety

Fewer firefighters THREATEN  your property both home and business

This is the way the dirty sobs manipulate the public, and it works.

Tue, 09/25/2012 - 09:49 | 2827622 DaveA
DaveA's picture

Government is like a giant organism turned inside-out, wearing its blood and bone on the outside to protect the fat.

Tue, 09/25/2012 - 09:59 | 2827651 Ricky Bobby
Ricky Bobby's picture

+1 - The third rail of politics is not social security it is public union pensions. I am suprised the usual statist boot lickers are not out in mass on this comment thread.

Tue, 09/25/2012 - 09:10 | 2827485 Fix It Again Timmy
Fix It Again Timmy's picture

In the race to the bottom, everybody's connected, everybody's in, except................ c'mon, you know the answer.

Tue, 09/25/2012 - 09:12 | 2827494 Arnold Ziffel
Arnold Ziffel's picture

1/3 shops closed but Greek Bankers still enjoying those 7 course dinners in Brussels. Will they hand themselves another record year of Bonuses?

Tue, 09/25/2012 - 09:25 | 2827541 Yardfarmer
Yardfarmer's picture

(if the tax collectors were actually doing their job collecting taxes, instead of striking) 


i heard there were 170 German revenue agents now working in Greece. no shit.

Tue, 09/25/2012 - 09:31 | 2827563 Jim B
Jim B's picture

If these keeps up, at some point there will be a coupe or some form or dictatorship!

Tue, 09/25/2012 - 09:31 | 2827564 post turtle saver
post turtle saver's picture


Tue, 09/25/2012 - 09:44 | 2827571 DaveA
DaveA's picture

Print these handy bumper stickers for every occasion.

For boom times:

For a recession:

For a depression:

For economic collapse:

Tue, 09/25/2012 - 11:40 | 2828073 Offthebeach
Offthebeach's picture

Re, " I 8 MY DOG"

Kind of fitting what with Barry Satoro as President.

Tue, 09/25/2012 - 09:35 | 2827579 Racer
Racer's picture

And of course heating and fuel is always very volatile and not counted in inflation calculations, yet always going up and on the ground where reality actually matters causes real businesses to fail. Thanks ChairSatan... more people in poverty thanks to you and your criminal deeds

Tue, 09/25/2012 - 09:39 | 2827591 ptoemmes
ptoemmes's picture

Curious if there is an Apple store open anywhere in Greece?

Will make it easier: Isthere any retailer in Grece still in business that is selling Apple stuff?

Tue, 09/25/2012 - 09:41 | 2827597 nah
nah's picture

shut off the spigot till they can print their own money

Tue, 09/25/2012 - 09:46 | 2827616 walcott
walcott's picture

not as bad as most of the united states.

Tue, 09/25/2012 - 10:01 | 2827656 j0nx
j0nx's picture

This is what happens when you don't stand up to the bankster cabal and allow GS and JPM cronies to run your government. Sooner or later the people.....might....learn.

Tue, 09/25/2012 - 12:00 | 2828177 sparetime
sparetime's picture

Just wait, Halloween city to open soon!

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