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Total Collapse: Greece Reverts To Barter Economy For First Time Since Nazi Occupation

Tyler Durden's picture




 

Months ago, when Alexis Tsipras, Yanis Varoufakis, and their Syriza compatriots had just swept to power behind an ambitious anti-austerity platform and bold promises about a brighter future for the beleaguered Greek state, we warned that Greece was one or two vacuous threats away from being "digitally bombed back to barter status."

Subsequently, the Greek economy began to deteriorate in the face of increasingly fraught negotiations between Athens and creditors, with Brussels blaming the economic slide on Syriza’s unwillingness to implement reforms, while analysts and commentators noted that relentless deposit flight and the weakened state of the Greek banking sector was contributing to a liquidity crisis and severe credit contraction. 

As of May, 60 businesses were closed and 613 jobs were lost for each business day that the crisis persisted without a resolution. 

On the heels of Tsipras’ referendum call and the imposition of capital controls, the bottom fell out completely as businesses found that supplier credit was increasingly difficult to come by, leaving Greeks to consider the possibility that the country would soon face a shortage of imported goods. 

On Tuesday, we brought you the latest on the Greek economy when we noted that according to data presented at an extraordinary meeting of the Hellenic Confederation of Commerce and Entrepreneurship, retail sales have fallen 70%, while The Athens Medical Association recently warned that 7,500 doctors have left the country since 2010. 

Now, the situation has gotten so bad that our prediction from February has come true. That is, Greece is reverting to a barter economy. Reuters has more:

Wild boar and power cuts were Greek cotton farmer Mimis Tsakanikas' biggest worries until a bank shutdown last month left him stranded without cash to pay suppliers, and his customers without money to pay him.

 

Squeezed on all sides, the 41-year-old farmer began informal bartering to get around the cash crunch. He now pays some of his workers in kind with his clover crop and exchanges equipment with other farmers instead of buying or renting machinery.

 

Tsakanikas is part of a growing barter economy that some Greeks deplore as a step backward from modernity, but others embrace as a practical means of short-term economic survival.

 

When he rented a field this month, he agreed to pay with part of his clover production.

 

"It's a nightmare. I owe many people money now - gas stations and firms that service machinery. I have to go to the bank every single day, and the money I can take out is not enough," said Tsakanikas, who also grows vegetables and corn on 148 acres (60 hectares) of farmland.

 

"I've begun bartering in some forms - it existed in the past but now it is growing... Times have become really tough, and friends and relatives help each other out."

So Greece, the birthplace of Western civilization and democratic governance, is now literally sliding backwards in history.

The nation - which has already suffered the humiliation of becoming the first developed country to default to the IMF and which was nearly reduced to accepting "humanitarian aid" from Brussels when a Grexit looked imminent a few weeks back - is now transacting in clover, hay, and cheese. Here’s Reuters again:

Tradenow, a Website started three years ago to facilitate barter of everything from food to technology, says the number of users and the volume of transactions have doubled since capital controls came into effect on June 29.

 

"Before capital controls, we were reaching out to companies to encourage them to register," says Yiannis Deliyiannis, the company's chief executive. 

 

"Now companies themselves are getting in touch with us to get registered."

 

He rattles off a list of firms using the site to strike deals with suppliers: a car repairs shop that exchanged tyres with another firm for a new shower cubicle, a burglar alarm provider offering services in return for paper and advertising, an Athens butcher that trades daily meat supplies for services.

 

In the lush yellow and green fields outside Lamia dotted with cotton, peanut and olive groves, barter is also flourishing on an informal basis outside the online platforms.

 

Kostas Zavlagas, who produces cotton, wheat, and clover recounted how he gave bales of hay and machine parts to another farmer who did not have cash to pay him.

 

"He is going to pay me back in some sort of product when he is able to, maybe in cheese.”

Yes, "maybe in cheese", but certainly not in euros, especially if the growing divisions within Syriza render Athens unable to pass a third set of prior actions through parliament next week.

Should the vote not pass, it’s not clear if Greece will be able to obtain the funds it needs to pay €3.2 billion to the ECB on August 20 - a missed payment would endanger the liquidity lifeline that is the only thing keeping any euros at all circulating in the Greek economy.

On the bright side, "barter has been a part of everyday life for Greeks for a long time" economist Haris Lambropoulos told Reuters. The only difference is that now, "it is a more structured and organised phenomenon."

