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The Tide Is Turning: Obama "Expresses Sympathy" For Greece; Lazard Says 50% Greek Haircut "Reasonable"
The newsflow over the past several days was progressing much as expected: any time Greece demanded a bailout renegotiation (or termination), and an end to the Troika, Germany just said "Nein", most recently on Saturday when Merkel told Hamburger Abendblatt's "that banks and creditors had already forgiven a considerable amount of Greece's debt and that she rejected any further concessions. "There has already been voluntary debt forgiveness by private creditors, banks have already slashed billions from Greece's debt," Merkel told the paper, adding: "I do not envisage fresh debt cancellation." She added that "Europe will continue to show its solidarity with Greece, as with other countries hard hit by the crisis, if these countries carry out reforms and cost-saving measures."
As a reminder, the contentious topic at the heart of the latest scandal rocking Europe is that the new Greek government has said it wants to negotiate to halve the country's debt, which still amounts to more than 315 billion euros despite a debt restructuring at the start of 2012 that cut the burden by some 100 billion euros.
Of course, Germany's position has been known for a long time because despite all the posturing, Germany's interest are quite aligned with those of the ECB: because while German politicians can posture all they want about the specter of hyperinflation due to money printing, they know full well that without the ECB backstop, not only is the Deutsche Mark coming back with a bang, but Deutsche Bank, perhaps the world's TBTF bank, would promptly topple over in the process crushing the Germany economy. Which is why when it comes to Greece, Merkel's interest are identically aligned with those of the ECB, which in turn are dictated by Goldman and the rest of the banking cartel as well as the BIS/MIT diaspora.
And then something unexpected happened: the socialists came to the rescue when they voiced their support to their ideological peers in Greece. First, it was France whose finance minister said that France is "more than prepared to support Greece." And now it is Obama's turn who as the WSJ reported, has "expressed sympathy for the new Greek government as it seeks to rollback its strict bailout regime, saying there are limits to how far its European creditors can press Athens to repay its debts while restructuring the economy."
More:
“You cannot keep on squeezing countries that are in the midst of depression. At some point there has to be a growth strategy in order for them to pay off their debts to eliminate some of their deficits,” Mr. Obama said in an interview with CNN’s Fareed Zakaria aired Sunday.
He said Athens needs to restructure its economy to boost its competitiveness, “but it’s very hard to initiate those changes if people’s standards of livings are dropping by 25%. Over time, eventually the political system, the society can’t sustain it.”
...
“More broadly, I’m concerned about growth in Europe, ” he added. He said fiscal prudence and structural changes are important in many eurozone countries, but “what we’ve learned in the U.S. experience...is that the best way to reduce deficits and to restore fiscal soundness is to grow. And when you have an economy that is in a free-fall there has to be a growth strategy and not simply the effort to squeeze more and more from a population that is hurting worse and worse.”
What he means, of course, is that it is easy to issue trillions in debt - as a reminder, under Obama total US debt has risen well over 70% in just 6 short years, rising above $18 trillion - when i) one is the reserve currency and ii) when central banks, first the Fed and then every other one, have sworn to monetize government debt across the globe, leading to 16% of global government debt trading with a negative yield. It will be the task of another president to put together the pieces of this unprecedented debt splurge when one day, inevitably, the USD no longer is the world reserve or, inevitably, when first then another, then all central banks lose credibility, and instead of bonds trading with negative yields, said yields hit positive infinity once the long deferred hyperinflation finally strikes.
Lessons in economics and finance aside, what the president who in early March 2009 was impressed by the low, low "profit and earning ratios" of the S&P just said, is that suddenly not only France, but the US itself is not only giving Europe, i.e., Germany, lessons on how to handle its "fiscal prudence", but to also concede to Greek demands, something which the new Greek parliament will promptly leverage on and use for further political gains.
And where it gets truly interesting is that as Bloomberg reported earlier, not only is France also on board with "alleviating" Greek debt - a word which is extremely flexible in a diplomatic context - as we noted earlier, but none other than Matthieu Pigasse, the head of Lazard’s Paris office who has advised Greece in the past and who was hired over the weekend to advise the Greek government on its next round of debt reductions, just admitted to Bloomberg TV something startling:
“There is a range of possible solutions: extending the maturities, lowering interests rates, and the much more radical solution, the haircut. If we could cut the debt by 50 percent” he said, “it would allow Greece to return to a reasonable debt to GDP ratio.”
And just like that the "bogey" for the Greek debt haircut has been set, and at this point it is only a matter of finding where the bid and ask of the two negotiating parties end up crossing several days, or hours before the clock strikes midnight on February 28.
