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Greece Contemplates Nuclear Options: May Print Euros, Launch Parallel Currency, Nationalize Banks
As we said earlier today, following today's dramatic referendum result the Greeks may have burned all symbolic bridges with the Eurozone. However, there still is one key link: the insolvent Greek banks' reliance on the ECB's goodwill via the ELA. While we have explained countless times that even a modest ELA collateral haircut would lead to prompt depositor bail-ins, here is DB's George Saravelos with a simplified version of the potential worst case for Greece in the coming days:
The ECB is scheduled to meet tomorrow morning to decide on ELA policy. An outright suspension would effectively put the banking system into immediate resolution and would be a step closer to Eurozone exit. All outstanding Greek bank ELA liquidity (and hence deposits) would become immediately due and payable to the Bank of Greece. The maintenance of ELA at the existing level is the most likely outcome, at least until the European political reaction has materialized. This will in any case materially increase the pressure on the economy in coming days.
All of which of course, is meant to suggest that there is no formal way to expel Greece from the Euro and only a slow (or not so slow) economic and financial collapse of Greece is what the Troika and ECB have left as a negotiating card.
However, this cuts both ways, because while Greece and the ECB may be on the verge of a terminal fall out, Greece still has something of great value: a Euro printing press.
It may not get to there: according to Telegraph's Ambrose Evans Pritchard who quotes what appears to be a direct quote to him from Yanis Varoufakis, Greece will, "If necessary... issue parallel liquidity and California-style IOU's, in an electronic form. We should have done it a week ago."
California issued temporary coupons to pay bills to contractors when liquidity seized up after the Lehman crisis in 2008. Mr Varoufakis insists that this is not be a prelude to Grexit but a legal action within the inviolable sanctity of monetary union.
In other words: part of the Eurozone... but not really using the Euro.
That's not all, because depending just how aggressively the ECB escalates events with Athens, Greece may take it two even more "nuclear" steps further, first in the form of nationalizing the banks and second, by engaging in the terminal taboo of "irreversibility" printing the currency of which it is no longer a member!
Syriza sources say the Greek ministry of finance is examining options to take direct control of the banking system if need be rather than accept a draconian seizure of depositor savings - reportedly a 'bail-in' above a threshhold of €8,000 - and to prevent any banks being shut down on the orders of the ECB.
Government officials recognize that this would lead to an unprecedented rift with the EU authorities. But Syriza's attitude at this stage is that their only defence against a hegemonic power is to fight guerrilla warfare.
Hardliners within the party - though not Mr Varoufakis - are demanding the head of governor Stournaras, a holdover appointee from the past conservative government.
They want a new team installed, one that is willing to draw on the central bank's secret reserves, and to take the provocative step in extremis of creating euros.
"The first thing we must do is take away the keys to his office. We have to restore stability to the system, with or without the help of the ECB. We have the capacity to print €20 notes," said one.
Such action would require invoking national emergency powers - by decree - and "requisitioning" the Bank of Greece for several months. Officials say these steps would have to be accompanied by an appeal to the European Court: both to assert legality under crisis provisions of the Lisbon Treaty, and to sue the ECB for alleged "dereliction" of its treaty duty to maintain financial stability.
And who "unwittingly" unleashed all of this?
Mr Tsakalotos told the Telegraph that the creditors will find themselves be in a morally indefensible position if they refuse to listen to the voice of the Greek people, especially since the International Monetary Fund last week validated Syriza's core claim that Greece's debt cannot be repaid.
Recall last week we asked "Did The IMF Just Open Pandora's Box?" We just got the answer. Our advice to Mme Lagarde: avoid stays at the Sofitel NYC for the next few weeks.
As for Europe: welcome to your own personal Lehman weekend. We hope you too enjoy making it all up as you go along, because you have officially entered the heart of monetary darkness.
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deposits should be guaranteed to at least E100K. anything less is a scumbag move that will deepen the greek depression.
Buy real things. Sell Paper!!
Saw this floating earlier.
Silver!!
http://greece.greekreporter.com/2015/06/27/greek-investigators-report-fi...
RIPS
Oh my Zeus! With the Referendum results in, I feel as if I were one of’em proud stoic Greeks. I really do!
