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There Is One 'Small' Problem With The Crowdfunded Greek Bailout Campaign
In the latest example that there are generous, perhaps even noble (assuming the whole thing isn't one vast scam like other "charities" such as those run by former and future US presidents) people, still left, Crowdfunding site Indiegogo has released a crowd sourced "Greek Bailout Fund" which in just 1 day has already managed to raise around €100,000 from over 6,300 contributors.
The reason for the campaign, in its own words: "All this dithering over Greece is getting boring. European ministers flexing their muscles and posturing over whether they can help the Greek people of not. Why don't we the people just sort it instead?
The European Union is home to 503 million people, if we all just chip in a few Euro then we can get Greece sorted and hopefully get them back on track soon. Easy.
So come on, order a Feta and Olive salad, maybe wash it down with an Ouzo or glass of Assyrtiko greek wine and let's sort this shit out.
Pledge €3 and get a postcard sent from Greece of Alex Tsipras, the Greek Prime Minister. We'll get them made and posted in Greece and give a boost to some local printers and post offices.
Pledge €6 and get a greek Feta and Olive salad
Pledge €10 and get a small bottle of Ouzo sent to you
Pledge €25 and get a bottle of Greek wine
Noble, generous... and quite idiotic, for one simple reason - the math is horribly wrong.
Here is what the campaign says is its target: "€1.6bn is what the Greeks need."
Actually, no.
€1.6 billion is what Greece needs to repay obligations that are already due to the IMF as of June 30 or else Greece will be kicked out of its current bailout program.
Here is the real list of what the Greeks "need" in order to get a full bailout: a complete repayment of their total outstanding debt to the Troika as well as to remaining private holdout creditors:
The total: €275 billion.
And what is even worse: not one cent of the €1.6 billion already due, nor one cent of the €275 billion in debt due until 2057 will make its way to the Greek people.
In fact, the only people who will see any money from this campaign would be bankers, the IMF, the ECB, and the unelected bureaucrats of the European Commission.
For those who really want to make a donation to Greece, don't repay their debt, but start a charity which unlike Hillary Clinton does not keep 90% of contributions as "operating costs", and distribute it direct to the Greek people.
We hear dropping money by drones is legal now.
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The “giant sucking sound” coming out of Brussels is the sound of Jean-Claude Juncker’s anus gasping for air. ;-)
Looney
Time for the helicopters BITCHEZ
Here is what the campaign says is its target: "€1.6bn is what the Greeks need."
Greece could assassinate alot of bankers (creditors) and politicians with that amount.
Brother, could you spare a trillion dimes?
crowdfunding!
who could have predicted *that* black swan event!
individuals contribute $0.3T for greece, 2T italy spain portugal, 4T france ..
the endogenous fiat disappears
oops
no commerce
velocity of "money" = 0
deflation by a factor of 5
voluntary dis-savings, crowdfunded into nations and on to creditors
liquidation of bank deposits in order to redeem european countries
hilarity ensues
and the web site is down ........
https://www.youtube.com/watch?v=W8_Kfjo3VjU
IMF/ECB recruiting video:
https://www.youtube.com/watch?v=sU3iKvGb4lI
I'm glad not one cent of it will reach its way to the Greek people. When you incur a debt, you are supposed to pay it back, not take the money you would have used to pay it back and spend it on yourself instead.
And what is even worse: not one cent of the €1.6 billion already due, nor one cent of the €275 billion in debt due until 2057 will make its way to the Greek people.
Is this supposed to be a joke? The €275 billion have already made their way to Greece in the past, if not to the Greek people, at least to the governments elected by the Greek people. What sense does it make to imply now that those €275 billion should go to the Greek people? Either you are crazy or you have a bad opinion of your readers.
Perhaps the Greek Government could post an island as collateral?
I mean seriously...
THE PROBLEM IS NOT THE MONEY BUT THE CURRENCY IT IS PAID IN.
GREECE IS NOT IN DEFAULT IT IS INSOLVENT.
It is an interesting question to ask...AND ANSWER...."is this true of the entire European Union?"
1.6 Billion euros will feed the Bankers for a week or two.
That's all.
