This page has been archived and commenting is disabled.
Greece Gambles On "Catastrophic Armageddon" For Europe, Warns It "Only Has Weeks Of Cash Left"
One of the bigger problems facing the new, upstart Greek government, which has set before itself the lofty goal of overturning 6 years of oppressive European policies and countless generations of Greek cronyism, corruption and tax-evasion is not so much the concern about deposit outflows and bank runs - even though it most certainly will be in the next few days unless the Tsipras government finds some resolution to the dramatic standoff with Merkel and the ECB - but something far more trivial: running out of money.
Recall that two weeks into the Greek elections, Greece was rocked by a dire, if entirely underappreciated development, when its already "tax-paying challenged" population decided to completely hold off paying any taxes in advance hopes that the Tsipras government will "overturn" austerity. We wrote:
... while there will be no official confirmation whether Greece did or did not have a bank run for months, unless of course some bank keels over and dies in the interim, one thing is certain: with an increasing probability they may not have a "continuity-promoting" government in less than two weeks, Greeks tax remittances to the government, which were almost non-existent to begin with, have ground to a halt!
According to a second Kathimerini report, budget revenues have slumped over the last few days as a result of the upcoming elections and taxpayers’ uncertainty about the future: "Most taxpayers have chosen to delay their payments, given that the positions of the two main parties leading the election polls are diametrically opposite: Poll leader SYRIZA promises to cancel the ENFIA and even write off bad loans, while ruling New Democracy acknowledges the difficulties but is avoiding raising issues that would generate problems and fiscal consequences.
The dwindling state revenues will not only hamper the next government’s fiscal moves, but, given that the fiscal gap will expand, also negotiations with the country’s creditors.
The tax collection mechanism appears to be largely out of action while expired debts are swelling due to taxpayers’ wait-and-see tactics and the reduction in inspections.
So for battered, depressed Europe "austerity" really meant "taxation" - it is no surprise then why so many in peripheral Europe, who for the past 7 years have not seen any benefits from Germany's delay in reintroducing the Deutsche Mark (and keeping its export industry humming, and Deutsche Bank solvent, courtesy of the much lower Euro), hate "austerity" so much: after all there really should be no "austerity" without representation and most European voices hardly matter in a monetary "Union" where only bankers and unelected eurocrats are heard.
But going back to the main topic, namely the Greek liquidity situation, it was none other than the Eurogroup which late on Friday gave Greece a 10 day ultimatum to cede all demands and resume work under the Bailout program, or face a liquidity collapse and effective expulsion from the Eurozone. Which means suddenly Europe is engaged in the biggest bluff since 2012, as Greece and Europe both desperately try to outbluff each other that the "adversary" need it more than vice versa.
The problem is that Greece may not even have 10 days. As the WSJ reports, "Greece warned it was on course to run out of money within weeks if it doesn’t gain access to additional funds, effectively daring Germany and its other European creditors to let it fail and stumble out of the euro."
Greek Economy Minister George Stathakis said in an interview with The Wall Street Journal that a recent drop in tax revenue and other government income had pushed the country’s finances to the brink of collapse.
“We will have liquidity problems in March if taxes don’t improve,” Mr. Stathakis said. “Then we’ll see how harsh Europe is.”
As we reported last month, "Government revenue has declined sharply in recent weeks, as Greeks with unpaid tax bills hold back from settling arrears, hoping the new leftist government will cut them a better deal. Many also aren’t paying an unpopular property tax that their new leaders campaigned against. Tax revenue dropped 7%, or about €1.5 billion ($1.7 billion), in December from November and likely fell by a similar percentage in January, the minister said. Other senior Greek officials said the country would have trouble paying pensions and other charges beyond February."
Said otherwise, when Yanis Varoufakis responded to Europe that "Greece already is bankrupt" he knew exactly what he was talking about.
And as the WSJ further details, this means that the infamous ultimatum on Greece may have been set by none other than Greece itself!
Greece has made no secret of its precarious financial position, but the minister’s comments suggest the country has even less time than many policy makers thought to resolve its standoff with Europe.
Eurozone officials have asked Greece to come up with a specific funding plan by Wednesday, when finance ministers have called a special meeting to discuss the country’s financial situation.
The country needs €4 billion to €5 billion to tide it over until June, by which time it hopes to negotiate a broader deal with creditors, Mr. Stathakis said, adding that he believes “logic will prevail.” If it doesn’t, he warned, Greece “will be the first country to go bankrupt over €5 billion.”
What happens then: "If the Greek government runs out of cash, the country would be forced to default on its debts and reintroduce its own currency, thus abandoning the euro. Most of the €240 billion in aid that Europe and the International Monetary Fund have pumped into the country would be lost."
Of course, Greece knows all this. The bigger question is what does a Grexit mean for Europe. Recall it was in May 2012, just around the time of the second Greek bailout, that Charles Dallara, who as head of the International Institute of Finance (IIF) spent months in Athens negotiating the largest ever sovereign debt restructuring, said that "the damage to the rest of Europe from Greece leaving the euro would be "somewhere between catastrophic and Armageddon."
"I think that it (a Greek exit) is possible, but I wouldn't call it inevitable and I wouldn't even call it likely because the costs for Greece, for Europe and for the global economy are likely each in their own way to be immense."
"The pressures on Spain, Portugal, even Italy and conceivably Ireland could be immense and the need for Europe to step up with much greater support for the banking systems would be substantial."
If that isn't enough here is what Willem Buiter predicted:
As soon as Greece has exited, we expect the markets will focus on the country or countries most likely to exit next from the euro area. Any non-captive/financially sophisticated owner of a deposit account in that country (or in those countries) will withdraw his deposits from banks in countries deemed at risk - even a small risk - of exit. Any non-captive depositor who fears a non-zero risk of the future introduction of a New Escudo, a New Punt, a New Peseta or a New Lira (to name but the most obvious candidates) would withdraw his deposits from the countries involved at the drop of a hat and deposit them in the handful of countries likely to remain in the euro area no matter what - Germany, Luxembourg, the Netherlands, Austria and Finland.
