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Greece Goes Medieval - 2/3rds Of Wages Paid In Barter

Tyler Durden's picture


Submitted by KeepTalkingGreece blog,

Do you remember the serfs and servants and villeins and peasants in the good old times of feudalism and the Middle Ages? If you don’t, I have good news for you! The custom of working in return of goods instead of salary revives in Greece of modern European Union and of exquisite Euro area. The results of a survey conducted by the Labor Institute of the Confederation of Labor Union (GSEE) are shocking but not unexpected. KTG has often reported in the four years of blogging about these sweet little working and payment conditions of modern Greek slaves living under the feudal law of austerity, recession and  competitiveness.

Laborers receive salary with delays of 3 to 12 months.

Laborers receive 1/3 of their salary, the rest is being paying through services like sleeping in a hotel free of charge, free food and coupons for purchases of food and other goods from supermarkets.

All above cases refer to full time job of 8 hours per day for 25-30 days per month.

Employers who cannot pay salaries give:

1. free sleep in hotels, free food


2. pay salaries with at least 3 months delay and not on monthly basis.


3. they do not pay full 13th and 14th salary (for Christmas/Easter and vacation) as obliged by the Labor Law.  They give food items and fuel coupons, instead, and force employees to sign that they have received the full bonus. GSEE estimates that one million employees have not received neither the 13th nor the 14th salary.

Young employees below 25 years old get hired with monthly contracts for part-time work of 4 hours per day and for salary of €180 per month. By 25 working days per month this could be translated into a wage of €7.2 per day! – It makes no sense here to try to identify the wage per hour…. it could be some €1.72 per hour! I remember when the first labor ‘reform’ drastically cut wages in 2011, my readers could not believe that the per-hour wage was 3 euro!

According to Labor Law, minimum wage for those below 25 years old is €480 gross for full-time work. But who cares about the laws when jobs demand is high, unemployment is dancing and cash is short because the banks have been saved but they pour not a recapitalization cent into the market.

According to Labor Hiring  statistics for January-April 2014:

From 423,174 job vacancies,

232,383 were for full time job


140,527 were part-time jobs


50,264 were rotation jobs. (sources:,

I suppose, Greek laborers will be soon allowed to pay their rent and utility bills with “food stamps” and “detergent coupons.”

It’s odd that while in 2011 ans 2012 Greeks made a step backwards to Dickens’ times, in 2013 and 2014 had a big jump back to Middle Ages.

PS I can well imagine that in a couple of years, the Troika will complain about the shortage of labor craft and empty social insurance funds in competitive Greece.


middle ages

Happy Middle Age society


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Tue, 06/17/2014 - 11:43 | 4865249 gh0atrider
gh0atrider's picture

gh0atrider works for Bitcoin!

Tue, 06/17/2014 - 11:53 | 4865305 Pladizow
Pladizow's picture

How will Merkel tax a chicken for a cow?

Tue, 06/17/2014 - 11:54 | 4865316 gh0atrider
gh0atrider's picture

Chickens are an NSA plot.

Tue, 06/17/2014 - 11:56 | 4865321 Latina Lover
Latina Lover's picture

Coming to a USSA near you.

Tue, 06/17/2014 - 12:09 | 4865393 jbvtme
jbvtme's picture

why is ignoring the monetary system considered regressive? bartering and trading outside the system is exactly the prescription for the fiat cancer which ails us.  you kill two birds with one stone: the bankers and bureaucrats. no interest no taxes.

Tue, 06/17/2014 - 12:15 | 4865424 Cathartes Aura
Cathartes Aura's picture


bartering is an agreed upon transaction that bypasses the mafia "skim".

therefore, best to dis-credit this as quickly as possible, before it catches on.  plant the "regressive serf" meme quickly! 

as if non-fiat inter-actions haven't been taking place all along - mustn't give late-sleepers any ideas,

best sedated, who benefits?

Tue, 06/17/2014 - 12:48 | 4865552 Stackers
Stackers's picture

Who wants to open a business in Greece ?

You only have to give every employee 6 weeks paid vacation - by law - you also have to give them 2 year end bonuses equal to their normal pay - by law.

Tue, 06/17/2014 - 13:17 | 4865674 DaddyO
DaddyO's picture

Forget Greece, what about the USSA.

I just listened to this talk on barter after a large scale event, looks like the timing was spot on!


Tue, 06/17/2014 - 14:13 | 4865981 robertocarlos
robertocarlos's picture

We just need a new calender with an extra 2 months. Obamuary and Hilluary. The 16.5% wage increase would really help.

Tue, 06/17/2014 - 13:02 | 4865601 teslaberry
teslaberry's picture


its not that you're wrong, its that you're focussing on one context at the expense of the other. 


MONEY is a hugely powerful tool for building wealth as barter is highly inefficient. 

by taking control over the money and forcing the residual impoverished clasess to barter to survive---the money masters have turned you into native americans using wompum and barter to get by. 

bless those who willing abdicate power. but to those who are forced into poverty and don't want to abdicate the power to cotinue living a 'middle class' life, you are being robbed by being forced out of using 'money. 


in a relatively honest system, where money fuctions in a STABLE MANNER, debasement and the financialization and insurancization and tax shelterization model of running an economy does not force people out of using a highly efficient tool for coordinating the voluntary creation of wealth. 


barter isn't bad per se, it's just the weaker tool of those no longer able to make advatage of 'money'. 

the money masters aren't 'losing' because you are bartering. you are bartering because they have finished sucking you dry. the threat of the poor, and those who barter generally, is that they might revolt and KILL and OBSTRUCT the system they have set up. 

this is a serious threat but not one posing great difficulty. 

how the masters handle the 'outcasts and poor'. 