The only question is what happens to the ECB holdings of Greek debt which will inevitably get impaired in even a modest debt restructuring. There is of course the private-sector route: give the ECB and/or Troika a part of the post-petition equity of Greece in exchange for their impaired debt. After all they already controll all of it everywhere but on paper. Why not just formalize it. And after all, if Greece is set on never exiting the Eurozone as even the current government has implied, it may as well sell some equity to the ECB or any other interested party and just make it official.
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They should. You vote yourself the benefits you pay for them.
I'm 27. My future has been stolen already. Think there's any chance of me seeing anything, my own private retirement savings included?
Hahahahahahahaha
You, sir should inject yourself in the latest high minded debate entitled
"National Socialism..what is good for you is in fact good for you!" newsletter.
And don't forget to enjoy your Free Membership in our Gliders Club!
All expenses paid!
Das is Good, ya?!!!
Quit the pussy whining. Nobody "stole your future". Your future is what you make it. Live off the grid. Invest in physical. Pay cash and work for cash. Avoid debt.
The fact is America offers you the protection and comforts so that you aren't standing in line for toilet paper. To do this our Country has lied, stolen, persecuted people's who dissented from its international power politics and many other crimes against humanity. WE ALL HAVE DIRT ON US. Unless you were in Iraq waiving a white flag as the bombs blew apart children you are no noble citizen being deprived of your earned station.
Things are what they are. We are trapped as citizens of the USA. And while that fact takes away some of the natural freedoms it also safe guards us from the worst that others experience. By all means, rail against the injustice of this nation. But don't cry about what you think your fair share of a rotten, corrupt system should be. As the Good Book pointed out, whose face is on the fucking coin? It was never yours to begin.
the eu blinked. those greek technique loving opolises invented carnal knowledge of the exit ramp. they just showed the eurozone what happens when there is no lubricant used. kinky.
TOTNWO contactor of Goldman Sachs has sympathy and I'm from another planet. Tell me it ain't so.
Fuck barry, shut you cake hole - the world hates your fucking guts.
More debt too? Go to hell barry!!!!!
Interestingly, the article does not contain the word "Russia", in spite of the fact that this whole story is about the Greeks smartly using the Russians to obtainleverage vs. the West. I wonder how the Russians feel about this...
That's checkers thinking, but the name of the game is chess.
Russia created a head's I win; tails you lose situation when it made the offer of assistance to Greece. Vlad just had to sit back and wait to see whether he won or the EU lost, and it's starting to look like the latter. So I'd say that the Russians feel pretty good about giving a big FUCK YOU payback to their European "partners."
Another sublime move was to bail on South Stream and go with Turk Stream, which of course must traverse Greece to connect to Central Europe.
Brilliant statecraft.
If the EU goes to a full fiscal union, that checkmates Russia. Can they do it politically?? That is the 100 trillion euro question.
you can't have full fiscal union w/o full political union... this is basically impossible in EU, as we shall all soon see... it will take ww3 to open eyes, but all will see in the end...
Probaly some bundled package deal including Ukraine army, full Ukraine EU membership, and bailouts for all Greece, Cyprus, Portugal, Spain, Italy...and then NIRP forever. Done.
Not sure how it will work out on interest rates and risk..but will probably be temporarily 'contained.'
Is so easy to say Greece should be forgiven for their loans...when it isn't our money that will be lost. I don't think Germany will align itself with a bunch of deadbeat nations very much longer.
Switzerland ran away and they only dipped their toe in the water for 3 years, not taking a full-up-to-the-eyebrows EU bath.
Obama talking about fiscal soundness... I feel dizzy.
Quem tem cú tem medo...
hehe.
Said Obama, “what we’ve learned in the U.S. experience...is that the best way to reduce deficits and to restore fiscal soundness is to grow. "
The U.S. has learned that, huh? Exactly where is the U.S. growth? It's just a matter of time, and not much time, before the U.S. is forced to admit it isn't growing either. Deflation has overtaken the world, including the U.S., and despite its denial.
The Putin put is workin just fine for Greece. Spain next.
First we crush the Ruble. Then Russia buys gold. Then... we crush gold. And Russia has nothing. Then we start WWIII and blame it on Russia.
YOU ARE A GODDAMNED GENIUS BILL! Get to the front of the line!
Just good cop, bad cop BS. If Greece has any integrity they will just get out and look East; the Euro and EU are DOA and have been for a long, long time. As good old George Thorogood said:
So I go in my room, pack up my things and I go
I slip on out the back door, down the streets I go
She a-howlin' about the front rent
She'll be lucky to get any back rent
She ain't gonna get none of it!
OFF TOPIC
Today's Sports Brief: Pats 28 / Hawks 24 / New sniper in Kiev 161!
Go Sniper!
You say Off Topic, I say...
Brady, Edelman, Gronkowski, Amendola.