The funding strike and deposit run out of the periphery euro area member states (defined very broadly), would create financial havoc and mostly like cause a financial crisis followed by a deep recession in the euro area broad periphery.
...
A banking crisis in the euro area and in the EU would most likely result from an exit by Greece from the euro area. The fundamental financial and real economy linkages from the rest of the world to the euro area and the rest of the EU are strong enough to make this a global concern.
And of course, there was Carmel's presentation from the summer of 2012, comparing the costs to Germany from a Euro staying together versus falling apart:
That is precisely the gambit the Greece is playing right now: in fact, that is the only gambit it has left - one final gamble that kicking Greece out of the Eurozone will have far more devastating consequences on the Eurozone, where not only is the ever-persistent threat of deposit bank run from the periphery one flashing red headline away, but where one after another anti-European party, from Spain's Podemos to Marine Le Pen's surge in France, are ascendent and may seek to recreate the Greek example unless Germany steps in in the last minute and concedes the Greek demands.
The problem is that as Merkel understands very well, should she concede to Greece, then she would be expected to concede to Italy, and Spain, and Portugal, and Ireland, and anyone else who came knocking at her door with a loaded gun and threatening to commit suicide. The WSJ picks up on this as well:
Europe wants Athens to commit to further labor-market and other reforms as a precondition for more money. The new government is refusing, arguing that it was elected to turn back many of the painful measures Europe and other creditors have demanded of it.
Berlin worries that the eurozone would lose leverage over Athens if it gives into its request for an interim loan. Without a binding agreement from Greece to continue its reform program, officials say Germany is unlikely to back down.
Berlin, which is counting on financial pressures to force the Greek government’s hand, believes time is on Germany’s side.
And for now, it is correct: "Those pressures are being felt across Greece’s economy. Its banks lost €8 billion to €10 billion in deposits in January alone, government officials say. The banking system’s woes were exacerbated by the ECB’s decision earlier in the week to no longer accept Greek government bonds as collateral from banks seeking funds."
As Zero Hedge pointed out several times last week, both the ECB, the Eurogroup and even S&P, are no longer concerned about starting a bank run in Greece, as this would be the surest way to crush support for the new Greek government and force it to the negotiating table with its tale between its legs. Furthermore, in order to avoid giving the Greeks the satisfaction that their strong-arm policy is working, the central banks have done everything in their power to keep stock markets afloat and levitating this week, to avoid giving the impression that anyone in the world is concerned about contagion side-effects should Greece in fact exit the Eurozone. Or as we put it:
ECB leverage measured in Greek ATM lines;
Greek leverage measured inversely in the level of the Stoxx 50
— zerohedge (@zerohedge) February 5, 2015
This strategy may, however, backfire and result in even more support for the government which unlike its predecessors who were perceived merely as Europe's lackey muppets, refuses to concede to Merkel, which is a distinct risk for the German chancellor:
Germany’s strong-arm strategy carries substantial risk. In addition to possibly triggering Greece’s exit from the euro, it carries political overtones.
Many Europeans already view Germany as the continent’s unyielding paymaster. Refusing to compromise with Greece’s new government over a few billion euros would further cement that image and open Berlin to accusations that it is ignoring Greece’s plight and riding roughshod over the democratic process.
Such resentments could fuel Europe’s other ascendant anti-austerity movements, particularly in Spain, where the Podemos party, modeled on Greece’s governing leftists, has recently surged in the polls.
And that's the gamble in a nutshell: Greece has already bluffed with everything it has (even raising the specter that it will cooperate with Russia if Europe kicks it out, giving Putin a foothold on the continent) while Europe desperately pretends that Charles Dallara's warning from less than three years ago is no longer relevant and that a Grexit is not only neither "catastrophic" nor "Armageddon", but instead is welcome and perfectly normal.
We should know who will crack first as soon as this week, just before or during the Eurogroup emergency meeting on February 11, although Greece already appears to be regretting its liquidity shortfall threat, as Reuters reported earlier today it "will not face any cash crunch while negotiations with its euro zone partners on a new programme to roll back austerity take place, its deputy finance minister said on Saturday. "During the time span of the negotiations there is no problem (of liquidity). This does not mean that there will be a problem afterwards," Deputy Finance Minister Dimitris Mardas said on Mega TV. "Asked whether state coffers may encounter a cash crunch if talks drag on until May, the minister said he did not expect the negotiations over a new deal to last that long."
Indeed, if Greek negotiations fail, read if the bluff does not succeed, by May Greek state coffers will likely be getting funding from Beijing and or Moscow. Which then begs the question: has Greece indeed lost everything, allowing it to be finally free to do anything?
Additional reading: Game theory and euro breakup risk premium
»
- 89613 reads
- Printer-friendly version
- Send to friend
- advertisements -
Go Alexis.
Good luck with that socialism thing.
Run outta money, can't pay the bankers back.... Banker's to the rescue!
Er wait.... if they can't pay and ya' gotta give them money to pay back what they can't pay back then the loans really are no good, right?
Fraudulent Conveyance thingamajiggie.
The best thing that could happen to Greece is to make the government disappear altogether for a year or two. Everyone would be forced into free enterprise and the economy would boom. Foreign currencies would become the wallet fillers and transaction notes.
This apocalyptic clusterfuck was created for your viewing enjoyment courtesy of the friendly bankers at Goldman Sachs...
Which means Uncle Sam okayed it.
Goldman Sachs. More deadly than the 82nd Airborne.
WOW!
Just today, Brian Williams reported that the Geek economic situation looked about as bad as his false-flaggish reporting about being shot down down in a helicopter! For a further update, here's PNSNBC's Andrea Mitchell...
(GHHGHHGHHWWOO)
'Andrea, are you there?' (GAGGJHGHGHGHHHHAUGHHHH)
It seems that we have lost the Andrea Mitchell 'live feed'. Let's switch to the Jamie Dimon 'helmet-cam'. Jamie, do we have you?
'Oh, fuck yeah, it's gonna happen right now...'
