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Is This Why Greek ATMs Are Empty?
Police have launched a manhunt for a 45-year-old man from Crete who is suspected of robbing 540,000 euros from the security firm at which he worked.
The father of two is believed to have made off with a bundle of cash either on Saturday night or Sunday morning from the firm's offices in the area of Katsamba. The firm was responsible for cash transfers between banks and supplying automatic transaction machines.
His family claims that they have no idea of his whereabouts, while authorities are investigating the possibility that he has left the country.
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One wonders if he was working for Varoufakis, scraping together every item of cash to fund today's IMF payment?
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Having been robbed of his future by the Troika and the criminal racket called the Greece Federal government, he is merely returning the favor.
Damn. I was hoping for a leaked photo of stacks of new Drachmas -- or better yet Deutsche Marks. :(
And a new DM would be good for German exports how? If things progressed to that point, trade would be a complete disaster with all the currency risks involved to move goods around Europe (or globally).
Regards,
Cooter
"And a new DM would be good for German exports how?"
Either the Germans take it in the shorts on interest and principal payments or in reduced demand for German exports. The euro is a dead man walking, so best for the Germans to calculate the route that offers the least damage. There is no upside left, only bad and worse losses.
It is unfortunate that those who produce the most also supply the most in terms of lendable capital, and consequently absorb proportionately higher losses when the people they lent to dont repay as expected. Said differently, somebody has to eat this loss. The only remaining questions are who, how much, and when?
Only the banking elite are allowed to make off with $540,000 Euros... plus ,000,000.
Cretans.
"All Cretans are liars", said Epimenides, the famous Cretan
When bank confiscations transpire, bank robberies become inevitable...
So your saying he may not have stolen anything at all? Just retrieved his property? Turnabout is fair play is it not?
"......so best for the Germans to calculate the route that offers the least damage. There is no upside left, only bad and worse losses. .....
Precisely.
In other news...
Bitcoin ATMs are also running low! Buh Bitcoin now!
https://btc-e.com
You know this is a crap argument, but I'll entertain you anyhow.
German raw materials for said finished goods and services -- where do they get them? From within Germany, or do they have to purchase all that crap from abroad?
Cooter, if a weak currency was the key to success -- then Zimbabwe would be the wealthiest country in the world. Regrettably, its a shitshow. The nations with the strongest currencies -- e.g., Norway, Switzerland, Sweden, etc., etc., are normally the best/wealthiest countries in the world.
Why about Poland and Moldovia. I mean their currencies are pretty weak at the moment.
But alas, my good friend who normally has excellent posts, you have drunk the neo-keynesian "the key to a good economy is a weak currency" koolaide.
Haus, you do have a look at statistics, from time to time? "Raw material" import to Germany... is rather smallish
further, the vaunted "German product" "might contain" lots of parts from let's say Slovenia. or France. or Spain
here: https://www.destatis.de/EN/FactsFigures/NationalEconomyEnvironment/Forei...
what does the German Industry lobby for? not only the BigBiz stock companies, but also the mainstay of German economy, the Small and Medium Enterprises?
monetary.... stabeeeeleeeeeteeeee. stable prices make hard price calculation possible, which in turn makes quality possible at industrial levels
good comment, btw, I do agree with most of it. only the "German Raw Material Argument" is the one I really disagree with
nevertheless... I'm with Cooter, I'm afraid
The "German" industry is highly integrated into the rest of the eurozone. If Germany would re-introduce the DM, the same industry would lobby for... a peg to the EUR. or just use the EUR
particularly the SMEs. they don't like "complicated", they don't like fancy multi-currency accounting, they don't like "hedging books"
So the semi-finished products ze Germans get from God knows where get cheaper. The horror.
They said the exact same thing before WWI as well. Too integrated.
My point is -- Germany would do fine with the DM just like they did before this eurorainbow currency.
My point is not that Germany would do worse with a DM. My point is the same - I guess I have to repeat it - as below
producers ask for a stable currency. savers ask for a hard currency. it can become a conflict of interests
which ends the moment the currency is neither hard nor stable
The problem therein is that a hard currency is measured by domestic purchasing powere, whereas a stable currency is measured by foreign purchasing power.
I understand your distinction, but at the end of the day -- the Germans aren't playing in the "we get 12 year old to make our razon thin margin shit" market. Those who purchase German goods can, and do so at a premium, see German exports to the US which have accelerated with a strong EUR vs a weaker dollar.
I understand the idea the SME's might be adversely affected, and some might even have to get back into hedging (like the airline industry does re; jet fuel), but that aside, your logic makes zero sense.
For business today in Germany that are dependent upon the price of fuel (I can think of DHL, Lufthansa, Hermes, and a few other misc. companies who are always on the road) they already do hedge fuel prices. Why? Because it makes sense. Even companies in the US do that, and we enjoy the petro dollar.
So while SME's might have to hedge expenses if they are extremely extremely extremely heavily dependent on currencies that vary dramatically from stronger than the DM (haha) to weaker and then back again, it wouldn't be the end of the world, see the countries I listed in the previous note. Moreover, due to German tax rules, any hedging expenses are deductible, and if there is good tax planning (for example creating a sub GmbH which runs all Hedging activities and then build in an Organschaft into the structure) it might not even be noticeable.