1) spy on them

2) ostracisize them in the eyes of the 'middle class' 

3) put some in jail

4) harraass them

5) destroy any stability they create for themselves independent of the state

6) when necessary just kill them 

7) if necessary make some part time government jobs systems for them, allow some to 'exit' upwards

8) spread drugs alchohol and disease in their ranks

9) put them in prison by criminalizing their existence. 

Tue, 06/17/2014 - 13:44 | 4865796 PTR
PTR's picture


bartering is an agreed upon transaction that bypasses the mafia "skim".

therefore, best to dis-credit this as quickly as possible, before it catches on.  plant the "regressive serf" meme quickly! 

as if non-fiat inter-actions haven't been taking place all along - mustn't give late-sleepers any ideas,

best sedated, who benefits?

As a side note, if you haven't yet, you should really read "The Five Stages of Collapse" Dmitry Orlov.  He brings up some really good points about where barter fits into an economic system, along with "gift."  Worth the read.

Tue, 06/17/2014 - 15:36 | 4866368 fxrxexexdxoxmx
fxrxexexdxoxmx's picture

The book is only $9.99 for a kindle version. I just bought it. 

Tue, 06/17/2014 - 12:41 | 4865526 john39
john39's picture

i was thinking the same thing... this is just typcial money changer spin to smear honest transactions as backwards...   barter is only backwards for them because they have a hard time taxing and controlling it.

Tue, 06/17/2014 - 15:03 | 4866256 daveO
daveO's picture

Hard time? Virtually impossible. Argentina was forced into it a dozen years ago, after the banksters sucked them dry.

Tue, 06/17/2014 - 17:34 | 4866855 11b40
11b40's picture

I have often wondered if anyone ever says yes to questions the IRS asks about barter.  If so, why?

Tue, 06/17/2014 - 19:38 | 4867243 jez
jez's picture

I'm all for trading outside the system, but the problem with barter is that it requires a double coincidence of wants.


If I mend shoes for a living and I'm hungry, then I have to find someone who wants his shoes mended and who wants to pay with a chicken.


If I find someone who wants his shoes mended but wants to pay me with a wheelbarrow, I have to decide if that is a step forward for me -- that is, if a wheelbarrow will be more attractive to the next chicken-seller I encounter than my shoemending services.


It's very inefficient. (Note: I'm not saying that banking and bureaucracy is efficient.)


You get to thinking: what we would then need is a -- what could we call it? -- a medium of exchange, whereby everybody's goods and services were assigned a numerical value determined by the operation of a free market. Then we could exchange tokens or tickets instead of bartering.


Not much chance of that happening, of course.

Tue, 06/17/2014 - 23:02 | 4867787 NoDecaf
NoDecaf's picture

Take the wheelbarrow. It's a good trade for shoe repair.


Tue, 06/17/2014 - 12:10 | 4865381 Kprime
Kprime's picture

two wings and a thigh. throw in a porter house and you got a deal.

Remember, with the appropriate hedonic deflator, a chicken = a cow.

Tue, 06/17/2014 - 12:38 | 4865511 SWRichmond
SWRichmond's picture

Saison, bitches.  I want saison with my two wings and a thigh.

Tue, 06/17/2014 - 13:00 | 4865573 Kirk2NCC1701
Kirk2NCC1701's picture

Go Greece!  Kirk loves* the Parallel Economy:  Barter, Cash, CryptoCurrencies, PM, RE (Real Estate)

Especially RE outside one's country of domicile, as it need not be reported to the (t)axman, nor can it be seized by him.  And nothing wrong with having a cache of 'goodies' buried on said RE.  Ha. Ha. Ha.

* I love it because it limits the size and the seize of government/rulers beyond the boundless ambitions and greed of Central Banksters.  In effect, we "give unto Caesar" no more than is due him under the consent of a free and informed People, a People who are duly represented in honest governance.  All taxation beyond these natural limits, is nothing but organized and self-sanctioned fraud, theft and oppression that contravenes the Bill of Rights and the Constitution.  I also love it because it keeps/returns a level of natural privacy due to its citizens, which ensures that the government (and its puppet rulers) fear the populace more than they need fear its government -- if healthy checks & balances are to be maintained.

[Holds up 3 fingers and asks] Can you read between the lines, (t)axman?

Tue, 06/17/2014 - 11:54 | 4865317 Citxmech
Citxmech's picture

Got any stats on BTC usage in Greece?  That would be an interesting proxy for what we'll probably see globally eventually.

Tue, 06/17/2014 - 12:01 | 4865355 BobTheSlob
BobTheSlob's picture

What are the odds that if you aren't getting paid in currency that the cable company has shut down your internet access?

Oh I'd say about 100%. Bitcoin is now magically worth ZERO to a Grecian.

Tue, 06/17/2014 - 12:02 | 4865369 gh0atrider
gh0atrider's picture

The internet cannot be shut down like some light switch you fool.

Tue, 06/17/2014 - 12:31 | 4865482 Matt
Matt's picture

someone still has to pay for internet access. Unless Google comes along and offers you fibre-to-the-premises for a one-time $300 charge, which is a pretty sweet deal.

Tue, 06/17/2014 - 13:09 | 4865635 NotApplicable
NotApplicable's picture

You need to read up a bit on the subject of "core routers" there, phonestar.

Tue, 06/17/2014 - 13:29 | 4865723 gh0atrider
gh0atrider's picture

Who owns all the core routers?


Tue, 06/17/2014 - 22:06 | 4867626 Matt
Matt's picture

phone companies mostly, I think.

Tue, 06/17/2014 - 23:23 | 4867847 NoDecaf
NoDecaf's picture

BMR 1200 big band, Tellabs 7100 and 7100 nano, Jumiper ERX 1440, Fujitsu flashwave 4500, Fujitsu 9500 (it's a real nice machine),Juniper MX960, LATA cores, flashwave 4100... etc etc...