However, I’ve just realized what the makers of the movie “300” left out…
The Persian King, Xerxes, went to Greece with an army of 300,000 debt collectors to force the socialist King Leonidas and his 299 worst deadbeats to pay up.
Well, you know the rest of the story – Leonidas wanted to call a referendum, but all of’em got slaughtered because the EU got involved and efff-ed things up. ;-)
Poor Greeks! No matter what they do, they always get violated in the end ;-)
Looney
Greeks unilaterally print Euros?! Wow this is going to get ugly. I wonder if they can keep gold under wraps like last week, it will take a herculean effort that's for sure. Those that say you should not hold ANY gold in your portfolio may soon get a rude awakening.
The Greek government has a very small window, and it is closing.
No more blather. Whoever acts first, acts best.
Jawohl, Herr Kaiserhoff!
Prepare for QEGreece, as the Greeks repay the EU and IMF with €300bn of crisp €20 bills.
How do you like them apples? Fuckface.
Or in a worse case, Europe launches military action against Greece's printing press.
The Horror, indeed!
Regardless of what Greeks say or vote for, their free-of-pay good life is over. Unfortunately for Greeks, they are not used to work anymore.
Consequently, Greeks will prostitute themselves to a highest paying pimp.
The first step should be closing the American embassy.
What did Putin say to Tsipras when he went to Russia? Do as the Crimeans did?
He told Tsipras to blame everything on the Evil EZ members who saved them a couple of years ago and demanded strong reforms or won't waste their money again.
The Greeks could always host a Russian-themed tall ships festival in Athens as part of its newly established fiscal adventure
Syriza's traditionally strong relations with Russia have been strengthened through a series of recent visits between Moscow and Athens. During his visit last month at the St. Petersburg International Economic Forum, for example, Greek Prime Minister Alexis Tsipras spoke of the Greek and Russian relationship, hinting that Greece was "ready to go to new seas to reach new safe ports."
Greece also has a strategically important location in the southeast of Europe and on the Aegean Sea. Closer ties between Greece and Russia raise the possibility that Athens might permit Russian ships the friendly use of Greek ports. This would be a major strategic concern for NATO, allowing Russia to expand its military influence not only in Crimea and the Black Sea, but to obtain a stronger foothold in the Mediterranean. The Greek-friendly Cypriot government, though not itself a NATO member, already permits such use.
It's even possible that a Grexit and closer Athens-Moscow ties could lead Greece to withdraw entirely from NATO, moving instead toward closer security cooperation with Russia
There is precedent: Greece has previously withdrawn from NATO, from 1974 to 1980. While relatively unlikely, a new Greek withdrawal from NATO would result in the loss of strategically placed bases, placing an increasing burden on Turkey to support NATO's southern security needs.
http://www.wdsu.com/national/opinion-the-lurking-danger-of-a-grexit/3400...
But if the Germans lose those captive euro markets for their products where will they have the funds to pay for clothing, feeding, and housing all those illegal muslim immigrants coming in by the hundreds of thousands? And where will those illegals go with their little UN rat's ass passports. Maybe to America, yes that is it. Que up the Neil Diamond song folks, they are coming to Americaaaaaa.
Nein. TPTB will ignite all that kindling in Europe. As planned*. Oily rags were not available (go figure).
America will be the Anti-thesis that provides the Synthesis...hence the MIC
*The ‘House’ of Saud — no more Islamic than Billy Graham
Following the dictates of Hegelian dialectic, the Globalists have created two antagonizing forces, the “Liberal-Democratic” West, against Terrorism, or “political Islam”, to force us into the acceptance of their final alternative, a New World Order.
The West and Islam have had a long era of compatibility, but this history has been denied to foster the myth of a “Clash of Civilizations”. In order to inflame the sentiments of the West against Islam, our attention has been focused on the specter of fanatical Wahhabism, and more specifically, its most notorious exponent, Osama bin Laden.
http://www.globalresearch.ca/globalists-created-wahhabi-terrorism-to-des...
The bigger question shaping up is:
Is the new Boogieman Al-CIA-duh or Mein Putin?
The only thing worse than fighting a war on two fronts is creating a war on two fictional fronts.
cosmos:
love your comments but cue or queue. probably the former.
