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The Greek Butterfly Effect
Submitted by Northman Trader
The Greek Butterfly Effect
Many times nothing happens for a long time. Then all of a sudden everything happens at once. Like a dam break. It builds slowly and then it bursts. Example: Who would have ever thought the Confederate flag would be taken down across the South during the same week that a rainbow flag is symbolically hoisted across the entire country? Just because things seem unthinkable doesn’t mean they won’t happen.
Take the global debt construct as another example. For decades the world has immersed itself in ever higher debt. The general attitude has been one of indifference. Oh well, it just goes higher. Doesn’t really impact me or so the complacent rationalize.
When the financial crisis brought the world to the brink of financial collapse the solution was based on a single principle:
Make the math workable.
In the US the 4 principle “solutions” to make the math workable were to:
1. End mark to market which had the basic effect of allowing institutions to work with fictitious balance sheets and claim financial viability.
2. Engage in unprecedented fiscal deficits to grow the economy. To this day the US, and the world for that matter, runs deficits. Every single year. The result: Global GDP has been, and continues to be overstated as a certain percentage of growth remains debt financed and not purely organically driven.
3. QE, to flush the system with artificial liquidity, the classic printing press to create demand out of thin air.
4. ZIRP. Generally ZIRP has been sold to the public as an incentive program to stimulate lending and thereby generate wage growth & inflation. While it could be argued it had some success in certain areas such as housing, the larger evidence suggests that ZIRP is not about growth at all.
If ZIRP’s true goal were to stimulate growth the result of this:
…would not have produced this:
No, ZIRP’s true purpose is actually much more sinister:
To make global debt serviceable. To make the math work without a default.
Here’s the reality: If we had “normalized” rates tomorrow the entire financial system would collapse under the weight of the math. In short: Default.
Which brings us to Greece the butterfly, the truth and indeed the future:
Greece for all its structural faults is the most prominent victim of fictitious numbers. From the original Goldman Sachs deal to get them into the EU based on fantasy numbers and to numerous bail-outs, the simple truth has always been the same: The math doesn’t work.
It never has and it never will until there is a default on at least some of the debt.
And in this context the Greek government’s move to call for a public referendum on July 5 may be a very clever strategic move as it forces the issue of math.
Here’s the strategic frame-up:
Ultimately what Greece needs is debt relief. Big time debt relief to make the math work.
The global cabal of creditors, ECB, EU, and IMF do not want that.
Why not? Because the very second they do this the classroom will look like this:
Everybody would want a cut on their debt starting with Italy, Spain, Portugal etc. and the dominos would be rolling.
No, they do not want this as a default would require acknowledging that debt matters.
What are the alternatives?
Greece’s referendum move risks putting a debt deal up for a vote to citizens. When has that ever happened? Have Americans every voted on their government’s debt spree? Have citizens ever had a say on their central bank’s policies and balance sheet expansions? The answer is no. This so ever important element of our global economic system is completely removed from voters.
And so Yanis Varoufakis is very much correct in highlighting this open secret:
Democracy deserved a boost in euro-related matters. We just delivered it. Let the people decide. (Funny how radical this concept sounds!)
— Yanis Varoufakis (@yanisvaroufakis) June 26, 2015
No, voters are very much not permitted to participate in this decision making process. And hence the only reason a Greek referendum may actually proceed is this: To make an example of Greece. You want to default? Watch what we will do to Greece.
But that’s a big gamble for the EU, for the ECB, the IMF and everybody else including China and the US.
Why? Because all of them have carefully orchestrated a construct that they do no want to see disturbed. It’s not an accident that we have seen 46+ rate cuts this year. It’s not an accident that China announced another rate cut just a day after Chinese stocks plummeted 7% this past Friday. It was no accident that the Fed’s Bullard talked about QE4 in October the moment US stocks got close to a 10% correction.
No, you see their primary mission in their timed actions and their words: To make the math work. And to continue to make the math work.
And hence Janet Yellen is not delaying rate hikes because she is “data dependent”. She is dealing in reality: Over $18 trillion in US debt (and ever growing) a large portion of which needs to be refinanced over the next 5 years. And higher rates will become an ever larger burden on the discretionary budget of the US. And the world, heavily indebted that it is, has the same problem:
Math.
So this next week is not so much about Greece the butterfly, but it is about keeping the butterfly from becoming a hindrance to the math working globally. And the Greek government knows this. They are negotiating on the basis that a bad Greek deal from Europe’s point of view is better than a default. Angela Merkel wanted a concluded Greek deal before markets open on Monday. Now she has a mess.
And in the world of gamesmanship every percentage drop in the #DAX will enhance Greece’s negotiation stance.
This past week saw a massive rally in the #DAX in the hopes that a deal would certainly be positively concluded. Now this weekend all this bullish sentiment may find itself tested come Sunday night and Monday morning unless Europe blinks quickly. China is doing its part to support the construct with this latest rate cut, but the ECB can’t be happy about its QE program challenged by the constant Greece distraction:
As we outlined in technical charts a default of Greece would risk a structural repeat of 2011:
And it couldn’t come at a worse time:
No, odds are they’re not going to let Greece default. They can’t afford to. The math has to work.
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Ah yes Lotus Blossom, the old Greek Butterfly effect.
"The math has to work."
The math of a ponzi scheme cannot ever work just by definition.