I know a thing or two about this stuff...

the important thing to understand is that they ALL need power. Gobs of it...and when that goes down, you better have someone tending to that backup generator. Thusly, No bitcoin.

Wed, 06/18/2014 - 01:30 | 4868038 JustUsChickensHere
JustUsChickensHere's picture

and you need to read up on meshnet .... the Internet is more flexible than you indicate.

Wed, 06/18/2014 - 12:23 | 4869708 Matt
Matt's picture

You going to set up a global meshnet? So you can send a payment from California to Poland?

One of the big issues with bitcoin is that without a single network, the blockchain will fork into multiple divergent blockchains.

Tue, 06/17/2014 - 23:11 | 4867810 NoDecaf
NoDecaf's picture

Do you think the guy selling busted up furniture for home heating in Athens would accept bitcoins?

Tue, 06/17/2014 - 13:30 | 4865725 RafterManFMJ
RafterManFMJ's picture

...and barter is the money of peasants...

Tue, 06/17/2014 - 16:29 | 4866595 WmMcK
WmMcK's picture

Debt is the money of slaves.

Tue, 06/17/2014 - 11:54 | 4865318 BobTheSlob
BobTheSlob's picture

Hey goatherder...what's bitcoin worth when the lights go out? I'm looking at my shiny stack right now...when I turn off the's still there!

Tue, 06/17/2014 - 11:57 | 4865324 gh0atrider
gh0atrider's picture

It will be the exact same when lights go off.  Lights do not go off all around the world all at once.

Tue, 06/17/2014 - 11:58 | 4865340 BobTheSlob
BobTheSlob's picture

LOL...that's called Denial...not just a river in Egypt. When the electricity goes out, you have zero Internet access, and your bitcoin can't even be used to wipe your posterior. Just think what happens when a hostile government wants to shutdown a potential rival to the $USD...lights out amigo!

Tue, 06/17/2014 - 12:53 | 4865570 Duke of Earl
Duke of Earl's picture

Well, they eliminated rivals when they confiscated all gold with Executive Order 6102 in 1933.  Thus, making all stackers criminals.  When the lights go out, you won't be trading gold either...

Tue, 06/17/2014 - 13:08 | 4865631 gh0atrider
gh0atrider's picture

And most businesses do not accept cash either when the lights go out.  You will just get blank stares from a pimple-faced employee, "sorry our systems are down".

Tue, 06/17/2014 - 13:18 | 4865676 snr-moment
snr-moment's picture

So.....the systems CAN go down?

Wed, 06/18/2014 - 01:33 | 4868042 JustUsChickensHere
JustUsChickensHere's picture

Individual systems DO go down ... all the time .... The Internet  (in toto) has never gone down.  Even if it did, it can be restarted ... and anything that can put the entire Internet down (think global EMP or massive solar flare) ... will also shutdown water, sanitation and distribution systems..... PM's, BTC, FRN - all are useless in that scenario.

Tue, 06/17/2014 - 13:18 | 4865678 snr-moment
snr-moment's picture

good Bourbon.

Tue, 06/17/2014 - 17:54 | 4866939 11b40
11b40's picture

We are all outlaws in the eyes of America.


We can be together
Ah you and me
We should be together
We are all outlaws in the eyes of America
In order to survive we steal cheat lie forge fred hide and deal
We are obscene lawless hideous dangerous dirty violent and young
But we should be together
Come on all you people standing around
Our life's too fine to let it die and
We can be together
All your private property is
Target for your enemy
And your enemy is
We are forces of chaos and anarchy
Everything they say we are we are
And we are very
Proud of ourselves
Up against the wall
Up against the wall fred (motherfucker)
Tear down the walls
Tear down the walls

Tue, 06/17/2014 - 15:07 | 4866272 daveO
daveO's picture

Cue the coming EMT strike they regularly report on. Bank accounts lost, aw shucks.

Tue, 06/17/2014 - 12:28 | 4865466 p00k1e
p00k1e's picture

The lights went out in the Northeast United States circa 2003 for a couple of days. 

Tue, 06/17/2014 - 12:32 | 4865487 gh0atrider
gh0atrider's picture

Who fucking cares about United States?  The world is a lot bigger place than northeast United States.

Tue, 06/17/2014 - 12:37 | 4865509 Soul Glow
Soul Glow's picture

What the fuck am I going to do with a bitcoin anyway?

Tue, 06/17/2014 - 12:42 | 4865528 gh0atrider
gh0atrider's picture

Spend it or save it.

Tue, 06/17/2014 - 16:33 | 4866607 heavy.metal
heavy.metal's picture

spend it = sell it for dollars (to Bitpay), who in turn will send the dollars to a retailer

save it = sit on it until you feel it's a good time to "spend it" (see above)

Sounds like the only useful thing you can do with a Bitcoin is selling it??


Wed, 06/18/2014 - 01:38 | 4868049 JustUsChickensHere
JustUsChickensHere's picture

A modest number of merchants choose to hold BTC rather than convert it all to the local fiat currency.  A friend of mine who does use BitPay does exactly that.  He takes a percetange of each trade into local fiat - to pay some suppliers who only accept fiat ... keeps the rest in BTC as savings, and inflation hedge, and to purchase some PM's (directly) for BTC..

Unfortunately he seems incompetent at boating and also has recurring computer disasters ... lost all the PM's in that boating accident, and the BTC has been lost along with the computer problems.

It is amazing that his business still struggles along at about break even, despite the disasters. /sarc


Tue, 06/17/2014 - 12:39 | 4865515 p00k1e
p00k1e's picture

I thought you were U.S. based.  Many apologies.

Tue, 06/17/2014 - 14:15 | 4865997 TheReplacement
TheReplacement's picture

Did not Canada, eh, have a serious blackout due to a solar flare a few years ago?  Isn't that episode used by anyone warning about the potential of an EMP?

