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Greek Businesses Now Listing Prices In Drachma
Earlier today, Kathimerini reported that the Greek government, facing an acute cash crunch and staring down the possibility that the country will soon face a shortage of critical imported goods, is making preparations for the introduction of an alternative currency.
“According to reports, the … parallel currency design process has begun. By today's standards, government funds [will] fail to service the obligation to pay wages and pensions at the end of the month,” the Greek daily said.
The report, which was promptly dismissed by the finance ministry as “completely unsubstantiated”, comes on the heels of comments from former FinMin Yanis Varoufakis that the Greeks were considering the so-called “California” IOU option.
Amusingly, Greek businesses do not appear to be waiting for the official word from Athens to fall back on euro alternatives.
The image below was sent in by a tourist who went to a cafe in Greece where the menu prices are now back in Drachma:
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OXI !!
Back it with Silver and nationalize the Banks. Watch the money flow into them. Come on Greece, your so close, just wake up!
*This* makes me happy.
But hey -- 350€ for fried Zucchini -- could be tasty.
The Greek gods will defeat the evil Germany.
We aren't any more evil than any other people.
But our banksters and politicians are just as bad and anyone else's.
TBW! http://www.zerohedge.com/news/de-la-rue-warming-new-drachma-printer
Tunney-fish garnished with mashrooms with Grab salad on the side.
English muthafucka. Do you speak it?
Weird I didn't see any gefilte fish on the menu. Must only be served in the bank cafeterias.
Give me a break. The Greeks are suddenly pure as fresh fallen snow? They're deadbeats, people! And the Germans are debt collectors. Not much to admire about either one of them right now.
You sound like a bolshevik.
We are the majority.
...or maybe, they just left off the decimal point behind the 3
Not so fast.
All the silver may leave the country fast as Drachma are redeemed for it.
That's why Nixon took the US off the gold standard way back cause France was redeeming doillars for US gold!
Same reason the Soviets NEVER allowed rubles to leave the country cause they were backed in gold
Thus the deal to sell Pepsi in the old USSR and get paid with vodka.
See my comment below
"The silver doesn't even need to leave the vaults of China and Russia et al. It just nneds to be moved over on a balance sheet."
See my comment below
"The silver doesn't even need to leave the vaults of China and Russia et al. It just needs to be moved over on a balance sheet."
Wasn't Kennedy's last executive order 11110 to have a silver backed Treasury note brought back into circulation?
Yeah, and he got lots of lead for his efforts
No.
exec order 11110 ----- read and weep---
I have actually read IT, the parent EO that it modified, as well as long dissertations about why that whole theory is bunk.
Have a read, and weep or smile; just don't perpetuate a myth:
http://www.freedomforceinternational.org/freedomcontent.cfm?fuseaction=j...
-G. Edward Griffin
The whole thing is an interesting read and breaks things down pretty well.
No need to worry about executve orders.
See Kennedy and Dimona, or Kennedy and the CIA, or Kennedy and the Vietnam war.
promptly recended by LBJ--
Prove it.
I apologize---you are correct
http://www.john-f-kennedy.net/executiveorder11110.htm
Absolutley opposite. It was a stop gap or transition to remove silver backing. While there are a great many facts and theories surrounding Kennedy's death, silver backed currency undermining the FED is not viable. Reagan was a much bigger threat than Kennedy.
revisionist history at best--pundits and experts that claim the orders intent have no inside knowledge--as written the 11110 order states siver certifiates of any size backed by silver not already promised can be issued by the Tres as they maybe needed to replace the $1 certificates in circulation as they are recalled--
Read the Griffin link that Pods referenced above. Read damn it, read. Then read the actual EO's. Read!!!! Then we will be literally and figurativly on the same page..... but don't "down vote" me until you fucking read.
It's okay, whether people know the truth or not, the fact ain't gonna change that we're fucked. So knowing is good, but it ain't gonna change anything.
Enjoy life while shit is still functioning.
pods
Loads more retailers accepting bitcoin as well , some restaurants are giving 20% discount on bitcoin payments.
Yes but only for virtual meal.
Exactly, I've been saying this for a while too. Greece needs to lease a shit ton of Silver (and or secure it in many other ways) using their national assets as collaterol (BRICs naval bases, pipeline revenues, Silk Rd etc) then back the currency. The silver doesn't even need to leave the vaults of China and Russia et al. It just needs to be moved over on a balance sheet. Nationalize the banks and make a press release confirming this plan and the Greeks will get behind the new Dracma and it will be dramatically more stable than the Euro as the Euro becomes the death scrip it was destined to be.