Then there is the added advantage of not being on the hook re; Target2 & no more bailouts, etc., etc.,
But I agree with your sentiments, and am a bigger fan of the NEURO than I am the DM, I'd take the DM over the EUR any day of the week. Perhaps with prettier bills this time.
then we have not reached consensus on the wording and definitions. here mine:
a stable currency is one that has little upside or downside, little volatility
a hard currency is one that has stronger upsides and, because of that, even downsides
gold is a very hard currency. it's excellent for saving, in the long run. the longer, the better
you are constitutionally "brought up" in financial markets. it's easy for you to say: "pity the SME, they might have to hedge", and even easier to tell them "operate like megacorps do"
you know how they call the people talking like that? damn bankers and damn "financials"
(note: every one of the companies you mentioned is a publicly traded stock company, with bonds traded to boot. not SMEs. the classic German SME has only business loans. it's completely unknown to financial experts. and yet... the whole eurozone is... heavely dependent on them)
German experts were fine during the D mark era. Imports are also chapear when your currency is strong.
I remember the 90's and early "naughties". I remember journalists writing about... "the sick man of Europe"
no, this is not against strong, i.e. "hard" currencies. not from me. but emphasis on price stability is better, for production
I guess this is one of the conflicts between the producer and the saver. it ends when the currency is neither hard nor stable
Dear ZH -
the panic does not start bottoms up, au contraire it goes down the elevator from up - down ... this is the 54 artcile on "capital controls", bank runs, empty atm etc.
as long as DOW is at 18000 (6+6+6), Nasdaq at 5000, gold at 1200 there is no panic ... all is well everywhere, until the guy in charge turns off the switch ...
thats my take, but dont let me stop you on bashing greece... just treat the rest with care.
Gold at 6 + 6
Did you mean the "Deutsche Drachma?" LOL
suspected of robbing 540,000 euros from the security firm at which he worked.
They called him the Greek Kid.
Not to sure who "they" are.
https://www.youtube.com/watch?v=-WCFUGCOLLU
This greeks are so dump so much swiming to die in the shore. Why dont they default if anyways the banks are close for them and use the cash to fund some infrastructure.
Wonder where he'll make for? H hear Ukraine is nice at this time of year (my enemy's friends's enemy and all that!)
Whereas the Greek Govt. only robbed everybody else in the Euro for 54 Billion Euros. Oh, well.
He's just buying the dip.
The easiest way to rob a bank.......
Is to convince a national government to join an ill-conceived currency union?
He's the only one smart enough to take it while it's available.
He should spend it while it's still good, unless he managed to lay his hands on notes that don't have 'Y' serial numbers.
The solution is simple. Ban all fiat, it's for the children.
TBTF banking execs steal trillions. they get bonuses and guarantees for future bailouts. a peasant steal 540k, he'll be in prison for the rest of his life. that democracy in the western world of "capitalism".
Unfortunately they're only banning paper fiat. What's really going on are cash sweeps. If you have cash outside the digital system then you are suspect and will likely have it confiscated.
re. "... it's for the children"
"... it's for the chil'rrrun" - Fixed (assuming it's Hillary doing the emoting)
Solid.
He's doing the same thing as the Greek government. In the words of Hillary, "What difference does it make?"
Good for him!...the bankers do it its called " Bail ins " the average Joe does it its called " Theft " fuck'em...
Its faster than putting your credit card in 1000 times....
You know that if you were on the Titanic and the last life boat was being hoisted into the water, why not hop aboard.
There was a time where I would hav
Looks like stacks of feta.
Speaking of that, the article made me hungry for a Gyro. Thanks ZH.
if he donated to Obama....they aren't going to prosecute him...that is for sure
I wonder if we could show a little sympathy for the folks who operate and maintain the Greek ATMS? Chaning over from the Euro to the Drachma is a lot of work and involves calibrating all of the machines!! LOL
Not to mention the need for 100x-1000x the number of Drachma bills until they get the ones with more zeroes printed up.
Likely getting printed at FTP.T Fortress Paper..............up 26 percent today.
"Theft is our game, off with his head!" - Draghi
Bankers steal, peons kneel....
That stack of euros is about as tall a stack of Drachma will be to buy a quart of milk in a few years.
"May have left the country" Duh!
That person is smart to take it out of the ATM but don't tell them it won't be useful very soon and they might go to "Belize" soon bc only the Banks steal from people not the other way around.
Mr. Panos cashing out.
AP Breaking: In a stunning coincidence, rumors that the Clinton Foundation has (in the past 24hours) been wired (Western Union, Greece) an anonymous donation of 540,000Euros cannot, at this stage, be verified... " Developing....
Goldman Sachs just sent a friend request on LinkedIn
He was merely securing an early downpayment on his share of the German war reparations.
LOL
When siezure occurs, a lot depends on who does it first.
I'd take that cash and buy some greek yachts cash and fill em full of Muslims and African refugees and any cheap weapons and drugs and turn it around and use it against the scumbag Greek govt.
Make my own scumbag feedback loop.
Tell me he had a plan. You know, new ID, etc.
Hope he is having lunch in Grenada, Nicaraqua.
This whole story has been made up as an excuse why the ATM's will be empty soon...kind of false flag move.