This page has been archived and commenting is disabled.
This Is Why The Euro Is Finished
Submitted by Raúl Ilargi Meijer of The Automatic Earth
This Is Why The Euro Is Finished
The IMF Debt Sustainability Analysis report on Greece that came out this week has caused a big stir. We now know that the Fund’s analysts confirm what Syriza has been saying ever since they came to power 5 months ago: Greece needs debt relief, lots of it, and fast.
We also know that Europe tried to silence the report. But what’s most interesting is that this has been going on for months, as per Reuters. Ergo, the IMF has known about the -preliminary- analysis for months, and kept silent, while at the same time ‘negotiating’ with Greece on austerity and bailouts.
And if you dig a bit deeper still, there’s no avoiding the fact that the IMF hasn’t merely known this for months, it’s known it for years. The Greek Parliamentary Debt Committee reported three weeks ago that it has in its possession an IMF document from 2010(!) that confirms the Fund knew even at that point in time.
That is to say, it already knew back then that the bailout executed in 2010 would push Greece even further into debt. Which is the exact opposite of what the bailout was supposed to do.
The 2010 bailout was the one that allowed private French, Dutch and German banks to transfer their liabilities to the Greek public sector, and indirectly to the entire eurozone‘s public sector. There was no debt restructuring in that deal.
Reuters yesterday reported that “Publication of the draft Debt Sustainability Analysis laid bare a dispute between Brussels and [the IMF] that has been simmering behind closed doors for months.
But that’s not the whole story. Evidently, there was a major dispute inside the IMF as well. The decision to release the report was apparently taken without even a vote, because it was obvious the Fund’s board members wanted the release. The US played a substantial role in that decision. Why the timing? Hard to tell.
The big question that arises from this is: what has been Christine Lagarde’s role in this charade? If she has been instrumental is keeping the analysis under wraps, she has done the IMF a lot of reputational damage, and it’s getting hard to see how she could possibly stay on as IMF chief. She has seen to it that the Fund has lost an immense amount of trust in the world. And without trust, the IMF is useless.
And while we’re at it, ECB chief Mario Draghi, who is also a major Troika negotiator, made a huge mistake this week in -all but- shutting down the Greek banking system, a decision that remains hard to believe to this day. The function of a central bank is to make sure banks are liquid, not to consciously and willingly strangle them.
How Draghi, after this, could stay on as ECB head is as hard to see as it is to do that for Lagarde’s position. And we should also question the actions and motives of people like Jean-Claude Juncker and Jeroen Dijsselbloem.
They must also have known about the IMF’s assessment, and still have insisted there be no debt relief on the negotiating table, although the analysis says there cannot be a viable deal without it.
One can only imagine Varoufakis’ frustration at finding the door shut in his face every single time he has brought up the subject. Because you don’t really need an IMF analysis to see what’s obvious.
Which is exactly why there is a referendum tomorrow: Alexis Tsipras refused to sign a deal that did not include debt restructuring. It would be comedy if it weren’t so tragic, most of all for the people of Greece. Here’s from Reuters yesterday:
Europeans Tried To Block IMF Debt Report On Greece
Euro zone countries tried in vain to stop the IMF publishing a gloomy analysis of Greece’s debt burden which the leftist government says vindicates its call to voters to reject bailout terms, sources familiar with the situation said on Friday. The document released in Washington on Thursday said Greece’s public finances will not be sustainable without substantial debt relief, possibly including write-offs by European partners of loans guaranteed by taxpayers. It also said Greece will need at least €50 billion in additional aid over the next three years to keep itself afloat. Publication of the draft Debt Sustainability Analysis laid bare a dispute between Brussels and the IMF that has been simmering behind closed doors for months.
Greek Prime Minister Alexis Tsipras cited the report in a televised appeal to voters on Friday to say ‘No’ to the proposed austerity terms, which have anyway expired since talks broke down and Athens defaulted on an IMF loan this week. It was not clear whether an arcane IMF document would influence a cliffhanger poll in which Greece’s future in the euro zone is at stake with banks closed, cash withdrawals rationed and commerce seizing up. “Yesterday an event of major political importance happened,” Tsipras said. “The IMF published a report on Greece’s economy which is a great vindication for the Greek government as it confirms the obvious – that Greek debt is not sustainable.”
At a meeting on the IMF’s board on Wednesday, European members questioned the timing of the report which IMF management proposed at short notice releasing three days before Sunday’s crucial referendum that may determine the country’s future in the euro zone, the sources said. There was no vote but the Europeans were heavily outnumbered and the United States, the strongest voice in the IMF, was in favor of publication, the sources said.
The reason why all Troika negotiators should face very serious scrutiny is that they have willingly kept information behind that should have been crucial in any negotiation with Greece. The reason is obvious: it would have cost Europe’s taxpayers many billions of euros.
But that should never be a reason to cheat and lie. Because once you do that, you’re tarnished for life. So in an even slightly ideal world, they should all resign. Everybody who’s been at that table for the Troika side.
And I can’t see how Angela Merkel would escape the hatchet either. She, too, must have known what the IMF analysts knew. And decided to waterboard the Greek population rather than be forced to explain at home that her earlier decisions (2010) failed so dramatically that her voters would now have to pay the price for them. No, Angela likes to be in power. More than she likes for the Greeks to have proper healthcare.
Understandable, perhaps, but unforgivable as well. Someone should take this entire circus of liars and cheaters and schemers to court. They’re very close to killing the entire EU with their machinations. Not that I mind, the sooner it dies the better, but the people involved should still be held accountable. It’s not even the EU itself which is at fault, or which is a bad idea, it’s these people.
But fear not, there’s no tragedy that doesn’t also have a humorous side. And I don’t mean that to take anything away from the Greek people’s suffering.
Brett Arends at MarketWatch wrote a great analysis of his own, and get this, also based on IMF numbers. Turns out, the biggest mistake for Greece and Syriza is to want to stay inside the eurozone. The euro has been such a financial and economic disaster, it’s hard to fathom that nobody has pointed this out before. Stay inside, and there’s no way you can win.
I find this a hilarious read in face of what I see going on here in Greece. It makes everything even more tragic.
Stop Lying To The Greeks — Life Without The Euro Is Great
Will the euro-fanatics please stop lying to the people of Greece? And while they’re at it, will they please stop lying to the rest of us as well? Can they stop pretending that life outside the euro — for the Greeks or any other European country — would be a fate worse than death? Can they stop claiming that if the Greeks go back to the drachma, they will be condemned to a miserable existence on the dark backwaters of European life, a small, forgotten and isolated country with no factories, no inward investment and no hope? Those dishonest threats are being leveled this week at the people of Greece, as they gear up for the weekend’s big referendum on more austerity.
The bully boys of Brussels, Frankfurt and elsewhere are warning the Greek people that if they don’t do as they’re told, and submit to yet more economic leeches, they may end up outside the euro … at which point, of course, life would stop. Bah.
Take a look at the chart. It compares the economic performance of Greece inside the euro with European rivals that don’t use the euro. Those other countries cover a wide range of situations, of course – from rich and stable Denmark, to former Soviet Union countries, to Greece’s neighbor Turkey, which isn’t even in the EU. But they all have one thing in common.
During the past 15 years, while Greece has been enjoying the “benefits” of having Brussels run their monetary policies, those poor suckers have all been stuck running their own affairs and managing their own currencies (if you can imagine). And you can see just how badly they’ve suffered as a result.