Boris' cousin Ivan is fire up to press, is provide many Euro note in 20 denomination. Is also have good deal on shoe and rubber boot.
Varoufakis resigns.
http://www.aljazeera.com/news/2015/07/greek-finance-minister-varoufakis-...
"There is no path forward for Greece now." Right move: Greece was set up to fail from the Getco.
I just fail to see a Plan B from.EUROPE though either.
"No need for a finance minister at this point." Greece's options are print...or have a revolution...would appear.
I could be missing something here...hope I am...totally terrifying if I am not though.
"Anyone with money in Europe better get it out NOW!"
So is the final collapse here yet? I've been waiting for ages. Is the sky finally falling?
Nah, Volkswagon bought up all those other companies because they're the best car makers in Europe.
The Euro had nothing to do with it.
/s
Well, interestingly, Putin said something like (not directly to Tsipras but in his presence): "When you own somebody a whole lot of money, it becomes above all their problem not yours. (And after laughter from the audience) I mean it."
Unilateral printing of Euros was always the EU nightmare scenario. The knuckleheads that came up with the idea of a currency union apparently never read Garrett Hardin on "The Tragedy of the Commons".
All Greek Euros would be devalued by the rest of Europe, It would cease to be legal tender
FINE THEN!
NO EURO FOR YOU MR ECB!
So the ECB is QEing left and right and now you might have invalid physical currency as well. Those Europeans sure are confident.
Just imagine the possibilities here...
TRILLONS of euro!
The new Wall Street of Europe!
Do not hold back Mighty Greece!
You only get one shot at this!
A drowning man panics and violently tries every possible twist and turn to get one more breath. But you quickly use up your oxygen reserves doing that and the problem remains, and becomes even more acute ... so you keep panicking more, and hang on as long as you can, then panic all the more again ... until suddenly, very, very surprisingly, you can't do that any longer ... you breath in the water ... it was the only option left ... so you breath in deeply ... and out ... in ... your lungs fill ... out ... no bubbles left ... you discover that it feels wonderful! ... well, relative to how you had just been feeling ... and your relative buoyancy almost imperceptibly declines ... as your lungs fill ... and you begin to sink ... and you realize now that you're not going to be breathing any more air ... so you make do with what you have and you breath in the water more deeply and feel very grateful to have at least that much ... then of course you realize that breathing in the water doesn't actually work .. but there's nothing left that you can do ... so you just relax to that fact and enjoy breathing ... for as long as it continues ...
Greece just took its first deep breath of water ... and it feels wonderful!
European banks just slipped into the water and have now begun to panic.
The ECB runs to help, but slips, flails for stability, but falls in too, with a last look of appalled surprise, before the splash consumes them.
And they all begin to feel very grateful ... and enjoy having at least that much.
The most descriptive passage I have ever read on drowning..... There is a future for you in writing.
true that.
but iceland and a number of other defaulting sovereigns throughout history, germany among them, call into question the permanence of the event, unlike drowning.
I have the advantage of having actually gone though that drowning process, when I was 6, jeff.
A lot more I could say about that, but long story short, someone pulled me out, turned me upside down and emptied my lungs, when I was already totally gone.
So I agree with your observations.
But drowning remains a valid metaphor. ;-)
edit: btw, Yanis Varoufakis just quit.
I knew I guy who got smurfed pretty bad during some navy training. That's almost exactly how he described his near drowning experience. Says he remembers breathing in water and thought it was awesome, took a couple more breaths and thought he was aqua-man, then he didn't remember anything after that until he was getting water pumped out of his lungs.
Yeah cheers, there's no gag reflex, no pain, nothing, it's just thicker and cooler than air, otherwise feels terrific. The only unpleasant part is the panic before you start breathing it. Thanks.
"Unilateral printing of Euros was always the EU nightmare scenario. The knuckleheads that came up with the idea of a currency union apparently never read Garrett Hardin on "The Tragedy of the Commons"."
The greatest tragedy in the common that I see, is predatory institutions issuing Euro denominated bonds (out of thin air) to a debtor that could never repay and then shifting the liability from its balance sheets to that of the people through taxation and inflation.
https://stats.oecd.org/Index.aspx?DataSetCode=ANHRS
{UNFUCK THE WORLD = FUCK THE BANKS} + DRONE STRIKE AN OLIGARCH
simple math, just needs to be applied in a real world fashion
Nice! Your promo to the Greek ministry of finance is assured.