Head meet sand.  Oh, gh0atrider is already down.

Tue, 06/17/2014 - 12:08 | 4865401 doctor10
doctor10's picture

In the fully finacialized world-this is progress!!!

Tue, 06/17/2014 - 13:09 | 4865636 JLee2027
JLee2027's picture
2/3rds Of Wages Paid In Barter

What choice is there when the Government is stealing everything it can? Barter is a natural defense.

Tue, 06/17/2014 - 14:14 | 4865983 TheReplacement
TheReplacement's picture

Fine.  I won't sell anything for bitcoin.  Have fun.

Tue, 06/17/2014 - 11:44 | 4865255 Thought Processor
Thought Processor's picture



Take a good look people, cause this is where we're all headed........

Tue, 06/17/2014 - 11:56 | 4865327 armageddon addahere
armageddon addahere's picture

We should have it so good. Take another look. All the well dressed, well fed peasants enjoying a holiday, playing games and dancing in the streets and in the park.

Tue, 06/17/2014 - 12:14 | 4865418 Bananamerican
Bananamerican's picture

...with no cars, phones, hospitals, sewage systems, indoor plumbing, information or electricity

Tue, 06/17/2014 - 12:20 | 4865446 Cathartes Aura
Cathartes Aura's picture

oooh yah, without wages in fiat,

the whole system crumbles!!

*dog whistle*

keep 'em all in line, a-fear'd, participating in the mafia skim.

no alter-natives allowed.

Tue, 06/17/2014 - 13:25 | 4865702 Reptil
Reptil's picture

who needs indoor plumbing when you can shit in a corner of the castle? :-)

Tue, 06/17/2014 - 14:23 | 4866050 Postal
Postal's picture

Plenty of fleas, though.

Tue, 06/17/2014 - 14:51 | 4866200 armageddon addahere
armageddon addahere's picture

No CIA, no NSA, no spy cameras, no reality TV, no drones, no cell phones, no twerking, no rap, no Dancing With The Stars,

Tue, 06/17/2014 - 12:14 | 4865417 graneros
graneros's picture

And that's if we're lucky.

Tue, 06/17/2014 - 12:16 | 4865430 dontgoforit
dontgoforit's picture

Let's get to the point, let's roll another joint  - Tom Petty

So, this isn't so bad.  I'll trade you 2000 rds of .22 lr and a box of 12ga for a cow and a chicken and a bag of beans.  Throw in a joint just for good will.

Tue, 06/17/2014 - 12:23 | 4865454 Cathartes Aura
Cathartes Aura's picture

the advantages to what you suggest include

being able to form more trust-worthy relationships among locals,

as one is trading face-to-face, and the opportunity to look into an others eyes

helps with connections, community.

good practice, start now for a future.

Tue, 06/17/2014 - 14:51 | 4866201 pakled
pakled's picture

Precisely. Trade you what you got for some cans of tuna and a few mercury dimes.

(Fancy albacore, solid, thank you. No need to eat like peasants just because the world as we know it ends.)

Tue, 06/17/2014 - 13:14 | 4865652 Kirk2NCC1701
Kirk2NCC1701's picture

Careful what you wish for.  You just may end up with the Feudal Ages once again: Feudalism 2.0:  The Orwellian version.

Point is, there's a FINE line between the narrow strip of Liberty, that has the false choice of Large Government on one side, and Feudal Masters on the other side.  Having the quality of life that you find in some parts of the US, or some EU countries (Scandinavian countries, or in Central Europe. i.e., Germany, Austria, Switzerland) or Canada is very difficult to create or duplicate in other climates or cultures.  I can't think of a single, sizable hot-climate country where this lifestyle is reality.  Monaco, Singapore, Emirates?  I said sizable.

Tue, 06/17/2014 - 11:44 | 4865258 TeamDepends
TeamDepends's picture

At least a loaf of bread can not waterfall to zero.

Tue, 06/17/2014 - 11:51 | 4865292 ParkAveFlasher
ParkAveFlasher's picture

And it's gone!  Cuz I eats it.

Tue, 06/17/2014 - 12:00 | 4865344 TeamDepends
TeamDepends's picture

No, we have yes bananas!  Your prayers have been aswered, citizen.  The central planners are about to unleash a GMO super banana on American guinea pigs.  But fear not, said banana has the Bill & Melinda Gates Eugenics Good Housekeeping Seal Of ApprovalTM.


Tue, 06/17/2014 - 12:43 | 4865533 ParkAveFlasher
ParkAveFlasher's picture

I only buy bananas from Ecuador.  Los Oritos - un variedad muis chiquito y lindo y sabrosito - son mis favoritas.  Bitchez.

Tue, 06/17/2014 - 12:10 | 4865403 Village-idiot
Village-idiot's picture

A bag of spuds will always be worth something.

Tue, 06/17/2014 - 11:44 | 4865259 i_call_you_my_base
i_call_you_my_base's picture

But hey, you can still call yourselves Eurpoean, so there's that.

Tue, 06/17/2014 - 11:47 | 4865269 SheepDog-One
SheepDog-One's picture

All I care about is how Greece is doing in World Cup football madness? What's the SCORE man?

Tue, 06/17/2014 - 15:51 | 4866436 RafterManFMJ
RafterManFMJ's picture

0-0 last I checked.

Tue, 06/17/2014 - 11:45 | 4865260 RiskyBidness
RiskyBidness's picture

If there was ever a reason to BTFD!!..............This is IT!!  I am officially ALL in!!  Insanity will continue!

Tue, 06/17/2014 - 11:44 | 4865263 SheepDog-One
SheepDog-One's picture

Who run Bartertown??

Tue, 06/17/2014 - 12:18 | 4865437 dontgoforit
dontgoforit's picture

We all do!  School's out forever!

