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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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How can the ECB possibly get any money from the GCB? The ELA that they extended has been given to depositors. There is nothing left but a bunch of mortages in default and some worthless Greek bonds.
If they suspend the GCB's ELA, they will be admitting that it can't be paid back and the ECB would be, effectively, insolvent and be forced to issue a capital call from their members.
The ECB is rules based!! If the Greek banks are solvent then then the ECB must extend the ELA. If the Greek banks are insolvent, the (ELA) loans must be called. Thems the rules.
The SP futures were down 27 points at 1:00 AM ET on 6/29. At the open the SP was down 2.86.
Obama supported Golden Dawn violent coup in 3...2...1...
Even Golden Dawn votes Tsipras.
'A Blueprint For Greece's Recovery Within a Consolidating Europe'
--Yanis Varoufakis, Brussels Keynote Speech, May 7, 2015
http://yanisvaroufakis.eu/2015/05/15/a-blueprint-for-greeces-recovery-wi...
Bird and Fortune - Subprime Crisis
If they don't have drachmas already printed then they are not so smart.
For many years now other countries have used US Dollars in their economies. Central America, African countries, others. It's been a long standing practice. There was no need to take on US Debt, just pass the Benjamins around.
Why does Greece need EU debt over its head for people who live there to accept Euros in their stores? In the electronic clearinghouse, there may be an aggressive assault against Greek people using Euros to transact business. But that attack is a choice by the EU bureaucrats, not a necessity.
What is coming unraveled are all the lies spun to keep people terrified, and which allows those who own the banking clearinghouse system to have far more power than they ever had before. They must be getting very nervous about their prospects.
The Greek Euros prefix "Y". All Euros were not created equal. Many have mentioned this. They'll (Greeks) not accept something they can't exchange elsewhere The "electronic clearinghouse" (as you mention) is the real problem. Everyone's net value as a worker is mostly numbers in the machine. I agree they need to be bantering barter ideas or something, in their MEDIA (if they have one not controlled...not sure if that's the case) NOW to succeed.
Changing a letter is not that difficult.
I gotta go buy some more popcorn...
Shoving paper shit back up the bankers' own ass. That's poetic
What do you think will happen when they run off this dough... and there's trillions of extra dollars, francs, and marks floating around? You've got a collapse of confidence in the currency. People are gonna panic. There's gonna be gold riots, atonal music... political chaos, mass suicide. Right? It's Germany before Hitler. You can see that. Jesus, I don't know what people are gonna do... when a six-pack of Budweisers costs $1,200. That'll be awful. - Vince Ricardo
Also, I'd guess anything they normally import will dry up. Who will take their money?
Internally, knowing a few Greeks, U.S. dollars that stay out of the banks will be a currency of choice. Lot's of mattresses stuffed with them. Anything the government prints will devalue quick. Dollar value will go up.
"Dollar value will go up."... Methinks this too, for a bit, 'till say, October's Yuan announcement. JMO
Dear God man! Please not atonal music! Ahhhhhhhhhhh!!!'
Where is Ghordius to tell us this was all in the EU plan and the Euro is still sound?
This will seem off topic but it isn't. I knew this question was coming to me eventually and it just came. What is the deal with the confedarate flag and why does that matter to us? I have said it a hundred times before: I don't hang out with Mericans. Well, many of these people that I associate with are white and were not born here. Obviously they never owed any slaves here and probably came from slave stock themselves. They are getting some shit about the slavery shit as though they had something to do with it. They throw their hands up because they don't know what to say. They ask me what it is all about and that is where it gets really muddy.
My progenitors came to the U.S. around 1900 and were also not slave owners. I am Merican OK and these friends, and wife, of mine want to know what they did to anyone that was so bad. Gee, do you think they might ask me? Of course they are and what can I say? Welcome to the fucking UNtied States. These folks are exactly correct to ask me that question and it turns out that I am also in that same situation. What eactly is your problems with us white people who never owned black slaves? Is there somethign on your fucking pea brained minds that we need to know. We owe you fuckers exactly nothing. We have no white guilt and we think you fuckers are full of shit who say that we are the oppresors.
For fuck sakes one of our friends is Japanese and married to a nice Bulgarian man whom I really like to hang out with. SHe bring up a good point in that she said "You dropped two nuclear weapons on our country yet now we are friends despite all of the death that occurred. How is it that the confederate flag is an issue?"