My last pay check was $9500 working 12 hours a week online. My sisters friend has been averaging 15k for months now and she works about 20 hours a week. I can't believe how easy it was once I tried it out. This is what I do... http://bit.ly/1LCjofJ
Perhaps Greece should make the above proposal to the Troika. Imagine, $9500 working 12 hours a week online for every man, woman and child in Greece ... Tsipras needs to meet your sisters friend!
As was stated so eloquently by another poster on ZH today: Math is racist.
I really don't know what you say after that, but I think he might be on to something.
Screw the Greek Butterfly Effect.
They need the Greek Rodan Effect.
Listen for
A sound of Thunder
https://www.youtube.com/watch?v=LxgbZAwIhVw
Anything you can destroy... you can control.
"It was my understanding that there would be no math..."
Chevy Chase SNL 1976
Video:
https://vine.co/v/OZ3Dbqq51KP
Globalism: all the world's eggs in one basket.
The only things greeks need to know about Butterflies is that they are free to fly....fly away from the EU....
https://www.youtube.com/watch?v=19iTLbUC-ZQNow THAT was a good movie...
Indeed
No worries, be happy. Common Core Math will handle it.
Where do I sign in ? Hell, I would spam every forum in the world for 950$, for 9500$ I would go door to door to every forum user!
Hi Little Doll,
I hitch-hike zerohedge too, but for entirely different reasons (so that you do't have to do that). You should consider some other real job than to fool people into something surreal. Moreover, thiese kind of tricks are the reason why people come here to get some real new. Follow your fiduciary duty.
I understand that earning a livelyhood is a difficult thing.. but do it graciously. Please do not be offended.
http://just-a-thought-from-thinair.blogspot.com/
if this REALLY works, why on earth are you selling the secret to everyone?
Unless you method does not work and you instead, make your money by SELLING guilible people 'the secret'
Clever! You rip people off!
ps. I guess it dont matter because neither of your pages open-i get a 404
Is this about a math problem or a negotiation or political control?....The answer is political control.
BilderMan I had to login to applaud your cogent critique. I'm downvoting this op. His basic premise is, Is there an avenue for manulation by the Central Planning Bureaucracy? Its like the bankster troll, responding to the news that Woodrow Wilson caved in to bankster demands because they were blackmailing Woody over pedophilia, saying "Yes, wasn't that a brilliant accomplishment?"!!
My take is Greece is leaving based on the fact that this major diversion just kicked off.
Tunisia
When bad things are planned to happen, a lot of bad things will happen all at once. Perhaps this will be the week everyone saw coming (in one way or another), for the last 5 years or so.
Pedhaps not only foresaw but actively tried to create...ie "Victoria Nuland and the Russian Gambit turning into an outright provocation turning into a full scale war between Russia and Europe."
Not that that has ever happened before of course...
Yes things seem to be coming to a head. Greece, Russia & Europe, confrontations with China, and now ISIS attack. Seems US is gearing up to go into Syria and this latest attack will be the excuse (or they'll be a bigger attack from ISIS to justify it).
http://www.globalresearch.ca/us-to-begin-the-invasion-of-syria-washingto...
"Pretext ISIS: US Poured Billions Into “Moderates” Who Don’t Exist"
Greece isn't big enough for SHTF. Heck, the Fed could paper over that one easy. Two months worth of QE? This may be the flipping point though. Look for things slowly turning down until September at least. Then, watch out below because it's gametime. Jade Helm ends in the middle of September (9/15/2015). In military parlance, first you train for it, then you do it. Why else would they be pre-positioning heavy duty US military troops and equipment, UN trucks, foriegn troops, Homeland Security heavy vehicles all over the country? We'll also see Q3 give us a recession. possible bond bubble burst. Then there's the Shemitah (9/13/2015), a really bad end to a 7 year cycle of economic malady complete with blood moons. FEMA holiday camps staffing up and rumors of guillotines. 2.2 billion hollow point rounds purchased by Homeland Sec, enough to shoot every citizen 5 times in the back of the head (ammo outlawed by the UN for use in war). Social Security and Park Rangers being armed. Walmarts becoming either military supply depots or possibly processing centers for the politically uncorrect. I could probably go on and on, but I think that you all get it. This year ain't gonna end like it started, so buckle up ZH'ers, we're going for a ride!
I know that a lot of people here are non-believers, but even the bible has something to add:
"I saw thrones on which were seated those who had been given authority to judge. And I saw the souls of those who had been beheaded because of their testimony about Jesus and because of the word of God. They had not worshiped the beast or its image and had not received its mark on their foreheads or their hands."
Are they refering to being "chipped" after the fall?
I was not familiar with Shemitah and looked this up.
This coming September 13, 2015, marks the end of the Shemitah. It is a time of abundance in the Land of Israel, but a traditional time of economic catastrophe in the USA.
The word Shemitah refers to Sabbath year observed in ancient Israel, when all working of the land ceased, the land rested. This took place every seventh year. On the last day of that year, all debts were wiped away, all credit was nullified, the financial accounts of the nation were, in effect, wiped clean.