Love it !!!
Print away and pay back the EU bankers in €20 bills !
Perfect :o)
They are paying twenty percent interest "plus the EU has no intention of raising rates anytime soon."
Can't pay the IMF this way...they will demand dollars.
Don't see "legally" why Greece can't just "run the debt off" from the printing press though...
They'll demand SDRs, not dollars. The IMF knows the dollar is about to take a dive after they release their decision on China SDR inclusion this fall.
It doesn't make any sense to me that Draghi would allow Greece to EVER default to the IMF.
Your saying Draghi's backstop are "SDr's"?
Bwhahahah.
Not anymore would appear...
And yet they are now defaulting. Guess you were wrong...
You know damn well that is what they will do and what europe fears.
Beautiful. But why waste paper? Just print 500€, 1,000€ and 10,000€ notes. Flood the market with paper money and electronic transfers all at once. As soon as this idea is acted upon, the EU will try to use every bank to shut it down. Therefore, the greeks should do this now, before the global squid clamps down and figures out a way to make money off of Greece's collapse. This is gonna be fun...
Paging Mr. Juncker:
It is becoming serious again...
In February 2009, Epikaira magazine in Greece published a top secret document from EYP, Ethinki Ipiresia Pliroforion, i.e. the Greek National Intelligence Service, with the code name "Eidiko Deltio Enimerosis" informing Karamanli's Government that there was a plan (Pythia 1) to assassinate the Prime Minister, Kostas Karamanlis, leader of the New Democracy party. EYP was informed from FSB, the Federal Security Service of the Russian Federation, who found details of a plan by an unnamed country (obviously the USA) to stop Karamanlis new energy policy of Greece, which was oriented towards Moscow, specifically it was intended to annul the contract between Greece and Russia on the South Stream gas pipeline which was a rival to the now defunct US backed Nabucco pipeline.
According to the FSB's report the plan was designed by Western Intelligence Services led by the CIA, with participation from Israel's Mossad.
Greek daily To Vima reported that the plot to kill Kostas Karamanlis also had to do with US objections to the Bourgas-Alexandroupolis pipeline and that the telephone conservations between Costas Karamanlis, Vladimir Putin and Georgi Parvanov were tapped.
Greece should pivot to Russia and loosen ties with the USA and Israel given the serious evidence that the USA and Israel planned to assassinate Greek PM Kostas Karamanlis in 2008 in order to prevent Greek participation in the Russian led South Stream and Bourgas-Alexandroupolis pipeline projects.
From the comment section here
People in Greece should now be tending their gardens/chickens. Food is a good thing to have when you get hungary.
https://www.youtube.com/watch?v=pFfmEXQcmYo
They did the right thing but boy, it's going to suck for them for a while.
By the time it gets here there will be lots more blood letting.
What Israel involved in assassinations of world leaders for financial gain. I don't believe it. NOT true. I have my ears and my eyes covered now.
Gold 1600.00 by Wednesday
I would take that bet...all day long. Not in this manipulated horse shit. I will say Gold will be at 1188.00 Friday.
LOL
Gold over $1200 by weeks end...
Probably, be lucky to still be above $1100.
Gold? I suspect you are talking about GLD .... a form of paper
Funny you should say that. In an Econ 101 sense you are exactly right.
On the other hand, if the worlds Cental Banks panic and print, say 20 trillion USD equivilents, gold would probably be below $1000 by Wednesday the way things work these days.
There is no chance of gold moving up significantly until China plays their hand or the Comex defaults. But you gotta hold gold now, cuz you can't know when either will happen.
China's currency is just as worthless as ours... don't expect them to allow gold to get away. Not unless they are willing to create their own backed currency, at which point they might as well declare war cause the shooting will start soon after...
Not going to happen with JPM holding 90% of the market.
How do you know that JP is not on the long side of all those contracts?
It is part of the covenant with the US FED. Their ability to get unlimited money at 0% interest is dependant on the FED and the FED is at war with Gold. They all have the same goals
So an equal drop (rough estimate) puts the more volatile silver at 12 & change in printed pieces of paper?