What do you say to that? What answer can there be besides the truth?
The thing of it is that I am from here and I am pretty fucking embarrassed. I have not done my job very well I guess. Yes, I was a hard core Ron Pauler in the past and became part of the political system but I couldn't change it. I never said I quit though but I sure am discouraged. I still have a few people who believe in me but you all know what I am up against. ***uncontrollable laughter*** I already fell upon the sword of liberty and was promptly fired from a good paying job so what else do I have to lose?
I have come to a point in my life where I don't give a fuck what anyone says. I have stacked my gold, silver, guns, ammo, etc. Mommy and daddy are dead and so are the grandparents. Make no mistake, it is all me on every decision. That might sound great but all I know is that you had better not fuck up because no one has your back. If I were elected that is the way I would govern. There would be no "Well, I know your dad." and no "I go to church with your Mom." None of that would occur. All the same, I am not sure that I could do anything good. You know I want to but let's be real.
What if I am part of the problem?
The Rebel Flag is a symbol of just that; rebellion against large, central, dictatorial governments, and make no mistake, that is the only reason it is being tarnished today. The illiterate and gullible have, sadly, fallen for the "hate", Alinskyite, "control the language" meme.
Divide and conquer is alive and kicking
Plus, the ass-kicking Donbass militia adopted the rebel flag as their battle symbol. All the more reason for the Bankster Wankers to go after it.
So I am not rayciss just because I am white? I didn't think I was but they keep telling me am. I even made nice with some muslims recently. They told me that I was a differenet kind of American.:-))) Indeed I am a piece of work. I am a piece of something but I get along with most folks. I think it because of how one reads another's eyes. I will look anyone right in the eye.
That said, I look at myself in the mirror sometimes and myself "Who do you think you really are? Is that all you have? That is it?" I am hard on myself because who the fuck do I think I am to even qery to represent over 100,000 people. I can see how easily I could become part of the problem. I can also see how I could further alienate myself from the mainstream. I am at the edge but I do not want to go alone. I only blog at ZH because people here get it. We are going to have to do this but how should we do it? We CAN NOT become of them in the process. That will require some thought.
The only ones who could ever possibly fix anything are us. We know the whole sham is broken but I think we know the answer to that. I have a lot of silver dimes. It is not about me making money for this. No, this is about having honest trade and honest money. If it is going to cost me in terms of fiat fakes then I will deploy my silver hoard as circulating currency. Then we can talk about legal tender laws because I have questions to ask.:-)
Thiers law vs Greshams law? What do you think?
Thank you brother.
This is old school...
https://www.youtube.com/watch?v=ao-Sahfy7Hg
You're not. Forget about it.
All leave suspended on Langley's Greek desk I wonder.
The Greeks have commited mass hara-kiri.
There are 3 very interesting articles on how the Greeks and Europeans could/should have managed this crisis to make sure that things never came to this point. The most interesting thing is, these solutions are still viable and NOBODY TALKS ABOUT THEM.
www.atlanticperspective.com
Politicians are really beyond stupid...
@Financial Paparazzi
I read your link. Not only was what I read badly written but also how does the author know that none of his/her 'solutions' haven't already been considered and thrown out? Ridiculous.
print euros with the french suffix lmaof
"print euros with the french suffix lmaof"
What would you like? A "Euroette"? A German suffix would be so much more fun: "Euro-chen" but of course so much more difficult to pronounce...
Everyone I know in the tea party movement wants to move to Greece now. Finally a country that can peacefully secede!
Greeks need US Tea Party members like a fish needs a bicycle.
all of europe at each others jugular lmao
For Angela Merkel and army of fat obnoxious German corporates from all the Greeks "Acropolis Adieu". Bye Bye Acropolis; Get out!!!!
https://www.youtube.com/watch?v=JPrXVrkOvi4
On a Sunday afternoon on average today about 40 k readers to these stories...oh I forgot girls kick ball is on.
The story is getting scant coverage by the Main Stream Press.
Furthermore the Banks do not want this story out.
The implications are far reaching and are set to omplode the Global Financial World. What? Incite a domestic Bank Run when there are only a lousy $800 Billion to cover $10 Trillion in Deposits and Credit?
When Credit Freeze II manifests as a result of the loss of Banker's Faith and Confidence in other Bankers (Really there is no honor amongst thieves.) then everybody stops honoring debts from other banks and the ATMs freeze up.