Tue, 06/17/2014 - 13:25 | 4865683 Kirk2NCC1701
Kirk2NCC1701's picture

"Who runs Bartertown", you ask?  A: The Neo-Feudal Lords. 

Their concepts and biz models are the same as those of the original Feudal Lords.

IOW... same as it ever was:  Most people have merely swapped one set of masters for another, but remain poor.  Only the masters have swapped chairs of governance in their periodic game of musical chairs.  And with said 'swaps', they have swapped lifestyles.  Nothing new, and not always an improvement.  Especially if the fundamental Resources are scarce or dwindling, rather than growing cheaply.

Tue, 06/17/2014 - 11:45 | 4865265 Soul Glow
Soul Glow's picture

Better than trading work for wages paid in paper currency.

Tue, 06/17/2014 - 11:46 | 4865268 i_call_you_my_base
i_call_you_my_base's picture

It is paper though, it's vouchers. This is effectively the company store model.

Tue, 06/17/2014 - 12:10 | 4865351 Soul Glow
Soul Glow's picture

The current system of payment - fiat currency - will tumble once the world's debt load outweighs the notional costs.  The interest accrued on debt obligations is minimal and is losing to inflation if CPI were to include oil and food costs.  This does not bode well for the bond market.  At the same time and due to constant currency printing the currency loses it's value, punishing all holders of notes, yet remember, the costs increase, trapping the investor.

Payment is bound to find transpanecy in the form of true money - gold and silver.  Barter will work for small purchases on a local level, but when doing business internationally City/States (yes, I am getting medival) will ask for payment in gold.  This like it was up until 40 years ago.

Imagine that, 40 years was all it took to forget what money really is and how payment really works.

Tue, 06/17/2014 - 13:13 | 4865646 NotApplicable
NotApplicable's picture

"Junk" silver is your friend.

Tue, 06/17/2014 - 11:46 | 4865267 youngman
youngman's picture

They still try to sign up for the freebies.....that is still a full time job

Tue, 06/17/2014 - 11:48 | 4865279 joeknows
joeknows's picture

Don't worry the Greeks can collect taxes to pay off the ECB loans with sweat instead of euros.


Tue, 06/17/2014 - 11:49 | 4865280 joeknows
joeknows's picture

Don't worry the Greeks can collect taxes to pay off the ECB loans with sweat instead of euros.


Tue, 06/17/2014 - 11:49 | 4865283 Seasmoke
Seasmoke's picture

Barter pays !

Tue, 06/17/2014 - 11:51 | 4865294 Dr. Engali
Dr. Engali's picture

Hey, at least the have the Euro.

Tue, 06/17/2014 - 11:53 | 4865306 Yen Cross
Yen Cross's picture

     So much for the Greek government meeting their deficite reduction targets next year without any tax revenue. Good for the Greek people to starve the beast.

     I hope more countries take notice and tell their collective governments/overlords to go fuck themselves, and stop doing business them as well.

Tue, 06/17/2014 - 12:06 | 4865388 Village-idiot
Village-idiot's picture

The problem is, the Elites will find a way.

They could start using slave labour. Put a bunch of people in jail on trumped-up charges and make them work for their room and board. The company they work for will pay the government the rest of their wages.

Think this couldn't happen? The USSR did it. Many in the Gulags were forced to make parts for Ladas. In that case the company was owned by the government, so they got cheap labour.

Tue, 06/17/2014 - 14:54 | 4866220 armageddon addahere
armageddon addahere's picture

The USA did it too. See chain gangs in the South, some of them hired out to plantation owners as recently as the 1930s.

Tue, 06/17/2014 - 11:54 | 4865310 NotAMathWhiz
NotAMathWhiz's picture

What is 13th and 14th salary?  This can't possibly mean that they get 2 months bonus pay every year?  As required by labor law?  Sounds like a collective bargaining union contract to me.


Tue, 06/17/2014 - 11:59 | 4865341 armageddon addahere
armageddon addahere's picture

Ha ha ha it's great to live in a socialist country until you run out of other people's money.

Tue, 06/17/2014 - 12:32 | 4865479 FeralSerf
FeralSerf's picture

How much do They pay you to be a neo-liberal sock-puppet?

I see you've only been on the job for about a week. Have you got your first paycheck yet?

Tue, 06/17/2014 - 14:56 | 4866233 armageddon addahere
armageddon addahere's picture

No dammit and I still haven't got my check from the oil companies for saying Global Warming is a scam since 2009.

You may remember me as Diogenes if you have been around long enough. I was one of the oldest posters here until I got kicked out a few months ago.

By the way, I think you need to look up the definition of neo liberal, or possibly the definition of sarcasm.

Tue, 06/17/2014 - 15:21 | 4866315 fxrxexexdxoxmx
fxrxexexdxoxmx's picture

Akak hope it is you........

Tue, 06/17/2014 - 13:49 | 4865837 Kirk2NCC1701
Kirk2NCC1701's picture

Sounds like projecting fear & ignorance to me.

Years ago, I worked as a hi-tech professional in Germany.  No "union", I can assure you.  Besides having a nice salary and amazing health care at very affordable cost, and cruising on the Autobahn at 160-180 km/h, I got 6 weeks vacation a year and a 13th month income, which financed said vacation quite nicely.  Especially when it was spent in a cheap, Mediterranean climate (Croatia, Greece), littered with topless beauties.

But that's the difference between the Labor-Management relationship that you have in a Germanic culture (more cooperative), versus that of the Anglo culture (more antagonistic and serf-aristocratic).  Depending on who you work for or where you are in the US, you get one or the other culture and management style.  I've observed that typically the Anglo style dominates the lower parts of the food-chain (low wages), and the German style dominates the upper parts of the food-chain (high wages).