This should be the point where the phrase "full faith and credit" is called into question.
America could pay half the Greek debt (150bn) on the basis of good faith and move on. Considerate a millennial gift from the strong dollar.
Small potato talk
Fifty. Fifty. Do I hear Fifty? Yes, there's Fifty from the Negroid in the back row.
Sixty. Sixty. Do I hear Sixty? Sixty any one?
The dark gentleman in the last row has the high bid of Fifty.
Going once. Going twice. (hits small gavel on podium) Greece goes to the dark gentleman for a debt reduction of 50%
You make it sound so ad-hoc ... like policy on the run ... lol
Here's policy on the run. From tonight's Sputnik International.
You don't have be be Aristotle, Plato, or Socrates to know that this is veiled threat by President Obunghole to the new government of Greece.
Not only does American Exceptionalism and Manifest Destiny permit and entitle the US government to change the regime of any other country on the planet, it also allows the US to divulge that fact to threaten a new government, who expressed its intention to behave in a manner not in the best interests of the US.
It can be no coincidence that the Negro made that statement the day after Greece expressed such an interest.
"Hey Tsipras.....homie - from a Marxist to a Socialist - If I say nice things about you - you wont close our Nato base - right bro?"
US worried about a Greek/Putin alliance.
Obama worried about an economic collapse on his watch. All politics are local. Same reason Putin makes journalists disappear.
<---I give a fuck about what Barry has to say.
<---I give a fuck about greecian socialists getting thinner.
The only post where BT scores zero for zero.
Or not!
Dammmit!
Hey, I'm Rick James BITCH!
At the end of the day, Yanis' road show plays right into the hands of the Crony Capitalist Cabal, closing the EU loop by adding a fiscal union to their current monetry union.
The debt foreberance will help Greece, but regrettably, it also plays right into the hands of the Craven Central Banking Cabal. That's what worries me about all of this.
The debt forbearance will transition QE policy away from a monetary subsidy, towards more fiscally targeted QE measures, which means the Brussel autocrats are further empowered.
The true enemy, in my mind, remains the merger of the Super State with the Multilateral int'l Banks and Multinational Corporations, also known as Fascism.
And, the Central Banksters are the swindlers that grease the skids of the cronies' crafty construct.
Yep Bruno, you seem to have a solid grip on the situation. But here's the thing...start learning to worry about something that you have control over. If you don't have children, who are the only hope for "cloning" your intellect, values, and rebellious spirit, then I suggest that you go long...on family!
Laugh at everything that you cannot control...and prepare for the rest.
The true enemy (as you state it) are the ones who force you to play by their game.
Cheers!
The real enemy is the apathy not to expose and fight the actual enemy my friend........especally if your thinking about future generations / children....
So true, and I might add that real men are warriors who have the courage to fight and resist. Hence my avatar: Chief Joseph.
They were already in it anyway, and if they walk away in 20 to 30 years they will just do the same damned thing anyway, and default once more, because they never learned once the basic lesson. They know what the lesson is - perfectly - but they won't act on it because they want to keep running up debt to banksters, and gaming the system, and also gaming geopolitics as well.
It's a simple thing, the "Craven Central Banking Cabal", as you put it, can only enslave and have power over a country's people, if they are personally and collectively stupid enough to go into deep debt to their hatchet men, the frontline bankster.
Is a culvert at fault if you already know exactly where it is, and what the implications of falling into it are, but complete ignore the hazard and pretend it isn't there, that there are no implications for you, so walk around blindly and face-plant in it anyway? Then bitch and cry about it being there, and how it conspired to face-plant you?
WTF?!
Greece, and many of these EU states, and USA, and Japan, and China have all acted like idiots. There are very few modern states remaining that have even tried to live within their means, and attempted to balance their budget and produce actual surpluses. There are implications for not budgeting and printing is only an avoidance, that makes it worse.
Global writedowns are the only game in town now which will work.
How large they become, and what measures are taken to make sure this ridiculous international farce is never repeated, is the salient question.
It isn't a shit parade until Obama weighs in on things.
Then it's a shit parade.
Bath House to Visit Greece for Backend Deal
+1
Greece's debt isn't going to be cut. There are only 2 realistic outcomes now. One is that Greece is ejected from the EuroZone to make an example of them - which will only delay the dissolution of the EuroZone a short while. The other is that the EU comes up with a comprehensive plan to restructure its entire Constitution. A plan where the EU Federal Government assumes half of all State debt, assumes many expensive governmental functions (like military, deposit insurance, trains, and pensions), and takes over the exclusive power to levy VAT taxes might just work. It would help Greece, and all all other Euro States too. A new elected Presidency might be necessary as part of the bargain. The UK would have to accept the Euro and the new order, or be ejected from the EU. This really is the only way out for the EU.