And that is when the shit really hits the fan. This is just the initial shock. The Aftershocks will destroy civilization as we know it.
Greece should default on all EU loans and print Drachmas. Why is the idea of printing your own national currency suddenly taboo? 100 other countries are doing it.
Why? Because Banksters don't like it. That's why.
The Chews will not allow that.
The Chews will not allow that.
When they created the EU they didn't write an exit clause so there is no way to kick Greece out. Greece is in arrears and the Greek people just voted to stay in arrears. The EU crew said that the Greek NO vote meant it was quitting but that wasn't on the ballot. The EU is going to float Greece another 5 months of "bailout/loan/gift" euros and try to figure out how to actually kick them out. I am thinking there is going to be some type of super secret write down of the debt with Greece agreeing to pay back a portion. It will be made to look like everything was paid back in full with extra interest. See US bailout of GM.
I don't see why Greece has to leave the EU.
If Detroit can default and not get kicked out of the Union, Greece can default and not get kicked out of the EU.
The only catch, and this is the part I like, is that Greece will be LOCKED out of the world's credit markets. If they do find a sucker to lend them money, it will be at 25% or somewhere there abouts. The silly sods will have only the money they collect in taxes to spend.....WHOLLY SHIT!
Let's see the referendum then! The pensions are going to get cut anyway because you CAN'T get blood out of a stone. There is no pension trust fund. The dumb fucks, like all Western countries, are trying to fund pensions out of general revenues.....and the numbers aren't there. The standard of living in Greece is going to crash...and that is a good thing. They, like 99% of people in the West, have beeing living a financed lie.
Ahhh deficit financing, you gotta love it.
Squid
So what there is no exit clause. Treaty schmeety. The EU has just made up the rules as it went along for the last 6 years. Whatever they do sets a precedent for the next exit, but they are under no obligation to follow their own precedents.
Unless the US navy grows some balls and confronts the Chinese int eh spartlys this week....
I'd agree, COMEX will push gold lower.
Squid
Print as much as you can. Buy gold with it. Then launch a Greek gold backed crypto-currency, and issue the arrest warrants for Blankfein and Dimon. Done deal. PS look for banksters launching nuclear weapons in your direction.
They can use the gold to buy Russian air defense missiles.
May print euros.
And start a civil war.
Merkel should understand that the Greeks were here 2 milenia before the germans learned to walk .. and they defeated empires far more formidable
It serves no useful purpose to denigrate a great European tribe.
All the European tribes are great, they merely emerged into history at different points. In their heyday, the Funnelbeaker and Battle Ax cultures were about as advanced as anything on the planet. I do not hold it against any culture that lower population densities and therefore, less division of labor kept them from building the massive structures, armies, and governments that large populations in milder and more fertile climates allowed.
This isn't about Greeks versus Germans. It is about banksters and bureaucrats versus the people. Foreigners, interlopers, and manipulators would love to see this as European tribe versus European tribe, while their tribe gets away with the loot.
Is the can that's been kicked since 09' really at the end of the road ? Time will tell. What a bunch of World drama since Obozo got in & Greece started it's victimhood in 09'. Not many options left. Civil War, NATO (Nazi American Terrorist Organization) occupation, World War stated by the CFR / Pagan Roman Catholic Church, Anglo-Saxon Cabal et al Israel, Qatar, Saudi's. Jordan, Ukraine, ISIL or pivot to BRICS & take your chances w/ that Cabal.
The stupid burns...
Tsipras Plan A is complete. Monday sees begining of Plan A-1 which is get money moving with or without EU. This is where Russia and China pivot is discussed openly to pressure the troika into continue temporary funding. Troika will be squeezed within an inch of their lives until Greece writes a new deal that will be accepted with a smile and thank you.
and
Merkel will resign.
If someone would have told me as a kid that, one day, I would root for irresponsible drunks to fuck over rampaging narcissists, I wouldn't have believed it. I guess I wasn't paying attention in high school.
That 8,000 number is pulled outta somebodys ass just to mess up what few mom and pops are left. Thats fd up. Inventory/restocking the shelves money. Thats who the 8,000 # gets.
Just wondering where they came up with that #. Lets see the math? I call BS!
BITCOIN!!
Just kidding.....settle the f--k down. ;)
Ripples, ya mean? Kidding (kinda)... settle the f..k down :)
All I hope, is that Soros is pissed off, fuck 'im!!