Won't even feed Wall Street for the first five minutes of trading tomorrow at the 9:30 AM!!!
And that "money furnace" denominates everything in DOLARES.
So GOOD LUCK EUROLANDER!
That kind if a thinking out of the box could put you in a box.
Well, actually, there is at least one other small problem; viz., by my rough calculations, they have thus far raised only about 0.00625% of their goal of 1.6 billion. For just this one tranche. Due yesterday.
Somehow, I don't think this is going to be as easy as they think it's going to be. Especially if they're giving away 'free' bottles of Greek wine every time someone gives a couple bucks.
What fools these mortals be.
This is likely a better chance of success than most crowdfunding deals...
No. Seriously. I'll get to my contribution in just a few after I answer this fax from Nigeria.
knukles
Sacre Bleu!
Nigeria is high tech now..................e-mail and text
If it's a fax.............................postive scam! Someone porporting to be from Nigeria
202 area code isn't Nigeria?
No. It's 313
312
I get opportunity calls from there all the time.
Hmmmmm ZHers, should we crowdfund the Greek yogurt? We could make the amount seeing how many of us are here.
They grow many olives in Texas so that won't work....
Hmmm, what to what to do...
I've got it! Close the Banks and the Stock Exchange! Now nobody has anything!
Hahahahahaha! Take that scrimper and saver! "That's why we REALLY have elections!"
Don't go confusing people with math. That is not kind. Go up to the average millennial and ask them what 9 times 6 equals. Then time them to see how long it takes for them to reach for their phone. Pay with cash at a convenience store and watch the horrified look when the cashier thinks about the awfulness of figuring out change.
Every Euro give a couple of Euros. 503,000,000 x 2 = a whopping 1 Billion Euros.
What do you mean, they owe 350 billion Euros? Is that more than what we raised?
If you really want to flip out a clerk, pay in Eisenhower dollars.
For real fun, hand a clerk a $20 and three $1's to a pay a $17.99 bill and watch their brain seize-up until you explain to them that they then owe you a $5 and a penny...
I do this all the time,
They're like, "don't you want to pay with a debit?"
I use the self checkout to avoid clerks at all costs.
I had trouble with my doctors' receptionist who didn't even know the area codes for even the affluent parts of Socal - and had a bitch attitude for it. She can't tell time either - but somehow she's "qualified" (with big tatas) to assist the nurse. This happens A LOT here.
In California over 40% of High school juniors who are either white or latino did NOT pass the basic proficiency part of their STAR Algebra & Integrated Math exam.
Today's kiddos are sooo smaht that they drive some crazy big lifted hatchback to a gas station when gas prices peaked close to $4/gallon, then beg for gas money in between blunts.
It's no wonder why so many DUhmericans foreclosed on their homes. Then demanded a bailout for the banks. The techie presence didn't fix the numberical illiteracy. Math is hard. Rocket science is hard. I'm glad they know that rocket science is hard.
Got an IPhone and didn't pay the water bill. Oopsies! That's Duhmerican math for you .
These kids are the children of my high school peers (all over the country) and reaffirms my decision not to not have kids yet.
Or until I can get them into a strict Japanese run boarding school where they'll learn something.
Or pay them $22.56 for a total that is $12.56 so you can get a $10 bill back and watch them melt on the spot. My wife did this yesterday, then walked the cashier through the math. You could tell she didn't understand any of it. So sad really.
They're going to be even more confused when that's the bill with a woman on it.
@GeorgeHayduke +1000
I do that all the time..........................and it gets them every time
They only learn what the till tells them
It's like "The Computer Says NO"
The computer will tell them what to do.
"My wife did this yesterday, then walked the cashier through the math. You could tell she didn't understand any of it. So sad really."
'Dumbing Down of America' (and the West in general)
Also this
Future Economists. About the fund:
Clark (fingering some $10's and $20's in wallet). How much do you need Eddie?
Cousin Eddie: About $53,000
How to be happy despite taking an investment loss https://www.youtube.com/watch?v=0T-BH8-yBmU
Pick a random address in Greece, send a box of toiletry.
lol maybe some medicine.