Whatever you do Yanis, don't let the forbearance you seek for Greece play into the enemy's hands, by facilitating their grand designs for a fiscal union to compliment their already established monetary union, as that would further and totally consolidation their power.
A fiscal union is the EU's only way out of its current Euro mess. It is either that or dissolution.
I vote for dissolution any day..............kill the crony capitalist cabal.
Alternatively, you could just not get into debt to them.
Which would mean it's yours and my responsibility to just grow up, smarten up, stop whining and stop using credit. Produce national and personal surpluses and disposable income instead.The very idea that currently we send that money out in interest payment servicing to banks, is totally fucking insane.
We don't actaully have a currency crisis, in the US or EU today, we have a DEBT CRISIS, that's being portrayed as a currency crisis (in both places), combined with total cultural failure of responsibility to use our brains to end this crap.
You should try asking your friends and neighbours if a world government would be a good idea.
You may be horrified by the responses.
You mean go it alone like the Ancient Mariner?
I'm afraid Yanis knows it's the only way. The TPTB will never let it happen of course but if he tries till he dies it'll be the polar opposite of the death of old King Ferdinand. "Revolution" means turning around. They (as we) are at a dead end.
Got your back Yanis!
"GROWTH' MEANS INCREASED DEBT...RIGHT?
O knows that...he done it already!
I smell Goldman.
Let's say Greece gets all of it's debt forgiven. Would that solve the problem? Of course not! Their problem is cronies rent seeking and the welfare state, triggering out of control spending.
Those that think the whole problem is the debt are either fooling themselves or connivers. Socialism always needs a sugar daddy to fund the profligacy. With Greece as credit worthy as a drunk heroin addict with a gambling problem, who is stupid enough to be that sugar daddy? Russia? They will play Greece against Germany until Europe is in as dire fiscal problems as Russia. They have no more interest in supporting 20 year old Greeks playing Bacci ball all day on the beach, than does a 65 year old German working 60 hours a week.
One last point. When Germany was the sick man of Europe... did Greece bail them out?
"Those that think the whole problem is the debt are either fooling themselves or connivers."
thanks genius ,,, two cents of advise, before going around lecturing others on what you read on yesterday's paper do your own homework and try to understand how it actually works ... i know you will not take my advice but i will give it anyway.
"One last point. When Germany was the sick man of Europe... did Greece bail them out?" YES, they did. Greece was condemned with few years of famine by Hitler for their resistance ... millions died ...
http://www.theguardian.com/commentisfree/2013/feb/27/greece-spain-helped...
"Give a man a loan .... he'll eat fish for a day .... teach a man how to be a loan shark .... and he'll have lobster every day !" Monetas by the Sea 2015
Give a negro a fish, he'll be back every day. Teach him to fish and he will return and steal all of your fishing gear.
As an ex observed: "Give a man a fish and you feed him for a day. Teach a man to fish and you get rid of him for the whole weekend.
The problem IS debt. The monetary system is debt based. This is just another symptom of allowing banks to create money and debt from nothing.
I'm still not sure where this man stands...
What's that? Knee deep in a pile of shit?
(Hey! Where else can I be scatological?)
'expresses sympathy'...!?!?.....Hey Bammy, just call me when they get to 'exceptional' like them 1% in Merrika!
Horray for Obama! He "expressed sympathy". What a courageous act!
Give this man another Nobel Prize!
I'm sure he meant it from the bottom of his heart
Are you being sarcastic?
We feel sorry for some folks
Obama expresses empathy with the Greeks .... for the difficult position the Greeks are in .... I think they even call it .... "The Greek Position" !
If I am an Irishman, I am beyond pissed at this announcement after the EU gave us no quarter and we have to endure some really harsh medicine.
If I am a Spaniard, I hear this and not only ami emboldened to do the same but push for an even harder bargain because unlike Greece a crisis with Spanish loans and banks would have profound global consequences.
Imagine Italians are thinking the same too.
This is just the beginning of the EU's nationalist problems which have been slowly simmering and starting to boil.
maybe we have a trend starting.
mutti merkel where are you when we need you. lol
Sounds like the bankster puppeteers are rolling out Obama for a little damage control. In their minds a 150 billion Euro loss is better than 300 billion. Greece should cut the cord and carry on with the drachma.
OK then, so it's 'free' community college and 'free' healthcare for the Greeks, too, by the fraternity of Socialists International? Perfect.
Except that'll take a heap of money printing and confiscations, aka bail-ins, cause the banks ain't gonna pay for it. This would all work out if the predatory banks were made to pay for their mistakes and they were confiscated, nationalized and broken up, but this is not the road Obama is talking about.