Tue, 06/17/2014 - 14:51 | 4866190 NotAMathWhiz
NotAMathWhiz's picture

So, you're comparing a profitable, private enterprise to the public sector in Greece?  I can assure you, if your hi-tech company in Germany had negative cash flow and low single digit EBITDA the first thing to go would be your paid 13th month income.

But for those sucking the socialist teet dry till the cow is dead, I would suggest they forego their free paid 2 months salaries and spend a little time here in reality.

Welcome to the real world.  There is no free lunch anymore.

Tue, 06/17/2014 - 14:22 | 4866046 robertocarlos
robertocarlos's picture

It means all Greek workers get 2 months bonus pay every year. It's the law.

Tue, 06/17/2014 - 11:54 | 4865313 LawsofPhysics
LawsofPhysics's picture

"Full faith and credit"  motherfuckers.  this is good news indeed.  Fuck the useless paper-pushers!

Tue, 06/17/2014 - 11:57 | 4865325 BobTheSlob
BobTheSlob's picture

This is nothing new. Google Argentina barter economy on youtube. There's a documentary there that explains it all. They do use an intermediate currency as a "services placeholder" so to speak. Except that the currency has an actual expiry date.

Tue, 06/17/2014 - 11:56 | 4865326 no more banksters
no more banksters's picture

Greece: Mass layoffs have just started

The government determined to continue destructive neoliberal IMF agenda

Tue, 06/17/2014 - 11:59 | 4865335 yogibear
yogibear's picture

LOL, It's going to be fun when the SHTF in the US.

Arm and direct the mobs to the Federal Reserve banksters and the Hamptons.

When things turned bad in South America kidnappings were common.


Tue, 06/17/2014 - 11:58 | 4865337 Its_the_economy...
Its_the_economy_stupid's picture

how many loaves of bread for a top notch trick in bartertown, Greece?

Tue, 06/17/2014 - 12:34 | 4865493 FeralSerf
FeralSerf's picture

How recently were they baked? Any GMOs in them?

Tue, 06/17/2014 - 11:59 | 4865343 Quinvarius
Quinvarius's picture

Becasue the Greek governmnet was unable to default, leave the Euro, and start their own currency, the national currency is now barter coupons. 

Tue, 06/17/2014 - 12:19 | 4865439 madcows
madcows's picture

isn't that what our FRN's are?

Tue, 06/17/2014 - 12:00 | 4865348 DeliciousSteak
DeliciousSteak's picture

Ah, the life of a medieval peasant.. Work for only a few months of the year, freedumz for teh rest. That must've been the dream. Greeks can only dream of such luxury.

Tue, 06/17/2014 - 12:00 | 4865357 Duffy Duck
Duffy Duck's picture

Americans could and should do the same to the extent possible.

You'd think the Lefty readers of the NYT, say, would be against private banks issuing the public currency as a loan at interest to the extent the government [and they love government] could do it directly.

so why don't they and Krugman care about this obvious give-away to, I presume, mostly european banking corporations and banking families? Even if you want to claim its just the 6% guaranteed return... thats tens of billions... which is still a lot of money in some circles...

If the CBO an DOJ and Judiciary can be separate but within .gov, so the fuck can the fed.

Still boggles my mind we can't find out who owns the shares of the NY Fed. They create our money, in open defiance of what the constitution provides for, and we can't find out who the owners of the issuing power are.

And few seem to notice or care.... even the very northeastern liberals who you'd *think* would be, at a minimum, for nationalization of the FRS...

I don't understand it.

Tue, 06/17/2014 - 12:37 | 4865507 FeralSerf
FeralSerf's picture

The Fed doesn't create "our" money. It's their money. They're just letting us rent it from them. They also retain the right to make it worthless whenever they decide to. It's just paper.

Wed, 06/18/2014 - 06:11 | 4868282 dreadnaught
dreadnaught's picture

Nothing "lefty" about the Jew York Times you dolt-they are on the NeoCON artist WAR WAR AND MORE WAR! banwagon,

Tue, 06/17/2014 - 12:01 | 4865359 Bunga Bunga
Bunga Bunga's picture

I thought Draghi flooded the markets with free money. Looks like the 0.1% sucked it all up like bitchez.

Tue, 06/17/2014 - 12:02 | 4865365 NoWayJose
NoWayJose's picture

Barter is just a way for the little guys to avoid paying taxes.  The little guys are the ones not named Clinton or Gates or Buffett since those guys get to write loopholes into the tax code and then hire lawyers to write trusts and other things that avoid taxes.  Likewise, the little guys are the companies that are actually forced to try to run a business in their original country, and cannot buy out a company and then re-locate their headquarters in Ireland or Switzerland in order to avoid US taxes.  Barter will be the dominant method of conducting business in the US after the collapse of the dollar.

Tue, 06/17/2014 - 12:02 | 4865368 VWAndy
VWAndy's picture

If you have a still barter will not be all that bad. Home brewed beer works well too. Chickens and rabbits. In a barter system production of actual goods will keep you well fed. Just make sure you can keep that stash from the goons with badges.

Tue, 06/17/2014 - 12:12 | 4865410 NoWayJose
NoWayJose's picture

Keeping your stash from the goons with badges means not using social media to advertise that you have more than enough to share or sell...

Tue, 06/17/2014 - 13:42 | 4865385 asscannon101
asscannon101's picture

'Has the Rat Tart got very much rat in it?'

Tue, 06/17/2014 - 12:06 | 4865387 damicol
damicol's picture

The fucking kenyan monkey thinks you should all be the same.

He is doing his fucking damndest Its just a matter of time now.

Make the most of what you still have

Tue, 06/17/2014 - 12:06 | 4865391 Jason T
Jason T's picture

next up, ownership of property via possession.  

Go Long Samuria and Knights to protect your property bitchez.


What's been will be again.. and that means dark age is a coming.