Let's see what happened at the termination of previous Shemitta years, the end of the seven-year cycle in the Hebrew calendar:
2008: Stock market collapse, mortgage crisis, bank collapse - Sept. 29
2001: Stock market collapse, 9/11 attack - Sept. 11
1994: Bond collapse - more than $1 trillion loss to bondholders
1987: Black Monday, stock market crash, October 19
We can go back even further and mention the 1980 Silver panic and stock market crash, the 1973 oil embargo when oil prices quadrupled and more, and the 1966 stock market collapse.
Let’s see what happens this September.
Parasite folk who are ugly as fuck....Rome should have sown salt as they did to Carthage.
Oh are you referring to:
Green Day - Wake Me Up When September Endshttps://www.youtube.com/watch?v=NU9JoFKlaZ0
It's only a 'debt' if they can collect.
Indeed...and as China realizes that they in fact will never be repaid for their "European Adventure" they are in fact LOWERING interest rates.
This will not come as a surprise to either the Spanish or English of course.
You are missing the whole point with Mark to unicorn it doesn't matter if it is collectable
True, they will let Greece go. Greece defaulting gives them the excuse they need, an event to blame the crash on. Structurally all economies are in the toilet, financial engineering has masked that in the past 5 to 7 years. However, now even that is not working and economic indicators are weakening fast. Hence, the perfect excuse Greece!
To all those Cali haters, the number of out of state cars in California has been steadily increasing, where in the past I would only see 1 or 2 a week. Now it’s 3 to 4 a day. People are moving here to try to look for work. Next week is going to be exciting, Puerto Rico will most likely default on Wednesday as well.
Those out of state cars are rentals driven by tourists. Look at all the houses on the market selling above asking price. Look at the home building going on in the IE. Smells like 2007 to me.
Why go to Cali? HAARP is drying the place out. Whoever is giving the order is in league with Lucifer.
"Making math work" is like saying 2+2 = 5 for very large values of 2.
Reality tends to really suck the fun out of fantasy, eh?
With Mark to Unicorn, anything is possible, until it doesn't.
And THIS from the BIS:
BIS: Low rates holding back global growth"Let the voters decide" is a false choice. All of the financial engineering that took place had no voter input. Now that the "experts" have fucked everything up the voters get to choose how much shit they will have to take in the collapse regardless of the vote outcome.
Without chaos, the elite cannot have order out of chaos. This is just another mile down Fury Road.
I don't buy it...
What?
This guy acts like there is a solution. His solution? Lower rates, keep printing, kill the butterfly. Ponzi schemes have no solution, only a shelf life.
Agreed yrad. I guessed that's what you meant but in this day and age Nothing can or should be taken at face value. ( Ha Ha ).
You might agree with my post below this with me crying out for blood on the streets. Be nice to watch these Parasites getting out of Dodge.
Here is the consumer version of Hotel Rwanda: http://www.harborfreight.com/18-in-machete-with-serrated-blade-69910.html
Go First Class with MOB!!
http://www.merchantmenofbritain.co.uk/ProductMatchete.aspx
Time for another really great war, started in the Balkans, as usual?
Balkans won't do anymore for how messed things are, unfortunately.
Why as usual?
WWI can be attributed to there, but what else?
Alleged ethnic cleansing allowing Clinton and NATO to bomb Serbia as they were a little too friendly with the Russians.
Not to mention the whole Alexander the Great thingy and numerous Ottoman Empire and Russian Empire problems.
The only question is who will win the lottery in the derivatives market this time?
"The only question is who will win the lottery in the derivatives market this time? "
I don't know who is going to win but I'm pretty sure the US Citizenry are going to lose again..
Put all my money on Red, -er, I mean Goldman.
This article is all about logic, and then attempts to come to a logical conclusion. That is a big mistake when we are talking about a nation that has gone through as much suffering and humiliation as Greece has. There comes a time when people reach a breaking point, and once that point has been reached logic goes out the window.
Highest up-vote count in the thread but not a single reply. You, sir, have a singular capacity for sucking all the air out of the room with plain-spoken truth. A trait I aspire to myself.
This will make you cry. Fuck Churchil as he created this mess. This blew my mind as you will see. http://www.theguardian.com/world/2014/nov/30/athens-1944-britains-dirty-secret
This sort of shit is why I value Zero Hedge comments so much. There are always nuggets of unknown history pulled out by someone who can think.
Bravo.
This is a common fact, although hidden/ removed from history books.
Churchill, Roosevelt and Stalin drew and signed on the new map of the world in 1943 in Tehran, damned be the local population's desires and aspirations... same as it ever was.
Another fun fact: if there wasn't a Marshall Plan the entire W. Europe would've become communist/ socialist after WW2 was over. European people were fascinated by Soviet military successes and their solidarity with locals in general, but the chance of such developments was removed swiftly and in blood. Europe has been under Imperial custody ever since...
https://www.youtube.com/watch?v=rWpIOL1bESc
Winston Churchill was a monster, and he was terrified by the resistance.
Winston 'Gas the Arabs' Churchill stated WWII in Europe was fought against the wrong enemy (Nazis). It should have be fought against USSR.
The Cold War actually started in 1942 when UK and US started trying to undermine USSR attempts to attack the Wehrmacht by withholding military intelligence. Shortly after the war, he proposed Operation Unthinkable which involved a mix of UK, US and Nazi troops going against Soviet troops. Fortunately some sensible military men at the time saw the stupidity of this and so it never happened.
We are at war with Russia, we have always been at war with Russia.