A beginner's question : technically speaking, what would be the impact of a 50% haircut on the CDS ? Would the haircut trigger anything ?
ISDA makes determinations on credit events to trigger CDS's, here's the last determination on the previous Greek credit event: http://www2.isda.org/greece-sovereign-debt-faq/
.
Many thanks.
Until you see some German bankers or IMF wonks running through Athens with bloody faces and hysterical looks not much will change.
I am all for non-violence, but frankly the banks drew first blood with their austerity mandates.
When grandmothers are eating the neighborhood alley-cats to make it another week then I would say any honest citizen has a right to take to the street and at least shake the limos and toss the security.
Next time the IMF comes to town the new Greek government should simply stand down the security cordon and escort.
Let those debt slavers drive the streets alone and in the open.
When you are talking about Greek bonds, securities or debt obligations owned by the ECB, you are really talking about the Bundesbank (18%), the ECB's largest shareholder and the Bank of England (14%). The Bundesbank has already provided €496bn (£413bn) to countries in trouble, chiefly Greece, Ireland, Italy and Spain and still holds directly an estimated €12bn of Greek debt. If everybody tries to get out of crisis states at the same time, this will overwhelm Bundesbank liquidity and then Deutsche Bank as well as many others.
When you are talking about Greek bonds, securities or debt obligations owned by the ECB, you are really talking about the Bundesbank (18%), the ECB's largest shareholder and the Bank of England (14%). The Bundesbank has already provided €496bn (£413bn) to countries in trouble, chiefly Greece, Ireland, Italy and Spain and still holds directly an estimated €12bn of Greek debt. If everybody tries to get out of crisis states at the same time, this will overwhelm Bundesbank liquidity and then Deutsche Bank as well as many others.
Greece doesn't have any gold either.
https://craigeisele.wordpress.com/2012/02/24/greece-had-to-pledge-all-of...
Presidente Hopium, once again the master of articulating nothing. What did he say here? Nothing really.
You don't sell the steak. You sell the sizzle.
Of course he would emphasize with a Robin Hood mentality: steal from the rich (the German population who will have to pay back the Greek debt as cosigners to the EZB). Has some experience with the rich middle class here. What is overlooked is that in both cases (socialist or the 1%), the name of the game is theft.
looks like the new greek government is saying....reduce the debt or we let the greek banks fail then nationalize them-either way
we cant go ON like this- so bankruptcy and short term pain as the drachma is RE-introduced is better than a lifetime of suffering.
thus THEY hold the cards to a run on european banks-i theyre going to get a good deal-the banks (THE E.U.&merkel)will fold first
but there will be debt destruction either through bankruptcy or "haircut"
Can't make this stuff up:
"Lazard’s Paris office"... sounds like the evil villain in James Bond film,
Fleming told us the name of the secret 0.0000001% club: SPECTRE, way back in the first book.
Bankers get unconditional bailouts and trillions in QE.
There does not have to be any conditions on the 50% debt reduction.
Let Greece play bankers rules.
Why not 100% debt reduction? Goldman Sachs got 100 cents on the dollar when it was supposed to get zero.
The architects of the New World order devised a system where only they benefit.
They forgot that a system that only benefits the top 1% doesn't work in a democracy.
Obama has just realised.
Sell more Greek public assets for a song and inflict all kinds of useless austerity measures and in the end shave a part of the unrealistic debt to appear to be lenient and understanding from the ludicrously unrealistic conditions in the first place. . . . The IMF use to only do this shit to African or Latin American countries.
if obama is for it.
something must be up.
false flag?
Of course Obama is sympathetic toward Syriza. They're the Greek version of the Chicago New Party. Their platform is almost identical.
We are all Greeks and try to spend more than we have, are we not? No surprise Obama is sympathetic. Although Greece is small and its debts are below 300 billion the consequences of any deal will multiply into all the other bankrupt states in Europe.
Though Jews are less than 1% of the population of France, I figured, hey, finance minister - gotta be a member of the tribe, eh - their version of having 3 FEd chairs, or 2 IRS heads be Jewish.
But I was wrong. This guy is not...Although the guy before him was...
https://en.wikipedia.org/wiki/Pierre_Moscovici
Lazard is of course, one of the crown jewels of old Jewish banking money.
https://en.wikipedia.org/wiki/Lazard
They still keep the board mostly kosherly...
It's an "anti-Semitic" canard though....
ca·nard k??när(d)/ noun noun: canard; plural noun: canardsA 50% haircut ain't bad when you just created the money out of thin fucking air.