Tue, 06/17/2014 - 12:10 | 4865404 NoWayJose
NoWayJose's picture

I wonder what skill the vast majority of young Americans will offer in barter?  Will there be a great demand for 'Social Media User' after the collapse?  Or 'Burger Flipper at fast food restaurants without customers'?  Or 'Generic Salesperson' at empty malls? 

Tue, 06/17/2014 - 12:17 | 4865434 madcows
madcows's picture

I will gladly update your facebook page on wednesday for a burger today.

Tue, 06/17/2014 - 12:19 | 4865442 Grande Tetons
Grande Tetons's picture

I am a natural born bullshitter...which means that I am in sales. Which means that I can not do fuck all that adds value. This is one of the reasons why I own PMs. My hope is that I can trade them with somebody that I will need shit from when push comes to shove. 

Young people...skip a few lattes and buy some mercury dimes. 

Tue, 06/17/2014 - 13:43 | 4865783 Peak Finance
Peak Finance's picture

I can teach them "young americans" to shovel chicket shit like a pro in less than half an hour, the smarter ones can build fences and corals and handle the large animals, the ex-STEM guys can make ethanol and Lye, for starters!


Will be awesome wathcing them bitch and cry in the Florida heat the first few months until they get used to it!!

Tue, 06/17/2014 - 12:13 | 4865414 vyeung
vyeung's picture

Welcome to the world of the Cabal via the IMF, World Bank and BIS. So much for your FREEDOM & DEMOCRACY PR. Looks like chaos to me. EU - Probably not for much longer.

Tue, 06/17/2014 - 12:14 | 4865421 Fix It Again Timmy
Fix It Again Timmy's picture

Ok, for a F-35 jet that will be 70 billion chickens and 750 million goats.....

Tue, 06/17/2014 - 12:16 | 4865432 madcows
madcows's picture

You could feed a few Moochelle Obamao's with that.

Tue, 06/17/2014 - 12:16 | 4865431 Spastica Rex
Spastica Rex's picture


"Publicity once meant the exposure of political domination before public reasoning; publicity sums up the reactions of a non-binding goodwill. The bourgeois public sphere readopts feudal qualities in proportion to its formation by public relations: the "offering agents" display representative expenditure in front of compliant customers. Publicity imitates that aura of personal prestige and preternatural authority which the representative public sphere had once imparted. A "refeudalization" of the public sphere must be discussed in another, more exact sense. The integration of mass entertainment and advertising, which in the form of public relations already assumes a "political" character, subjugates namely even the state under its code. Because private companies suggest to their customers in consumer decisions the consciousness of citizens, the state has to "appeal to" its citizens like consumers. Thus the public use of violence also solicits publicity.

Feudalism lasted for centuries, was highly efficient, and highly profitable. Feudalism 2.0 will likely last even longer, while also having a slightly different flavor. It will still suck to be a peasant.

Tue, 06/17/2014 - 12:34 | 4865495 Cathartes Aura
Cathartes Aura's picture

love this.

"the state has to appeal to its citizens like consumers."

because "the State" is also a product-idea sold to "citizen consumers" - once swallowed, the meme shapes all subsequent "thoughts" fed.

consume-ate consumers gobble up "the State" storyplots, particularly the "historical" revised narratives.

*waves flag*

Tue, 06/17/2014 - 12:18 | 4865438 Inthemix96
Inthemix96's picture

Listen up my Greecian friends.  The cause of your misery and pain isnt just the maniacs running the EU asylmn, indeed not just your badly mis-managed islands full of corrupt politicos and bent public services employees, no my friends, the main and worst problem that has be-fallen you,

Is Tony Fucking B.Liar.  I have it on good authority that this war criminal paedophile cunt was right there at the start of your ecconomic troubles and was partly to blame, the filthy gurning twat has had his dirty hands in your till, not just mine.  Because as you know, there is no really good socialist, like a rich, multi-millionaire one, like him of course.

It just so happens, he and his security detail are due in your neck of the woods shortly, seeing as the manical, cross-dressing, public toilet visiting, gay, child abusing cunt wont come out in public here in England, if he does in your villages, you have the British folks approval, of burning the cunt to death, after hanging him, and peeling his skin off in front of his wife and kids.

Tally hoe bitchez, we've got our fingers crossed that you treat 'Miranda' as we would fucking love too, but the shit fuck wont go anywhere near us plebs.  I wonder why?


Tue, 06/17/2014 - 12:48 | 4865547 FeralSerf
FeralSerf's picture

I still don't understand why you Brits re-elected that worthless sonofabitch in 2005 after all he had done to you and the rest of the world.

You can rightly wonder about why Americans re-elected Bush in 2004 and Barry Soetoro (aka Obama) in 2012. I suppose the answer may be in the PTB's selection of their feckless opponents.

Tue, 06/17/2014 - 15:04 | 4866259 armageddon addahere
armageddon addahere's picture

First of all, look who they were running against. Second of all, look who counted the votes.

Tue, 06/17/2014 - 12:26 | 4865460 Matt
Matt's picture

Damn free markets, people negotiating their own wages and having jobs instead of obeying the law and starving to death while unemployed.

Tue, 06/17/2014 - 12:28 | 4865461 QE49er
Tue, 06/17/2014 - 12:55 | 4865576 Sauerkraut-Opinion
Sauerkraut-Opinion's picture

Don't worry - in Greece had never been money.