(White noise)
Hmmm.. for further updating, let's ask former Treasury Secretary Jack Lew about this turn of events. Jack? Is JACK there? Wait a minute... it seems that Jack's off.
Greeks have the Right to Print Euro. It will never run out of money.
Everything is AWESOME!
Everything is COOL when you're a part of the TEAM!
https://www.youtube.com/watch?v=etzMjoH0rJw
(Don't forget the obigatory <sarc> tag when posting)
Andrea Mitchell has gotta be the ugliest dude that had a sex change.
lol
Jim Cramer is looking for posters, just like You, to 'like' him, right now.
Sign up for free, on 'face-books' dot com. A representative is waiting.
Make sure to tell him/her/it that Tyler sent you (for 'extra-double-plus special' treatments).
LOL.
GTFOOH.
Why don't the Greeks just do as WE do and print itself a shipload of GLD. They could lend it to Germany with interest. Germany would not be able to pay the interest and would need Greece to bail them out. End game. Check mate.
I'm a Banker. For those of you that haven't yet figured out the (entire worlds governments) scam, let me explain it to you.
Let's say I have some sand I can loan you with interest. But I won't accept the interest payments (sand) from any other source than mine, because all other sand is counterfeit under my laws. Only my sand will be acceptable as interest payment. Which means you will have to borrow even more of my sand, in order to pay me back the interest (in sand) you don't have to be a genius to figure out that basically it means you will never be able to get out of debt, unless of course, you forfeit something of value of yours in exchange for my sand.
Which is my intention all along - to steal your land, resources, your labor, your flesh and all your assets. Oh, and to pay me rent. And taxes.
I laugh at your willingness to obey me, to conform and to raise your children to become cops and soldiers, because they will kill you to protect me.
Are you starting to get it yet?
and sand pits that want to remain independent are bombed -with the glorification of Hollywood.
What's not to get?
The estimated German losses in that Carmel slide ("Euro Stays Together" vs. "Euro Breaks Apart") pale beside the stark fact that Germany wouldn't have suffered ANY losses if it hadn't gotten suckered into this quagmire in the first place. How embarrassing for the German people. Conned again!
Rubble
Yuan
The new currency of Greece? Because nobody will trust the new Drachma.
BTW I agree with you. The Germans always ended up as bagholders or suckers in the last 100. I bet, it is not a coincidence.
The Drachma, like the Dollar, does not derive it's value based on "trust". The value of the paper is derived by the necessity of using it.
Let's return to the analogy of using sand as a currency.
I'm the Federal Reserve/IRS, and I require you to pay me property taxes every year. But I insist that you can't pay me with tomatoes or eggs. Instead, I require you to pay me those property taxes in the form of sand.
NOT JUST ANY SAND, BUT MY SAND.
WHICH NECESSITATES YOU TO BORROW MY SAND. SO THAT YOU CAN GET CAUGHT N A LOAN WITH INTEREST THAT YOU CAN NEVER PAY OFF. YOU HAVE TO BORROW MORE AND MORE.
Let's say, for the sake of argument, that the "dollar" and the "drachma" are interchangeable. the laws of physics are the same in Greece as they are in America.
Property tax gives a paper currency value. It also enslaves us to the Oligarchs who rule by fraud.
BUT ITS NOT THE SAND THAT HAS VALUE, ITS WHAT YOU CAN CONFISCATE, USING IT IN YOUR SCAM, THAT MAKES SAND VALUABLE.
The Greece conundrum s especially sticky for the CHOSENITES because it exposes the PARELLEL BETWEEN UNPAYABLE USURY LOANS AND UNPAYABLE PROPERTY TAXES.
You don't need an Einstein I.Q. to understand this now do you?
Globally the Chosenites, as predicted, are getting fricking hysterical again.
They tend to do that when YOU STOP THEM FROM STEALING.
What exactly do you understand under "Chosenite"? If Chosenite is synonymous with "Zionist", there may yet be much merit to your statements. If it is synonymous with "Jew" however, there really isn't. I am wary of people who try to entangle criticism of Zionism & bankster regimes with fully-fledged anti-semitism. The former is a critique of Imperialism, the final and highest stage of Capitalism. The latter is blatant racism.
Globally the FSA and libturd left, as predicted, are getting fricking hysterical again.
They tend to do that when YOU STOP THEM FROM STEALING.
Amen to that Seminal1
ELM, let's not digress from the main topic of this article, but I gather it means "Zionists". As in "Global Zionists", with global imperial ambitions and goals.
Like many others, I subscribe to the idea that 'Zionism' (the imperialist variety, as opposed to the lesser known Israel-domestic flavors) is evil and must be opposed -- as should any Imperialist power. I suspect that very few ZHers are anti "Jewish*", and most are anti-Zionist.
* The culture, religion and mix of ancestral heritage, however tenuous the DNA heritage may be in many cases.
I know of plenty of Jews who try to obey the 10 Commandments, but don't know of any Zionists who do. They are a subset of Jews and non-Jews that has pretty much hijacked the rest of Judaism for its own purposes, while waving the Jewish banner and pretending to represent all Jews. Wolves in sheep's clothing, Satanic angels of light.
Now back to our main topic on Greece...
It will be incredibly painful for everyone if Greece pulls the rug out of under the EU, but it will be good for everyone. In ways it will be much more painful for the elite becuase the dissatisfied masses with rise up and the elites will take their losses and seek refuge. Then the good people on Main Street can seek to rebuild with a new set of rules, many of which will be promulgated as a result of lessons learned in world corrupt politicians and banksters. Its time for change and any Mainstreeter will agree.
"giving Putin a foothold on the continent"
Last time I looked a part of Russia several times the size of EU countries was still on the continent called Europe!
When you are dead-assed broke, the two choices are get back to work or find a sugar daddy. Wonder what these clowns are looking for? I will give you a hint; it rhymes with ass, keeps Europe warm, and comes from Russia (assuming the newly-elected 'officials' have a dozen neurons that still function and don't immediately think of hookers).
Are you starting to get it yet?
Yes indeed,
Now, can we look forward to your early suicide!