It's getting pretty annoying to see many ZHers totally mishandle the Syriza rise. I don't hear much from our classically intelligent economy/political relations members - perhaps because they're holding off judgment and watching, much like I am. However, there has been an open season by dolts with this inherited American-Conservative set of platitudes from the 60s-80s: "Obama is a Socialist" and "Socialist = bad because Socialism is basically support for the Free Shit Army". I've written a few times about how these views on Obama are a total misdirection from the right which reinforces the right/left nonsense - he is not a goddamn socialist or communist - I used to be a socialist/communist, they DO NOT like Obama - he is just a liberal who supports the elites and crony finance capitalism. The FSA is bad policy meant to quell the masses - it is not a "take over the world" communist plot.
Anyway, the point is that Obama's pivot here is likely a realpolitik move, given Russia's gestures toward Greece. Enough people who are entranced by the opposition that Syriza and the Spanish Independents are showing have commented on the potentially serious fracture in the EU this rise could represent ("you just killed the troika"). Isn't it clear then that Obama is reacting to this and creating verbal pressure on the EU to keep Greece in the fold? He's not flying a friggin red flag in support of Syriza because they're fellow travelers or some nonsensical Glenn Beck level theory. Get a grip - Syriza is either not yet coopted by the elites and thus causing IMMEDIATE waves and reactions, up to the level of Obama, OR they are a coordinated coopted pressure valve.
One look at the Greek FinMin and you just knew he was projecting a Greek haircut, ha. But I would have guessed more, 70%?
on Greece, oil, the universe, and everything:
http://www.economic-undertow.com/2015/01/29/voting-with-empty-wallets/
America is ready to kiss some stinky butts in order to avoid those same butts to fall on Russia's lap. It started with Cuba, now is Greece and the list will only grow.
Raul: I was ready to close some kind of new Deal with the US until Bath House grabbed my dick in the men's room.
Obama started rather softly and friendly with Tsipras for a number of reasons:
"the head of Lazard’s Paris office who has advised Greece in the past and who was hired over the weekend to advise the Greek government on its next round of debt reductions"
So, after the Jews from Goldman Sachs it's now the Jews from Lazards.
Smart move since Jews are masters at sucking money from Germany.
It was Auschwitz's 70 th annversary the other day.
So we know where that money sucking went to in : Arbeit Macht Frei labour; until they turned the gas tap !
You want some new lamp shades made of skin, or gold rings made of teeth fillings?
Try Amazon, the new place where everything is for sale.
Amazing how memory loss is a convenient thing.
And, I'm not even kosher, but I still remember.
For your education read Stefan Zweig, he will tell you why the great betrayal of civilization of his age occurred.
Awesome novel writer and witness to nationalistic euro-madness; first in name of Kaiser then in name of Sieg Heil.
hmm.. losing military bases with Greece must have soften the tongue.. now where can you start new bombing campaings or should you start bombing Greece now..
Doesn't matter what Obama wants, in first place Mrs. Merkel feels the pressure of the fastly upcoming new conservative party "AFD" - compareable with the US-Tea-Party but leaded by economy-professors. It's the fast growing contra-motion as answer to the present Euro desaster, fast growing transfer unit and politicians like Tsirpas & Co..
Obamas clumsy "sympathy" for Tsirpas means a huge campaign aid for Merkels coming main competitor: The competent and very eloquent AFD-leader Bernd Lucke. If Merkel doesn't intend to pay a high political price this means a haircut without expulsion from Greece from the Eurozone is nearly unacceptable. With other words: Independent from the outcome of Obamas intervention: He is going to shoot in his own foot and will loose influence. After a haircut the whole EURO could be called into question - but this time in Germany itself: An already accelerating process here in this country. At the end of the day for Greece this means probably the same result...
Unless the German trans-atlantic & post-war licensed mainstream is firing with all canons against the new political shooting star Lucke this time the propaganda is fizzling out more and more. It looks that the Merkel & US close upon press is loosing credibility and influence - something quiet remarkable in this country of inflexible minds where people used to be perfectly under control of Springer, Burda & Bertelsmann. I maintain that this shift away from the dominating press is perhaps the most significant development here in Germany since decades....
One thing will happen for sure: The AFD will be established after next elections (...the remaining question is only how many seats...) and luring away Merkels conservative voters. First victim of the AFD was the FDP - party of the legendary former foreign minister Hans Dietrich Genscher and former main coalition partner of Angela Merkels party CDU. The disappearance of the traditional "FDP" from the Berlin parliament is also a direct consequence of a Merkel-similar political course in terms of the Euro.
.
In case Mrs. Merkel agrees with Mr. Obama her party will pay the price: One should call to mind that there are a lot of good paid CDU-deputies out there in the federal and state parliaments who would not be very amused about a shift of conservative voters to "AFD". The invoice will come soon: After next federal & state elections.