I'll take that bet too, see ya Wednesday and I want it paid in silver ;-)
@Barley Burnside : If there wasn't 50 to 100 pieces of paper gold for every real ounce of gold then you'd be correct. However, that's not the case as the derivative paper gold controls the price. Most likely we'll see gold and silver drop along with any major stock sell offs.
The blind naked shorts and derivative paper fake gold have really screwed up the gold market but its obvious this is by design.
This will continue until the CTRL ALT PRINT button stops working.
Nah. Remember there will be a flight to the dollar as well. The fireworks will be in Euro-Gold.
Euro-yen cross has been a spectacular mover on this "news."
Lose confidence in the euro and "speculators" might suddenly set upon the Yen next...
Zero Hedges 12-step program for Gold Bugz
IMPORTANT! If Greece can indeed print €20 bank notes, they should be hurry to print them out and pour it into banking system ASAP! The ECB may soon change the money printing block and start issuing different €20 notes.
Which can be counterfeited. Maybe we will see the first counterfeit economy.
first goddamn counterfeit economy? are you sure????
Maybe we've been seeing the first global counterfeit economy for the last 50 years.
Try 102.
Look at those asset prices...
ROCKETING HIGHER!
TO THE MOON ACROSS THE BOARD!
All the economies have been and are counterfeit.
This does seem "too easy."
Certainly "Europe" would have some type of plan for just such a contingency.
Still...it is interesting to ponder a "why not?" moment.
How does Greece in fact get "Grexited."
Phone call to the Americans again?
That might make Europe look like Greece circa 200 bc...
Anywho..."all quiet again in Mr Market land"...
Move along...
This might help do it, but it means yet another 2 weeks of BS: :-/
That also be an interesting day of days.
"You keep what you kill" - Riddick
Amazing. Instead of being crucified on the cross of the Euro, they smash the cross and fling the splinters at the romans. Well played.
Eurocrats, how does it feel to be stabbed in the back, then have the knife twisted?
The fat lady has not sung yet.
She cant sing the knife is thrust in her neck, the Euro Opera is over.
Woooohooooooo...at this moment Silver is up 1 cent. Anyone care to join me with the Russian Caviar I just ordered. We are rich. Fucking manipulated shit.
I kind of expect gold and silver to rise a bit before plunging a lot in the next week. Those that cornered the commodity prices have the leverage to manipulate prices down to avoid a flight to hard cash. Hopefully the timing will allow me to buy a pound of gold and a couple pounds of silver when prices are near the bottom. I don't expect the rates to stay this low for much longer. The contagion is going to eventually sweep the globe and the second recession in the ongoing Greatest Depression will be announced sometime this week.
"Hopefully the timing will allow me to buy a pound of gold..."
Aye, Matey. First you'll be wanting your Pound of Gold, then you'll be wantin' your Pound of Flesh from Wall Street or VICHY DC!
Arggh!
You go, you old Phart!!!
Meet you at a McMenamins or on NW 23rd for the bevy.
Cheers.
Love that part of town.
This is the Year of the Knife!!!
https://www.youtube.com/watch?v=S0BLR_P3EcM
Make sure that you give it a little twist!
I have not felt this elated since the Berlin Wall fell.
Yes! Total Global Economic Collapse is in our sights. FUCK THE FED!!!
Nothing at all against silver, Lord knows its uses are vastly underestimated........but it won't mean or do jack shit in Greece for now.
Greece may issue a Silver and or Gold Drachma for savers, in addition to a 20 Euro note for spenders.
That would be a good template for the rest of the world to follow.
What would Dick Cheney do?
Eat a live baby and then shoot his best friend in the face.
You've got to love the guy!
Nationalize the banks for sure. Arrest and jail the bankers in bed with the Eurozone. Ban your Central Bank. Revoke the charter. Mint silver coins. Allow local municipalities to issue scrip until your new banking system stabalizes.
Does the Greek government have a shit-ton of silver? No? Then how will it mint the coins?
Out of shit amalgamations like everyone else does....
They can get their Silver via a lease from Russia and China as collaterol for facilitating the South Stream Pipeline and the Silk Road Trade Route. Then issue a Silver backed Drachma.