You are stupid enough to raise your children to be cops and soldiers. They, also being stupid, are easily brainwashed into protecting me from you. I could easily have you arrested or make you disappear. I'm your captor. The earth is your prison. I use little pieces of green paper to enslave you. You're so stupid that you actually believe I'm governing you in your best interests.
self-enslaved, the idiot, on one hand says Americans should not raise their children to be cops or soldiers, yet praises the anti-Christ hilter for doing the same thing.
Amoeba's are a higher life from than this silver tongued devil
If you are a banker, then you are part of the problem, a disinformation agent, and thus my enemy, are YOU starting to get it it yet?
Well said. Structure of society is Pyramidal. While everyone is busy trying to figure out who's at the apex, they forget to see that it is the huge base that supports the apex. And what is the base? Soldiers, cops, teachers, lawyers, clerks, bus drivers, the pizza delivery man, apple pie baking granny....they are all supoorting the apex, and will fight against you to uphold the apex. So who are the enemies? As Jesus said the enemies of a man shall be they of his own household. He didn't say to worry about the Caesars in Rome but those much closer to home, even in the home. These are the folks that will be the first to toss you overboard to get into the lifeboats when the ship begins to sink. Ignorant masses are the enemy more than the Illuminati banksters.
"There is a lot of money to be made in the sestruction of a country." - Rhett Butler (Gone with the Wind)
His name isn't 'Andrea'!
Her name is 'Andy'!
That's a MAN, baby!
They don't really but that gives me another idea...
First we get Tsipras to give the Hedge the keys to the Greek Central Bank which latest reports tell us... still has a couple of billion euros to play with.
Next we buy a bank.
Then we buy several hundred trillion dollars worth of currency swaps... interest rate swaps... and maybe even some credit default swaps just to balance the portfolio out. Make sure to spread the love around to every systemic TBTF bank.
Then we give them our answer and end up owning all europe.
Excellent. I've been thinking..my roof is over 15 years old and is showing signs of water damage due to age, tree limbs etc. I might approach Wells Fargo and say..look dude, our house is appraised at $230K, BUT IF YOU DO NOT GIVE ME $15K @ -interest to make the necessary roof repairs your valued security will plumet to about $150k and you still have to have to pay to haul away the crap.
Please sign here...
X
Don't over think this. Greece can just STOP PAYING. They don't have to leave the euro. The 2 ideas have no connection. If the money is running out THEY SHOULD stop paying. You'd have to be an idiot to spend down to your last dime.
If the Greeks exit, nothing terrible will happen. The TBTF banks will be bailed out. This has all been discussed for like 8 years now. It is expected at some point.
There is a difference between you and a sovereign country though...unless the Germans are planning to invade and force the Greeks into concentration camps to take their stuff....where have I heard this before.
Unfair analogy. The Greeks did not go to Germany and steal their "stuff" like the Jews did. The Germans that are doing this to Greece ARE Jewish. In case you haven't noticed.
get a tube of exterior 50 year silicone caulk and just smear it on whatever roof tiles look like they need it. Roof fixed.
Better yet just use duct tape.
If you owe the bank $100, you have a problem. If you owe the bank $100 million, the bank has a problem.
J. Paul Getty
I think Tsipras understands the leverage he has - which is really greater than the quote above.
If Greece bails, Spain, Portugal, and Italy go - then EuroLand is done - a week later, the contagion will have spread like the measles but be as deadly as Ebola for the banksters.
Still prepping, stacking, and collecting my favorites: Ag/Au/Pb.
The Chosenites from Germany will wage war before they will let that happen.
Euroland is done if Greece leaves. They don;t need to worry about Italy, Spain or Portugal.
The euro banks can;t handle a Grexit because they are so poorly capitalized. They financial system will implode. The ECBs only hope at that point will be the printing of trillions of euros from thin air to try to stem the tide. But it probably won't avoid a depression.
This fear is what isgoing to be used to force the Federalization of Europe.
Just watch.
Navigator good point. Tsipras also can turn to the BRICS. He has two cards to play. Germans pre-announced few weeks back Greece leaving EU would be okay - liars poker. Problem for EU is if Greece leaves and survives, others follow. Turkey looks ready to move east as well.
Russia tells Tsipras you must leave EU to join BRICS since they will not invest in anything still connected to ECB western banker interest. Quite logical -> no good money for bad. BRICS have far better debt to income ratio and net assets.
Anyone invested in specifically Greek debt, is playing both sides to protect what interests they have. If Greeks turn east a Greek investor may actually see less loss or a even some ROI, so some IBs will push for Greek exit.
they can print it, but who will accept it? And at what exchange rate?
and how did they do before when they had their own money ?
they were much better than th euro crap...
Hitler printed paper money and became the most powerful nation in the world in a matter of years.
BECAUSE HE RE-INJECTED IT BACK INTO THE BOTTOM OF THE ECONOMIC PYRAMID.
THATS WHAT THE CHOSENITES DONT WANT YOU TO KNOW.
BECAUSE THE CHOSENITES ONLY LIKE SOCIALISM FOR THE RICH.
bwahahahaahhahhahaaaaaaaaarg! So that is why the coward offed himself in his little bunker. Scared shitless to hang for his atrocities, dream on amoeba!
If the Greeks write off EU debt, they take a 47% Gorilla off their back. With some decent BRIC development monies aka south steam Gasprom pipeline they may find break even in a decade. I find it ironic the Greeks maybe in the oil transportation bus. again (aka Onassis).
Yes Short term imports will be high, but that looks better than going down in debt flames.
Yes, they do.
If I were them I'd starting printing up enough trillion dollar euro notes to not only settle their debts but buy up the rest of the EU as well.
Dream on.
Here's what will happen...
The current Greek government, mistakenly believes they have the Greek sheeple's backing. So they default.
Whoops! The leaders are run out of Greece.
New election is held.
Euro-centric, bank-friendly group reinstalled. Back to Austerity.