Merkel knows: Germans are prepared to disrupt the "political harmony" inside the Bundestag calling for the next "Gerhard Schröder" (remember: Putins best friend). This time the brilliant and convincing rethor "Bernd Lucke" is ready to stop the German taxpayers role as feeders of Tsirpas, Banksters & Co. and - if needed - to say "NO" to Washington again but "YES" to renew business with Russia. To realize this it's not necessary for Lucke to win the next federal election - it's enough to be an alternative harbour for a fast growing number of conservative voters realizing the wealth & pension melting effect of the odd soft-currency EURO and fast growing transfer-unit.
Do you know why this half-wit is smiling? Because he knows he is going to steal 320+ billion euros from the other countries of the EU and nobody can do anything about it. Sorry, I meant 'default on the debt'. He'll simply trade with Russia and China henceforth.
Kim Krispy Kreme beat the monkey
Really Tyler, I got ads on just for zerohedge... but if you dont remove the noisemaking one ad soon I have to reactivate it..
WTF does Obama have to do with Greece?
Reggie uses Greece on Bath House. I imagine he is pretty familiar with Greece and other lubricants.
Sounds like you need a refresher course:
Under Emperor Obongo's Full SPHINCTER Dominance Policy, everyone, everywhere, and everything - at all times - is a rightful concern.
King of the Wall St Bail-Out Scam - Obongo - expresses sympathy for those on the receiving-end... IN GREECE!!!
UGHH ???!!!???!!! Looks like USSA Subjects need to get syriaz
"As a communist sorta guy, I do not think anyone should have to pay for anything or do any work. That's why I went into government. These Greek Reds have the right idea!
I cannot understand the people who actually work for their living. Morons! Is it not easier to take their money and squawk about racism if I cannot get Free Shit?
Wookie and I have lived our entire lives off somebody else's money. I cannot see changing a successful formula! Thank you."
He won't say this if the Greek bond holder is Goldman or JPM
He is saying this because US soon will default their bond payment by at least 50%
The winds of change start blowing as the "statists" now re-arrange their books to prepare the great regulation of "no holds barred" de-regulated finance.
Reaganomics's neo-liberalism; banksta laissez-faire; is now in the cross hairs of the new, new, new global reset world order.
Is the Squid and JPM/Deutsch going to feel the heat?
That is the big question. As these SHILLS provide the MEAT< for Political re-elections !
When Potus burns his boats to the Squid and JPM, like Cortez did upon landing in Mehico, we will know that the political class of entire first world MEANS BUSINESS in starting the great reset to wealth inequality; the financial cancer that NEVER stops taking from the people. (Thank you Mr Piketty).
As today, in Pax Americana construct that built this global model since Dear Henry initiated it, its POtus that leads the Western way (especially after China ping ponging in).
And, as the trend shows, if HE doesn't do it FASt the West could lose the whole shooting match in the face of Asia rising (and South America and Africa bitching), as time goes by in sterile pump and dump plays supported by blind MIC repressive militarist mayhem.
Amazing what a bankrupt Greece can do, with a young newly elected political class who has nothing to lose-- 'cos rendered desperate from being repeatedly fleeced-- by playing the MOUSE that ROARED !
The Emperor is NAKED !
Obama knows exactly what he is doing. The situation now is as follows: Obama + the EU South is tired of Germanys Merkelism. For Obama, the last thing he needs is a severe headache caused by the rise of extreme political parties who will eventually open the gates to Russia.
Obama is also seeking to haircut U.S debt because we all know its unpayble as well.
So, By opening the haircut road for Greece et al will end for the U.S slashing off a big chunk of its debt.
Obama the Bankster Bitch! I hear he puts-out for old White-Male Bankers...
The money loaned was created out of thin air by the central banksters. The Greek government and the Greek people have no ability to pay the interest on the debt, let alone the principal. The banksters want to continue to extend and pretend. They are reaching the end of the road and jawboning an orderly, phased default, in an attempt to contain the damage. The Greeks need to default, re-structure their government and labor laws, go back to the local currency, and live without relying on debt; which will be economic austerity.
The PIGS in Europe had better be careful to not force the Germans out of the EU, because contrary to everyones thinking that Greece owns all the cards, the Germans upon exiting the Euro could then exchange their newly printed and much higher valued DMs for the then worthless Euro and payoff their national and private debts in monopoly money. They would still kick the shit out of the non producers...as they would be debt free with a hardworking producing machine.
Like Hitler intended
Hitler is dead, dude.
But aren't the PIGS buying the shit those producing Germans produce? Stop with the moral rectitude bullshit of the hard working Germans. The only reason Greece was receiving those loans was to then funnel that money to the big banks, specifically Deutsche Bank.
There will be printing.
Greece bailout means bank bailout.
Tyler is wrong to suggest there will be any hardship for the bankers. ever.
The only risk is that they will choko on the stacks of freshly minted dollars.