Moonstears- all I hope is that soros is pissed and has a heart attack. Fuck him. Fixed for all of us!
With Greek demagogues like Tsipras and Varoufakis, Europe will see the end of the EU.
The Greek people are a perfect example of the masses are asses.
You mean like the American masses, of which you are a typical one?
I like that print fiat money to pay back fiat money.. Seriously Varoufakis needs to hire KGB agents for protection..LOCK UP ALL THESE BANKSTERS like ICELAND did..
ZH'ers should have a convention in Greece to support them. Boost tourism, hinder terrorism.
I am in.
Perhaps the Bilderberg Group should've met in Athens, this year.
BTW, I wonder if Greece came up at all in Telfs-Buchen, Austria?
PRINTING FIAT MONEY TO PAY THEM BACK WITH FIAT MONEY LOL Varoufakis you better call PUTIN for protection NOW!!
Let's see the power of the state over the power of banks and creditors. Greece must act in it's "own interests".
Precisely.
Hey, you don't look a bit like Charlton Heston!
Yeah! Just do it!
Raise a big middle finger to the Eurocrats!
Maybe Greece has a huge palladium stockpile because it's been getting hammered this year.
Greeks HAVE BALLS
Americans HAVE NONE. NO WILL to fight the criminals and injustice controlling their system
Do not underestimate the Homeless Hordes. The MSM and Government wants them to disappear.
There are many millions of them and their ranks grow daily. When you are unemployed and your savings are depleted then the streets are your destiny. You cannot afford the rent.
Just as the Press ignores the true Unemployment number they are also ignoring the true Homeless numbers.
Most everything that you are told by the MSM is to manipulate you into believing into the lie of Government preeminence and control when nothing can be farther from the truth.
Use your head.
Do not underestimate them as they are angry and well motivated to exact revenge.
Plenty of people in the USA are very pissed off at the extreme wealth inequality. They know they were robbed in 100 different ways.
B. Sanders is running for POTUS on that platform.
It is well documented that the bankers committed crimes for which the injured parties have not been made whole.
Millions of people were robbed collectively of $Trillions. The law mandates stolen loot must be returned.
Refusal to return what was stolen (the life savings of millions) is equal to mass murder.
http://news.yahoo.com/cant-print-drachmas-says-greeces-finance-minister-...
"We smashed the printing presses -- we have no printing presses," Varoufakis said.
http://www.zerohedge.com/news/2015-02-19/meet-ieta-greeces-state-art-eur...
http://www.bankofgreece.gr/Pages/en/Bank/Organization/buildings/IETA.aspx
Varoufakis said that July 02. Creative ambiguity strikes again. You be the judge.
ROLF!
Will we ever see any Banker, anyone from IMF, any Politician jailed for their part in creating this super massive fraud. Personally, I'd like to see Lagarde go French Style
Is there still a "conservative from the old government" hanging around? There's your trouble. What were they thinking? A newer "new team" yeah thats the ticket.
Greece is going to be fine.
http://www.paulcraigroberts.org/2015/07/05/greeks-vote-eu-imposed-auster...
Yeah, Greece is a site for sore eyes after putting up with US provocateurs and the Ukranians. I'd be tickled pink to aid Greece in a horrible situation if that means I no longer had to look at Nuland. I can't blame Russia there.
Greece could nationalize the banks and be their own Germany.
I'd upvote combatsnoopy if he had not started his post with a BLOCKQUOTE.
He needs to edit by adding ONE BLANK LINE IN FRONT OF IT.
If they're going to run a rogue Euro printing operation, they should use Germany's country code.
Oh my. Game theorist in Greece just F'd the Eurocrats.
Print billions of Euros. Flood Euroland and F Merkel and the rest of the Eurocrats.
In the meantime watch the crap-the-Euro show.
Me thinks we live in interesting times, no?
I've never quite figured out what Sock Monkeys are used for?
I was speculating about this very thing a few weeks ago. The logical conclusion is that it shouldn't take more than a veiled threat of euro counterfeiting for the ECB and members to fold and accept Greece's terms. I guess Varoufakis was on to something when he said that Monday he could get a "good" deal.
Now what should we call those two classes of Eurozone countries?
Greece central bank should print up 300 billion in Euro notes, any kind of paper and print will do, and give it to the Troika and announce the debt has been paid.