They’ve crushed it. Romania, Turkey, Poland, Sweden, Croatia — you name it, they’ve all posted vastly better growth rates than Greece. The data come from the IMF itself. It measures growth in gross domestic product, per person, in constant prices (in other words, with price inflation stripped out). Greece adopted the euro in 2001.
And after 14 years in the same club as the big boys, they are back right where they started. Real per-person economic growth over that time: Zero. Meanwhile Romania, with the leu, has only … er … doubled. Everyone else is up. The Icelanders, who suffered the worst financial catastrophe on the planet in 2008, have nonetheless managed to grow.
Yes, all data points have caveats. Each country has its own story and its own advantages and disadvantages. But the overall picture is clear: The euro has either caused Greece’s disastrous economic performance, or at least failed to prevent it.
What I find amazing about the euro-fanatics is that they just don’t seem to care about facts at all. They carry on repeating the same claims about the alleged miracle cure of their currency, no matter what happens. You can hit them over the head with the latest IMF World Economic Outlook and they carry on droning, unfazed.
I was in England during the 1990s when those people were warning that if the Brits didn’t give up the pound sterling and join the euro, they were doomed as well. For a laugh, I just went through news archives on Factiva and refreshed my memory.
Britain without the euro would be an “orphan country,” petted, humored but ignored, warned one leading figure. Britain would lose all influence and status. It would become a marginal country outside the mainstream of Europe. It would lose “a million jobs.” Factories would close. The car industry would collapse. Foreign investors would walk away because of Britain’s isolation.
Exports would plummet because of exchange-rate fluctuations. The City of London, Britain’s financial district, would lose out to Frankfurt. The London Stock Exchange would be reduced to a local backwater. Tumbleweeds would blow in the streets. (OK, I made that one up.)
And here we are today. Since 1992, when the single currency project began taxiing for takeoff, the countries on board have seen total economic growth of 40%, says the IMF. Poor old Great Britain, stuck back at the departure lounge with its miserable pound sterling? Just 67%. Bah.
This currency that Greece is fighting so hard to be part of is in fact strangling it. The reason for this lies in the structure of the EMU. Which makes it impossible for individual countries to adapt to changing circumstances. And circumstances always change. As a country, you need flexibility, you need to be able to adapt to world events.
You need to be able to devalue, you need a central bank to be your lender of last resort. Mario Draghi has refused to be Greece’s lender of last resort. That can’t be, that’s impossible. there is no valid economic reason for such an action, it’s criminal behavior. But the eurozone structure allows for such behavior.
In ‘real life’, where a country has its own central bank, the only reason for it to refuse to be lender of last resort would be political. And it is the same thing here. It’s about power. That’s why Greece’s grandmas can’t get to their meagre pensions. There is no economic reason for that.
In the eurozone, there’s only one nation that counts in the end: Germany. The eurozone has effectively made it possible for Angela Merkel to save her domestic banks from losses by unloading them upon the Greeks. This would not have been possible had Greece not been a member of the eurozone.
That this took, and still takes, scheming and cheating, is obvious. But that is at the same time the reason why either all Troika negotiators must be replaced, and by people who don’t stoop to these levels, or, and I think that’s the much wiser move, countries should leave the eurozone.
Look, it’s simple, the euro is finished. It won’t survive the unmitigated scandal that Greece has become. Greece is not the victim of its own profligacy, it’s the victim of a structure that makes it possible to unload the losses of the big countries’ failing financial systems onto the shoulders of the smaller. There’s no way Greece could win.
The damned lies and liars and statistics that come with all this are merely the cherry on the euro cake. It’s done. Stick a fork in it.
The smaller, poorer, countries in the eurozone need to get out while they can, and as fast as they can, or they will find themselves saddled with ever more losses of the richer nations as the euro falls apart. The structure guarantees it.
»
- 150886 reads
- Printer-friendly version
- Send to friend
- advertisements -
My heart would like to be in your camp ...
but FACT is that the forces of Truth and Justice have not yet arrived ...
Since Stonage.
As there are lies and injustice since there are humans.
And that is since Stonage.
Realitiy is a god damned fucking whore and pest ... which leads to nothing more than just more pest.
My only hope is - after god has been nowhere since Stonage - that this pest finally destroys itsself from within - the sooner the better - and looking back and forth, I'm pretty sure we are not far off anymore. As the bankers are taking over whatever is left of this planet ... like a virus at some point is taking over its victim ... what finally is the end.
Anyway we seem to agree on the pest ... and that the final judgement can't be far off anymore.
The IMF is a 1980's version of a country club depending on membership spending. I grew up in that sicko environment. Don't meet your minimum spending requirements, get hit with a fee.
It's a Jewish ponzi scheme gone international. Good thing the Talmud can work off spending with child sex trafficking or children sexual favors.
Fuck the IMF...
First, IMO, the Greek situation illustrates that you can not borrow you way to prosperity. The Greeks (public and private) borrowed too much vis a vis their net productivity (ability to repay). AND the borrowed money did NOT go into capital investments which would boost their net production of wealth.
This is the saga of the small countries the world over. Their elites and the minions of their elites rapidly and wantonly borrowed, borrowed, borrowed. (Which means the lenders lent, lent, lent.) As in Argentina's case, the "negotiations" end result was that the lenders negotiate themselves a deal to take ownership of the major productive assets of each of these nations. Those assets and their cash flow are then redirected outside of the country, thus assuring the perpetual servitude of the governments and their populations.
Quite unfortunately, the populous of these nations never catchs a clue as to what their 1% are up to, how they fuck over the whole country and then run away with vast amounts of wealth when their nations imploded. Scott free!
This is all enabled by accepting the premise that a national central bank and legal tender fiat currency are of benefit to the nation's population. It can be argued that these systems are in fact an invisible harness which eventually forces and enforces slavery on the populous.
Who ever controls the money eventually owns the show. Its time to remove that power from their grasp once and for all.
"Understandable, perhaps, but unforgivable as well. Someone should take this entire circus of liars and cheaters and schemers to court."
Court?? Line them up against a wall...
Corruption via Goldman Sachs, IMF, ECB, Whore House, Congress, FED, Germany, EU, et cetera. Wholesale malfeasance all around does not then lead to an honest arbiter in the long run of criminal activity. Clearly, the Committee to Ruin the World were effective in their zealotry to destroy the entire World, and everyone living, or dying, in it. Once again, we need to pin this on Greenspan, Rubin, Samuelson Summers, and all the neo-Nazis involved in the Financialization process initiated by the God damned classless kleptocratic oligopoly we find on Wall Street, and in Washington D.C.
Happy July 4th, motherfuckers.
:)
Did anyone ever actually believe in 2010 that it would fix anything?
Was not everyone saying at that point that you can not fix a debt problem by adding more debt?
The IMF is the worst joke ever played on modern humanity, it is beyond all reason that ANYONE ever takes them seriously, on ANY topic.
If you are a debtor to a Bank then you end up taking the bills issued seriously.
The Golden Rule no longer applies. It has been transformed, by Gutenberg, into the Printing Press Rule, concurrent with the monpolization of Currency Printing.
Of course with the advent of electronic technology there has been a multiplier affect.
Those with the Printing Press and the guns of a Government MOB make the rules.
And that can turn out to be very serious...with fatal consequences at times.
Now I am not proposing that this is right by any means. In fact it is wrong.
But I do understand the dismal reality and the seriousness.
And that is why the IMF is taken seriously. They have the HIRED THUGS with GUNZ to enforce what they say.
Tsipras will be a dead man within weeks if Sunday's Referendum fails***...And I am hoping for failure so that Greece declares its independence on July 5.
