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Everything is better (and fixed) once you can print...
h/t @RudyHavenstein
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we need austerity ... to pay Disselbloom
If they can’t print, they should start drawing Drachmas by hand.
Crayons, anyone? ;-)
Looney
Why aren't we discussing this development?
what is there to discuss ... unless you are blind everyone can see the writing in the wall where this is going
LOL, that's pretty foony. :D
Ok, enough funny stuff, it's time for a more serious note....
http://galeinnes.blogspot.com/2015/05/seeking-solutions.html
Because they voted against missing the payment. Now they have to scramble to make the payment or they act against the ruling party's vote. That would possibly trigger a breakup of the government.
Yes, in the long run we know they're going to default. Just interesting to see it unfold "live". The unravelling will be felt far and wide across the pond.
And what is to be done with the drachmas?
Pay for oil, grain and bling in drachmas?
Sounds right up Kruggybear's talent tree...right along with eating paste.
he Greeks are entitled to run their country any damn way they want.
Its just that as part of the EU, their decisions have consequences to the other members. If anybody in the EU had an ounce of common sense and an honest bone in their body, Greece would never have been allowed to join, or politely asked to leave years ago
The fact that that hasn't happened yet speaks to the inherent criminality of intent in Brussels
Sure the Greeks are entitled to run their country as they please.
That works as long as they use their own money and resources for everything.
When they start spending other peoples' money, they have other considerations.
When they begin to want to have trade agreements and tax agreements with other countries, they have additional considerations.
Greece applied for and asked for EU admission. The objective was to gain the EU subsidies for the economy. Greece has been a net recipient of billions in subsidies that are not counted as loans and don't have to be repaid. That was not enough for Greece to allow them to "run their country as they wished." If there was criminal intent it was primarily the Greeks who falsified the financial info.
Greece did not apply for and ask for EU admission. The totally corrupt Greek Government, with Goldman Sachs collusion, did so. The people of Greece had no say in the decision. The government members at the time each made a small (or not so small) fortune.
The ones to be jailed are the Greek government of the time, as well as GS. Some of them are now dead, but others are still alive. Get them!
People need to stop thinking that being part of the EU and being a part of the Euro are the same. There are a few notable EU nations that are not part of the Euro. (Smart people are wise to avoid both.)
Greece's problems began when they went from the drachma to the Euro, then the Euro rose in value thereby making it impossible for Greece to pay their debts. Greece has merely done what the UK has been doing: borrowing to help service and kick the can down the road. The difference between the two is that Greece wasn't Britain and so cast off as meat to the wolves. Martin Armstrong has pointed this out a few times already and I think that theory holds a lot of weight.
"But a close look at the country's finances over the nearly 10 years since it adopted the euro shows not only that Greece was the principal author of its debt problems, but also that fellow European governments repeatedly turned a blind eye to its flouting of rules."
http://www.wsj.com/articles/SB10001424052748704548604575097800234925746
Brussel's lust for Greece turned a blind eye as well. There is enough blame both ways. Each was trying to outscam the other.
The euro is everyone's money in the Union including the Greeks. If it was a true Union there would be no defaults everyone would have to cut spending, including the Germans to balance the overall books. There should be no debt inequality in a monetary union. The debt get spreads equally and you contract the money supply and redistribute it equally to keep the ratios consistent for all the individual members. The members have to budget to keep that ratio level locally.
A Union is not a confederacy or else they would be allowed to use their own money and the Euro if it was a confederacy.
The minute any country joined the European Union they became no better than a non sovereign national state, think New York being called a country not a state. That is what Greece and any EU country really are. At least in the US the people get to elect their techno twats in DC unlike in the EU who only get to vote for local governance.
If it was a true Union they'd all be equally poor and ECB's only job would be to make sure they all stay equally poor including Germany by rationing the money supply to each regardless of how they budget it.
The EU is a giant lie to undermine sovereignty and should be dissolved for that reason alone. Reorganize as a confederacy instead afterwards.
It was Mario Draghi as an employee of Goldman Sacks who engineered the "clever swap scheme" so that Greece can squeak into the Eurozone.
They are not the only country to do so either.
The Greeks were to pay 3billion for this arrangement and now owe over 30billion for this expert GS advice.
I see criminal intent as well but in a different direction...
does ZH operate on skeleton staff during holidays?
Don't forget extra cartridges.
Did the .ru extension not work?
Blocked by the firewall. /giggle
The U.S. is Greece other than the printer not being broken. Same goes for Europe.
ROFLMFAO K
Eb...I don't know why some countries are allowed to print and/or receive printed money
and others are put through the ringer to get a handout.
How about the counterfeiters, in any nation, pledge collateral against their loans other than the direct taxation of its citzens?
Remove the future productive work of its citizens from the issuance and require that existing assets be pledged instead.
And its important to watch these other countries so we can know what to expect...I watched the Argentina 2001 documentary. Food and medical seem to get hit the hardest. Interesting tho, Argentina, Greece etc dont seem to have such a hard on for martial law like the U.S. leaders do.
All they have is molotov cocktails and harsh language.
The U.S. is armed to the teeth.
GreekCoin
ButtCoin?
Show me the Drachma!
They can print. Where there is a will, there is a way :-)
write a cheque
Nah. Write a Russian. Ask for a loan. Invite his boats into your port.
Write a Russian and a Chinaman. Invite them to build ports and airports.
Hell, sell them each an island or 2. The EU is printing over a trillion to buy
all worthless debt and they can't throw a few billion to their Greek dogs.
Screw that Nazi run union.
Forward Soviet! Screw the Nazis! Follow Stalin/Mao!
Didn't Greece get the memo from Bernanke? You do not need to print money any more- just create on the computer.
greeks out-performed all the central bankers, ponzi criminals, eg madoff, and bankster market riggers - the greeks defrauded and stole OTHER people's money and got clean away with the crimes, no prosecutions of greek government officials for crimes committed, no confiscation of greek assets to repay victims, eg bond holders - perfect crime committed by a nation of criminals
https://www.youtube.com/watch?v=j2AvU2cfXRk Farce is TRUTH , especially in this case.
http://usawatchdog.com/rising-gold-price-could-set-off-derivative-nightm...
a very good interview!
Is it true that Greek sales tax is currently 23%? Heck why don't everyone pack up and leave now, while they still can?
Greece would be better off selling themselves off to Sicily.
And if Greece Sold itself to Sicily the Old Greeks (aka modern Sicilians) will find themselves sold out to Ingleterra and Zionists.
The Sicilian Cosa Nostra pale in comparison to Mama Grecia,
Where the Established Politicos are even more ruthlesss than Don Corleone.
Wthat is more, they fooled all of the current Greek popolo for almost 200 years.
Beat that.
'Printing' is another word for 'socialization'. Printing means all the holders of the currency lose a little value for each new unit of the currency created. The only country that can get away with out consequence is a country that prints a reserve....for a while.
1. Default (Finger to the EU), 2. issue a new currency, 3. work with the russians and china to get that pipeline going.
The Greek CB has euro note printing capability. Greece should print all the euros it needs to repay its creditors and ship them out by the truckload to those creditors. Frees Greece of debt and lots more euros floating around Europe to "boost inflation". Mr Draghi should be happy, it's a win-win.
The banks are in control of Greece. They will do the best for the banks and the people will suffer. Heart breaking.