It would be nice to f**k the banksters; however, the bonds and other financial paper backed by real title (but bought with "money" created from thin-air) will give legal title to the bond holders when payment terms are not met in a timely manner (default). Therefore, the banksters will give the appearance of being upset by non-payment, they will gleefully accept legal title. After all, their goal has always been "to own the earth in fee-simple." (From the 1889 book "The Great Red Dragon.") Sometimes The Dragon Wins. Wish it wasn't so.
Given the way this current system is rigged, the Red Dragon Always Wins. Our only option is to change the system. To fail is death.
in a previous life i was an asset manager responsible for several million dollars of municipal bonds that were to be paid back by the property taxes on a subdivision. I will spare you the details, but basically the property owners staged a tax revolt and decided not to pay us back. They did eventually...but it took some time.
Never in my life have I been so angry. I was enraged. We had invested millions for them to live like kings. Truth be told, I wanted to kill some of them. Instead, we hit them with the shock and awe of a lawsuit and we agreed to spend millions to crush them.
The moral of the story: this is only starting. I think you will see the EU come down on Greece like a ton of bricks. They will want to literally kill the Greek government and are probably making plans for it now. This is not a joke. Next the EU will attempt to financially and legally punish Greek.
Urban Lawfare.
Greeks need to use their military to hunt down the key banking people in the EU.
Like the mobsters did.
See when someone threatened the mob they ended up disappearing. Like Jimmy Hoffa.
It has always been a war between The People, and The Banks.
No it hasn't. It has been a whole bunch of wars between insane assholes who used bank money to buy weapons and kill other insane assholes who were doing the same to them.
And for christ's sake, learn to use the apostrophe.
The demise of the litigation State is fast approaching.
You see, We The People are sick and tired of a lawless President that usurps the Presidency
and picks and chooses which laws to enforce.
We The People are sick and tired of 5, 6, 7, 8, or 9 Supreme Court Justices that
think they have the right to determine the moral and societal trajectory of our Nation.
We The People are sick and tired of the bullying by runaway government alphabet agencies
like the EPA, the FDA, the USDA, and the NSA who think they have the right
to shut down businesses for nothing more than selling raw milk or using
wood that came from certain trees. Or the Federal takeover of all water within the United States.
So, if Obama can choose to disobey the laws of the land whenever he wants, then so can the rest of us.
When the corrupt are finally brought to justice, then I will gladly listen to your ramblings about litigation procedures.
"We the people" are sitting on their duffs, munching cheese puffs, drinking beer and the watching the latest reality show. Don't count on "We the peole" to do shit.
The best armed society in the World. Don't count us out, just yet.
3% of 330 million = 9.9 million people, and all are VERY WELL ARMED.
And many of us, like myself, are old school veterans.
Why do you think Obama has tried so hard to take away our guns and ammo?
Like the tried and failed ban of 5.56x45mm 62gr "green tip" steel penetrator ammo (of which I have plenty).
One should never underestimate their enemy. Too few people actually read Sun Tzu.
You are correct. Any change in power structure will cost real blood. Those who weild it wil not share it unless forced to.
That is just, like, your opinion, man.
Grass roots activation is the root of all change. And not just for grass, ok?
We need to get together and organize. Yeah. Organize grass roots.
And we all need to be totally positive, or people will get discouraged, and then the roots will die.
Stay positive!
They will go down on Greece for sure. Slowly.
However much the Greek collectively are responsible for this mess by voting for governments that promised them the moon and borrowing heavily from Western banks to finance all that, these banks were irresponsible lenders. Everybody knew that Greece was overspending and overborrowing but still they allowed them to borrow and still they allowed them into the EU and into the Euro.
But when TSHF, these banks were bailed out by the EU taxpayer. The Greek still need to pay off that debt (although the referendum and the IMF report make that uncertain now), it will be the EU taxpayers that are on the hook if the Greek default. They will need to pay off that Greek debt.
(btw, where was that money borrowed from? From the same banks they need to pay the debt for? Just like in the US after Lehmann?).
The EU taxpayer better realize how this situation came about and how they were duped by their overlords in Brussels and in Frankfurt, not by the Greek.
So watch out for Tsiparas to have a fatal "accident" soon....
If I were Tsipras, here's what I would do:
1) Ask the Greek people to DONATE as much Silver and Gold as they can spare.