***No on the referendum means that the referendum fails and that the Greeks do not want another Bailout.
Greece is not the victim of its own profligacy,
Oh really? What was their delivery promise when they borrowed (created) the money? Why didn't they deliver?
And who is they? The Greek government, the people who work for it, the people who contract to it, and the people who are dependent on it.
And who's ox is getting gored here? The people who are not in the above categories. And also those who are in the above categories and were promised something (e.g. an annuity), that won't be delivered.
And what of the lenders? They are the ox gorers (new word).
What is the solution?
What are some of the consequences?
what happened to the people who built the Parthenon?
More recently, what happened to the people who built a constitutional republic in North America.
I want to upvote you, but I don't know what MOE is. What is it?
Thanks in advance.
is it Merger Of Equals?
Medium of Exchange (MOE). Ours is called the dollar. Another is called the Euro.
Okay we see Medium of Exchange is MOE.
But it is obvious you have never done Bullet charts before. I would hazard that you need 10 charts with bullets to make sense out of all this.
Your first Bullets are a disaster since the audience has not idea what MOE is. Fine, you answered in later post. But it was like 40% of your post.
** The people getting gored are not who you say they are.
** But we have seen your posts and know your are committed to Ethos or values.
** So if you are all of Latin America ...and you had Wealthy Patriarchs from Haciendas who got Elected to Leadership and they gave way peoples wealth for hidden bank accounts and Spanish, Russian, or US Hegemony.
** What are the people who fought for Independence from Spain to do with the New Debts?? They can see that the Best Stores are defended by Security Guards with body Armor, Shotguns, and Machine Guns... just like the Banks & Malls which are owned by the families of the Haciendas?? And just like Greek People.
** There is a US Tactic, for the State Department, and for Spy Agencies, to woo Foreign Leaders/Officials to participate in US Schemes... and it seems this has been done on all continents. Influence was the Objective. Very Human. Very Understandable. And Historically seeking hegemony is normal.
I'm not trying to pick on Latin America, but it is the same in all countries in Europe, UK and Saudi Arabia.
1% or the highest tax percentile own like 70-75% just like the USA.
- What is this 40% of your Proposal is about Results without a Plan, details, examples or causality? This last bullet list is out of the blue like the first. No one knows what you are talking about.
- Install MOE management that recognizes the relation INFLATION = DEFAULT - INTEREST = zero
This is nonsense. Any law is nonsense if it is not provided staffing, funding, training, facilities, authorization, access, inspections to make sure they have what they need to meet the mission. I like that you mention monitoring.
- Install MOE management that guarantees a perfect balance between supply and demand for money
This is unsubstantiated. How do you propose a cultural shift, business culture change, guarantees get people upset so how would you pass this by without justifications in detail?
- Install MOE management that allows traders to freely create money (certified trading promises).
This bullet makes me think you are inside a group, association, or network... only since you don't provide any details or explain yourself with at least a whole bullet chart
- Install MOE management that guarantees zero inflation, all the time everywhere.
I won't say it is impossible. The problem is you deal with lawyers, lobbyists, politicians, and even careerist who work as directors. You have no plan. You have a dream which might be fulfilled but you chose not to explain.
- Reduce the size of all governments dramatically.
WTF. You can piss everyone off and get total anarchy from the government with this kind of empty statement. you have to have a plan. Is it by percent across all offices and agencies... probably they would rebel, push back, and you can still win and make this work, but you need details and specifics for allowing some autonomy to your directors and managers. For instance there are leases, computer server and computer contracts, there are office equipment and materials contracts... you don't know what is going on out there. If you cut without asking, you shut off things like fuel, utilities, office supplies, leases, local contract support,... whatever.
Maybe percent reductions on offices is an approach, but there are more thoughtful approaches to a "Reorganization" which is what this would be.
The gentleman has a lot of experience in software development, so I am guessing that he has a plan for its implementation.
I say go for it with only one caveat:
Participation in this system (as with any other) always remains voluntary among all participants. Let it compete unimpeded with other media.
The Euro was conceived and ushered in as a major step towards one world currency and absolute ZWO supra national fnancial tyranny.
The Euro is here to stay, unless replaced by the IMF's SDR.
The success of the ZWO depends on it and the gangbangksters of course fully realize this.
I'm just a nobody, so I hate to repeat the Martin Armstrong line that comes to my mind... that the EU didn't not consolidate states debts/bonds into one EU Pot. Armstrong states he told them this up-front and in the beginning it was crucial to the success of the Euro.
So I conclude it is possible that the kabosh was put on this part of the Euro... in favor of a Strong USD World Reserve Currency. Can't really make this up. Can't really be that they just forgot. They chose weakness... perhaps like a GS or a JPM in the Currency... so that they could create Risk, Collapse Stocks & Bonds, then swoop in for buying assets... and fall back on the USD instead of the Euro.
What else?
Probably there are other possibilities.
When you review US Bank, US TBTF Bank, US Regulator Failures in 2008 Financial Crisis... what is your feeling? Do you feel it was all part of a plan? Since the top of Real Estate Bubble was Oct 2005, doesn't it seem they had time to groom Government Officials, US Congress, US Military, SEC, FTC, FINRA, OCC, FDIC, FHFA (housing), and OTS.
"U.S. Treasury Secretary Timothy Geithner testified before Congress on October 29, 2009. His testimony included five elements he stated as critical to effective reform:
- Expand the Federal Deposit Insurance Corporation (FDIC) bank resolution mechanism to include non-bank financial institutions;
- Ensure that a firm is allowed to fail in an orderly way and not be "rescued";"
So.... I say they were always after the FDIC Deposit Accounts.
So let me get this straight. The US and the IMF wanted to release the truth and couldn't? Wahahahahaha. If you believe that I have some oceanfront property to sell you in Arizona.
It's more likely that the US and IMF planned it that way to destroy the EU. The Euro was a threat to USD hegemony.
quid pro quo -----timing is everything
http://greece.greekreporter.com/2015/04/05/greek-govt-signs-500-mln-cont...
Meijer is a smart guy, with a dogmatic frame of mind. Euro may be finished, or it may not be.
But to him, it's already finished, because he wants it to be. Smart but dogmatic.
You only think its your government. They dont see it that way at all.
Ah! ... not if the whole thing moves to a fully Federated political system.
The question is, will they?
And with all that debt, is that even an option any more?
And with all the rancor and bad blood, on all sides, dare they?
It seems to me the option of Federation is what's going to be plonked down, "... take it ... or leave it ... you're out of time ... choose one ..."
Any spineless, mob friendly socialist construct will fail .... it can't say no to itself !
Fiat is the how and why of fucked up. That thing you call government is all for it.
There are two kinds of people. Thats it just two. The honest and the not.
Pick one.
"There are two kind of people .... those who pay .... and those who play !" Monedas 1929 Comedy Jihad World Tour
IMF releases a report that says the greek debt is unsustainable essentially holding onto the conclusions for 5 years. Something everyone but the greek people must have apparently known. But why do they release it 3 days before the vote? So they can influence the vote, obviously, but for whose benefit? Cui Bono? Will the euro be stronger or weaker without the greeks, spanish, and italians. Spliting the euro apart piece by piece will eventually just leave the strong countries which would mean a stronger Euro, but if the demand for euros declines as euro denominated trade drops it will have less of a demand as a reservable currency.
Q: who is coming on board as a reservable currency at the IMF this fall?
A: china
Q: who stands the most to lose when the reservable currency pie gets sliced into more pieces?
A: US
Q: who is a wholly owned subsidiary of the US government and US coroporate interests?
A: The IMF
The euro is being sacrificed for the yuan at the alter of the Global Hegemon US Dollar.
