This page has been archived and commenting is disabled.
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.
»
- 229498 reads
- Printer-friendly version
- Send to friend
- advertisements -
"YeeeES! We have no bananas! Weeee have no, banana's, today!"
Spike Jones would fit right in these days, he wouldn't even seem a bit odd. Fortunately I'm well adjusted to words being mere noises made by muscles within the throat articulated by the shape of a gob. But the real-time Orwellianization of everything is pretty amazing to watch, bit like prophecy fulfilled. :D
At this rate, in a few years people will try to read these posts and realize that we were raving lunatics without an education and were saying things that were totally meaningless and vaguely like old-english. Totally indecipherable in Newspeak.
You are correct. When you must start calling men women because they desire it, two same sex people married because the demand it and debt currency because the government sets it, then words have lost meaning.
if they just print enough to cover bank deposits it won't cause inflation. germany would love to cause deflation by screwing the greeks out of their bank deposits. now if greece tried to finance their budget deficit with the printing press that could be a serious problem for the entire ez because of the precedent it would set.
Their best bet is to just print 20 euro bills. After all, it's what all the other debt-ridden nations seem to be doing.
You need lots of ink amd paper and the EU can oulaw euronotes starting with the letter "Y" which is allocated to Greek printed notes.
Y does not mean Greek printed notes.
Y means notes printed that are intended for first issue in Greece, even if they are printed in Austria or wherever.
Similarly, non-Y notes can be printed in Greece for distribution elsewhere.
Having said that, unauthorized distribution of Euro notes is not going to happen. It simply isn't.
If the Greek CB authorises it .... it is authorized
long btc/eur : to the moon!
It's not counterfeiting when a government does it. Greece should print up the 250 billion or whatever Euros they owe, and pay off the creditors in full, before Brussels works out a way to kick Greece out of the union, since doing it after they were kicked out would be counterfeiting, and that would be wrong.
i wonder why nobody else thought of that? /lulz
"Greece should print up the 250 billion or whatever Euros they owe"
That would be a SHITLOAD of 20Euro notes...
12.5 billion 20-Euro notes, roughly 4000 Euros to a standard ream of office paper at about 6 pounds a ream or 15 pounds per 10000 notes gives us roughly 18 million pounds, 9000 tons. At say 45 tons per box car, that would fill 200 boxcars. Two hundred-car freight trains full of 20-Euro notes.
Possible, but it would take some doing.
Yeah, it's not like they have to be two-ply.
If they have the plates, print the 500 Euro note ,,,, about 5 box cars of notes
i hope Varoufakis is reading this thread because that is brilliant.
"i hope Varoufakis is reading this thread because that is brilliant."
He isn't, exactly because of that sort of comment.
Isn't it the same thing done by the CB? Just eliminating the middle man.
Its called Quantitative Easing.
It depends. It depends on which military is backing it.
E.g., if it's the DOD + CIA, you can counterfeit all you want.
Was this a scenario in the stress tests?
Now THAT is funny!
http://www.wsj.com/articles/banks-ready-contingency-plans-in-case-of-gre...
You can trust these guys.
Excellent comment.
why do you think metal detectors have been getting installed across the US by the millions?
why do you think police forces across the US are being militarized?
why do you think new prisons have been mushrooming over the years?
Well one thing is certain.
As it relates to this Greece situation I am just as confused as I was before they counted the votes.
The Greece default situation is like coming back every day and asking about the "free beer tomorrow" sign
Printing euros out of thin air? Sounds like the US.
It is a good thing for the Greek citizenry that Greece calls itself a "democracy" rather than a "republic" like here in the US. Otherwize its vote would surely be ignored.
Expect bloodshed if they start printing Euros.
1. The ECB/Germans bomb the printing facilities.
2. The ECB declares that -ALL- Greek Euros are null and void and are no longer legal tender.
How hard can it be to put a letter other than 'X' at the start of the serial number? Like... I don't know... letter 'D'?