Opa.
who is pulling the wagon? cause i see a hellova lot of greeks sittin on da wagon with that wtf look "i want free shit cause we are greek-we deserve better than this".
i would sy "wake the fuck up and smell some good old fashon belt tightening and get creative and produce something of value". wait, that is right someone said we are fucked,ha maybe we are... thanks mom, it's your fault.
merica has the same fucking problem brewing, thanks LBJ for your "great society" called the free shit army. wait til the free aint so free. katrina will be holiday compared to what will unfold. fucking war zone of fat HFCS fucks that will become looting, rioting angry mericans that burn the village. marschall law and lock down. humvees in the street and deer rifles come out for an open season of winner take all. so fucking predictable. watch with eyes wide open, cause this IS EXACTLY what will be happening around the globe cause "life aint a free ride" muth fuckers and BITCHEZAZZ, HA...
You shameless troll. Or are you just plain stupid?
enslaved, free your mind, please jump from a tall builing, you are ignorant and a danger to yourself and others
Amazing how fast the whole idea of government collapses when you remove from it the ability to print currency (aka theft)
This Euro debacle has been a real life lesson into what a GOLD standard would do
we could have a 'honey as money' standard. use honey as money. give each person some land and some bees, and let everyone make their own money. could use notes to represent honey stored in warehouses.
.
.
DOT.
WTF is THIS '.' thingie? Is this a way of communicating in hidden Yidish bullshit, or WHAT?
Duplicate post.
Now as for secret communications, I don't usually wear a tin hat, but when I do, I use genuine Reynolds Wrap. Keeping the mind control beams off patriotic American heads since 1957. Great for baking too.
:-)
--. --- .-.. -.. --..-- -... .. - -.-. .... . ...
Not bitcoin?
mvsjcl
I translate this to be either "Japanese planes approaching Hickam Field and Pearl Harbor"
OR
"Yawn, wake me in 2 weeks when there is no cash in the Greek banks"
Morse code translator:
http://morsecode.scphillips.com/translator.html
enjoy
No matter which translator you use, you get an 'Untranslatable Character' error message.
Also, which flavor is being used: American, Continental or International?
See https://en.wikipedia.org/wiki/File:Morse_comparison.svg
Just copy and paste into the website I linked to
I translates to GOLD, BITCHEZ
removed duplicate
Don't get your thingie in an uproar!
I look upon these situations with amazement.
People see how fucked up things are and they elect more government. The new saving govt is seen as a solution to the old govt that screwed things up.
It will be interesting to see when people start stepping ever so slightly outside of the box and start asking "why do we need govt?".
The herd mentality probably makes this impossible, but one can hope that it might happen with a large enough portion of the population to make a difference. I am not entirely hopeful as it would be against the mindset that litters the comments section on normal news sites with "Republican this" "Democrat that" "Bloods this" "Crips that".
We need government only for certain things.
Article 1, Section 8 of the US Constitution is a nice, concise listing of about all that's needed on a national scale.
Section 8 LOL.
"The best thing that could happen to Greece is to make the government disappear altogether for a year or two. Everyone would be forced into free enterprise and the economy would boom. Foreign currencies would become the wallet fillers and transaction notes."
"Stuck on Zero". An appropriate moniker if there ever was one.
In your best case the 1%er Robber Barons hide in their fortresses while petit psychopaths rule streets and fields with bone grinding glee…which, was what the Robber Barons had in mind in the first place when you let them make you stupid and evil. At long last have we the right wingnut's libertarian paradise where starving children eat the starved elderly and bellum omnium contra omnes blooms like an American made 155MM white phosphorus round on a Palestinian orphanage playground. Steaming holes venting tiny bodies accompanied by screeching choruses of little voices begging death to hurry.
Therefore I recommend a razor wire bound copy of Thomas Hobbes', "Leviathan" be shoved up your ass and die before dawn.
maybe natural selection will take to the tune of 1/2 the population.
1-war, 2-starvation 3-disease 4combo pack of mutha earth saying fuck off, your time on my perfect system ends, give me a million years to return it to normal. ps first suck every last drop of oil and burn all the hyrocarbons and grow your numbers to 9 billion b/4 i puke you out to ashes to earth. recycled bitchezz....
NEW DEBT is better than old debt, becomes "performing" instantaneously.
Are you talking to Greece or The EU?
or Ukraine?
Doomsday Watch: Ukrainian government to seize personal savings
What are the chances that Porkochoco and the Ukrainian oligarchs have already sent their money out of the country ala Cyprus...
Oh, you can bet it wont be their savings that get hit.
What you have here is the final looting of Ukraine by the Khazar oligarchs, they have left Ukraine devoid of gold and they will empty out all the bank accounts of every Ukrainian in the end, just like they have killed thousands upon thousands of innocents. Slash and burn baby slash and burn is what they are doing now. Then you wonder why they ellicited such hate in Europe through the centuries. The images you will be constantly shown will be some 60,000 Khazars that died in WW2 with the addition of two 00s by their media campaign. While millions of gentiles died because they Khazar bankers around the world saw more war profiteering to be made by funding gentiles to kill gentiles, with weapons bought with money borrowed from the moneychangers. Even now with the thousands of gentiles dying, western owned Khazar media does not show the mangled corpses of women and children in Donbass, but rather the old black and white photos of WW2 over and over and over again. One can only question even those photos, they served the media campaign for the destruction of Palestine. It was in the interest of the Allies to paint the Germans as negatively as possible. Just like AIPAC owns the polticians now, their forefathers were buying up politicians back since when they established their banks and even more so when they seized the power to print fiat in western nations. The funny thing is that they are making even more money now. With Israel a major weapons manufacturer the Khazars will loan you money to buy Israeli weapons. They are owning the whole cycle.
Some Jews are more priviledged than others, COSMOS. Donbass probably had (past tense) 15,000 Jews - many from Donetsk, at least back when it had all of it's one million residents. There houses and apartments get blown to hell by Ukrainian artillery just like the gentiles. Little people Jews don't count (except for PR value).
Most of the Jewish-Ukrainian oligarchs don't even live in Ukraine today. Kolomoisky, one of the richest war-promoters, actually lives in Switzerland.