Maybe so, but this is one "structured and ordered phenomenon" that many Greeks would likely just as soon do without and indeed, the new barter economy is drawing comparisons to a period in Greece’s history that has gotten quite a bit of attention over the course of the last few months, and on that note, we’ll give the last word to Christos Stamatis, who runs the barter website Mermix:

"Of course, a barter economy is something that we shouldn't aspire to and should be a thing of the past - the last time we had it on a large scale was when we were under [Nazi] occupation."

 

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Wed, 07/29/2015 - 12:55 | 6367401 City_Of_Champyinz
City_Of_Champyinz's picture

And Liberalism runs out of other peoples money yet again.  What a shocker, it only happens EVERY TIME.  Idiots.

Wed, 07/29/2015 - 12:57 | 6367416 max2205
max2205's picture

Less paper work though 

Wed, 07/29/2015 - 13:03 | 6367450 UndergroundPost
UndergroundPost's picture

Please Greece...REJECT the chains of globalism, cast off your Brussels burden, escape the coming European crash. Nations will rise to help you, corporations will flood to your shores for non EU regulated business, and your example of shouting "NO" to INTERNATIONAL SOCIALISM/BANKSTERISM will be the shot of sanity heard around the world

Wed, 07/29/2015 - 13:08 | 6367467 InjectTheVenom
InjectTheVenom's picture

BOOM +1000  !!!

Wed, 07/29/2015 - 13:42 | 6367635 Creepy A. Cracker
Creepy A. Cracker's picture

Awesome!!!  Can't easily tax barter...

The corrupt Greek government will have to control themselves some way or another.

The balance of power will now shift to hot, young, women and people who can actually produce/repair things (food, fuel, etc).  Barter power!!!

Wed, 07/29/2015 - 13:49 | 6367686 FreeMoney
FreeMoney's picture

Just watch the tax receipts implode.  The switch to barter will accellerate the banking and goverment collasp.

Wed, 07/29/2015 - 13:51 | 6367698 Meat Hammer
Meat Hammer's picture

And the leeches will have to produce or die, which is the natural order of things.

Wed, 07/29/2015 - 13:59 | 6367738 VWAndy
VWAndy's picture

What would you rather take in exchange for your efforts. Fiats,bitcoins or something real?

 Force is all that makes us use fiat. Catch 22 stop using fiat and the amount of force tptb can use againt you and your kids.

Wed, 07/29/2015 - 14:58 | 6368077 Publicus
Publicus's picture

Bartering is not just something in the future, bartering is now.

Wed, 07/29/2015 - 15:01 | 6368100 Fish Gone Bad
Fish Gone Bad's picture

One big solar storm, or an EMP attack, and everyone will find out how worthless a lot of things are.

Wed, 07/29/2015 - 15:26 | 6368226 Headbanger
Headbanger's picture

Yeah but everybody will fuck like crazy

Wed, 07/29/2015 - 16:00 | 6368411 cheech_wizard
cheech_wizard's picture

and the problem with that is what exactly?

Wed, 07/29/2015 - 17:30 | 6368808 TheRedScourge
TheRedScourge's picture

Nothing, if you like living like they do in Ethiopia.

 

Say, why don't the farmers start demanding payment for their goods in cash? They'll be able to import Euros from other countries through the backdoor that way. That would solve this whole problem, because almost everything in the real economy flows up from agriculture, and as they'd be able to pay in real Euros for everything they use, the people would gain indirect access to a secondary source of Euros.

Wed, 07/29/2015 - 18:46 | 6369117 realmoney2015
realmoney2015's picture

We are watching this unfold very predictably. 1) consumers lose confidnce in the system 2) consumers withdraw cash 3) capital controls are placed 4) cash is tough to come by, people get desperate 5) bartering of goods and services. This is how it has unfolded. 

here is what is yet to come (in terms of monetary system): 6) all tangible assets are highly sought after 7) people search for a new monetray system 8) they settle on gold and silver (after the outside central banks fail Greece a dozen or so more times).

Wed, 07/29/2015 - 20:29 | 6369421 Stuck on Zero
Stuck on Zero's picture

Don't believe this simplistic "back to barter" business.  There are foreign banks operating in Greece, credit cards, Euro notes, dollars, silver, and gold.  Barter is probably 1%.  When the banks close the velocity of money accelerates to make up for the lack of volume.  I have been in African countries where I pay for a meal and the dollars I spend are traded within minutes.  The velocity of money is literally as fast as a messenger boy can run.