2) Make a contract with the Greek people that Greece will repay them for their Au and Ag at 120% in 5 years, in their choice of a new Drachma or in kind.
3) Generate the new currency, based on and backed by the contributed Ag and Au and use this to back the banking system.
If Greece were to do this, heck, even I would purchase 5 year Greek bonds, which in turn would help their economy.
Problem solved.
Once a nation--any nation, begins to back their currency in Au or Ag, they will be one of the nations that survives the debt holocaust.
And as for their EU debt, I say Fuck the EU, just as Nuland said.
In five years Tsipras will be long gone. Prolly with the metals too.
With over $18 Trillion in debt, and God knows how much in unfunded liabilities, who the Fuck is the US to say to Greece or
any other debtor nation that they should pay their bills! All this debt crap started with Woodrow Wilson and The FED
and the eventuality of Nixon getting us off the gold standard. It was a time bomb waiting to happen.
So now we move from a secret consortium of banks, to secret "trade" deals like the TPP and TiSA.
Next stop, 500,000,000 people on Earth, all courtesy of the New World Order.
Let me be more precise on my last statement. I'm not against Europeans and their individual nations.
What I'm against is the Euro Zone bullshit. I'm all for each sovereign nation breaking away from the Euro.
Because Democracy isn't served by Autocrats in a banking consortium. No, it is better served when
the citizens of a particular nation are represented by the people they vote for.
The Euro Dollar, like the consortium of banks represented by The FED, was created to make banksters richer.
They cared not about the people of individual nations, who in their minds are just serfs who serve the master.
So, to all the nations of Europe, I say, go forth on your own and be productive. Stop the socialism and rampant corruption.
Concur with your idea. Mentioned this myself for US, on a state by state basis. Honest businessmen is all we are missing here. The needs of a nation should provide the jobs to sustain communities and basic necessities, gone are the days of buying the same item 4 times during a life. Recycling can be perfected and become the center of consumption and waste. It is so simple. We would have time to enjoy our lives before we are too late to remember our name. I'd gladly invest my PM (pouch) for the USA to back a sound currency.
What a sweet opportunity for BRICS and China, they are meeting tomorrow. I am sure they will offer something. What a dandy way to get yuan or bric backed currency in the EU market. Awesome. Here's the chance. After Greece guess who else will be pounding on the door.
Euro as it is, is toast, debt needs to be wiped, if EU had any sense they would do it themselves.
Print euro's? Soon in the rest of europe all notes begining with a 'Y' will be deemed invalid. Check your wallet.
Hmm, ... Yanis just quit.
Reddit is still functioning.
reddit is 4chan but without the pr0n. totally useless.
and today i just read some guy wants to make a pay-as-you-use reddit, using bitcoins. good luck pal.
Boy it would be nice to pick his brain.
Varoufakis resigns:
Yanis Varoufakis has just announced he's stepping down as Greece's finance minister.
In a blog post titled 'Minister No More' Varoufakis says that after the announcement of the referendum results he was made aware "of a certain preference by some Eurogroup participants, and assorted 'partners', for my… 'absence' from its meetings".
He says this was an idea that Prime Minister Alexis Tsipras judged to be potentially helpful to him in reaching an agreement with the country's creditors.
"For this reason I am leaving the Ministry of Finance today," Varoufakis writes, adding:
"And I shall wear the creditors' loathing with pride."
Thanks for that update.
http://yanisvaroufakis.eu/2015/07/06/minister-no-more/
Pay some attention to this particular phrase:
Sounds like something the character O'Brien would say out of 1984, i.e. sketchy.
Thanks SB,
It's disgusting that mere political appointees, let alone a minister, is working for an electorate according to a left-ish or right-ish idealism and their warped logic. The left always sells tax-payers out to banksters as debt slaves, via their heavy public spending habits, then they raise taxes to service the interest and hurt the real economy, and when the debt's too big, and they can't borrow any more, they respond like Yanis just did.
Greek govt(s) finally ran out of credit, and now want to pretend the creditors got them into a debt trap.
No, that's not the full story, the politicians were the trap, and put there by the bankers, and the politicians made those loans, because the people who voted them in were crooked and dishonest people, and pretended the debt building up would never be a problem. Well not for them, just for someone else. And since 2010 is was put on other people as well. And now it will be on the Greeks alone, because the credit ride is over. Well, unless the bankers are venal enough, and the PM is venal enough, to institute another bailout.