Greece needs to pull an Iceland and begin to recover. Repudiate the debt, leave the EU, revert to the drachma. Oh, and train every adult aged 18-40 with basic military tactics. Then mass them on the border with Turkey. Watch as the EU shits their pants.
You forgot "imprison the banksters".
Sorry, Mr Bankster, we would imprison you but we cannot afford the prisons, so...... "dust to dust"...
So emotions take over -
What will the Greeks do?
Must be something more than protest against austerity.
Teacher. Teacher. Teacher. I have a question. No not that.
Umm, is China controlled by western bankers like Japan is?
It seems a fair question.
http://www.zerohedge.com/news/2015-06-27/desperate-china-cuts-key-policy...
I believe this is the proper answer from another thread:
True, China was organized for interaction with the West by the Bankster Mafia, but China recently had a soft coup, which grew out of the Bo Xi Lai scandal around the death of Neil Heywood. Jiang Zemin, the previous premier and patron of Bo Xi Lai and his clique fell out of favor just as the 10 year reshuffle got underway. Something telling, to me, about the new guys in charge was that social media got to express disgust towards Jiang for example, for inviting the HENRY KISSENGER into his private home and treating him as a guest.
- conscious being
KopJaiDeur - Sutiebu.
You had better fucking believe it:
http://redefininggod.com/2015/01/george-soros-and-the-elites-china-front...
http://redefininggod.com/2014/12/meet-robert-lawrence-kuhn-illuminati-ha...
http://redefininggod.com/2014/11/the-multilateralmultipolar-new-world-or...
The Tribe needs a new host after America goes down.
"Once we squeeze all we can out of the United States, it can dry up and blow away." Nutty-yahoo
Merkel Smerkel. Her political career just tipped over.... . Tried to bully the wrong guy.
"Merkel Smerkel. Her political career just tipped over.... . Tried to bully the wrong guy."
I think there's a bigger issue at play here, the question of whether the world is going to be turned into a global corporatist economic rape camp, or if the people of the world are going to find a way to fight back and dismantle this nightmare before it ends up reducing the entire planet to penury. I'm thinking that maybe, just maybe, the Greek people are in the process of understanding the question that is before them, and deciding what course to take.
If SCOTUS decides for Amerikans then we are serfs.
It's all about control. Control is a very powerful survival force.
They - the Elite - are trying to turn Planet Earth into Plantation Earth.
Global Civil War™ is coming.
Keep me up-to-date with tomorrows events. I'll be out of touch tomorrow for monthly militia training (really). Is that what you are referring to? Really is hard to believe how hard it is to get people off their dead asses and into the field to meet their basic citizenship obligations.
are u refering to the fight for liberty or wars for the corporation. i'll pass on the petro dolla wars. also, i can train on my terms...
Call of Duty on a PS3 does not count?
You need the realism of ants and chiggers.
...and heat.
Nothing like humping 30 pounds (paclite) of gear in the summer heat to weed out the armchair enthusiasts.
We're doomed.
Agreed re Merkel. Her entire political capital is spent on Greece.
What do the Greeks want? They want the lifestyle with a hard currency but they want someone else to pay for the services as their own economy just doesn't deliver the results. Oh, and they don't want to pay taxes. Ok... hmm
THE GREEK MATH DOESN'T WORK!
Greece is a basket case. It is isolated and unique.
Your posts used to make more sense. As someone else below noted: are you a regular Der Spiegel reader?
So what? Good for the Greeks. Smart people.
You say: "...They want the lifestyle with a hard currency but they want someone else to pay for the services..."
I could say the same about any Banker, Investment Banker, Trader: "They want to make the lifestyle and someone else to pay" I could say the same about any German CEO that I know: "They want the Lifestyle, but others to work their asses off for them". There is no way that an asshole like Kaeser (Siemens) is working the equivalent to his perverse salary (plus bonuses). There is no fucking way that DoucheBank CEOs even deserve their salary or Volkswagen Cunt Winterkorn.
Let me tell you: EVERYBODY wants to have the Lifestyle and have someone else pay for it. Every single, fucking divorced wife want's it, every Lottery player.
Why not the Greek people? Normal human instinct. With all that said: Fuck Schaeuble.
the old story of the fishermen how meets an industrial.
the industrial ask the fisher why he sits on the beach sipping a drink.
he says the fisher could go out a second time, every day and buy a second boat with a little debt and so on till he owns a fleet
and gets an oligarch.
then the fisher asks : what for?
and the industrial says: then he had time to relax on the beach as a rich man.
and the fisherman asks back: what am i doing right now?
sometimes less is more.
that story applies 100% to sunny greece.
no wonder the biggest "industry" is tourism down there
So its SkyNet, Inc. Cool
The 'Greek Debt Clock ' say's 338 billion Euros. rehypothecated say 10 times ( probably multiples of that floating on Planet Inertia ) that's almost 3.5 Trillion in Liabilities on Balance Sheets across the Globe. Germany, France, Spain are supposed to take the largest percentages of the HIT through various Drughi/ECB Scheme Scams. Temporary EXCHANGE closures, you can smell the fear and i'm loving every sec. Deservedly so as i've aged these last 5 years and Demand Blood.
The derivatives pyramiding is more likely of a much higher order than a mere 10 to 1.
Then there is the counterparty risk.
Ask Greenberg how that little prick Cassano is doing these days...