How much has the Euro printed since 2008 compared to the US?
oh, a good question. becoming rare, nowadays
have a look at this graph from FRED: https://fredblog.stlouisfed.org/2014/05/the-ecbs-balance-sheet-continues...
the ECB's balance sheet is expanding again, yes, and is now at 2.4 trillion (in June 2012 it was at 3.1 trillion)
the FED's balance sheet is more stable, at the moment, and at a 4.5 trillion (in June 2012 it was at 2.8 trillion)
https://research.stlouisfed.org/fred2/graph/?id=WALCL
the FED reached it's 1 trillion mark in September 2008, the ECB was already there in October 2005
the FED reached it's 2 trillion mark in October 2008, the ECB in October 2008, too
the FED reached it's 3 trillion mark in January 2013, the ECB was alredy there June 2012
the FED reached it's 4 trillion mark in December 2013, a month where the ECB was decreasing to the 2.2 trillion mark
ZH: "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."
methinks we are not yet there. together, the FED and the ECB, taken together, are at the 6.9 trillion mark. Greece, for all it's headlines, is a "less then a trillion issue", isn't it?
and Super Mario has that kind of firepower at his disposal, and both the Squid and ZH depict him as rubbing his hands in glee for the opportunity to get the ECB at the FED's levels again
it will be interesting to see to what new heights those two can push their balance sheets
"And cut!
I think that scene went really well.
What say all of you?
"you have officially entered the heart of monetary darkness"
Very sweet line... can't wait 'till markets open!
"Greece may ttake it two 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!"
Once again, THERE IS NO PROVISION in the EU treaties to boot a country out of the euro. Any move in that direction would be illegal. Get it? Greece CANNOT be thrown out of the euro, therefore it's legally part of it until it chooses to take off, which it only can do if it departs the EU first.
It's the second time today an American observer publishes the same mistake on Zerohedge. Do your homework!
COUNTERFEITING IT IS!
Well, it has become quite popular with the upper crust.
not so fast:
http://www.politico.eu/article/eu-confronts-greek-legal-puzzle-grexit-eu...
Here is the legal opinion referenced in your link: WithdraWaL and exPuLSion from the eu and emu Some refLectionS https://www.ecb.europa.eu/pub/pdf/scplps/ecblwp10.pdf
Automagic Banzi style cutting and pasting, nice touch ZH!
Go ahead, markets – shrug it off. I dare ya.
aaaaand they did.
Hurrah! Lets buy the fucking drachma!
Acropolis Now.
Effing brilliant
The horror. The horror.
You smell that? You smell that?
Freshly printed notes, son. Nothing else in the world smells like that.
I love the smell of fiat in the morning.
Smells like failure.
Your mission---- is to terminate Colonel Fiat's command. Terminate, with extreme prejudice.
Grimaldus
Once again: Where is Nassim Taleb? One would have thought he'd have a lot to say tonight. Nassim Taleb where are you?
By the way, congratulations to Joseph Stiglitz who got the call right before anyone else did and you can believe he's doing all he can to help out the Syriza gov't. Good on you Joe, you were right. By the way his book "Freefall" is a good read.
Told you so.
Yesterday, I said "since when have the polls ever been right?".
The "polls" always handicap TPTB and Establishment by at least 10 points.
Same as it ever was.
Trying to remember the last victory the 'People' had and it's goes all the way back to Putin's intervention in the attempted coup/war in Syria.
Talk about thanking God for small Mercies.
Crimea
Well done Volkodav!
Nuclear futures markets open here in 1 minute:
http://www.investing.com/indices/us-30-futures-advanced-chart
Looks like it's getting nuked; at least the You-Row.
Did you go with a new avatar for a while and then switch back to your old one?
Greece is turning it up to 11, bitchez!
Greece em balls deep....
The Greks Did It. Why Not We?
Time for the great mutiny from those who have stolen our treasure to rule the world. Stolen our lives. To rule the world.
Simple score voting.
No more Clinton/Bush.
Stop it.
We have the old single-selection two-party. So no choice at all for you.
The "republic" is simply ruled by judges who may, for example, throw gays a bone for show now and then, but really only watch out for the rights of the people who matter -- the rich, of course.
Democracy means knowingness and good will of the PEOPLE. Not the republicist rapaciousness of the judges.
Teach the people! Trust The People! We are not the "mob"! The rich Great Gamers are the real mob. You have to know the truth and seek the truth and the truth will set you free.
There are two entirely different kinds of elections, and kinds of "contestants". An election of the president of a science fiction novel forum is not at all the same thing as an election of a United States President. The former is really a contest between two (or more) individual candidates (and their agendas), but the latter is actually a contest between the weak and the mighty — the well-supported candidates of a very few elites versus the grass-roots candidates of the vast multitude of non-elite people.