The Greek people need medicine and baby products for the most part... those are the only things Greeks actually buy. . . everything else is produced for free/at cost in the country
Greeks produce
-Cheese
-Olive Oil
-Meat
-Fish
-Chicken/Eggs
-Vegetables
-Almonds/nuts
etc... all locally, you can quite literally drive on the roads, pull over, and pick almonds off a tree, eat them and continue driving.
Food is practically free/provided by GOD in Greece.. . like nature intended.
I have like . . . 100 Gallons of Olive oil that I shipped from Greece last time I was there . . . cost about . . . 1$ a gallon lol costs nothing . . . and I could of got it FOR FREE but I felt bad... so i had to give something.
People dont get it, that the Greek people are the most generous people on earth, (not counting govt workers).
If you go to a resteraunt in Greece and pay your bill, you will immediatly get your bills worth in booze and extra food after lol . . . Greeks are the most hospitable people on the planet, this is why they are going broke. . . businesses are not run "for profit" they are run because people need something to do/like to make friends.(Assuming you are not Turkish or German) lol if you are Turkish of German, you are liable to get spit on. . . . and if you are Turkish / stay away from old people, they are liable to just pull out a gun and shoot you on the spot cause in their head the war is still going on.
From what I read yesterday, soaps and lampshades should be in great supply, (6 billion+) yet I've not seen many Soaps and Lampshades Retail outlets.
Wouldn't these items be welcome in Greece?
I hope you are planning on using that oil soon. It does go rancid you know. Then it's only fit for use in oil lamps.
Just trying to be helpful!
Olive oil if stored well can last A good year or two, we go through about 50 gallons a year. . . . and toss whatever goes bad/use it for oil to keep machines greased up lol.
the math is horribly wrong.
thus proving that ya can't fix stupid
As Doug Casey would say, this is an example of poor people in rich countries wanting to send their money to rich people in poor countries.
If you are a fan of Casey this video may be fun/educational for you. It's a vid of him on the Donohue show in 1980.
https://www.youtube.com/watch?v=easuUdhW4X0
I am waiting for my millions from the king of Nigeria before I make a generous donation to the IMF and the ECB.
Will they count 100 Trillion Zim dollars at face value?
I have a few of those notes....went to Zimbabwe and the sneaky bastards tried to convince me its still legal tender. So I bought a few just for laughs.
There is a consensus among campaign contributors that the money should not be used to pay off the debt, but should be sent to Greek people (charities, food banks, etc.)
The money should truly be used to create a sustainable banking system for Greece.
Not for paying NWO pricks.
Greeks would be much better off if Europeans all changed their vacation plans this summer and went to Greece fully loaded with Euros to pay cash for everything.
Defaulting on debt can not happen since people are the collateral! Therefore, the leaders must tax/steal from the people until the ENDLESS debt is made whole.
#WheresMyBailout
The Greek bailout has already been "crowdfunded" since the majority of the debt is now held by the ECB rather than the private banks.
This crowdfunding was by compulsion.
This is sad.
These 6,300 idiots should be removed from the gene pool .... the Randian filth !
I wonder how much of a bonus was paid to Draghi, while he was at GS, for his Greek loan deals that have Greece and the EU in this current situation.
Bankers would know about creating problems and then conjuring up "solutions" to address the problems they created....very lucrative business.
Total capitulation on the part of the institutions is near. Tsipras has the entire western financial system in his hands. Takin over Europe without firing a shot, wow well done. Germany must be in a state of shock thinkin they would get Europe to themselves.
I want a referendum on our debt too, lets get this thing started.
Randian filth .... talk freedom .... always support slavery !
god damn you guys really need to lighten up.
"But daddy, why don't they just pay back the money?"
"Sounds like someone needs to go back in the naughty box"
Pledge 275 billion Euro and receive absolutely free, the entire country of Greece.
"And what is even worse: not one cent of the €1.6 billion already due, nor one cent of the €275 billion in debt due until 2057 will make its way to the Greek people."
Not one cent will make it to the Greek people is because they already spent it. This money is to repay what they borrowed. Greece is a deadbeat country. Rich Greeks keep their dough outside the country and their people evade taxes at all costs.