The corruption runs deep. That's why they'll do almost anything to hang on and keep the fraud under raps.
This is not complicated folks: Germany, Japan and now China are in a "race to debase"...a battle from whence there are no winners.
Interestingly none of three are big players in the commodity space so common sense would dictate they would do the exact opposite.
Even more interesting is the case of the United States which is a MASSIVE commodity producer.
You would think the USA...especially given the dollar status as global reserve currency...would hardly be able to contain itself in this type of war.
Nay, veerily...the USA has been the first to Taper and now is actively farming out the idea of RAISING interest rates.
Apparently gold at twelve hundred Bucky's an ounce is still deemed as "too expensive"!!!
Where is "fifty dollar silver" Bill Flexkenstein these days anyways.
I mean the leverage long on that play has to be TRULY painful.
Needless to say "no problems at the West Point mint."
Disabled -> US is no longer a top commodity producer - that is a false assumption. The number one crop
in US is marijuana - look it up - for at least ten years - with no effective on books export. US is a net importer of everything, coffee, oil, produce, etc. The US treasury complex is used for credit on producer nations to pay for it. The recent increase in the dollar index is a "cashing out" of USD based derivative positions, and is a sign the dollar is about to have 'a not so pretty moment', and tear down of petro dollar complex. US is still QE domestically and globally, they just do not publicize it. The easing you see in foreign markets is hurting them, and is exactly why China and others are creating RMB exchange floors (12 so far) so they can trade in local currency and stop easing. When that mechanism is in place the dollar and US is in trouble. Rates will never go up in US the govt debt would explode to obillivion.
+1. Yes the genius of mutual indebtedness. Today once again with Greece teetering... Mr. Nigel Farage on the Genius of mutual indebtedness
https://m.youtube.com/watch?v=TN_1mF-3JTI
Nothing says "Germany" like devaluation and default...
Farage dug them a new asshole a number of times over the years. He was right, but what did that get him?
Respect from people who prefer reality over lies.
Everywhere that matters, the math will work.
Mario will print as much bank-confetti as he has to to stop interest rates rising to levels accurately reflecting the probability of governments ever repaying it. He just won't let the West Turks have any.
German yields will return to zero in a few days, everyone will BTFD and the masters of the universe can go back to worrying about problems that can't be papered over with bank-confetti.
The shitshow in "Ukraine," for example.
The only outcome that protects the EU is a Greek default that doesn't really matter, so that is what they will shoot for.
Mario will print as much bank-confetti as he has to to stop interest rates rising to levels accurately reflecting the probability of governments ever repaying it.
Draghi cannot unilaterally print.
The ECB, by the Charter, has less power than the Fed.
But too much political capital has been invested in the one way cult! Alot of overinflated egos are on the line for Greece to blow this thing up.
If these EU morons actually wanted to do something useful they should be discussing exit mechanisms in more detail and creating legal paths to do so because more countries will be joining Greece in the near future.
Never mind the financial details, just stand back and admire the politicking of the Greek Government. Absolutely brilliant!
Greece is calling EU's bluff. Brilliant indeed! The poobahs in Brussels need Greece more than Greece needs them. Merkel is soooo f**ked.
And why didn't the Greek politicians use the referendum months ago before the Greek government slashed pensions and continiously caved to IMF demands?
BECAUSE ALL POLITICIANS ARE CORRUPT.
Careful Soul Glow. These are dangerous times. George Soros can fix a referendum if he pull off the Maidan coup. Tsipras looks like he might be a brave, smart guy doing a great job. Let's see.
I think it was RT that identified the reason for the last-minute announcement of the referendum - namely, that there is too little time available for the EU loan-shark banks and their political serfs to rig the result. We can only hope.
Varoufakis knew he had the better hand. greece had and has little to lose whatever happens since the end result will be the same, eventually.
When u squeeze somebody so much that death no longer seems scary, u lose
Troika went too far too much arrogance put too many cards on the table too soon, rushed ahead before the trap was right. Troika should have bided it time with this govt and waited for the next. But they couldnt stomach somebody standing up to them, and maybe now shit in their own nest.
They dont want Greece to win this game for a number of reasons, nor do they want default lest it be an example to others, and also there are far too many variables to imagine where that may lead
The Troika can back down by using the referendum as an excuse and how wonderful they are in listening to democracy....until next time
Sorry, forecasting is beyond my ability... I will only try to explain what happens. The author uses reference to math as if he has nailed it ... sorry ... had you nailed there wouldn't be so many people arguing.
zerohedge, you still will have to wait till I unravel the math. Why hurry ... after all you are in no hurry either.
http://just-a-thought-from-thinair.blogspot.com/
Western civilization began with the Greeks and will probably end with them.
There's no cure for hyperventilating HFT algorithms.
The Greece government and prime minister Tsipras and finance minister Varoufakis seem to be operating from a different playbook than most politicians and civil servants operate from since being elected. They have tried to hold to their election promises, were honest about Greece's true financial picture, "We're broke" and no longer desired to receive bailout money to repay debt and take on new obligations to pay creditors when the people are suffering in depression.
When the choices were established, the government, instead of making a decision which would affect all Greece citizens, decided to let the people decide which course to take as it would affect them. That is democracy.
Democracy is sold to us by the USA and other countries but the democracy touted is not the kind of democracy Greece is experiencing today. Greece may be broke, her future uncertain, but the people have a choice...