Back a currency with a load of bullion that's not even in your own central bank ?
And why does money need backing anyway , what backs the thing its backed by ?
Surely by backing a currency with gold you end up being forced to manipulate the price of the thing that backs it. What happens if you back your currency with gold and the price of gold crashes ?
Money is a ledger , bitcoin solves this problem.
The silver bullion backing is reflective of the incoming trade investment into Greece which demonstrates creditor economies commitiment to Greece's growth and survival. The Drachma becomes emplematic of Greeces economic survival.
The greeks will not back their fiat with silver....ever. The government is still running primary budget deficits and their plan is to continue running deficit budgets. It is not likely that France or Germany will be able to pursuade their populations to purchase the newest upcoming Greek Drachma based bonds, so the greeks will have to find other external suckers, or they go the way of zimbabwe and hyperinflate their way to socialst paradise.
You can only have run away deficits until you CAN'T. I think you you're missing the point. The action of backing the Drachma with Silver is the genesis moment of a new monetary order. A monetary order that denies profligate Governement from spending orders of magnitude more than they generate in taxation on oppressive and fundamentally criminal power. The current FIAT (unbacked) monetary system is destroying the modern world it helped to create. This is due entirely to it's ability to be printed and controlled in infinitum. Either we do this peacfully or we do this violently. Either way it's going to happen. I prefer to take advantage of moments like this when Greece can peacefully alter the course of monetary history for the better.
Money and currency are not the same thing.
The only thing bitcoin solves is taking the ability to create currency out of the hands of governments and bankers.
Money is a unit of account, a medium of exchange AND a store of VALUE.
Bitcoin is a unit of ledger and a medium of exchange but it is certainly not a store of value.
Words and sayings used to mean stuff.
"Possession is 9/10ths of the Law"
"If you can't touch it, you don't own it."
"Gold is a promise, but a Promise ain't Gold!"
So, what is the asset backing value of, say 2000 tons of Silver that you do not have?
deleted - already answered
I'm so happy for them I just want to give Greece a hug!
Does this mean that my old drachmas are good again?
If so I am rich. Now where did I put those 10,000,000
Drachma notes?
You should be able to get a gyro and a coke for that....
Nope, only one egg.
… medium.
My, how quickly the party and celebrations ended.
Drachma or Draghima?
Very intersting. Hope it spreads!
Now if they can just find someone to loan them some Drachmas.....
That is the beauty of interlocked central banking. All they have to do is find another partner or two and they all just loan each other money.
Unfortunately, my sources say tsipras struck a deal, i.e. caved, to the troika. To be announced in the next day or so. I hope it's not true, but it's coming from a well connected top exec of a large Greek business. A lot of misinformation out there, let's see what happens.
you're right......he was made an offer he couldn't refuse....so was the finmin
Enter Golden Dawn party now that they have gotten the people so pissed they will see no other alternative.
Golden Dawn was making serious headway into the mainstream until they were largely outlawed. So what else is new?
Having a really hard time accessing ZH today. Lots of failed connection messages
Way too true.
No soup for you, Fred;)
Now if they can just find someone to loan them some Drachmas.....
Better yet they can issue debt free Drachmas backed by the full faith and credit of their economic agreements with Russia.
Good. Now just back that currency with whatever gold and/or silver they have and they're in business.
Only after they shrink their government and start producing more basic necessities locally. Then they're in business.
The production of physical items is key, i agree with you. Farm and mine like it's 1999 or something.
They could do a lot with farming and textiles. With farming, they'd probably be able to pull off a leather industry. That is basic food and clothing right there. While heavy industry can be introduced to such ventures, it is not necessary. Throw some basic building materials in for basic housing maintenance and they might be getting somewhere. Then, work a deal with Russia for natural gas with the quid pro quo of hosting a pipeline and some basic trade and Greece could start to adjust to a different standard of living.
But, IMO, the Greek people are going to push for BAU until it is either too painful or the EU pisses them off too much.
Yeah, or lumber and other natural resources..... LOL
Feta, oil and fish.
Good. Now just back that currency with whatever gold and/or silver they have and they're in business.
Far more practical to just peg it to some commodity index. Preferably for them the Russian Energy that will pass through Greece on it's way to Europe.