Another conspiracy theory...all the big bad european countries and banks just want to pick the pockets of the poor helpless Greek people...I guess the only thing to do is short the euro and make some money off this tradegy...
Another conspiracy theory...all the big bad european countries and banks just want to pick the pockets of the poor helpless Greek people...I guess the only thing to do is short the euro and make some money off this tradegy...
So Drughi and sLagarde should be ashamed and resign. If the cabal wished that then they'd find a DSK sex scandal to remove them. Which means these two scamsters will not relinquish power until the last drop of Greek Blood is spilled.
As for the SHEEPLE in countries like Croatia who are chomping at the bit to Join the EU Circus you better start asking your leaders WHY?? they are condemning you to the POOR HOUSE.
MOTIVE MOTIVE MOTIVE.
Some might say its better to be a slave driver than a slave. As if those were the only two choices.
Being a grown up is not easy. Being honest is harder than being not. But ya its time to start acting like grown ups.
A lot of good posts from the commenter's. This is ZH. Needs more cow bell though. Where are the ones who like to get Fight Club going like back when I lurked for years? MDB only shows up occasionally now. The others have gone silent. I guess the old adage " silence is golden but, duct tape is silver!" holds true even today.
It is summertime...typically slow.
It is a weekend....typically slow
It is an American Holiday...people are at the beach, BBQing, enjoying friends, taking a break.
Now add up the cumulative effects...
Even fighting gets old.
People need a break.
Heroin addicts should not self medicate their Methadone !
Yes, the euro was a bad idea. Restoring the right to issue money to nations is a prerequisite to restoring their sovereignty as well as their prosperity.
But that isn't the real issue in Greece. Greece is not a European nation able and willing to rule itself. It's a Middle Eastern shithole, ungovernable by anything but a local tyrant or a colonial administration answerable to the government of a civilized nation. Unless and until its population of sandnigger mongrels is replaced by a nation capable of self-government in every sense of the word---including self-control---that's all it will ever be.
Cut Greece loose. Batshit Betty Batziana is welcome to become Big Sister of Democratic Hellas and show Hillary Clinton how a real womyn makes the patriarchy's eyes water. Maybe that spectacle will convince other nations to finally send their own FSAs packing before the FSA do for them, and some good will have come of this.
One thing the Euro was supposed to do was prevent crooked politicians from scamming their countries into the poor house. This was a cinch when each country had its own currency and it turns out, handing control over to a multinational organization did not make politicians any more honest, or prevent the usual ripoffs. If anything it has made them worse.
"Turns out, the biggest mistake for Greece and Syriza is to want to stay inside the eurozone."
I've been following ZH for several months and I finally decided to comment. Here's a freebie:
The Greek Government shipped in huge amounts of paper last month. Part of that for the Greferendum that was announced just last week and very likely another part for something else.
According to very reliable sources (sorry, Greek), in a very recent meeting between Kammenos (Minister of Defense, Independent Greeks) and David D. Pearce (U.S Ambassador to Greece), he presented at least 3 scenarios of how this could all play out (including a direct appeal for U.S intervention) with the worst being loading the ATMs full of Drachmes of which a considerable quantity has already been printed. I've said enough for now.
Well it does depend what type of paper. Paper for a ballot would be significantly different to paper for a currency.
An old friend was a 'paper' guy, and could formulate paper for any purpose, and given a sample of paper, could tell you how it was made and what it was made of. It took a very long apprenticeship to acquire that skill.
He could have done very well in the counterfeit currency market. Nowhere near as well as Governments and Banks do, of course.
Yeah of course it isn't the same paper, but the info said "large amounts of paper" *wink*, nothing else was said.
But hey, it's not like the printing facility in Greece can't retrofit materials used for printing Euro.
Perkins explains how at the TOP of the IMF hierarchy are well placed agents who approve onerous loans. IMF staff economists are often dupes who think they are doing the right thing and have done good work. In this way, there are well meaning people within the IMF. However, they quit when they finally figure out the game is rigged. In 2010 the IMF staff was over-ruled.
The private credit money system is a pyramid scheme, concentrating to a point. At the top are unelected masters and also financial markets. Note that the players below in bold all have an agenda of pleasing their hidden masters.
Democracy and Freedom are but an illusion when the money power is private and hidden.
http://www.zerohedge.com/news/2015-07-01/greece-explained-2-cartoons#comment-6259620
When Greek government joined the Eurozone, it lied about its debt figures. In 2010, 2011 it became apparent that Greece couldn’t pay its debts. At this time, Lucas Papademos, head of the central bank worked a scheme with Goldman Sachs. The scheme was to obscure and obfuscate with complex derivatives to hide the debt problem.
In 2010 the PASOK party (Panhellenic Social Movement) came into power, and they let the cat out of the bag. They revealed that the debt figures had been fudged and falsified when Greece joined the EU.
The IMF European staff did calculations, and unanimously reported Greece cannot pay, and the debts are fraudulent. Even more so, the debts are way beyond Greece’s capability to pay. The debts need to be written down (haircut)…that is erased by law. This sort of law is longstanding, and is the main reason the private credit system is able to function without permanently imploding. IMF’s board of directors agreed with the haircut.
Many of the Greek debt holders are French Banks. Euros in the euro-zone are sourced as private credit emitted from commercial banks. Since banks create credit, then they become holders of new debt instruments at the moment of hypothecation.
Dominique Strauss-Kahn (J) who was head of IMF wanted to run for the French Presidency. Sarkozy (J) and Kahn worked out a deal to keep the French banks from going under. German banks would be second to go under if Greece didn’t pay.
In 2011 at G8 meeting, Tim Geithner and Obama protected their patrons - the big wall street banks. Said wall- street banks had derivative bets that Greece would pay. The ECB then told the IMF to play along, and loan Greece money, so that Bond Holders in France and Germany will get paid, and also Wall Street derivatives won’t have to be invoked. The derivative bets, if forced to pay, would bankrupt exposed Wall Street Banks.
When forming Greece’s new IMF loan, new Euro credit will flow through Greece and then immediately back out, to then pay French and German creditors (banks). New Euro credits pass through Greece money supply with zero velocity and do no economic transactions. The new debt hook is then hooked onto the face of the greek population. The Greek people are now on the hook to pay Euro’s not in their possession.
Fast forward to the future, and the debt hook is demanding exponentials to get paid, but Euro’s never were delivered to Greece’s money supply, and hence are not available. Magick swapping is then demanded; this is banker harvest phase; give us your islands and your ancestral patrimony. Give up being a sovereign country, as your prime resources will be traded to forgive debts. Go into austerity so as to drive prices low, so we can buy out your country cheap.
These new debts housed at the IMF and ECB are accounting entries, created from nothing. If they are erased, it is a book loss. Accounting entries verses real assets and the loss of sovereignty. This financial action can take over a country the same as war, only the real resources remain intact. What a deal if you are a member of the Oligarchy!
Austerity smash and grab plan is to privatize former public lands and resources by swapping or buying at fire sale prices. These formerly low cost already paid-for national resources then become privatized to become permanent rent extractions for finance Oligarchy.
Greece ordered tons of paper last month *wink*, and not just for the Greferendum. Depending on how the following days will play out, we'll be in for very interesting times.
HAPPY BIRTHDAY AMERICA !
Here's whats happening in the woods in America today. Eat yer hearts out.
https://www.youtube.com/watch?v=e4Ao-iNPPUc
They need a Confederate flag.
They are Fin's
America's BIRTHDAY was on July 2nd.