Simple score voting can be completely described in one short simple sentence: Give no vote at all, or from one to ten votes to any number of candidates you wish (up to some reasonable limit, say 20 candidates), and then simply add all the votes up.
It can be completely machine-free! If machines make tallying X time easier, they make coordinated rigging X times easier. Which can we truly afford???
One could say that simple score eliminates 90% of the spoiler effect. To illustrate: if a voter gives 10 votes to Nader and 9 votes to Gore, it is simply obvious that, if Nader does not win, the voter has only sacrificed exactly 10% of their voting power. Not 100% as they would have had they been forced to use the usual single-selection ("faux plurality") voting method.
No fancy math is necessary to compare and contrast it to every other option for effectiveness and simplicity, including single-selection (aka "plurality," our present "system") Condorcet, Borda, IRV, Range (with its tricky "averages"), Approval (which is not adequately discriminative), etc.
The simple score method I advocate is the very simplest, since it only allows from 1 to 10 votes to be given, not from 0 to 9, or 0 to 10. That is simply another complication. It also has no vote-averaging that seriously complicates the "range" score method. I also seem t be the only one to point out that voters should always vote artfully (aka strategically), not artlessly or heroically (aka "honestly" or "sincerely").
(Simple score is not like approval voting at all -- it is vastly more discriminative.)
PLEASE NOTE: score voting has never been used when there were truly high stakes for the voters. The single-selection method has always been utilized to spoiler effect enforced two-party or two-candidate choices. And would three money-empowered choices be better? Did Greece and Spain with their parliamentary schemes fare well with their "systems"?
And the people MUST vote strategically -- NOT artlessly ("honestly", "sincerely")! Do the Senators and judges act with honesty and sincerity? Do they vote heroicaly? Take a wild guess!
And why do you suppose they don't have just ONE money-empowered candidate or party? Something to think about?
4 down-votes so far. Is somebody afraid of democracy? Hateful of the people?
Fear of real people, huh?
You should be afraid of democracy. It is a religion, with just one commandment - "Thou shalt not steal, except by majority vote."
The ancient Greeks - inventors of your beloved democracy - thought that popular voting for their leaders was a waste a time. They foresaw that the voting process would become corrupted by influence and power. Hence, they instituted jury-duty style random selection - AKA sortition - instead.
I'd rather take that over your rambling screed on how to "tweak" the voting process. Talk about rearranging deck chairs.
"Sortition might be OK. That's selection of representatives by random lottery. But what hey?
You prefer that the masses be not educated to the common good.
You prefer rule by Supreme Judges in Supreme Courts. Who'se sons and daughters will be richly rewarded.
I am not talking tweeking. I am proposing elimination of the two-party totalitarian corporatism. With strategic simple score voting.
It's simple.
The masses are not educated to the common good. That's the plan in this Bankster run universe.
can someone tell me what happened to the ED steers Gold and silver daily ....its stuck on JUne 6, and i miss some of his insights.??
I have been wondering that myself. I figured the PTB silence him. KINGWORLDNEWS is still online.
here you go.........
June 08, 2015
Dear Ed Steer’s Gold & Silver Daily reader,
I’m writing to let you know that Casey Research will no longer publish Ed Steer’s Gold & Silver Daily. Ed and Casey Research have parted ways. And we wish Ed the best in his future endeavors.
In place of your free subscription to Ed Steer’s Gold & Silver Daily, we’re giving you a subscription to On the Radar. It tells readers what’s happening in the investment world and what to do about it.
Thank you for being a Casey Research reader. We look forward to serving you in the future.
Sean Goldsmith
CEO, CASEY RESEARCH
Is there something creepy about Casey Research?
Hey, our dollar lost 98% of it's buying power since 1913. I see nothign wrong with that, do you?
Check EURUSD: The buying has begun! Nothing to see here if it's back where it started by NY open.
I mean...what it something i said??
This whole thing is Ambrose Evans-Pritchard's wet dream.
They have those printing presses for a reason. Print away. Now you have the EU spitting mad. Bwahaaahaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
As for the US of A:
You can't have a Welfare State and Open Borders, or you end up like Greece.
The funniest line ever said by Progressive/Commie/Leftists is:
But they pay taxes, don't you know?
Yeah, sure "they" do, b/c you know that illegals all make $100K + per year, right?