OXI, OXI, OXI!!!!!!!!!! muthafukas!!
"Aha!" says the tourist. "Where can I get some drachmas?"
They'll gladly accept Euros at a very convenient rate of exchange...
If tourists have to buy Drachma..............Greece gets whatever they are selling. Makes sense.
AND GREECE GETS TO KEEP IT!
I wonder if that can work!?
Cause the debt owed to the ECB, IMF is in Euros not Drachma
So if a flood of tourist dollars, pounds, euros comes in to Greece, do they get to keep it as Drachma?
Lol no.
How many Drachmas to the Euro today?
Not more than one thousand..., yet.
They can only have government employees or pensioners as customers....oh that is right..that is everyone....
Like Mr. Panos says, Greeks have Drachma stored under the bed.
Strange, this looks exactly like the menu from the Brussels restaurant where the Top Euro Brass dines, exept there it is in euro's.
the restaurant didn't put a comma in the prices. these are euro prices.
I thought 300 Euros was a bit much for a plate of french fried potaters but hey it's Europe.
Its 300 cents. 300 Euro cents or 3 Euros.
Very Funny! Who has drachma's to pay the restaurant bill?
(Although I do have some old Deutschmark I never turned in. Hope springs eternal it may once again be worth more than the paper its printed on.)
I will gladly pay Drachmas on Monday for a Euro Hamburger today.
Likewise, I've got some AMEX DM travelers checks, originally kept as insurance against a US currency meltdown. Now it looks like the Euro is more likely to melt, taking the DM with it.
Ask what the price is if you pay him under the table. Or is everything without taxes anyway?
Looks to me that those are prices in Euros where the taverna owner forgot to put a decimal after the first digit. Oh well..
No, these numbers are in euros.
Hey guys ¡!
Wake up ¡!
Greeks will be back to the drachma and will never come back to the Euro, just because more than 300.000 million EUR debt is always good not to pay.
Regards ¡!
Grab Salad? How much for that, and does it come with silverware?
Those prices couldn't be in Drachma. If they were, there would have to have another 6 zeros...
Thats what I was thinking...they need a wider column for more zeros.
Draghi-ma, just call it what it is.
400 euros for Pasturna pie. Has anyone here tried it? Is that greek for Pizza pie. haha! Pastrami perhaps?
Waiter,Ill have the stuffed potato and fried eggplant and a glass of your best red wine. And make that quick.
The beginning of the end of the ECB, it's a beautiful thing.
The contagion is going to be fun to watch.
Now that Drachma has returned, it is time for the Dixie to come back!
Popping some popcorn now.
Thanks, made me hungry. I think I'll visit Greece one day, beautiful country.
are these prices qutoed in millions already? because they doesn't look like all that 'wonderful devaluation' was taken in the account already.
Few zero's short.
Before Greece entered the Euro it was in its best financial condition...EVER!
That is, after all, how it got in. Aren't Blankfein & Draghi proud?
Still can't find the section in the Constitution that covers the whole "executive order" thingy. Or where the President has any authority over the issue of money. My copy must have had those sections edited out. Hope the states will be able to clear up the confusion for the feds during their Constitutional convention. The best way for them to do that would be to amend the feds out of existence.
Let's see...
Is that in the "Weights and Measures" clause in Article I. Section 8? No...
Is it in the "Prohibitions to States" clause of Article I. Section 10? No...
Actually, it doesn't appear to authorize a national currency at all.
I suppose that makes sense.
The US currency upon adoption was 'The Dollar" which was a SPANISH SILVER COIN, that when physically cut like a pizza was called "Pieces of Eight".
But they did have authority to coin Dollars.
Words and sayings used to have meaning.
"Possession is 9/10ths of the Law"
"If you can't touch it, you don't own it."
"Gold is a promise, but a Promise ain't Gold!"
So, what is the asset backing value of, say 2000 tons of Silver that you do not have?
how would any restaurant proprietor in greece have any clue how to set the exchange into new drachmas? never mind which of his customers has them in their wallets to pay with? they held on to their old cash before the euro change-over, and he's going to accept that as tender?
unless i'm missing something, the premise of this article seems like a joke to me. then again, like so many other articles here on zh, the real value tends to be in the comments. thanks for keeping it lively all.
Looks like BS to me, there is no relaunch of Drachmas hence no offical exchange rate to them.
Also the text on the bottom of the menu looks well worn so it's not just written, who knows when. Could be prices in some other currency not Drachmas