What, if I may ask, did they spend it on?
Goldman Sachs.
Time for a joke because the whole situation is a joke.
Two Greek villagers are talking:
Spiro: How is your sex like Costa?
Costa: Very boring. Not very much happening.
Spiro: You ever think of turning Marika over and screwing her the other way?
Costa: It crossed my mind but she might fall pregnant.
An Irish, a Spaniard, a Portuguese and a Greek enter a Bar to have some drinks. Who pays the bill?
The German.
Isn't Math a bitch! Just like in Aliens, she just won't die!
Do you elect your bureaucrats in the US?
Don't sweat it.
After the last of Shemitah, it's Jubilee I believe; or there abouts anyway.
No more debts............What a wonderful world.
I will have a Greek yogurt today, and some hummus tomorrow.
Garbanzo beans are cheap. Take them, some sesame seeds, and olive oil, and I can show you how to make better hummus than you can buy. It is easy.
"And what is even worse: not one cent of the €1.6 billion already due, nor one cent of the €275 billion in debt due until 2057 will make its way to the Greek people. "
That's not quite true.
A lot of that has already gone to the Greek people in the form of early retirements and pension payouts.
A lot of that went into a lot of public works projects, subways, rails, etc that Greeks enjoy, but cannot pay for.
A lot of that went to various dealmakers, such as Greek Politicians, and other facilitators, some Greek, others not - like Goldman Sachs.
To say that none of that money will go to the Greek People is factually incorrect.
A LARGE PART ALREADY DID GO TO THE GREEK PEOPLE. And they still have a lot of it in government white elephants that they cannot operate at a profit.
No, it is factually 100% correct: when you repay debt/interest the ONLY beneficiaries are creditors. Unless you incur new debt, Greece will get ZERO.
The problem with borrow-and-spend-and-print-the-loan-payments is that sooner or later no one will lend you money.
But before that happens, everyone will stop working to produce, and start taking out loans.
Crowdfunding bankster debt is illegal on Q99X2 they should be crowdfunding bounties for their arrests.
This is ironic. The reason the Greek government has to borrow money (like all governments) is that the public they claim to serve is not willing to pay the taxes they require. So now the end game is here. And they, and people all over the world, are going to "donate" to pay off this debt? How totally silly. If they were going to do that they would have paid the taxes demanded in the first place.
Governments will start dying everywhere. They have financed themselves with borrowing and inflation resulting from not paying back what they borrow (i.e. failing to keep their trading promises). And they've become attackers of their customers rather than servers. That's a business model that never works. The gig is up.
What's really interesting is that naturally while this was going on, the governments just kept getting bigger and more people became dependent on them. It's reset time, and all these government workers, suppliers, and those living on government annuities are helpless. And those who rely on government annuities they paid into (i.e. social security, medicaid, etc.) are SOL too.
This can "never" end. After the reset, they'll just institute a new Ponzi scheme. Everyone here at ZH is maneuvering to be that new scheme.
The total: €275 billion.
Greece's GDP is around €215 billion and falling - it was about €305 billion 5 years ago.
But austerity is bad, mmmmkay.
Golden Dawn handed out food to the Greek people. They were thrown in jail for it.
they were thrown in jail for running a nazi criminal organization (trial pending). nothing to do with the "only Greek" food drive you are describing
Can't comment on if true or not but are G.D. any more Nazi than Vichy DC?
Don't Answer it's Rhetorical.
HELL NO!
"quite idiotic, for one simple reason - the math is horribly wrong. And what is even worse: not one cent of the €1.6 billion already due, nor one cent of the €275 billion in debt due until 2057 will make its way to the Greek people."
"Quite idiotic" perfectly describes the average person's understanding of money and finance which is how these slimeballs can get away with this sort of crap worldwide. Make really bad loans because you can leave the taxpayers holding the bag when it goes south. The taxpayers won't see that because, at the same time, you get a clueless maintsream media to put the entire blame on the people and governments who gladly took your foolish (or is it "clever") loans. Heads you win, tails they lose. Rinse, repeat...
Present amount 1,397,511 Euro. How much you bet that until July 30 Thom will get the 1.6 bn?