The 99% always end up paying for the crimes of the 1% no matter what religion they are.
Hitler was right!
There's Socialism.
Then there's Socialism for the rich.
One is symbolized by the Swastika.
The other is symbolized by the Israeli flag.
One is when (We the people by the people for the people ) use OUR money printing press for good, there are no taxes and loans are never required to be repaid. Money is given freely where it is needed.
The other is when the evil elite Chosenite parasites possess OUR money printing press, and use it to print only themselves money. Everybody else slaves till they bleed but just end up starving to death from inflation, taxes and unpayable interest. Children prostitute themselves for a scrap of bread to eat. Pollution and radiation are the norm due to a complete vacuum in law enforcement of their pillage and plunder.
You go ahead and praise Hitler, the genocidal maniac, at your peril. You are a vile human being, and that is being kind.
He may be evill, but he's not stupid. What would you like hime to do? Let me guess...
Hitler exposed the evil Chosenite counterfeiter loan shark taxers.
Hitler was a good Christian.
Hitler didn't kill anyone.
We the people took care of that.
Hitler didn't kill anyone? Ask Eva Braun that question dolt, and the 80 million that died in WWII, he was a genocidal maniac, you brain munch!
Are you saying that 60,000 jews were killed in WWII? not 6 million? and all wars are created by Jews? just want to understand your position?
.
My position is that one cannot trust the numbers pushed by the media owned by the Khazars. The 6 million number has been pushed around before ww2. Several people here have made posts and links to that effect. As far as wars go, no doubt the Rothschild banking family has profited from wars on European soil. If you can make a profit from wars why not finance them or help push them along. Especially since when the aristocracy in many of these European countries was the only well educated and organized opposition to cliques formed by the Khazars to the detriment of Christian nations and business people. The world wars have seen the fall of the aristocracy in Europe and the rise of a bureaucrat class that is easily manipulated and bribed, thus what one has in modern European countries is an unorganized mass of people unable to check the tentacles of the Khazars even though they vastly outnumber them. Add to that the constand drone of yelling 'thats anti-semetic' and 'one must remember the...' pseudo holocaust whenever one tries to stop the power grab, and its pretty obvious how we got to where we are today.
Again if you are providing funds for a war are you not guilty of it. Driving the getway car in a murder will get you the same jail term as those who pulled the trigger. If you stand to make money driving the getaway car would you not suggest to the others to hit up more banks?
http://www.historyplace.com/worldhistory/genocide/stalin.htm
Unix knows that the Holocaust is a lie. They all know. They just want US to believe it.
Try to get one to tell you what THEY did to piss of the Germans!
They NEVER Talk about that.
But I do. Because I know what they did. They deserve every thing that the good German people did to them.
Just try to get one to tell you what they did.
I dare you.
Holocaust denial is a criminal offense in many countries, and Germany in particular. This measure is to prevent neo-Nazi's such as yourself from succeeding in their attempts at historic revisionism.
Wrong. It's an attempt to CONCEAL THE TRUTH ABOUT WHAT THE CHOSENITES DID. And what they ARE CURRENTLY DOING.
You are one of the best biggots money can buy self, you have about as much knowledge of history as the turd i just flushed, talk about fecal memory next time, it would be more credible. My God the ignorance from some flaunted as the truth on this board is amazing, you and others have been truly brainwashed.
you will answer for your self delusion, and for the lies that you spread.
We all learned these "facts" from books others wrote. History is written by the victors.
You weren't there. Nobody on this website was. We "know" nothing. We only believe (or not) what we are told.
We are all ignorant either way.
I spoke to many who were there, some were relative, and there are hundreds of documentaries, photos and witness accounts, I guess that is just propoganda to you?
Any time government bans speech like that you have to, HAVE TO, question the motivation. I believe 6M jews were kills (amongst 10s of millions of others) but knowing that a person can go to prison for saying it didn't happen (specifically speaking of ONLY the jews) this makes me have no trust in said government(s).
If you trust your government(s) you are a real fool Eirik. A fool.
What The Replacement said above. Plus data from historic records that Russia released to the West in the early 90s.
http://cleveland.indymedia.org/news/2007/03/24627_comment.php
If you import the data into Excel (Text to Columns option), and do some sorting, you will find that just as many or more CATHOLICS died, than Jews. Considering that Hitler and many of his top guys were Catholic, this becomes an even bigger atrocity: It is one thing to mass-murder a foreign entity, but quite another to mass-murder your own. Funny how this seems to get lost in all the 'Holocaust' (Shoa) propaganda.
Also, you really should check out this "6 Million" business that has been going on since 1915: https://www.youtube.com/watch?v=Dda-0Q_XUhk
I smell Zionist propaganda at work, that grossly cherry-picks and exaggerates, and replays the same refrain over and over and over... like some Pavlovian conditioning of society, to which even many 'Jews' have fallen victim.
Man, you are a cherry picker. 80 to 120 million died in WWII, of course more Catholics, etc died. I am pointing out 6-8 million Jews were murdered in death camps, where others say it is either a lie, or grossly underestimate the number, get with the program k.
It would be nice if you would stoop so low as to present some evidence (a link perhaps) of your argument.
Cosmos, I read you loud and clear. But I can tell you, there were 6 to 8 million Jews killed by the NAZI's, that is a fact. I can tell you so with 100% confidence, 100%.
Now, as to the Rothschild's, I will agree 100% with you there, and add the Bush dynasty, and many others made vast fortunes playing both sides.
Liar.
Amoeba...you are so easily led astray, have fun with your miserable existence.
As a matter of fact the true figure is an order of magnitude less, around 600,000, according to most scholars who actually examine the sources. 6 million jews is some ancient jewish myth which has nothing to do with reality.
But when you own the media it's easy to parrot your version, no matter how grossly inflated.
The myth is your brain. I think you need some more of those bong hits to erase the rest of two brain cells you were born with.
Brought it up before, but going to bring it up again
University of Hawaii study on Democide (death by state):
https://www.hawaii.edu/powerkills/20TH.HTM
260million dead civilians at the hands of the state in the last century alone (mostly dead at the hands of their own state)
The state does everything badly, except one: murder
Let that sink in
Hey Buckie, take the "." and shove it ok! You think you know it all, but in fact you have been brainwashed.