Totally agree, but America is a Republic. The elites never intended to allow the people to decide. In fact Senators were picked by their States Legislators for years.
I know America is a Republic, but wasn't this taxation without representation a rallying cause for getting rid of England's chains?
It advertises how it wishes governments to be true deomcracies in other countries when it is not one itself, the civil war illustrated the lack of democracy between states who wished to secede from the North and the powers that be.
Taxation without representation is defunct. now we have taxation with misrepresentation.
We have to pass it to see what's in it...
fucking bullshit.
Bailing out South Africa is your future, Americanos.
Dahboo777 https://www.youtube.com/watch?v=DgniSFUFx5w
www.undergroundworldnews.com
Extension of African Growth and Opportunity Act
101.Short title
This title may be cited as the AGOA Extension and Enhancement Act of 2015.
102.Findings
Congress finds the following:
(1)Since its enactment, the African Growth and Opportunity Act has been the centerpiece of trade relations between the United States and sub-Saharan Africa and has enhanced trade, investment, job creation, and democratic institutions throughout Africa.
(2)Trade and investment, as facilitated by the African Growth and Opportunity Act, promote economic growth, development, poverty reduction, democracy, the rule of law, and stability in sub-Saharan Africa.
(3)Trade between the United States and sub-Saharan Africa has more than tripled since the enactment of the African Growth and Opportunity Act in 2000, and United States direct investment in sub-Saharan Africa has grown almost sixfold.
Duhboo is a shit head.
This guy does not know the difference between Sub Saharan Africa and South Africa. Pffffff
Funny. They asked Americans to pinpoint the Ukraine on a map. This was the result: http://www.washingtonpost.com/blogs/monkey-cage/files/2014/04/Ukraine_Fu...
because people who design systems know that, atleast back in the day, the majority of people were fuckwit dolts that were nothing more than labor and fodder.
Still is the case today. Technology has created a path to a better society, if we want it--but we're not going to realize that until it's too late. Still is the case as it was since civilization began: you have to fool the idiots into thinking they're exceptional so that they piut their effort into maintaining the status quo.
Same way a cult works. Society functions exactly as a cult does. It only takes a sleight shift in perception for one to see the game for what it is.
2012 OFFICIAL Americana Awards "The Weight"
https://www.youtube.com/watch?v=BlgDC6mOU0o
I usually get my morning americana with coconut milk, on the way to work. It's pretty easy on the waistline along with a proper diet and exercise programme.
Buenos Aires (AFP) - An Argentine judge Saturday ordered the seizure of $156 million and other assets from British and US oil companies looking for crude in waters off the disputed Falkland Islands.
http://news.yahoo.com/argentina-orders-asset-seizure-falkland-oil-firms-...
So... should Greece default, can someone explain what will happen to the CDSs? Will people be able to cash them out or is this going to be considered "not defaulting" to keep them from triggering?
When considering a response, ask yourself, where is the Sach positioned on its prop desks. . .
Math ... ?
We've just returned from Greece, where we were the only guests in a 300-bedroom hotel.
Yeah, the hotels are never full until mid July, only the poor book before their holidays, you should try booking on August.
As long as she gets rid of the nukes she will be good in my books for 500 years. At that point we will have the tech to clean up Fuki, TMI, and chernobyl.
Untill then we should have Jon corzine wet nurse Jack welsh so Immelt can create jobs for Obama.
I've got your debt relief right here, bitches.
"Bad money drives out good" A return to the Drachma would lead to the Euro being "good" money and the Drachma "bad" money
Hence, the Drachma would get transacted the most and the Euro kept under the mattress. This is a recipe for rampant inflation as the velocity of the Drachma would be huge.
A disaster for the Greeks.
Should get project mayhem ramped up.
Get the word out on the internet -- bank run days. get your assets away from the beast. Starve it. Just need a final straw, and we're getting close.
Nope. See my post below on S America and Russia.
MSM journalism at its finest
Tsipras Asking Grandma to Figure Out If Greek Debt Deal Is Fair
at your friendly bloomberg.com web site, where we 'know' there is no bias in reporting the news.
I wonder if them greeks do... well you know.... greek
Don't worry. Greek Without will be available for very reasonable prices in a few months.
We the people don't have much time. It's a simple choice. Where do you put your faith? In money or in God?
They can bully Greece BUT Spain and Italy have the TBTF status bankers covet.
Unconditional bailouts for them then.
The thought of this Greek thing being the catalyst that kicks off the next collapse nearly gives me a woody....but somehow I seriously doubt this will be the case.
We need to take our medicine sooner or later, but the Greek drama can be put back to sleep with another injection of newly printed funny money.
Can, prepare to be kicked.
My semi-chub will have to wait...
You lost me on:
And so Yanis Varoufakis is very much correct in highlighting this open secret....
game theory democracy, radical socialism or a corrupt marxist unicorn utopia ?????
(when in fact he could not have been more wrong or fucked it all up any worse for the Greek people, who wanted to stay in the EU.)
These two incompetent Idiots Varoufakis and Tsipras, have broken every political and diplomatic rule
and all that after missing all the selfimposed deadlines after all the numerous extensions.
These two incompetent Idiots Varoufakis and Tsipras wanted their government to be financed by the European taxpayer, without limit,
and they were out to insult the other euro countries while they were doing it.