Like Donald Trump says, build a gigantic wall along the entire border, and let's get AMERICAN Citizens back to work!
God how I wish America was already where Greece is, today. Because you know its coming here, and no one will BAIL US OUT.
Socialism begets corruption and laziness and is leading us straight down the path of Communism (what words or flags should we ban today, hmmm?).
I say, shut down Barack Obama and this illegal corrupt government, today! Impeach Obama NOW! We cannot wait until the 2016 elections to fix this!
Aman Brother! The U.S. will default on its FIAT paper debt someday. Commie Obamie is trying to recruit the worlds welfare state to come to the U.S. by any means possible to become the worlds welfare state, so they can vote in 100% socialism. Barry Soetoro is succeeding.
www.usdebtclock.org
I liked your post until these two lines:
"I say, shut down Barack Obama and this illegal corrupt government, today!"
Long live President Biden. That would be so much better."
"We cannot wait until the 2016 elections to fix this!"
Who do you like, Bush or Clinton?
Do you really get a choice when you vote? I don't.
Misquote on purpose? I never said anything about Biden.
As for 2016, I would vote this way:
1) Myself...Why do you think my moniker is "Surveyor4Pres"? Mark me down as a Constitutional Conservative and a Surveyor. Did you know that 3 of the 4 Presidents on Mount Rushmore were Surveyors?
2) Rand Paul. Yep. I as a Constitutional Conservative am voting for Rand Paul b/c he seems to be one of the few who cares about INDIVIDUAL Liberty and Freedom in this nation.
I'd give you more, but who cares right now? Ever hear of a little thing called The Primaries?
Yes, I know that the establishment GOP tries to control the primaries, as they did in 2012 by pushing Romney the Progressive.
But we'll just see what we'll see, now won't we?
Bush or Clinton is NOT A CHOICE for me.
IMHO, if Obama actually leaves office in 2017, and if Bush or Clinton get elected, you'll see Americans on the streets by the millions.
"Yes, I know that the establishment GOP tries to control the primaries, as they did in 2012 by pushing Romney the Progressive."
The Progressive?
Romney was and is a vampire squid wannabee.
Well, yes but ask yourself, how many vampire squids are constitutional conservatives? Not many if any at all.
Think about it, the office of the Governor of Massachusetts really does requires a card carrying progressive assclown to fill it.
Grimaldus
If you over throw Obama before the election, Biden is next in line. I am surprised you did not know that given you are a constitutional conservative. President Biden is a consequence of your suggestion.
On voting:
Elections will not save us, they will placate you apparently. You mean well, I know that. I'm trying to smack the hope out of you so that you will get real.
I doubt folks would hit the streets if it was Bush or Clinton. They would watch the puppet show and be happy their puppet got it, or mad they didn't.
IMHO, if Obama actually leaves office in 2017, and if Bush or Clinton get elected, you'll see Americans on the streets by the millions.
I am already seeing Americans on the streets by the millions. That is CURRENTLY HAPPENING.
They are called the Homeless Hordes.
Let me give you a real clue. They are extremely angry and motivated. The Police abuse them and jail them for minor crimes like, "Illegal Camping".
It is a pleasure to interact with these people. I donate some time to teach them some Physics and Chemistry so they can have an advantage.
I think that Explosive Demolition will be a growth industry in the very near future.
Let me be blunt so the concept is not lost. I teach them to blow apart buildings, especially BANKS and Skyscrapers. automobiles, and any other target of opportunity. I have an angry, motivated army.
(Please continue to cage them...In fact cage me. I will educate from within. Can you imagine what will happen when I tell the caged prisoners that making Chlorine Gas is so easy..."All they have to do is just mix Bleach with Ammonia. You know that the jailers can pump it right through the HVAC system and kill everyone here? Ooopsies...Refrigerant leak. The media will buy that excuse and nobody out there will care. You will all be dead. The Germans just gassed the prisoners in Dachau. What makes you so special?" Yes it will be a riot by the time that I am through instilling fear into them.)
So are you Streetwise enough to deal with my students?
Gated communities are my favorite. Limited access in and out. But rockets fly over walls and entrances and exits can easily be Landmined. And the secret to Rocket Stability is they need to be top heavy so that the Center of Gravity is forward of the Center of Pressure.
So what is this bullshit about elections?
