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What Do The Countries That Wanted Greece To Leave The Eurozone Have In Common?
All parties have finally come to an agreement which was meant to be a solution for the crisis in Greece. That is, if you believe pumping more money in a bottomless pit can be described as a ‘sustainable’ solution. More money will be forked over to Greece, and the European Central Bank has announced it would increase the Emergency Lending Assistance to the Greek banks by almost 1B EUR for the next week. That’s not a lot of money in the grand scheme of things, but it’s an important signal towards Greece, as the ECB has repeatedly refused to increase the ELA ceiling
This should allow the Greek banks to open again after being closed for weeks in an attempt to establish capital controls.
The final negotiations took a while before they resulted in a proposal, but there’s one side of the story which hasn’t been highlighted at all by the mainstream media.
Everybody knows Germany inserted a paragraph in the proposal which could allow Greece to temporary leave the Eurozone for a few years to get its ducks back in a row and to clean up its mess. However, few people know Germany was backed by other countries like Finland and The Netherlands.
And yes, there is a link between those countries! Germany has started to repatriate its gold from the vaults of the New York Fed where it had stored in excess of 1,400 tonnes of gold. Once the Germans had put a (temporary) Grexit on the table, it immediately enjoyed the support of the Fins, as one of the coalition partners of the government threatened to bring the Finnish government down if the official Finnish standpoint would not include a more strict approach towards the Greeks.
And you might already guess it, indeed, Finland also was one of the countries which investigated to repatriate some of its gold as only 4% of its reserves were located in Finland. Even though the Finnish national bank hasn’t released official updates on where exactly how much of its gold is located, we would not be surprised to see Finland announce it has repatriated some of its gold àfter it has done so.
The majority of the Finnish gold was stored at the Bank of England, and guess what? The Bank of England announced last month its customers withdrew in excess of 350 tonnes of gold from its vaults. Who did withdraw the gold? Nobody knows, but those 11 million ounces will undoubtedly come to surface one day.
Just like number three in the list of the countries backing Germany’s point of view. Even though the president of the Eurogroup, Jeroen Dijsselbloem, is Dutch and belongs to a left-wing political party (PVDA, which basically means ‘Party of the Laborers’), he was one of the most fierce defenders of a strict approach towards Greece and strongly opposed all ‘softer’ approaches.
And guess what?
The Netherlands announced last year it brought 120 tonnes gold home from the New York Fed to ‘increase the confidence of the people in the Dutch Central Bank’.
So the three countries which were leading the pack to impose even stricter measures on Greece were all countries which either did repatriate a large part of their gold, or have been seriously considering doing so.
What do they know that we don’t know? What else will the pro-gold countries try to accomplish in the (near) future?
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the trouble with the welfare system is that it has gotten out of hand. In many Countries it is that bad that one is better off not to have a job, but to get paid to sit on ones Bum and get paid for that. Those economic Refugees know all about that and make full use of it and also many of the Locals. No Government has the will to put a stop to it.
so they're stocking up on their gold in case the Euro falls apart and they'll be prepared to reintroduce their own currency? How quaint.
nope. I see a lot of misdirection in the comments
the question of the article is quite clear: Germany is not the only country that proposed Greece might want to have a vacation from the EUR, and perhaps stay so
but the current propagandistic thrust is to have all eyes on Germany only. Washington, London and Moscow all prefer it so
what do those countries have in common? a thrust versus balanced budgets and gold repatriation
it does not matter to them if it's the EUR or gold. or a combination of them. don't mistake tools for goals
Not a single socialist caused this problem. It is entirely a problem with BANKING. This is not an endorsement of socialism or judgement of it. You can decide for yourself whether you are for it or against or somewhere in the middle. Anyone who blames socialism for these problems is scapegoating, transfering the party which is truly to blame to one they dislike. Even if their criticisms and distrust of socialism were correct it does not squre with the primary fact that 100% of the blame is a private sector problem, specifically a completely deregulated out of control banking system run amok. You can put socialism on trial some other day. The bankers and their ilk are the ones who should be put on trial but as we've seen they can commit felonies and not go to prison courtsey of Loretta Lynch and Eric Holder. It's so much easier to just blame a socialist like Thomas Pikkity, Tsipras and Hollande or talk about lazy Greeks who don't work and "waste other peoples money".
Here's analytical thinking 101 for you.
1)Bankers have no power (or business really) without debtors.
2)The welfare/warfare state cannot be supported without debt and this debt borrowing from future generations.
3)Therefore, there is no need for bankers without the welfare state and its unfunded borrowing needs (see, for example, medicare, medicaid, food stamps etc and also WWI, WWII, Vietnam etc.)
4)Ergo, to rid youself of parasitic bankers you must first dismantle the welfare/warfare state and the key step is elimination of debt based fiat currency issued by central banking carels like the FED.
Always, remember that effect follows the cause, not the other way around. The cause is debt and central banking (the effect) merely exploit this weakness.
What was the first/original cause and what are His attributes that ONLY the first cause can and must and does have? That is worth thinking through, for all of us exist as effects of the first cause. We know the answer, for it was given to us by the only possible way, given by the first cause. I do like "The Law of Cause and Effect".
You clearly do not understand the basics of cause and effect relationships.
You should be exiled to greece - unless you are already one of the endemic SOCIALIST parasitical thieves residing there.
Things are a bit more subtle than you suggest.
If you read John Perkins - Confessions of an Econimic Hitman - you should begin to understand that some rather ruthless players, plan very long term, use the both people's weaknesses (greed etc) and frailties, against them to engineer the type of collapse you see in Greece.
So yes - socialism is unsustainable in the the way it always gets played out, and so is crony capitalism.
But the long term asset strippers (the ultra wealthy), who clearly do not act in concert - just with a shared methodology - use the mutifaceted financial system, and the widespread inability of people to grasp a multi generational view of wealth, to manipulate situations to their advantage.
They also resopond fairly rapidly to accidental events - never let a crisis go to waste.
I saw a typical comment a couple of days ago on ZH where someone said this could not be the case in Greece, because there was little of value to steal there.
That comment showed an inability to understand what really constitues a resource. For Greece, there are a number of resources that are being fought over.
The obvious ones that you normally consider.
Less obvious things
I am sure there are more things that are resources in that long term view, that I fail to grasp, but you get the idea.
So, to various players, all these things have value of differing levels to different people, and no doubt in some instances one of more of those aspects of Greece, justify the actions of each entity. They are manipulating whatever they can.
Send this "economic hitman" to a government like Germany and see how fast they send him for "special treatment". I am sick and tired of the perpetual victim mentality of perpetually bankrupt states.
Spoken like a true socialist, punk. Get a job, ya' punk! The bums lost!
They found US and Japanese debt not much better or worse than Greece's! Hide your Gold!
That's the thing about lies; the first one requires the telling of 1,000 more.
You just can't keep an oblivious socialist down!
http://www.bloomberg.com/news/articles/2015-07-19/france-s-hollande-prop...
Worse, worser, worsest! They just can't stop digging the hole...
It's ironic they don't want repaid necessarily, they have the printing press, they don't want the contagion of default nor the precedent of forgiveness set. Nobody forgave Germany's debts...wait
the whole scheme is coming undone based on lack of trust amounst the theives.
while the debt was being created, the theives were all good taking their booty, but now mathematically it is hitting its' natural end.
so,now they are secretly running for cover. liquidations next, and a swan event of banking lockup with lending frozen, lehman style. can't wait...