It is just stupid to drive your country to the wall while caught up in your own rhetoric.
Alexis Tsipras is pulling Greece into the abyss, not because there is no other option, but out of vanity and hubris.
The eurozone did not want to accede to his demands, so now he is risking dragging his country into bankruptcy and out of the euro. That is more than irresponsible, because for months polls have shown that he has no mandate to do that. If he had the wellbeing of his people at heart, he would have accepted the creditors' last offer. That would have given him time until November to bring the economy back on track and continue negotiating. Now he is choosing the leftist wing of his party and their ideology over his people. He will go down in history as another Greek leader who has completely failed while in office - worse than his predecessors. Barring a miracle, Greece could sink into chaos and bankruptcy.
The Greek people should throw those two Idiots Varoufakis and Tsipras out of office as quickly as possible.
http://www.dw.com/en/opinion-tsipras-chose-ideology-over-his-people/a-18...
WR;)
let me guess .... a regular "Spiegel" reader?!
Of course perfectly brainwashed. As Greeks are of course lazy evil lazy faule superfaule Hunde.
And that BTW is the truth and the one and only and real truth.
And everything else - damned leftist Hunde.
Not?
Vive la France! Vive Greece and Greeks!
This will NOT end well.
"It" will start when the EU opposers finally will get the majority. Spain or France next. And don't be surprised if also other EU countries voter say "Fuck EU".
That is when the ever ignorant sheeple are sooo fed up because of all the lies and cheating and looting and stealing and fucking .... that it is finally enough.
Which is inevitable - as the 0.01% get arroganter and ignoranter day after day - and just a question of a few (1-3) years anymore.
Then a decade of hatred - the ultra lefts and ultra rights against the brainwashed super ignorant centrists (which are the [paid via jobs] servants of the 0.01%) - and civil war ... and then WWIII.
That aside of the unrest and hatred in the Ukraine, ME and muslim world.
All caused by a handful of war mongerers far away from the heat = another group of paid whores.
Humans are still the dumbest and most ignorant animals on this planet. Since stonage.
The 0.01% as well as the 99.99%.
Classic example of a failed race, failed genes.
Well documented over thousands of years.
You don't need to be a Spiegle reader nor to think that Greeks are lazy to simply know that between 2003 and 2011 Greece lost about as much as its yearly GDP out of corruption and tax evasion. One can be sympathetical to the Greek people but there is a lot of structural work to be urgently done there, without having their financial minister touring through about all press stages in the world and without thinking that Greeks are lazy. (Maybe some of them is a bit narcissistic.)
Yes of course, but who cares, you guys are propping up Ukrainians as we speak with money from your pockets! What do you think is going on there? Why blame it all on Greece? Corruption, misconduct, bad governance those are just ills that exist with most countries in the preiphery of the EU. All Germans in here should just take a break and think about it, why do you constantly assume all countries are run like Germany? Why do you constantly think that these pepole are lazy? I'm sick of German arrogance constantly pointing the fingers at Greeks as if they were the ones to blame for government failure. You borrwed them money, you sold them goods and were naive enough to believe they would eventually pay it back. So stop blaming the bad government and lazy Greeks. That's a problem but it is one that Greek needs to work on and you need to start consume more at home so that not all the German Euros constantly flow south where they won't be paid back and stop the blame game, or blame at lest German banks and the ECB. Nicht zum aushalten ist das!
You are completely wrong. These two Greek politicians are acting on behalf of the majority of people in the west who are not part of the fascist statist quo that are forcing their economic favourtism for the elite ideas on the population at large. Good luck to them
http://albainternazionale.blogspot.it/2015/06/attacco-in-tunisia-inside-...
Tunisia Inside Job ?
This would make sense. The current Tunisia governmnet is under control of US and CIA, they are free to do what they want there. The sad thing is that Tunisia is fucked, the tourism revenue will stop.
Here it's in English for the lazy folks: https://translate.google.com/translate?hl=en&sl=it&tl=en&u=http%3A%2F%2F...
If everything is so clear and the math has to work, why would the referendum be a clever idea? Syriza could have just said "nope" and wait for the institutions to make the math work. Honestly, the world has been playing with the Grexit idea for too long now for it to come as a surprise. There will be shocks after a Grexit but nothing unsolvable by the current math.
<<Democracy deserved a boost in euro-related matters. We just delivered it. Let the people decide. (Funny how radical this concept sounds!)>>
Yes Yanis..... but they all voted for more of this debt.....democracy is indeed a 'funny' concept .
We should start to consider the alternative to democracy...... Just fundamental natural law.... cause no harm not loss to others..... Do unto others.... etc.
Bankers caused loss, by diluting the purchasing power of money, so they should have been banged up years ago.
Too bad for the banksters. Greece holds all the cards. They can try and collapse Greece but Greece can go to the drachma and be stabilized by China. This has already happened in S America in Bolivia and Argentina. Why do you think that the Argentine peso has not devalued futher even though they shafted creditors? There are ICBC branches all over Buenos Aires and I presume the rest of the country. Why does a rabidly anti-US and IMF country like Bolivia have the most stable local currency in S America? Probably been stabilized also with Yuan. Yes this is the butterfly effect all right and it's right in front of the failing western system's face and it's unstoppable. Plus now a Yuan based gold fix later this year.