On the paper six from ten Greeks are living in poverty, because due to tax-declarations their annual income is less then 12.000 Euro. 70 percent of freelancers - those like lawers, medical doctors - declare annual revenues below 10.500 Euro. Still more poverished behave investors: Landowners and investors admit a yearly income of 6730 Euro. - that means a monthly revenue about 900 Euro and investor. Only 60 citizens declared annual incomes of 900.000 Euro. (Source:

Already one year ago the "Manager-Magazin" resumed: "Papakonstantinou admits that his taxman are the most inefficient ones in Europe - in case they are not striking. Only 19 percent of Greeks economic output were booked as fiscal revenues last year - either because many of the taxable persons are lying to the financial boards."Nobody believes that there are only 15.000 Greeks outside their with annual earnings of more than 100.000 Euro" said Papakonstantinou towards the British Guardian. But exactly this is what they find in tax declarations. All the villas at the Athens outskirts, yachts-avens and small privat-islands are telling us another story..."

Tue, 06/17/2014 - 12:59 | 4865594 Joe A
Joe A's picture

People have been bartering in Greece for some time now. Selling products and services for other products and services. Such as fruits and veggies in return for small repairs, household work, guitar lessons, etc. There is also direct sale of vegetables, oil, detergent, etc. directly from producer to consumer bypassing the middlemen that takes a big cut and does not pay producers on time or for the whole amount. These movements called 'without intermediaries' are popping up all over Greece. The government response is trying to forbid open markets.

Tue, 06/17/2014 - 13:47 | 4865816 22winmag
22winmag's picture

The states would appear to be next. Laundry detergent, various oils, fuels and staple products are are all bartered (aka resold) in the ghetto in the America to some degree.

Tue, 06/17/2014 - 14:48 | 4866187 Joe A
Joe A's picture

Barter has been a way of live for generations in Europe. And it brings people together. Of course the taxman doesn't like it because they cannot collect taxes. And by cutting out the middle men less VAT will be collected. But as a Greek friend of mine says "in Greece you don't know where your taxes end up and how it will be spend".

Tue, 06/17/2014 - 13:04 | 4865610 teslaberry
teslaberry's picture

oh yea, 

starbucks just struck up a 'deal' with the 'arizona state university' online program to hand out free 'degrees' to their starbucks employees. 


backdoor barter to cover over stagnant wages. online degrees are worthless shit. 

Tue, 06/17/2014 - 13:21 | 4865690 22winmag
22winmag's picture

"Free of charge" and barter are not exactly the same thing.

Tue, 06/17/2014 - 13:24 | 4865703 Itchy and Scratchy
Itchy and Scratchy's picture

Yet another Socialist success story!

Tue, 06/17/2014 - 13:31 | 4865729 kurt
kurt's picture

Dear Barter-ites

Read the first few chapters of "5000 Years of Debt" for free on Amazon for insight into how our neo-feudal society will work. He specifically talks about barter and how exchanges work.

Tue, 06/17/2014 - 13:57 | 4865887 JRobby
JRobby's picture

See the future Danny, Be Your future.

The middle ages. back for another engagement.

Tue, 06/17/2014 - 14:05 | 4865939 IronForge
IronForge's picture

Guess the IMF may send Medical Assistance in the Person of Theodoric of York...

Tue, 06/17/2014 - 14:23 | 4866051 Bryan
Bryan's picture

They should just reinstate the drachma and then do what the US did - print money like there's no tomorrow.  It works so well!

Tue, 06/17/2014 - 14:44 | 4866169 Drachma
Drachma's picture

In The Age of Faith (Volume IV of the The Story of Civilization by Will Durant), the author gives us a glimpse into the decay of the economies of civilization. On the Roman Empire of the late 4th, early 5th century, we get the following passage:

“The middle class had been the mainstay of municipal life in Italy; now they too were weakened by economic decline and fiscal exploitation. Every property owner was subject to rising taxes to support the expanding bureaucracy whose chief function was the collection of taxes. Satirists complained that ‘those who live at the expense of the public funds are more numerous than those who provide them.’ Corruption consumed much of the taxes paid; a thousand laws sought to discourage, detect, or punish the malversation of governmental revenue or property. Many collectors over-taxed the simple, and kept the change; in recompense they might ease the tax burdens of the rich for a consideration…

…some citizens fled across the frontier to live under the barbarian kings who had not yet learned the full art of taxation; ‘the agents of the Treasury seemed more terrible than the enemy.’ Under these conditions the incentives to parentage weakened, and populations fell. Thousands of arable acres were left untilled, creating an economic vacuum that conspired with the surviving wealth of the cities to draw in the land-hungry barbarians. Many peasant proprietors, unable to pay their taxes or to defend their homes against invasion or robbery, turned their holdings over to richer or stronger landlords, and became their coloni or cultivators; they bound themselves to give the lord a proportion of their produce, labor, and time in return for guaranteed subsistence, and protection in peace and war."

The more things change, the more they stay the same. And here we stand at the dawn of a neo-feudal age of sorts. In contrast to ancient times however, this time there are no ‘outs’, no ‘barbarian’ kings to flee to. And ours will be a most advanced form of feudalism. A genetically engineered, chemically altered, nanometered, biometrically surveilled and transacted, feudal dystopia, for which the burden will lie most squarely on our children and their children, unless…

Tue, 06/17/2014 - 21:00 | 4867445 Cthonic
Cthonic's picture

... a critical mass of citizens actively, visibly and demonstrably withdraws their consent to current centralized authorities usurping popular sovereignty under the false pretenses of 'safety', 'stability' and 'order'.   #maincorerevolt

Tue, 06/17/2014 - 15:47 | 4866411 random999
random999's picture

here its not even paperbills. some shops accept cards only. i buy bullion

Tue, 06/17/2014 - 17:57 | 4866948 Sauerkraut-Opinion
Sauerkraut-Opinion's picture

Bartering is an agreed upon transaction that bypasses the Euro.

Creating employment with this currency in the pocket will get harder and harder - this disease can't be healed by fresh transfer-money nor with devaluation of others money in Central/North-Europe.

Wed, 06/18/2014 - 07:11 | 4868342 Duude
Duude's picture

I imagine the world's oldest profession has as much buying power in its panties as anyone else.  

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