The United States was born on July 2, 1788, when the Nation of New Hampshire became the NINTH NATION to RATIFY the US Constitution, signed by the Delegates in September, 1787, and FEDERALIZED the CONFEDERACY of THIRTEEN INDEPENDENT NATIONS under the Articles of Confederation.
At that point the US Constitution became enforcable and the United States was born.
I do not give a fuck about traditions but I am interested in that which is TRUTH.
I don't understand why the euro would be dead. The dollar won't die because Puerto Rico will default.
Puerto Rico is the land of economic retards and communists and deserves to die a long painful economic death. Their laws make it impossible for any real investment in their country and they scratch their crotch trying to figure out why they are broke.
Puerto Rico (and Greece) is leftist economic reality and exists only so the leftists in America have additional retards to vote for them and more free shit .... from your paycheck.
Que the PR unions---when the phone company tried to modernize years ago in PR they were targets for sabotage by the uniions---you couldn't find a payphone in the whole island that worked----then the cell phone thing happened and you can guess the rest of the story. But they still want their pensions.
On the docks in San Juan the stevadors would hire surrogates to do the work ---union "book" members pocketed $70 bucks an hour for jobs like filling the water coolers but sat in the truck or hung hammocks and slept all day while Santa Domingos did the work for $3 bucks an hour.
I could go on but whats the point--- It's the USs fault cause PR didn't get statehood or PR didn't get what ever---
My understanding now is that French banks have "transferred" their Greek Debts. So, the smaller French private commercial banks are no longer holding the bag. J Street is more in Control in France than in Germany, and probably that has been the case since the French Revolution.
QE has transferred them to ECB, and Wall Street Capital has bought some as well.
I think this is the last time i bother reading Raul's verbal diarrhoea. One thing he and i agree on, cut the Greeks loose and let them have their sovereignty. I think all of us would have voted for that back in 2010. Would rather have bailed out even more German banks, at least you can thrown them in prison and lose the keys, not the same with the all the criminals that ran Greece for years as if it was their own private fiefdom.
Another solid piece by Raúl Ilargi Meijer. Nice job.
This is a very well composed article, and sums up the issues exactly, i too remember the 1990's fever in the UK where business leaders were pushed on to TV to warn that they'd relocate their industries unless Britain joined the Euro, and the British people told them to get lost and rethink their figures. I also read an article by AEP that the ECB forced the Spanissh to change their constitution to insert clauses to their liking - WTF ???
Cameron's current crrusade for a better deal is actually much more about a war on these unelected power-hungry bureaucrats who can destroy a nation in an whim. Frankly they should all face criminal charges for what they've done.
Wonder what the IMF has to say about the sustainability of US debt??????
Are they ready to bite the hand that feeds?
I don't see all of the smaller nations in the eurozone complaining about being "exploited" by the larger ones. Finland, Austria, Slovenia, the Baltics, etc. seem to be quite content with the current arrangements. It is notable that the Scandinavians - Denmark, Sweden and Norway - knowing as they do that there is something in the Mediterranian air which inspires those countries' citizens to refuse to pay taxes - never joined the euro. IMO, the euro will survive, even though the Greek tragedy has severely wounded it. The rest of Europe may actually gain some wisdom from the experience.
Guess who is running the BRICS bank ?
http://www.thetruthseeker.co.uk/?p=118057
quote " Even more interesting than that was the mention that one of the IMF’s Executive Directors is also a Vice President of the BRICS Bank. According to the IMF website… "
Meet the new boss ...... the same as the old one .....
Are we being deceived ?
Seems so.
<comment moved to correct position>
http://www.zerohedge.com/news/2015-07-04/why-euro-finished#comment-62689...
When you trick a retard into servitude you deserve the consequences of his awakening.
A retard should not run a country and these people are socio/communists not retarded.
I take back that last part....
"That is to say, it already knew back then that the bailout executed in 2010 would push Greece even further into debt. Which is the exact opposite of what the bailout was supposed to do."
Are these people (borrowers) so stupid they cannot accomplish simple addition and subtraction? Yet they 'run' whole countries.
Only in the world of socialists and communists is the blame for their stupid decisions put on the entity which lends them money.
We saw the exact same thing in the USA when the leftists in America demanded, and received, that the banks lower the lending standards to a requirement that the borrower must only have a heartbeat to borrow and purchase a house, resulting in a worldwide economic crash when these junk loans where sold as Junior AAA derivatives and 'backed' by Freddie/Fannie and the FED - i.e US citizens futures and pensions.
All perps of the masssive fraud inflicted on the good people should face a firing squad of Greek pensioners. Germany should be stripped of all benefits their banks rec'd. C/b's behind the whole scam should also be reduced to ashes. The above is just the minimum of retribution.
Nice to see you're not being too harsh ;-)
It is a mystery and a surprise to see the IMF suddenly taking on an accomodating tone in its staff report on future prospects of Greece, and releasing it before the date of the referendum. It appears that this represents a clear break between the IMF and the European institutions on the possibility of haircuts to creditors and bail ins by depositors. It is also suspicious that this report was issued from Washington, where the US control of voting on the IMF board is evident. For the Europeans, of course, the idea of haircuts to creditors and bailins by depositors is anathema. No doubt Lagarde objected, but was overruled by the board. The IMF board is looking at future negotiations while Europe persists in its impossible demands for full payments. In addition, the US-dominated board has to somehow rationalize its treatment of Ukraine.
Creating the euro/eurozone is putting way too much power in the hands of the few, one can only expect corruption, along with a loss of soverignty.
why be so foolish?
All countries should keep their own currencies and inflate or deflate at will.
"The damned lies and liars and statistics that come with all this are merely the cherry on the euro cake"...let's not forget the Goldman-engineered lying and cheating on the part of the Greek elites as they cooked their books in order to gain membership in the Euro...the criminality cuts both ways
Haha.
Yuros been suckered.
'We done blowed em up."
"Yup, blowed em up real good."
Everyone gets a turn in the bankster barrel. At least you guys get some nice new bank towers for your money.
When money is printed out of thin air at the whim of a small group, it's all bullshit anyway. It was bullshit in its conception, and it will always be bullshit.
The sooner people start to understand the lie that is fiat currency, the sooner the scheming little assholes who are benefitting from this surreptitious slave system can be deposed. They have created enough artificial scarcity to stop progress for a long time, and it will be nice to be moving forward again.
"This is why the euro is finished"
Oh..that is why ! So first you decided it "is finished", and then you came up with arguments, right?
Better one day as a lion than a hundred years as a sheep.
Vote OXI.
Cheap slogan.
What a great performance of projection!
Raul baby must be a gen-u-ine Communist to be able to
blame the folks with the money for the poor people's problems from borrowing it!
Yeah, yeah...and society is to blame for blacks who savagely loot stores and entire towns.
Yup. Uh huh.
Hey Raul, baby: tell me where you live!
I'm sure you got PLENTY *I* don't, so you'd better give it up, you eeeeeevil devil, you!
And then, you'd better feel DAMN GUILTY about having had all so much in the first place.
Makes about as much sense as this screed.
The one scenario which everyone has seemingly overlooked, which in my opinion has a high probability in the event of a yes or no vote in the upcoming referendum. By their own admission the Troika has stated that it will take several weeks to re-establish a workable fluid banking system, which now is in total collapse. Assuming that the population, according to all reports is more or less split down the middle on the yes-no vote, 50% of the population is going to be very pissed off and given the propensity of the Greek people to riot, all hell is about to break loose. Either way the vote goes Tsipras, Varoufakis are history.