Wed, 07/29/2015 - 21:40 | 6369605 nink
nink's picture

They will list "Bata econpomy" stocks and all will be right in the world again

Wed, 07/29/2015 - 21:40 | 6369607 Long-John-Silver
Long-John-Silver's picture

people search for a new monetray system 8) they settle on gold and silver

A few will start using physical gold and silver here and there but soon after people with gold and silver will start writing script backed by the physical silver and gold they own. Most people will be more than happy to exchange script backed by gold and silver. Soon the script writers produce more script than they are backing with the gold and silver they actually own. As long as people are happy exchanging that script instead of exchanging it for physical gold and silver everything works fine. This is the way it's always happened and it will happen again. After a few years the script writers no longer actually own any physical gold and silver. This is when they become banks.

Wed, 07/29/2015 - 21:41 | 6369608 Long-John-Silver
Long-John-Silver's picture

people search for a new monetray system 8) they settle on gold and silver

A few will start using physical gold and silver here and there but soon after people with gold and silver will start writing script backed by the physical silver and gold they own. Most people will be more than happy to exchange script backed by gold and silver. Soon the script writers produce more script than they are backing with the gold and silver they actually own. As long as people are happy exchanging that script instead of exchanging it for physical gold and silver everything works fine. This is the way it's always happened and it will happen again. After a few years the script writers no longer actually own any physical gold and silver. This is when they become banks.

Wed, 07/29/2015 - 19:38 | 6369288 Thick Willy
Thick Willy's picture

What does that even mean?  Africans are being imported by the millions into Europe.  America is already 20% black.  Asia is massively overpopulated with Asians.

What does your comment even mean?  Whites can breed or whites can go extinct.  Pick one.

Wed, 07/29/2015 - 17:56 | 6368954 Milestones
Milestones's picture

POPULLUUTION-THE PROBLRM NUMERO UNO.           Milestones

Wed, 07/29/2015 - 18:10 | 6369006 cheech_wizard
cheech_wizard's picture

You know nothing... which I deduced early on from your prior postings...

 

Q&A: Can Hot Water Harm Sperm?

I've heard that men should stay out of hot tubs while they're trying to conceive with their partner. Should I really believe this?

Yeah, this one's actually true. Avoiding extreme contact heat to his manhood will keep your guy's sperm count nice and high. Sperm is best produced when the scrotum is about one degree cooler than the rest of the body. Think for a second about the difference between male and female bodies — ovaries are housed inside a woman's body, where they're protected and kept warm. Testicles are outside a man's body, though, which shows us that their natural preference is to be cooler. If he simply can't resist a steamy soak, keeping the temperature below 99 degrees should keep his sperm safe and sound.
Wed, 07/29/2015 - 18:14 | 6369017 cheech_wizard
cheech_wizard's picture

But let's keep it simple for simple minds...

http://www.thestranger.com/seattle/my-boyfriend-boils-his-balls-for-me/C...

 

Wed, 07/29/2015 - 19:13 | 6369204 El Oregonian
El Oregonian's picture

Hot steamy jungle fever VS. Ice cold Eskimo Popsicle stick.

It's all in the need...

Wed, 07/29/2015 - 19:16 | 6369218 Government need...
Government needs you to pay taxes's picture

Just put it in her ass.

Wed, 07/29/2015 - 19:37 | 6369285 Thick Willy
Thick Willy's picture

Whites are less than 10% of the world population.  As for subhumans, yes, there are too many and if benevolent whites withdraw their food and medical support they will die off by the billions.

Wed, 07/29/2015 - 16:27 | 6368524 ajax
ajax's picture

 

 

"Yeah but everybody will fuck like crazy"

A condom used once can be used twice?

Wed, 07/29/2015 - 16:38 | 6368582 large_wooden_badger
large_wooden_badger's picture

Maybe latex if you washed it, lambskin, not so much.

There might be a distopian market need for reusable condoms.

Stock up now!

Wed, 07/29/2015 - 18:40 | 6369089 Alex DeLarge
Alex DeLarge's picture

 Everybody knows to use a condom twice you simply turn it inside out and shake the fuck out of it. 

Wed, 07/29/2015 - 19:41 | 6369283 Thick Willy
Thick Willy's picture

This is a degenerate conversation.

Wed, 07/29/2015 - 16:36 | 6368574 quasimodo
quasimodo's picture

Anymore, me and the Mrs. would rather just turn in early, watch King of Queens and dose off..........these days it's about quality and not quanTITy. 

Wed, 07/29/2015 - 18:00 | 6368973 cheech_wizard
cheech_wizard's picture

The stuff you learn over the course of your life... Not tonight dear, I'm suffering from atrophic vaginitis.