The comment above by COSMOS is one of the most powerful I've read on ZH..........ever!!
+ the biggest number you can think of.
yes, you are a anal alright, that was some powerful "shit" that the idiot cosmos wrote, some of the best subtrifuge I've ever read, lies all
Aww..... poor little Jew boy. Are the gentiles catching on? Are we growing tired of your shit?
As the world awakens, the evil will be destroyed.
Jew boy? roflmao, you ass-ume much, cowpie, may mushrooms grow from your forehead, dunce! I could care less what you think matey. You are the representative of evil, not me. Don't you have a satanic mass to attend?
Some people blame all whites living today for black slavery and the genocide (intention and not) of native americans too.
Where is Tony Wilson?
Isn't there similar wording in the USA executive order on resource preparedness?
According to E.O. 12666; from Haifa, it will now take three 'union members' to perform the task of changing an evil light bulb to a new-green version of a C.F.L. (made in China).
You got a problem with that shit, meshuginah?
As a US citizen, who lives in the EU, and I earn my cash from consulting contracts with "The Beast"... I can tell you that seeing this creature for what it is is very difficult for those born into it.
The normal bullshit line is that that EU: prevents war, has made things better, and "There's no getting rid of it now".
Govt begets Govt. So this pig keeps on dumping massive amounts of cash on expanding it while completely ignoring that it is falling apart on the edges. Politicians just keep trudging forward in their slumber.
The EU is doomed for 3 very simple reasons:
1) You can't impose the Euro on nations that were (and are) profligate spenders who's only concern is dumping more cash on a society that is entirely populated by "The Free Shit Army". Whether left wing, right wing, or any political label... They all want free shit. The biggest hit in the head for me when I am Europe is that the concept of individualism, capitalism, and despising Obama phones is very, very, very rare thing to find here (impossible). The "Free Shit Army" is vast and growing everyday.
2) There is no unified language. For USA people who complain about the the use of Spanish (Press 1)... Imagine living in a place that every few hundred miles (or less) there is another language being spoken. Politicians love this as they can keep their people submissive because their people can't hear the actual dialog being spoken. French, German, Italian, Spanish, Hungarian, Flemmish, Dutch, English, Luxembourgish, Greek, etc etc. Even an educated European who speaks two+ languages is in the dark. Imagine living in a place that every discussion is about language... and "free shit". So much time is wasted on language that if they calculated loss of GDP, based solely on language, it would be astounding.
3) Countries don't see themselves as part of the EU. The EU is a sub-association. Some faceless entity that is making their life worse and their country is being oppressed by this EU.
It is the Ottoman Empire
It's an evil Ponzi scam by the Chosenites.
Markel and Hollande went to Russian to tell Putin not to persuade Greek exit. Because Euro just shits its pants. And lets make it look like its all about Ukraine. Just a thought.
Cant wait to see that rioting dog again.
EU has hit the Russians with sanctions, why shouldn't the Russians help Greece crash the Euro Party by reneging on their debts, and help them along with China with some financing. The yuan will look a lot better if the Euro is done for. A broken up EU is better for China manufacturing.
So how does this benefit Chinese manufacturing?
Countries with suddenly devalued currencies can't afford to buy more stuff from overseas. They can't even buy as much as before.
Their domestic cost structure gives an advantage to local manufactures-- or so the Russians keep telling us.
With everyone in financial limbo at best, they aren't about to go splurging on excess fripperies until things settle down once again.
Plus Russia and China have financial problems of their own at the moment. Letting the deadbeat Greeks crash on their couch is not going to happen. Plenty of sympathetic rhetoric, sure. Actual help? Nah.
When the people have money they buy goods, that's good for China.
You aren't too bright, are you?
I'm bright enough to know that people who default don't have any money.
I'm bright enough to know that manufacturing countries keep their currencies weak so that their population cannot afford to buy overseas and overseas customers get more product per each individual high-value currency unit they possess.
I'm bright enough to know that one of the primary complaints emanating from the southern tier Euro countries is that they cannot regain competitiveness through devaluation as long as they are members of the Euro zone.
I'm bright enough to read. Here's some interesting tidbits about beloved Holy Mother Russia and the Greatest Country on the Planet:
http://online.barrons.com/articles/bill-browder-from-investor-to-activist-in-putins-russia-1423281254?mod=BOL_hp_highlight_5
http://online.barrons.com/articles/anne-stevenson-yang-why-xi-jinpings-troubles-and-chinas-could-get-worse-1417846773?mod=articleRelStories
But of course I freely admit that Self-enslavement is in a category all its own.
You are a true psycho.
by your own nick, you are a legend in your own mind roflmao at ya buddy
WE're from the government and we're here to help. Is that the help you mean?
The way this helps Chinese manufacturing is that there is not one huge block/economic zone that can stand up to the Chinese. The break up of Euroland is like one army on the battlefield suddenly scattering as it breaks its main line in disarray. With divided countries the large Euro companies wont have a secure large market place. Say for example eastern european countries may decide to instead of building Renault cars, they may want to build Chinese cars instead since they are cheaper and more affordable for their citizens, why should they own allegiance to other Euro countries if they no longer share a common currency or central administration that ensures that large Euro manufacturing companies in Germany and France get all the advantages, and protection from cheaper Chinese cars or other goods. With the Euro gone and the diminished size of the Euroland economy as countries break away, the prestige and desire for the Yuan grows, adding to China's prestige and thus allowing the Chinese to print more Yuans, kind of what like what the USA does with dollar hegemony. So no the Yuan may not necessarily grow in value, since it will allow the Chinese to print more Yuans and keep exchange rates relatively the same. But one cannot discount the power China gains by being able to pump more Yuans into the world economy to replace the fallen Euros.
The Yanks probably wouldn't be too happy about it...
Until the return of the Allod, property tax will always be a way to enslave other humans. Doesn't matter which currency the elite use. But we the people are at fault for letting our children grow up to be cops and soldiers that protect the elite.