Judging by the Greek sentiment towards Merkel and feelings going back to WW2,I don't think that Greeks like the German Government much.In fact it's Looney Tunes.
https://www.youtube.com/watch?v=jI9QzNVJK1s
I see former head of the IMF Dominique Strauss-Kahn is on trial again, this time for allegedly organising a prostitution ring in northern France and Belgium. He says there is a witch hunt against him.
Just give the criminal bankers the finger and don't pay. The "money" (debt) was never theirs in the first place, it was created out of thin air.
Big energy firms just reminded Obama about the bigger nat gas plans.
He wants Russia to help Greece..
Greeks had always open democratic ellections. So all goverments where voted by greeks. So it was greek decision to take those loans. And why did they than came to Germany for a loan? Huh? Why? Why didn't they than didn't make reforms? Huh? Not that they have to take responsibility for their action, somehow they don't like Germany anymore, but when cash was needed it was first door they knoeked to get some help.
For those who still believe in the trickle down effect.
The financial system is designed to concentrate and preserve wealth at the expense of everyone else.
The Rothschild's explanation:
"The few who understand the system will either be so interested in its profits or be so dependent upon its favours that there will be no opposition from that class, while on the other hand, the great body of people, mentally incapable of comprehending the tremendous advantage that capital derives from the system, will bear its burdens without complaint, and perhaps without even suspecting that the system is inimical to their interests." The Rothschild brothers of London writing to associates in New York, 1863.
It is called interest.
Those with capital lend it out and charge interest.
Those without capital borrow and pay interest.
The “trickle up” effect.
For those born with capital there is little need for that work stuff.
You get banks to invest your capital and collect interest.
For those born without capital you need to borrow and start paying interest.
If you are going to do anything you need to work to earn money, pay rent and interest on any money you borrow (like a mortgage).
The natural upward money flow.
How about a 50% debt forgiveness for all the US homeowners who have been kicked out of their homes by the criminal banksters.
"50% Greek haircut"
does that include their back, those hairy bastards.
Got to hand to the Greeks, all they have to do is say NO to every EU proposal. Then meet with the occassional Russian minister and the EU will fold.
On a more serious note though Grexit isn't the big issue, nor is the debt. The big issue is the realisation that unified Europe doesn't work and it's now starting to break apart. This will start financial, and then get physical, war in Europe is where that can everybody has been kicking landed.
Germany should sit the next big war out, you don't want to come 2nd for 3 wars in a row.
Italy is already in advanced preparation for surrender.
I see Joe Biden is coming to Brussels, presumably to tell the Europeans what they think and what they should do about Greece and the Ukraine. The neo-cons are probably worried that Greece will accept Vlad the Impaler's overtures, and take money from Putin. Then they'd have to get Victoria 'F**k the Eu' Nuland to join up with her nazi friends and destroy Greece, and they're worried the public might begin to see a pattern.
Obama's already fighting a proxy war in Europe against Putin at Merkel's urging, and losing. He doesn't want another front to open up while he's in the White House. He's made quite clear that his priorities for his last two years in office are trolling the GOP, his presidential library, and making peckerwoods who still have jobs pay Swedish taxes on Mexican wages.
Not like he needs a Balkan war to make the press STFU about Reggie, after all. DC is a lot better at controlling the narrative than it was in the late Nineties. They could catch him in bed with a goat and the story would be spiked as Islamophobic.
It's shocking that Obumbles is siding with fat lazy f_cks that want free sh_t.
For those poor misguided fools who think hard work is the way to the top.
Look who is at the top, the Duke of Westminster (UK rich list).
Inherited capital is the secret of success.
The financial system is designed to concentrate and preserve wealth at the expense of everyone else.
The Rothschild's explanation:
"The few who understand the system will either be so interested in its profits or be so dependent upon its favours that there will be no opposition from that class, while on the other hand, the great body of people, mentally incapable of comprehending the tremendous advantage that capital derives from the system, will bear its burdens without complaint, and perhaps without even suspecting that the system is inimical to their interests." The Rothschild brothers of London writing to associates in New York, 1863.
It is called interest.
Those with capital lend it out and charge interest.
Those without capital borrow and pay interest.
The “trickle up” effect.
For those with capital their investment banker will advise them on how to invest this capital. Higher interest rates being achieved with higher risk investments. The investment banker will take his cut along the way.
Why the super rich and bankers are so close.
For those without capital, they can head to their retail banker who will assess the risk and charge an appropriate interest rate. The banker can then just conjure this money out of thin air and collect the interest.
Those with capital get richer
Bankers get richer.
Joe Bloggs without any capital pays interest.
Russia's shadow is looooong.
Haircuts? Give them the Telly Savalas. He was a Greek was he not?