Wed, 07/29/2015 - 18:02 | 6368978 Handful of Dust
Handful of Dust's picture

None in Brussels missed even one 7-course dinner during the negotiations and subsequent capitulation of their slave state.

Wed, 07/29/2015 - 19:40 | 6369297 Thick Willy
Thick Willy's picture

Work and TV.  Sounds like living death.  I pity you.

Wed, 07/29/2015 - 20:01 | 6369340 mc225
mc225's picture

kevin james is fairly funny on that show, but carrie steals it. anyway, classic show; i've watched every episode probably at least 2 times... (that's nothing compared to seinfeld... probably 4 or 5 times for every seinfeld)

Wed, 07/29/2015 - 19:39 | 6369292 Thick Willy
Thick Willy's picture

Oh and a gamma ray burst from a distant quasar could kill us all.

Irrelevant.

Wed, 07/29/2015 - 20:01 | 6369333 Calmyourself
Calmyourself's picture

You will be worried if you can dig holes fast enough as every nuke plant melts down...  Think people, pumps move water to cool fuel pools and reactors, electronics fry= no pumps= meltdown=spent fuel pools on fire.  Barter ha, for what lead underwear?

Wed, 07/29/2015 - 13:58 | 6367734 large_wooden_badger
large_wooden_badger's picture

What a beautiful thing that will be to watch

Wed, 07/29/2015 - 19:06 | 6369184 weburke
weburke's picture

What is beautiful to elites, is the land now available to buy, and the serf class forming, and the excess folks, now starting to flee. Really, some things are just sensible when you consider elite desires.

Wed, 07/29/2015 - 19:06 | 6369185 weburke
weburke's picture

What is beautiful to elites, is the land now available to buy, and the serf class forming, and the excess folks, now starting to flee. Really, some things are just sensible when you consider elite desires.

Wed, 07/29/2015 - 18:01 | 6368976 A Nanny Moose
A Nanny Moose's picture

The Statists and their economist Pets will simply blame the rich for evading taxes....again.

Wed, 07/29/2015 - 13:50 | 6367690 Meat Hammer
Meat Hammer's picture

Fiat is fiat.  Money is whatever two parties engaging in voluntary exchange say it is.

Fret not, people of Greece.  Freedom is more difficult than slavery, but freedom is a beautiful thing.

Wed, 07/29/2015 - 15:23 | 6368210 withglee
withglee's picture

Fiat is fiat.  Money is whatever two parties engaging in voluntary exchange say it is.

First sentence says nothing. Second sentence is just flat out wrong.

Wed, 07/29/2015 - 20:25 | 6369412 withglee
withglee's picture

Money is whatever two parties engaging in voluntary exchange say it is.

For those down voters: This statement explicitly says that any object of simple barter is money. Is that really what you want to say? Actually it says both objects in the exchange are money. Is that really what you want to say?

Wed, 07/29/2015 - 21:00 | 6369499 DaveyJones
DaveyJones's picture

actually his statement says something much different than your interpretation

Wed, 07/29/2015 - 22:35 | 6369752 Deathrips
Deathrips's picture

A promise is not a fungible thing ...especially from a liar.

Remember that.

 

RIPS

Wed, 07/29/2015 - 19:11 | 6369198 FrankieGoesToHo...
FrankieGoesToHollywood's picture

Money can also be what one party says it is during an involuntary exchange.  The US Federal goverment will tell you must pay your tax bill in American dollars.  period.  or go to jail.

Wed, 07/29/2015 - 13:57 | 6367732 large_wooden_badger
large_wooden_badger's picture

Hot young women will always be powerful, but without the brains to command such power, it's wasted pretty quickly. Over the long term, the smart ones will prosper, and the lazy slow-witted ones will suffer.

Wed, 07/29/2015 - 18:03 | 6368984 Handful of Dust
Handful of Dust's picture

Can you please send the beautiful ones with no brains in my direction? I can offer them ... some succor.

Wed, 07/29/2015 - 20:02 | 6369346 mc225
mc225's picture

indeed, beauty can be fleeting, and it seems only a small percentage of women are able to parlay that into being set financially for life... but maybe most of them are after love rather than money... who knows?

Wed, 07/29/2015 - 14:36 | 6367967 1033eruth
1033eruth's picture

So, how many are trading with their gold and silver?  Lets see, how many bales of hay = 1 ounce of gold?  

How do you give change?  Oh, that's where the silver comes in handy.   

Wed, 07/29/2015 - 18:00 | 6368968 BurningFuld
BurningFuld's picture

6 tons around here.