All you trolls here on Zerohedge really should stop protecting the elite too.
If the European Union had remained a trade union with equalization of tarifs and such it seemed to make a good deal of sense. Adopting the common currency was idiotic and the source of today's problems. Can Greece remain in the trade block while using the Drachma? That has worked reasonably well for the UK.
The purpose of the Euro is to enslave people, not free them. Any country with a free currency will be bombed into submission.
"The Chinese home real estate market, mostly units in high-rise buildings, is truly bizarre. Many Chinese regard apartments as capital-gains machines rather than sources of shelter. In fact, there are 50 million units in China that are owned but vacant. The owners won’t rent them because used apartments suffer an immediate haircut in value."
the state owns them LOL, where did you get this idea about private ownership in china, it is a mirage...shell companies owned by the state, get it yet?
BS Cosmos, please do go visit China to spew your venom, you'd be in jail just by defending them, LOL.
So you think all of those GHOST cities, centrally planned bull shit, is a good thing? I hvae to laugh at your equivocations!
You are a mental midget!
You are the one with a paper bag hiding his tiny cranium. Discuss the issues please.
for one, the Chinese crap you buy here is cheap plastic crap, their cars are worse...they are centrally planned economy...go look that one up. if the planners say build cheap plastic crap, they will build it, no matter the market forces.
you have no idea what made America great, you are just jealous, even though America is a shell of what it once was, due to socialist policies since Teddy Roosevelt...get a damn education, I beg you.
I mentioned a few other things, I am discussing it, seems to go over your two brain cells.
pffft, it is a waste talking to people like you anyway, you are a disinformation SPECIALIST. bye now.
I have family members that have bought chinese made generators and machines used for machine shops, they are extremely pleased with them and the quality. Do not forget that most computers and hardrives and iphones and ipads are made in China and are very good quality. Yeah sure if you buy cheap plastic crap it will break, and they will sell you more of it because you will go out and buy more of the stuff that breaks, the morons are you, not the Chinese. They are smart business people making money.
"Greece ... Only Has Weeks Of Cash Left"
“The problem with socialism is that you eventually run out of other people's money.” - Margaret Thatcher
Oops... ran out.
Who could have seen that coming?...
Someone here said they had some Euro printing presses in Greece. I think they can manage to hold out a little longer :D
There's Socialism.
Then there's Socialism for the rich.
One is symbolized by the Swastika.
The other is symbolized by the Israeli flag.
Get it?
I, and others... Attribution, dammit. :)
http://www.bankofgreece.gr/Pages/en/Bank/Organization/buildings/IETA.aspx
"Turn those machines back on" has taken on a whole new meaning.
Just be careful to use EURO banknotes with the "Y" !
The problem with the word "socialism" is that most people like to use that word in a way which has NO relationship to the dictionary definition of that word, and NO relationship to the more important facts that the bullshit uses of that word are misrepresenting.
To misuse the word "socialism" is one of the most common ridiculous things one can read in Zero Hedge articles and comments. However, it is practically pointless to repeat what the dictionary definition of the word "socialism" states, or repeat what the most important social facts are, since those people who like to misuse the word "socialism" will continue to do so, by continuing to deliberately ignore any rational evidence or logical arguments which demonstrate beyond a reasonable doubt that they what they are saying is nonsensical on every level, other than on the level of bullshit propaganda.
But nevertheless, here's a little hint:
Follow the money to its SOURCE!
Anyone who does not do that is either an incompetent political idiot, or else has an ulterior agenda to feel good about, or personally benefit from promoting bullshit propaganda. Of course, since the established systems are based on enforced financial frauds, there are lots of people who have some interest in misrepresenting the situation, such as by using the word "socialism" in ways that make NO sense, because their use of the word has no relationship whatsoever to the standard dictionary definitions.
I believe that most of the people who misuse the word "socialism" will deliberately continue to do so. It is practically impossible to have any rational public discussions of important issues, due to the degree that the "debates" are so totally dominated by the biggest bullies' language. Mostly there is nothing more than stupid propaganda wars, such as illustrated by the constant parroting misuses of the word "socialism."
Socialism is the problem.
Didn't have time to read your book.
There's Socialism.
Then there's Socialism for the rich.
One is symbolized by the Swastika.
The other is symbolized by the Israeli flag.
One is when the people by the people use the money printing press for good.
The other is when the evil elite Chosenite parasites print themselves money, and everybody else slaves till they bleed but just end up starving to death from inflation, taxes and unpayable interest.
Any questions?
No question, just a bellowing laugh for a dunce who thinks printing money out of thin air is a solution, and blaming all the world problems in Israel, and praising murdering NAZI's
you haven't learned squat, and your mind is a festered waste
take another deep bong hit radical, your dream will end soon enough, it won't hurt a bit, i promise
Hey, Unix, I would love to my dream to end without that hurting. However, I do not expect that to be the case, especially since Creepy's reply above so totally proved my point. I rather expect that going insane tends to get worse, faster, while I am stuck inside of a criminally insane civilization whose nightmares are getting way worse, way faster ... So far, my own little life is fine ... However, I believe that Greeks are one of the leading edges of the phenomena of the paths that we are all on! After all, 10 years ago, the average Greek did not expect things to turn so bad, so fast, for so many of them. The same goes for Cyprus, except that was even faster, since it was smaller, etc., ... Meanwhile, I live in a pretty protected environment, however, I do not expect the overall global nightmares surrounding me to end without hurting a lot!
and why did things not turn out so well for the Greeks? is it that they borrowed too much of other peoples money, because their socialism failed? indeed, follow the money
retire at 45, give free handouts to all, employ more in the public sector (which is a rats nest anyway)...socialism in the form it has been used is an utter disaster...
btw, so is croney capitalism, and communism, and fascism...
Rad... check this out. Galati won against the government in the Federal Appeals Court.
Bigger story than you may think... wonder why it's not on the news... ;)
http://www.globalresearch.ca/the-case-to-reinstate-the-bank-of-canada/54...