When all hell breaks loose who is going to step up to the plate to restore law and order, none other than Greek Defense Minister Panos Kammenos. This is the Minister who in mid April of this year visited his counterpart in Russia and www.zapaday.com/page/event/827101-0/Greek-Defense-Minister-Panos-Kammeno... and shortly before he left for that visit stated that Greece had a plan B if talks with the Troika failed to bear fruit. http://www.reuters.com/article/2015/02/10/us-eurozone-greece-kammenos-id... It just so happens that the BRICS will be holding their 7th summit meeting on July 8 and 9 in Russia (Timing is everything in life) which would then install Greece as a member and just happens to coincide perfectly with the newly launched BRICS Development Bank.
This is why I believe that Panos Kammenos will step into the leadership void, go to the BRICS arrange financing aid for Greece, hold an emergency election, install a new new parliament that will default on all Greek debt and in turn restore the Drachma, ratify the BRICS Development Loan and watch the European Union implode.
All a coincidence maybe, but I somehow doubt it. One thing I have learned about the relationships between the major powers USA, Europe, China and Russia is that the former two seem to act impulsively with very little forethought as to the consequences of their actions, and as a result are consistently, engaged in damage control for the fuck up's they create. Whilst the latter two appear to always be two steps ahead. Which only leads me to the conclusion that never bring a checkers team to play chess with a couple of Grand Masters.
Either way it wont take long to find out if I am right or not!
Interesting thoughts. The last thing I'd want to do is to rely on the benevolence of a military dictator. But, the Greeks may be out of more palatable options.
Maybe there is a very ambitious Colonel in the Athens barracks who would like to become Greece’ s Man on the White Horse. I would not trust a caudillo for very long, but such a person might be very useful in the present situation
Austria is going to have a referendum on if it should leave the Euro ........ but not a word in the press about that.
So are we going to see ISIS last longer then the Euro?
The euro will ultimately survive as a newly reinvented deutchmark. The PIIGS will be carved off as expected, taking with them the overburden of debt that presently haunts the system; but the northern european nations will collectively retain the euro in revised form after morphing into a gold-backed currency. Not many are aware, but given that the european central banks publish their gold holding as assets on their balance sheets, it's well known that europe as a whole holds approximately 20,000 tons (metric) of gold bullion.
The process of shaking off the occupation of American forces and the US surveillance state is what's actually gumming up the works, but I believe we'll see this strangle-hold fall apart quite quickly in the months ahead. It's Wall Street, you see, that wants the euro destroyed --thus all the propaganda and disinformation threatening total destruction for the euro. But even Russia wants Europe to hold together: that's the whole point of the Eurasian Trade Union under development.
In the final analyses, in the depths of the crisis, when everyone is running around in panic shouting wubba-wubbga, all european sovereign debt will be forgiven during the transition and global reset that's approaching. The 'euro' will pop right back up the very next day, ready for global trade.
For the $dollar..? Not so much.
I doubt anyone here on ZH, no matter how you got there, would vote to remain a slave of any kind. So why would you ask the Greeks to do that?
I doubt anyone here on ZH, no matter how you got there, would vote to remain a slave of any kind. So why would you ask the Greeks to do that?
powiedziec
prawde
Euro is not finished
How to spot Psychopaths: Writing Patterns Give them Away...
What distinguishes all of these Humanoids from the rest of us (Human) is an utterly empty hole.
Inside the Mind of a ZEROHEDGE Psychopath. Including results for now I know where all those Psychopaths are getting together...“Psychopaths are unable to form emotional attachments or feel real empathy with others, although they often have disarming or even charming personalities. Psychopaths are very manipulative and can easily gain people’s trust. They learn to mimic emotions, despite their inability to actually feel them, and will appear normal to unsuspecting people... When committing crimes, psychopaths carefully plan out every detail in advance and often have contingency plans in place. Unlike their sociopathic counterparts, psychopathic criminals are cool, calm, and meticulous.” - Psychology Today
The Irish are fools.
.....maybe, but they do have a whole buncha very attractive lassies.
http://www.ranker.com/list/hottest-irish-models/no-rupaulogies?format=SL...
Hope they like Chinese cock.
I'd land you one if I was beside you.
Stupid article. Greeks borrowed themselves into the ground now they should default and leave the Euro and go back to a drachma worth 1/20th as much. They will be poor as dirt (and rightfully so) but they will be free. Europe will have to eat their losses. End of story - but NO "debt relief."
Bad loans take TWO foolish parties. No debt relief? Then good luck changing the rules of mathematics and compound interest to achieve no debt relief.
Exactly, who thought it was a good idea to lend them money to begin with? And why should they be free of consequences?
If a nation is part of the Eurozone they can never leave. That would be like Texas trying to leave the US. NATO forces would pulverize them. It is a military regime as well as a banking regime. It is fascism. The same thing our parents and grandparents died fighting against so America would remain free. It's the 4th of July. Arrest Lloyd Blankfein.
....and the same thing that Buchanan was right not to do, and Lincoln was wrong to do when the Confederacy wanted its own destiny.
The states in America were not 'free' , they were forced to remain slaves of Lincoln, the motherfucking tyrant, who squelched freedom in the name of freedom.
How fucked is that?
NATO pulverizing Texas? That's not going to happen if Texas controls the nuclear weapons based there.
That Pantex plant near Amarillo would come in real handy too.
Long pitchforks......Time to do something people!
The goal of these financial sociopaths has always been "to own the earth in fee-simple." That means legal title. They know exactly what they are doing when they buy bonds and other promises backed by property with thin-air money created from nothing. It is in the introduction of the 1889 book The Great RED Dragon. RED for blood.
The IMF has been in co-operation with and recieving funding from China for a while now, since it talked positively about China on something. It cannot be assumed to always be a US proxy. Chinese are extremely powerful, intelligent and resourceful and they did not wait 40+ years to make a move and screw it up.
poprosic
o spokoj
Let us all prepare for the worst outcome
a super weak yes
What happens when the rigged vote is yes?
Will the people drop their heads in hopelessness?
Will they cry and moan?
Or, will they burn the banks like they should?
When will the burning begin?
I'd prefer they start with burning their politicians.
Assuming you're talking about the Greferendum, elections will follow in autumn and Tsipras will come back with 40%+. I leave the rest for you to imagine.
The vote will not need to be rigged,the masses are easily controlled. Just give them a short sharp lesson and fear becomes a powerful psychological motivating force a la pavlovs dogs. Whats more, you get to provide an example pour le autres
All roads must pass through the Eccles Building. Power is again reverting from the periphery back to the core.
Yes or no, if anyone thinks this is going to "fix" Greece, think again.
The challenge for the developed world going forward is figuring how to maintain a good quality of life for the masses with decent housing, good infrastructure (water, sewage, waste removal), healthly food, and a bit of recreation mixed in. If these are the goals and people are willing to shed their dependence on useless crap, it is possible that a developed country could do the same or better with half as much. But it would take a somewhat unified sense of purpose and an unusual lack of corruption. I don't see that happening with Greece.
There is no scarcity.
There needn't be but there will be. In order for them to continue to live (in the style they have become accustomed to) others must die (or at least subsist). This is why the debts of the banks had to be passed on to national balance sheets. Its called socialism for the uber rich.
China has notified Russia that conditions of war with the USA have been exercised.
China should not have allowed Goldman and Morgan inside its borders.
The are both NGO's of Langley.
Yes exactly. There is only the One Corporation composed of US oligarchs and their shitty families.
The IMF has billions for the Zionist Nazis in bankrupt Ukraine, and bupkis for Greece. I smell a rat.
.
.