Credit Freeze II, the Sequel, is coming to a Theater near you. It is an extravaganza that you will not miss. And every night is Audience Participation Night.
Premiering this September. You will have no choice whatsoever to be there or not. You will not even miss the opening act.
Now you may think that I am crazy.
You are correct. I am madder than a Hornet. I've not much to lose. How about you, Mr. Politico?
Are you prepared?
Oh, I'm more prepared than you could ever know. And I'm already in my bugout location.
I've got plenty of weaponry, ammo, and smarts.
I'm not one who believes that we'll even make it to 11/2016, without TPTB installing Martial Law nationwide.
A False Flag here, another one there, and next thing you know, JADE HELM is for real.
Look me up. I've been saying the following for months:
TPA-->TPP-->JADE HELM-->GUN CONFISCATION-->CIVIL WAR-->RESTORATION OF OUR CONSTITUTIONAL REPUBLIC
And I also invented the phrase:
HOPE LEADS TO COMPLACENCY AND COMPLACENCY TO TYRANNY.
Really? What part of it did you like?
Kinda simpleton ish to me. Yeah..Trump will save us and build a wall with your money they will more likely use to keep you fro m escaping some day.
Trump tge savior...bwaahaahaahaaaaaaa I'm sure he's not owneoowned by the RPTB at all.
A little sugar helps the medicine go down. Not as agressive.
And at times a threat of a 2X4 to the side of the head serves just as persuasive.
I got a new toy...A Ryobi Battery Operated Chainsaw. That can also be persuasive in close quarters.
imagine the US Congress full of patriotic citizens willing to have the government... print this country' money.... with no debt attached at issuance... low rates to small and regional banks, fuck the big 6...
just imagine.
JFK imagine that, and look what happen to him.
I thought that was Jackie's brother that got pissed off @ Robbie for screwing around with Marilyn.
Yes, JFK started issuing debt free money to displace debt based FRNs. He also intended to expose ET related programs in the MIC. S. Greer exposed this in his May 2001 Disclosure. What happened four months later?
If you're not really pissed, then you are not paying attention.
DJIA and SPX futures only down 1.5% for openers, but DAX now off the chart minus 3.5% and the trading day is long:
http://www.investing.com/indices/us-30-futures-advanced-chart
Shanghai down 6%.Us traders are prolly still hungover.
I put up my pinkie finger and nervously suggest -ahem- the Euro is rallying.
Dowm 0.43 Percent against USD.
Gold has retraced most of the gains as CITIBUNK steps in and sells some paper to quash the rally.
It is fake. However the Banksters know what is real. But they do not know who holds the Greek Bond Old Maid Cards and who is really insolvent.
That is the disturbing question. It is real disturbing to the Bankster.
I am confused
Is the Greek central bank owned by Rothschild or Rockefeller?
Why couldnt Syriza nationalize the bank? Then amything that happened would be in the best interest of Greek citizens. Not non Greek actors. Good or bad
Whatever happens will be in the best interest of citizens not non Greek banks. Let the Rottenchilds/Rockefuckers take the hair cut
Is Greek's current situation "in the best interest of Greek citizens"? The current scenario is what happens when the Greek government has it's way. Unpayable debt and a broken economy.
Afaik yes, they own the central bank, and Stournaras the chairman is one of their puppets. Chances are that his head will roll this week though. Among others, it's said he is involved in the smuggling of 1 million euro under capital controls, at the request of a New Democracy politician.
We are in uncharted territory now. Both sides can move towards open warfare. Germany, Finland, the Baltics, and some others are not happy today! The Finns have pretty much said not on more Euro for lazy Greeks. The Baltic finance ministers echo Finland's. Merkel is now challanged inside her own empire. She is the defacto EU ruler as America's European proxy. So what Washington and Berlin decide to do in the coming hours remains for us to guess at. We just don't know/
What we do know is that this can not be allowed to spread. It must stop here and it must stop now. This makes me think the hardest of the hard line is being brought out. The Empire of Finance, led by Washington, simply can not allow nations to walk away from their substantial debts. If Greece gets a debt reduction, then Spain, Italy, Ireland, Estonia, Lativa, Portugal, all those beholding to Germany, all those nations will seek to get a reduction in debt, and an austerity reduction. Should that happen, then the EU blows up, banks go under, and the ponzi financial sector all over the world blows up. A little spark can cause a god awful explosion. The worlds banks are standing up to their lip in gasoline, one match will toast them all. Their books are stuffed with bad loans, and little reserves.