And speaking of Anti-IMF how is that the Russian ruble stabilized after bankster attacks in the last year? Sino-Russian agreement to stabilize its currency.
The death of the dollar and Western oligarchs is on going.
The deal presented to Greece by the troika was absurd, no government on this planet could accept it, which brings to doubt that Merkel wanted a deal by Monday.
There is no much that USA or Germany could do to Greece if it defaulted, Greece would veto the EU into paralysis mode and shift into co-operation with Russia, the country already has primary surplus state budget it could pay wages and operate without problem, tying its new currency to the Rubble.
The Financial, Political and Geo strategic losses to the west would far overshadow any hardship to Greece, the troika deal will make greeks suffer far more than if they broke off the Euro.
It is a no-brainer ! so are Merkel - Obama, I pity the US and EU people having to suffer such embeciles as leaders, this is the reason my money is with Russia, corrupt yes, stupid no!
"...voters are very much not permitted to participate in this decision making process."
At the unintended risk of distracting attention away from this excellent and most interesting article, this very same political game is played when it comes to "foreign policy" in the US, UK and elsewhere.
British foreign policy is a matter that's never allowed to be debated during election campaigns. Quite simply it is considered to be a private matter for the elected Executive and not voters, even though it often leads to war or as in the past decade or so a "War _OF_ Terror" for unspecified political reasons (not a "War ON Terror" as we are falsely told by our lying governments). Iraq, Afghanistan, Libya, Syria are all victims of the "British War OF Terror" carried out in cahoots with Washington.
Criminal British govs refuse to debate that the reason we apparently have a high risk of terror attacks in the country (over and above the 7/7 false flag) and the reason why we are inundated with refugees from wrecked nations is a direct consequence of their foreign policy actions.
I wish Brits would wake up and understand this. Exactly the same problem across the US and Europe, notably France.
Yes smacker.......war OF terror indeed.
Government induced anxiety management.
They can more easily justify their own existance(s) by keeping the voter simmering at a constant state of worry that bad stuff is going to happen without the nice politicians.
Quite so.
Our govs are not "victims" of terror, they are the "perps" of it.
What we get is blowback, plain and simple. It's driven by hatred and a craving for revenge against us. This paves the way for our govs to introduce draconian security laws and measures to control us and smash our liberties to pieces.
Our governments are the terrorists.
https://pbs.twimg.com/media/CIlFpS2WwAA_v44.png
Hark the "Angela" sings
Woe is me
A new Greece is born today ( wed 1st July)
And the EU shall live no more
Because of Greece's way
Speaking of The Butterfly Effect...
TTIP Update:'Nein Danke' - smaller German firms see U.S. trade deal as threat
http://www.reuters.com/article/2015/06/28/us-eu-usa-trade-germany-idUSKBN0P805D20150628?feedType=RSS&feedName=topNews&utm_source=twitter
Martina Roemmelt-Fella, who owns a small, family-run turbine manufacturer in Bavaria, should be a cheerleader for a trade deal between Europe and the United States that promises to ease the flow of goods and services across the Atlantic.
But instead she fears the Trans Atlantic Trade and Investment Partnership (TTIP) being hammered out between Brussels and Washington will give too much power to big multinationals at the expense of small companies like hers.
"The proposals are being negotiated behind closed doors with the help of 50 or 60 big corporates," said Roemmelt-Fella, whose firm is one of the thousands of small and medium-sized companies known as the 'Mittelstand' that account for 89 percent of Germany's exporters and form the backbone of the economy…
..."TTIP may bring significant benefits for big multinationals, but I don't think there are big advantages for the Mittelstand," she added.
Her opposition underscores the depth of scepticism towards TTIP in Germany, Europe's largest economy, where media coverage has focused largely on protests from anti-globalisation groups and labour unions. It also highlights the challenge facing German Chancellor Angela Merkel as she tries to overturn entrenched suspicion of the pact.
While Merkel and big businesses, such as industrial group Siemens and car parts supplier Robert Bosch [ROBG.UL], remain strongly in favour of a deal, public support has fallen sharply over the past year, according to a recent opinion poll. Such widespread German mistrust could mean a deal has to be diluted or is even blocked.
Hurdles are also growing in Brussels, where as negotiators prepare for their 10th meeting next month, the European Parliament is so split on the subject that it cannot even agree to debate it.
Earlier this month, Economy Minister Sigmar Gabriel declared that the talks might fail...
...Roemmelt-Fella, whose company specializes in making turbines for hydropower plants, is not the only exporter with misgivings.
A Commerzbank study last year found only 15 percent of Mittlestand companies believe TTIP would be a good thing for their business.
A separate survey by the BVMW Mittelstand association, showed more than 80 percent of its members believe the government is not doing enough to represent their interests in the negotiations.
Much of their concern focuses on how companies settle disputes under the pact. They worry U.S. multinationals will use an Investor-State Dispute Settlement (ISDS) clause to bypass national courts and bully governments into doing their bidding.
The Organisation for Economic Cooperation and Development (OECD) estimates the average legal and arbitration costs of ISDS cases to be around $8 million (7.1 million euros), an amount that is far beyond the means of the average Mittelstand firm.
A further gripe is the proposed creation of a regulation council, designed to smooth the consultation process on new laws, but which opponents say will make the legislative process more susceptible to manipulation.