Or they can collaterlize military bases and access, too.
Or they could:
And get an A+ for original thinking too!
Thank goodness there aren't any other tax havens over there!
Leaving aside the part where "the Greeks themselves don't pay taxes"...plus twenty percent interest on the debt?
Hell yeah start printing!
Become the world's best money launderer!
"Just tell the bro's to keep it cool" is all...
most people dont realize this but Greece has significant gold deposits and silver mines that can still be productive.
they have gold and silver in the ground- quite a bit of it, just need to dig it out.
yeah its hard work but it has to beat the hell out of being in debt to the troika for eternity.
Absolutely!
"Convert personal accounts to US Dollars then obliterate the euro...buy gold and silver mines on the cheap!"
Russian style!
bigjim,
hugo salinas price has been in conversation with tsipras, advising him to mint silver drachma, and while it's true greece doesn't have silver, it does have enough gold to buy silver to initiate minting silver drachma.
while it's never a great thing for a country to divest itself of gold reserves, this would be one of the few times it would be truly worth it, the benefit to greece going forward would be enormous if they did it.
Krylon silver paint on copper beats paper when you have no options.
If the ECB can create Euros out of thin air, why not the Greek banks. Or is that a criminal action?
That's what Ben Bernanke did.
"We have a printing press and I intend to use it" I think was the direct quote.
Shot EVERY market in the USA to the moon actually.
Nothing legally would prevent a "Greek QE" seems to me.
Not sure what "Europe" could do if that happened.
I know if I were in Greece I would convert all my monies into US dollars if this was the plan.
so far everything is "contained."
No cash for Greece...
They can sell off 6.5b US treasuries a sitting in their reserves.
Why do that when you could force Germany to sell their 650 billion?
So far no Armies building up along the frontier...
"Allow local municipalities to issue scrip until your new banking system stabalizes."
First thing to do is spell stabilize correctly.
Second thing to do is realize that Syriza has no intention of leaving the Eurozone or the Euro.
"Do nothing official."
That would be my recommendation.
Just relabel all of the cargo ships with ink and paper as "machine parts." All outgoing TRILLIONS label as "Olive Oil."
Then kick back...see what happens...
Who blinks first?
Germany blinks first, Their bluff was called.
"As for Europe: welcome to your own personal Lehman weekend. We hope you too enjoy making it all up as you go along, because you have officially entered the heart of monetary darkness."
I'm looking into the heart of darkness... Pere Ubu style.
https://www.youtube.com/watch?v=ISXBgaXN_Mc
FUCK THE EU!
FUCK THE BANKSTERS!!
eloquent
Most of us are here from fucking. Roses and wine aside.
Yes. But that connotation of the word "fuck" is quite a bit different when used in the context of the statement, "Fuck the EU".
The word, fuck, is actually a antonym of itself. Cleave is another antonym of itself as well. There are only a few English words that are like this and they need to be embraced because of their rarity. One can only understand the author's intent through the context in which the word was used.
You must understand that the use of the word in your context meant a procreative force, whereas, in the statement, "Fuck the EU" it is meant as "seeking the destruction thereof".
It is a rare word and needs to be celebrated and valued as the eloquent word which it is.
I am very serious about this.
You are seriously correct, too. I think I'm going to become more familiar with the nuances of the word ODIOUS over the coming months. It sounds like a good argument to me, but I'm no lawyer.
I agree. Simple and to the point.
It was a clear expression of thought and emotion which is the epitome of eloquence.
Would you rather desire a loquacious response?
Yes...FUCK THE EU!!! FUCK THE FED!!! AND FUCK THE NSA TROLLS WHILE WE ARE AT IT.
You would need a condom made of the same material as a Zodiac inflateable raft. Maybe whole body.
Greece Contemplates Nuclear Options: So does China, IPOs suspendedBut I will say, what if there were no deposit guarantees? For one, you would have depositers looking closely at the financial strength of the banks they put their hard earned savings in. Crappy banks would go away. Then, perhaps we'd be on our way to a financial world that makes sense.
If somehow later they ditch/get kicked out of the Eurozone (ie. the common currency) I wonder how the 100K EUR deposit guarantee would work... unless that is, they pegged internally Drachmas to EURs.