Russia and China can offer assistance to Greece-- great payback on the Euros who sucked up to Barry and levied sanctions on Russian Federation, haha. What goes around comes around.
"She is the defacto EU ruler as America's European proxy."
yeah, it's always the USA's fault... the EU never ever has lain in a bed of its own making, or ever called the USA over to help when they found they didn't like it...
the USA's only fault is we keep helping, for some damn fool reason...
The conspiracy theorists mistake cooperation and being connected economically with...well, conspiracy. It is putting on the amber sunglasses and everything has amber conspiracy tints.
Above that, I have real questions as to the reactions around the world. I do not just mean stock markets but all central banks including the not-central-bank-central-bank-Fed.
There are no doubt credit default swaps that will now be executed. Those who bet on endless rescues of Greece are about to get hammered.
Conspiracy Theory was once called Investigative Reporting. A controlled press gives rise to that, especially considering secretive duplicitous behaviors. That IS the definition of conspiracy.
damage control plus find more ways punish Greece...
hard intimidate before others get ideas to follow..
but cats are out of bag
Hey Jack,
Sorry but I think it is incredibly naive to think US and EU's interests are aligned in Greece.
Do you think Greece would act as it does if it wasn't backed by the US (and UK) ?
https://twitter.com/daviddpearce/status/617398406634434560
David D. Pearce Verified account @daviddpearce
The U.S. will do all we can in coming days, weeks, and years to sustain and strengthen ties between the U.S. And Greece on all levels.
Good relations with Kammenos don't hurt either.
Uh, Putin just promised Greek to become BFF.
Barry Sotero and Mr. Merckel and Herr Junkcers hate Putin's guts and will burn down an entire country (Ukraine) just to piss him off.
Of course the US and EU are aligned on this one - Greece can not become BFF with Russia and have access to the Russian tourism money, the discounted oil, and the Greeks cannot export anything to Russia.
I think you are incredibily Naive to not see the US and EU's desire to spit roast Athena while exchanging high fives.
It seems you have little insight in geopolitics. You really seem to think the US and EU's interests are aligned versus Russia as well ? Come on, this is rather basic stuff !
Furthermore, Russia has no money at the moment to bail out Greece and Greece has little to export. look at this : http://www.charlierose.com/watch/60583475
So your argument is weak on more than one level.
Will Obama come out and say the Greeks "have spoken" or "acted stupidly"?
Maybe Greece could get a little of that Corinthian College debt relief.
the markets say it is business as usual. nothing to see here. lol
I'm not wearing any underwear.
Then I hope you have disposable seat covers.
Is that a metaphor, he does not have his shorts on? He is not covered? He has been caught with his pants down?
Or she.
Hopefully thats his meaning Ms.
Didn't think about it.
3 weeks, 5 hours. Hmmm...
I liked your response to it, though I suppose we are feeding it right now.
Well at first you ignore them...
Then when they don't go away...THEN CHAINSAW THEM INTO ITSY BITSY PIECES?
(I forgot what is in between.)
The EU is getting Special Forces ready to drop into Greece and secure the printing press.
Enjoy the party, the hangover is going to make you sick.
Folks: I keep pitching them and you keep missing them. We never, repeat, never, sit by and let such things as democracy stand in our way. How in heaven's name do you think I became a centenarian, through plebiscites and such? Evelyn and I have already instructed our CIA operatives, our regime change experts, and our White House staff, including that clueless reciter. Investment advice to our friends: Consider Tsipras et al. gone, and a little technocrat or fascist installed. For those of you smart enough to know how I play this game, the investment opportunities are endless!
The TPP and the TiSA (Trade in Services Agreement) will destroy American Sovereignty.
Why do you think that TiSA is to remain SECRET for 5 years after agreed upon?
(Sorry, a bit OT, but with the Grexit, if the Greeks can do it, where the hell are the American people?)
Get rid of Y Euro.
Europe Euro = 10*Greek Euro.
Then 100,
Then 1000.
Oh wait hyperinflation Venezuela style.
They have a plan folks, no doubt a fluid one, but they did not just wake up and go "Golly Gee, what now?"
They have had too much time to prep for this. If the exit is a hard one, it will be on purpose.
You're always right on point. I like that.