Can we *please* just get to the part
where Greeks start acting like
American blacks who have just had their EBT cards and Obamaphones inactivated?!?
When is this HerpDerp shill meme going to finally fuck off?
Poor people have no power. Certain "rich" people are to blame for the false scarcity.
They spent 14 trillion on Euro banks and JP Morgan. You say EBT, I say Eternal TARP.
On the American Independence Day, it is clear that Americans are financially enslaved. Wave a fucking flag.
Romania, Bulgaria, Czech Republic, Pland and Croacia, in the noted period, all were growing their economies from the crash in the 90th, when the cocialist economies were disintegrated. All of them started from a base with income per capita at 1/10 to 1/20 of Greece. Turkey, did not go through such atransision but it still started with the same very low ratios per capita income, compared to Greece. The graphic actaully is either intentionally missleading or unintentionally incompetant in the describing the correct economic growth picture.
Greece was the only country in the region that APPEARED to have disrpoporationa wealth although, as we currenly are seeing, everything was based on mirrors of course. And all this was possible with Goldman's help, which make Greece a member of the eruozone, where it could not compete with the rest of more efficient and organized economies, where it naturally, in order to sustain the high standard of living, started borrowing a LOT of money with very cheep rates due to its being in this priviged contries club. All these resource were used for consuption, and not for inteligent investments.
As we are currently seeing maybe it is not easy to retire at 53-55 years of age as most of the Greekes do.
What age do bankers and politicians retire at? That sounds pretty easy, maybe we should all do that instead of fucking working for a living.
They dont retire, they go on to things like the house of lords, the senate or non-executive directorships. That way they recieve massive stipends for just turning up, or more often not even tunring up at all. Again,its called socialism for the powerful and well connected, are you all getting it yet ?
Some of them continue like this even when being investigated for alleged child sex abuse and being found to suffer from dementia which hinders efforts to bring them to trial
http://www.dailymail.co.uk/news/article-3078301/Labour-peer-Lord-Janner-...
"The Poor is Always gettin' f**ked by the rich; always has, always will".--Infantryman King.
I think you will find they like to stick to their own, however ;
"The rich have got their channels in the bedrooms of the poor. And theres a mighty judgement coming, but I might be wrong" -- Leonard Cohen
I always though Germans were, in general, honest persons. Shame on you!! You are worst than the mafia.
While the financail institutions surely shoulder some of the blame and hopefully some write-off, the Greek people and government surely took the money and spent it on one long party of social programs and handouts. Greece with the same attitude and its own currency will fail miserably. The Greeks have to get their economy running again if they leave (their best course from what I see). Another mess just as big near home is Puerto Rico in case no one has noticed. We will have our own Detroit II to watch and see whether we do any better than the Europeans.
The dollar is finished too -
First Look: U.S. Dollar Substitute to Go Public on Oct 20th?http://thecrux.com/dyncontent/imf-dollar-substitute/?cid=MKT035907&eid=M...
I felt in my pocket that Euro shit would not work.
When you pay 3 euros for a bottle of 300 ml of cola.
In Brazil costs less than 1 Euro.
Admittedly, not worth so worthwhile to be explored on a journey ...
You can see everything on the Web.
hehe.
I know what you mean Karaio. EU is expensive.
This Inflation Meme is dangerous and Class Warfare.
True.
Class Warfare.
The euro is indeed dying.
New trend in Greece having a drink in front of an ATM,and many other activities.
http://katohika.gr/2015/07/%CE%B7-%CE%B1%CF%87%CE%B1%CE%90%CE%B1-%CF%84%...
https://www.youtube.com/watch?t=146&v=xDV2dxHW-b0
http://rt.com/news/270064-austria-eu-petition-exit/ I think they have over 300k votes
ok it only leads to a debate on the matter I was a bit wrong http://rt.com/news/271279-austria-petition-eu-exit/
Until the people in these smaller countries understand their circumstances, They're not going to leave voluntarily or involuntairly. The majority of voters in Greece, Spain, Portugal, Italy and France stil have not been able to connect the dots. Hopefully in time....
Not disagreeing with the authors thesis and haven't digested the whole piece yet.
We know the Labor Costs first in the UK maybe, then the USA, then France & Germany became so high that the owners of capital sought produce from overseas, then manufacturing from overseas, then Free Trade.
Romania, Bulgaria, Poland, Czech, Croatia — Not only were these part of the Former USSA or Yugoslavia in Warsaw Pact and had crushing central government,... but also they would not only spring back with independence, ownership, and creativity... but would attract more capital as cheap labor nations... and would attract US Assistance and agreements for involvement in their economies.
I think it was in 2005 I heard Germans were upset at Capital Fleeing the Country. My guess is the VAT Tax Increase might have combined with removal of controls on capital.
I'm thinking the people of the EU know. You have kids you worry about their future. If you are young you worry about your future. No shortage of protests over the last 20 years for things like the G20 Meetings.
That might have been why Strauss Kahn was replaced. He might have not cooperated with the USA, so they set him up. But also think it was after 2008 Financial Scandals and since he is a Bunga-Bunga kind of guy... even the EU probably didn't want a soiled-corrupt appearance as people were learning all about Occupy Movements & Financial Corruption & BIS & Central Banks.
Was it never felt peculiar the timing of Strauss-Kahn's downfall, and that the delectable, fragrant Chrissie was parachuted into his chair? But bowthere seeems to be some breaking of ranks in Eurpe, and between Europe and the US (eg threats to bomb ISIL, as brought to you by the US). With some possible rapprochement between Russia and the US, maybe the EU isn't so useful now, thusly "Fuck the EU". The least bad losr will be the winner, as I have said before, and I foresee mainland Eurpe in economic ruin.
Perhaps Leadership and all Governments really end up kicking the can for years as they try to tweek the system with some policy, Defense Spending, deregulation, privatization, tax give away, new tax, higher VAT, more welfare, stimulate a housing bubble, LIRP, QE... just to see what works this time. And in the USA they use War and a tranche of defense contracts.
Of course the Wealthy Interests are always Lobbying for subsidies, lower taxes, liberalization, waivers on regulations, cost shifting, free trade & Off Shoring, and in the USA they seek to overturn Union & Worker Rights.
- Glass-Steagal Repeal is a new twist
- Derivative Engineering Explosion is a new twist
- Off Shoring Tax Jurisdiction, Production & Services are new tricks
- Open Borders in the USSA & EU is a new Trick, Big Time
- Proxy Wars in ME & SWA, Use of Agent Jihadis, just looks like the Cold War and Suppression of Nations who Elect Socialist/Communist Governments
- Complete Capture of Free Press/MSM & K-12 & College Content seems new to me... although Charlotte Iserbyt makes a strong case that is an old trick
This could be a good analysis if the IMF wouldn't be what it is and wouldn't work for whom it's working.
Truth is the IMF executes the task accurately.
I.e.:
"http://www.telegraph.co.uk/finance/2891368/IMF-admits-mistakes-in-Argent..."
"http://www.csmonitor.com/World/Security-Watch/Backchannels/2013/0606/IMF..."
"http://www.thestreet.com/story/11665082/1/iceland-was-right-we-were-wron..."
See?
You lost me. Sorry didn't check your links, but don't have time.
"Truth is the IMF executes the task accurately."
Doesn't IMF act like another power entity or at least as any other For Profit Bank.
But in this case you have a Troika with all the power they need to cram down a fix in the EU without destroying lives and without causing mass migration and misery. You know a little humanitarian interest would have set the Troika to work on the problems, the structures that were too rigid, on policy failures, on the lack of investors having places to park their Money as Martin Armstrong points out. There is no collective Bond fund which would give Troika strength today even if the solution is to Cut Debt.