Issue the Drachma again.
Keep the banks private.
Lend Drachma at a flat 1% to everyone!
LOOK TO ICELAND!
Open a RMB Hub in Athens.
No. Announce that the State shall have no more role in issuing and managing money. Repeal all legal tender laws. Enact full separation of money and State. Simply execute contracts whenever parties sollicit your tribunals.
God!
We can dream, right?
A world without money changers... now there's a thought...
"A world without money changers... now there's a thought..."So is a world without mosquitos biting you on summer nights.
Sorry about the bold text but I can't get rid of it...
Bitcoin will do that.
Its' the separation of the economy from the state and politics.
Keyword: Decentralization.
Say nothing and print.
"You only have one shot at this Papyrus. Make it count!"
Redefine "legal" and "tender."
Just make sure YOU are not the buyer...that's all.
"Just like Wall Street...
I am wondering what the economic reactions around the world, including the USA will be. You cannot fix this with more QE, ZIRP, etc.
I have not seen whether the referendum is binding. They usually are not which is why they are different from law. The Greek leadership could theoretically still cut some half-assed deal.
There have to be a lot of credit default swaps out on Greece. I bet they are far out of proportion to their debt and economy as it is a prime financial gambling opportunity. I would think the formal default will trigger huge waves of payouts and the banks that issued them to Greece will theoretically take possession of the resulting bonds and sell them at steep discounts on the open market for recovery. I think the CDS's are where a large part of the market risk lies, moreso than the actual bonds.
It's all Uphill from here Greece. Congratulations on Victory.
SPACEBALLS PART DEAUX!
How does Tsipras possibly avoid the blame from the fallout which is about to happen to Greek citizens ?
They MUST have had some sort of plan....
First the Comedy now th Tragedy!
NOOOOOOOOOO!!!!!!!!.......
What don't they understand about this ?
They think, "Now we can begin bargaining...." !
The 5 years of "bargaining" is DONE. They "won". Now, they can pay their pensions from whatever money they have remaining, and continue living tax free.
I guess they expect all police, firemen, teachers, utility workers to work for free.
Why would taxes be needed to pay for services which people actually want? You want a teacher hire a teacher. You want a security expert hire a security expert.
exactly.
some people have been conditioned to believe that if the government doesn't do it, then it can't be done.
What's your opinion on contract killing?
I think you're good to go if you either sign the contract in Maryland or the hit takes place in a constitution free zone. IANAL.
odd question.
i've never done it, and would avoid doing it unless i absolutely had to.
there's people in the world who deserve to be offed, to be sure.
why does my opinion matter to you?
Everyone dies in the Greek tragedies, don't they?
Art immitates life?
Isn't that the equivalent of counterfeiting?
Yes, but with original plates... The best.
The Euro and USD are worthless.
Toilet paper is toilet paper.
Counterfeitng counterfeit may not be illegal.Bankers do it all the time.
Well put. One set of rules for you and me and another for the big fat old boys. They steal and counterfiet with impunity all day long.
"this time...one rule for everybody...
In case you hadn't noticed, words don't mean anything anymore. They mean whatever whoever is carrying the biggest stick means them to mean, whether in private contractural text or in man-made law.
So the word "counterfeiting" doesn't mean anything.
Its a brave new world ;-)
Once again - another quality post nmewn.
I hope we can continue to agree more than disagree.
keep the great comments coming!
Spot on comrade.
This is what the Americans have done to the world.
Words just don't mean anything anymore, or rather they mean whatever you want them to mean.
Welcome to Wonderland.
I remember the good old days of 2008, when down was the new up, and black was the new white, and insolvency was the new affluence.
Well personally, I'm trying to keep an open mind about this new paradigm we find ourselves in, words not meaning what they used to. It could be advantageous to us if we use it correctly.
If words will be interpreted later as meaning something completely different and are no more than possibly "a suggestion"...then all those No Parking signs just became Open-Spot Park Here and Government Taxation just became My Savings Account until "authorities" say otherwise, then its just whoopsie...I had no idea, sorry.
Why...the possibilities are endless, Bananas 99 cents a pound really means Farrreeeee! take them and run out the door.
I can make it work, utter, complete chaos ;-)