Yup, they ar. So screw democracy, the voters really only want more credit, when all is said and done, and they don't care at all who they have to go through to get hold of it, because they are the reason the debt exists.
And the PM, whoever it is, will do that. Principles? PHFFFFFFT!
But well done Yanis, you achieved martyrdom and lived, now you can swan-about and dine-out on the back of being a darling of the left-wing, and can escape the real life repercussions.
Some of the many reasons I no longer vote within a country were not voting is actually illegal. Yanis would know which country I mean, given he's also a citizen of it.
Or better ,
Stop the Adam Smith style of running economy from central banks , banksters & corporates.
Instead democratize the money. Let all the money created by govt every year go to people's accounts.
Because people are the owners of the country. Govt is only a representative.
So let this money be used in a bottoms up approach.
The banks to lend this money to businesses , businesses earn profit & give to banks.
And bank pays to the real owners , the people.
The people pay taxes.
--------
Let Greece take this opportunity to break apart from the Adam Smith's style of economy and create a precedent for the entire world to follow.
That will be true democracy.
onmail,
I agree that since the current global financial system is designed to transfer wealth from the poor to the rich, that any new money introduced into the economy should be introduced to the poor, where it will percolate up through the economy. This gets money moving through the economy. Introducing new money at the top does no good, since it just stays at the top and does not move.
This way, the Cantillon effect will benefit the poor who need the help, rather than the rich, who don't.
First this Varoufakis guy makes complete ass of him self and leads Greece to catastrophe and than he leaves it to be - because no-one wants to talk to him:
Greece's Finance Minister Yanis Varoufakis stands downHe is just irresponsible opportunist - not a man of his country.
sounds like a win for the country if greece actually manages to secure a huge debt relief on condition of varoufakis' resignation.
breaking news on RT:
Varoufakis resigns as Greek finance minister 'to aid deal'http://rt.com/news/271849-varoufakis-resign-minister-greece/
taking bets on how long before he "commits suicide".
http://yanisvaroufakis.eu/2015/07/06/minister-no-more/
petkovplamen
sorry - saw it too late
The rich are few and the poor are many.
Unconditional bailouts for bankers and austerity for the people always was a democratic time bomb.
It just went off.
We all remember the onerous conditions placed on bankers after the bailouts in 2008.
We stopped them taking their bonuses after crashing the Western financial system.
We cleared out all those that had made big losses.
Those guilty of fraud were imprisoned.
The 1930s legislation that kept the bozos of Wall Street on the straight and narrow for six decades was restored.
Wait a minute; I don't remember any of those things because they never happened.
>>>We stopped them taking their bonuses after crashing the Western financial system.
OMG, really!?!? My heart bleeds in sorrow
No 2008 was a good year for bonuses.
Greece just can't leave.
We have to reprint all our banknotes to get rid of that "EYPO" on them.
Not practical.
Devaluing "Greek" Euros would destroy the currency union as the origin of any non-domestic Euro would be viewed with suspicion. For instance, shops in Finland may refuse to accept Spanish or Italian notes giving them an inferior value.
If the EU/ECB had any concern for the stability of the union it would have guaranteed private deposits to a 50-100k value to prevent bank runs. Instead they let it happen to try and pressure a democratic government into submission. With interest rates at record lows citizens of Portugal, Spain, and Italy really need to think about whether its worth the risk of leaving your money in any bank; if they ever do its game over.
How about some actual help for the people of Greece.
The Indiegogo fund.
Via Paypal
Take a look and please pass it along
https://www.indiegogo.com/greek-bailout-fund.html
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Goodbye Yanis and Thank You !
Let's imagine a "CDS event" is triggered within the next days : what would be the impact on Goldman, JPM, Deutsche Bank etc.etc. ? What's the candidate of choice for a "Lehman moment" ?
love the photo!
caption: I love the smell of Ouzo in the morning!
re: greek printing press
it is worth nothing. every central bank in the EU can printo euros but each bill that they printhas their name on it. euros printed by the central bank of greece would not be accepted outside of Greece or maybe not even in Greece
Why do you think it matters?
The 90% are clueless and the remaining 10% everyhwere break down into competing factions.
90% of people are perfectly happy to watch American Idol and/or track any latest "goss" - even most men, if there is a bit of nipple flash, though women are the worst at gossip and faux scandal
Nuf said. Fuck the 90% (nd more), we will ALL die.