"...little humanitarian interest would have set the Troika to work on the problems, the structures that were too rigid, on policy failures..."
Those superstructures were never ment to be for ANY humanitaria interest. They were created for further and further concentration of power and wealth and control, that's why I said the IMF is working just fine. They made no mistakes on the big issues and they'll keep going on because they can. Even if from time to time they have to "recognize" they've been "wrong".
No Institution of any kind is working on behalf of the people anywhere. Democracy, Justice, Equality, Freedom are entelechies (entelécheia, was the greek word), "ideal types" at best, (Weber would say), analytical constructs that don't exist in the real world. Another one is "Representatives of the People".
Delegating decisions is rather naïf.
There are the ideas, however. Humanity may evolve towards realization of ideal types, who knows? Anyway, it won't happen on time for our generations, I presume.
Quite Correct I am afraid.
There is no Institution that really encourages or supports self actualization. A very good Point. I personally did believe that our US institutions had such a goal.
But here is the reality. A humanitarian Crisis has now hit Greece and like New Orleans it is hard for the individuals to know when the crisis has really become a hardship.
But whether the hardship begins this week, next week or has already been here for a month now... the fact is it happened on the EU Watch.
The EU, Troika, are the Leaders. They are the Captains who must react, dispatch, enlist, gather support, plan, and execute the Plan.
I don't see Leadership at the EU.
I think this Troika is a Fraud in terms of Leadership. Who is the Captain?? The Troika is the Captain and they will bear the responsibility for refugees, disease, murder, rape, deaths, dismemberment or lose of limb... even if their US Brethren will never take this responsibility for the War torn ME!!
Lost trust? Seriously? Any human who has ANY trust whatsoever for IMF, UN, WorldBank, or any government or NGO... is dumber than a rock.
How can someone who no individual trusts lose trust?
Hey hello. I was just reading about Norfolk, New Guinea, German New Guinea, Soloman Islands, Saipan, Tinian, Christmas Island, (CNMI) and the Jack Abramoff Scandal, Foreign labor for Designer US Apparel, and worker abuse.
Looks like lots of refugees in the Region from looking at Christmas Island.
Too many Islands to really comprehend so far.
Anyway I suppose New Guinea is too hot. The Marianas with Saipan seem to have breezes and not be too bad, but it being a US Territory and now depressed might be a poor choice for relocation.
But is interesting to learn about those Islands in the Pacific.
Norfolk is former Penal Island. But would seem to have better weather at that latitude.
You'll have to tell me what you're looking for. One really great choice is Easter Island, which is actually Chile (not a terribly bad fictitious nation to live in).
A couple other more obscure islands are Chile territories too, including one with no population. Most of the best choices for a place to live are in the southern hemisphere, which also has the virtue of being in a separate ocean current loop than the north hemisphere (Fukashima). For buying out of the way property, Fiji is a good choice, because they have no property tax (which over generations saves you gazillions).
Some friends of mine want to buy a modest size (~70 acre) south pacific island that I found for them. The temperature varies from roughly 60F to 90F (all year, day and night). The island is simply gorgeous, with huge area of coral reefs and tropical fish around it, plus something like 2km of white sand beaches (4 in all). They need a couple more "founders/partners" ($400K each), so if this sounds good to you, let me know and I'll put you in touch. They have a plan that would result in return-of-capital over 10 years or so... plus founders end up with an island to enjoy and generate ongoing revenue from indefinitely.
But to give good advice, I need to know your likes and dislikes.
I, US citizens do not realize what I just seen and heard on TV Globo Network!
hehe.
Great article on the NSA invading President Dilma communications.
This more uni Brazilians against Americans than you realize.
Evangelical churches, NGOs, anything that minimally remember English or American culture is falling apart.
Brazilians in the US are few, most returned.
Those who go there are considered outcasts.
hehe.
Thanks. Interesting comments as always.
I think I heard a lot of Brazilians bought into Housing in Florida sometime back.
Anyway... There should be a way for everyone to win.
A world where everyone wins.
I don't see the Banking Institutions including probably the ones in South America working for good deals on easy money credit... maybe 5 years no payment, no interest, or until profitable in the new business model. I heard they do this for Alcohol Stills, to produce Alcohol for Ethanol... in Brazil, in Germany, in many parts of the world.
But with a government guarantee of some kind I guess. Now maybe if Brazil Government is short of money... so people will say it was a bad idea even if Brazil has like 50% Ethanol/Alcohol use in Transportation???
Bankers are just tough Businessmen. Like the Video of John Fuld screaming "I want you to Rip their Hearts Out!"
We don't need tough businessmen to rip off our people or your people.
We don't need tough terms of repayment from the IMF under the guise of calling it a "Bailout", when it is clearly a Loan.
Besides when they say Bailout, they are bailing out some Corporation. It is a Corporate Bailout. For Tough Bankers who too a risk and are too whiny and powerful too accept defeat, failure, and lose of bonus and lose of Job.
People can help people.
First thing is get rid of Government Interest Payments to Large Banks. Clearly the Financial Ratings System doesn't work to prevent Fraud, Corruption, and moral Hazard. So why pay interest and why borrow from TBTF Banks.
Why even allow TBTF Banks to be privileged with Prime Dealer Status or to serve as EBT Card Contractor.
THE biggest problem is allowing "PRIVATE CORPORATIONS TO CREATE THE MONEY SUPPLY" And if the .GOV created it, it would be nearly as bad.
Banksters of course create the money, so of course they make sure there is enough for their bonusses, as well as enough for my good buddies and long lost realatives/friends and the .GOV does the same. No one loses, government never needs to scale back it spending. When the .Gov needs money THEY JUST TAKE IT wether they make it or they get it from the banks, but if the banks make it we also owe interest!
Why other than the coruption that took pace on jekyl island did the USSA allow the FR to be created?
this is a very dangerous article. it points to the fact that, for individual states in US to survive, they must start printing their own currency.
and the best part, this IS good news for USA! USA has been undermining and trying to ruin EU's economy ever since the EU started using the Euro. US doesnt want the Euro as a competition. If you look deep enough ALL Greece's problems can be traced back to the good ol' US of A! Excellent job, USA!
Greece MUST just tell the IMF, ECB, EU and USSA to just FUCK OFF !!! And then join the Eastern Economic Union.
Why dont the financial whores talk about Japanese, German or terrorist USSA debt. A debt neither can ever pay.
I don't think that successive Greek governments are exactly blameless here. They have awarded their country a level of benefits that it could not possibly afford. Then, they have operated a tax-collection system that was liberal, to say the least. But being a member of the Eurozone means they cannot escape their profligate past by monetising that debt. But they must have known that. They thought that the largesse of the richer Eurozone states was infinite but now we see that it is not.
IMF creditors???......more like IMF predators.
Rumour: ECB will use QE to erase all European souvereign debt. The only central bank in the world that can do this, the Euro is the only currency that is not tied to a country. Switzerland is already very very happy as it will destress the Franc, China is happy because the Euro will be strong. Germany is happy because there will be stability and they can finally offload some manufacturing to southern Europe and raise wages for Germans. USA... not so happy...
Seriously, How is that supposed to work?
If Obama, Clinton, Kerry, Yellen, et al, are the best, we are truly fucked
The smaller, poorer, countries in the eurozone need to get out while they can, and as fast as they can, or they will find themselves saddled with ever more losses of the richer nations as the euro falls apart. The structure guarantees it.
Truer words have not been said since the beginning of the goat rope known as the Euro.