I just can't get past the fact that Merkel looks just like my mother. Or my mother looks just like Merkel. And my brother looks exactly like Chris Christie. It is really disorienting; I feel like the staged drama is cheaping-out on actors.
Don't be the last on your block to read the Yanis Varoufakis blog:
http://yanisvaroufakis.eu/
Where is Nassim Taleb these days?
As for the Varoufakis blog: been there done that, too many articles etc are missing.
Here it is again, Varoufakis:
https://www.youtube.com/watch?v=qNItYoJhgmk
It will take you only 54 minutes to understand exactly why Syriza has done what it has done.
Hopefully it will catch on everywhere even in America.
https://biblicisminstitute.wordpress.com/2015/06/25/warmongering-vs-econ...
Pre-flight checklist
Reuters terminal....check
Popcorn.....check
6 pack....check
good to go !
Looks like now's the time to plan that family vacation to Greece
to see all the historic sites.
Any good 5 star hotels, there?
Next to the parliament:
http://www.grandebretagne.gr/
http://www.kinggeorgeathens.com/
Come, come! Ela, ela as we say here.
EDIT: ZH shouldn't return "???" on Greek characters.
First thing we do, lets kill all the bankers.
You will see the Thermonuclear option go off, when Greece bring back gold and silver backed currency....That is the ultimate end game for bankers...maybe, just maybe is in the table, waiting for the right moment to slap the banking cartel.
They'd have to HAVE the gold. They can't just say "OK we're a currency backed by gold." They're broke, where are they going to get gold to back their currency?
I think I read somewhere recently (maybe on ZH) that Greece had about $1B in Au?
I could be completely wrong, but...
Re-hy-poth-i-cate-'d
Greece had about $1B in Au...
Nah, I think you may be confusing it with the University of Texas. But it would still be a prudent thing for them to have their own depostiory like Texas just authorized for their government employees pension funds to acquire. With their now soon to be 2B in au Texas could float 80B in warrants just like the ETF notes they recieved on their initial purchase.
And I don't get that printing press stuff. It seems so old school, isn't it all about electronic cyphrage and extra entries on computor screens nowadays? And where's a bomb supposed to dropped when the recordations are in the cloud?
Hitler had no gold, he backed the Mark with German labor.
No wonder they bombed Dresden, best workers in the world and our biggest manufacturing competition.
We can all wish... besides needing something to pay for the gold, they would need one hell of an army first. Just ask Gadafi or Sadam.
The PIIGS should get together and float the PIIGS Euro.
Under the circumstances, I find it curious that we don't find this under the 'Zero Hedge Reads' column: the Yanis Varoufakis Blog:
http://yanisvaroufakis.eu/
*Apologies for the second similar posting. Just experienced a brief internet service glitch.
Using the printing press is pretty much indistinguishable from counterfeitting. Of course this invites other extreme reactions, like someone bombing the Greek printing presses.
Best not to go down that path.
After today,nobody is going to touch Greece with a ten foot pole..The Joos played them for fools,using Greece as a pawn,to try and humiliate the Germans..The Amerikan media (Zero Hedge included) ate it up,making the Greeks believe they had something of value to offer,when,in reality,nobody wants to do business with a nation of entitlement grifters..The Greeks are going to be the last ones to know,they just got fucked in the ass..
I am enjoying their olive oil and cheese right now. And I'm going to buy more.
So when do they hire GS for guidance?
Where Greece is right now and watch the s%^t fly if they ever do this.
Take control of the Greek central bank in full and disclose all paperwork publicly as to exactly where all the bailout monies these last 5 years actually went, every last euro.
any corruption exonerates the people and in turn Syrizia trying to pick up the remains of a failed economy.
Then watch all thieving parties of the Troika try and hide.
Paper shredders and the Lois Lerner vanishing team are being air dropped into Greece as we speak.
Put Caitlyn Jenner on the ten Greeko bill.
No, some of the hot Greek babes and beach scenes. Market it up man. Bring down the fiat charade around the khazars. This could be fun.
Greece should bring down the whole fecking fiat charade. But first get some tactical nukes and missile defense systems from Russia.
Nukes they don't, but they do have S300s
The NATO helicopters with commandos on them going to seize the printing presses are probably taking off as we speak.
Kammenos can block the gates by himself.
I heard somewhere that the Russians also have Printing press, have they not?
That should work...