Wed, 07/29/2015 - 23:46 | 6369911 fallin_knife
fallin_knife's picture

For knuckling under to the Troika, the Greeks deserve to be reduced to a stone age society.  No organization, no government, just a simple hunter/gatherer existence.  The Riech should punish the Greeks very severely to discourage Italy, and the other serf "nations", to stay in line.  What a pathetic joke Europe has become.

Wed, 07/29/2015 - 13:22 | 6367496 falak pema
falak pema's picture

you mean put Plan B in place even without Yanis? 

Great cojones of fire! 

If they do it and SUCCEED they will have to build a shrine to Yanis's penis effigy like the symbol of liberty!

Greece will have its new Eiffel tower! On the PArthenon. The phallic Hermai resurrected! 

Imagine all the German tourists then coming to gawk at the Greek wonder that destroyed the Euro

All future trade balance problems solved! 

Wed, 07/29/2015 - 13:26 | 6367551 mtl4
mtl4's picture

Well done Greece, now we need to start seeing local currencies>states consolidate currencies>national currency>Drachma reborn

Wed, 07/29/2015 - 13:32 | 6367584 dontgoforit
dontgoforit's picture

Yes; but don't blame the farmers.

Wed, 07/29/2015 - 13:40 | 6367606 COSMOS
COSMOS's picture

I would put  my faith in a Slice of Cheese before a Sheet of Fiat.  At least I can eat the cheese.

Not to forget, the calorie count of a slice of cheese is fixed by nature and cant be devalued/decreased away.

Wed, 07/29/2015 - 13:44 | 6367666 Creepy A. Cracker
Creepy A. Cracker's picture

Cut the cheese properly and you can clear a room.  So many advantages...

Wed, 07/29/2015 - 13:47 | 6367677 Citxmech
Citxmech's picture

Cheese > Bitcoin?

Wed, 07/29/2015 - 13:52 | 6367706 Meat Hammer
Meat Hammer's picture

Physical gold and silver, anyone?

Wed, 07/29/2015 - 14:29 | 6367932 Charming Anarchist
Charming Anarchist's picture

Sure, why not? 

The beauty of freedom is that blocks of cheese could suffice as money In Greece just the same.  More competing currencies, the better, I reckon.  Anything can be money. 

 

Wed, 07/29/2015 - 14:47 | 6368025 J Jason Djfmam
J Jason Djfmam's picture

Beware of tungsten bars wrapped in cheese!

Wed, 07/29/2015 - 21:32 | 6369580 vesna
vesna's picture

Tulips, pepper?

Wed, 07/29/2015 - 13:53 | 6367710 Joe Tierney
Joe Tierney's picture

Print me some cheese....it's the 1st of the month and I owe bills....

Wed, 07/29/2015 - 14:37 | 6367977 Icelandicsaga.....
Icelandicsaga...............................................'s picture

During and after the war, Greeks used gold sovrreigns for purchases of items like rental houses in Athens, scooters, any stuff of value that barter did not cover. Forvdecades through the 50s, the Saudis would only take gold for purchases of oil by the west. One reason we went off gold under Nixon was when the French started demanding gold in balance of trade exchanges. We made a deal with the Saudis and other oil producers ..we have your back if you let dollar be the...petrodollar, aka world reserve currency. That era IS coming to an end, the birth pangs of the new system will be bloody indeed, difficult and messy.

Wed, 07/29/2015 - 18:14 | 6369018 COSMOS
COSMOS's picture

Sure Joe I will churn you some cheese.  That is the beauty of it.  Someone has to work to make it, instead of just holding down the print button.

Wed, 07/29/2015 - 22:03 | 6369676 847328_3527
847328_3527's picture

Gold coins and silver were excellent stores of wealth and for barter items during Germany's hyperinflation according to Fergusson [sp?] in his book, When Money Dies.

Wed, 07/29/2015 - 13:27 | 6367557 lasvegaspersona
lasvegaspersona's picture

I doubt that...the very reason Greece is in it's current situation is that it's people ask for more than they produce (a fairly common phenomenon) and this is not conducive to business. Who would start a plant in a deeply socialist country that has just elected commies. The threat of nationalization would scare anyone with any sense away.

Greece needs to balance the budget (and that will mean default.) They should hang on a bit longer though as the system itself may fail and a new better one emerge. They are swimming against the tide and for now just need to stay afloat.

Wed, 07/29/2015 - 13:43 | 6367664 Excursionist
Excursionist's picture

Careful! You're going against a popular ZH narrative that it's all the bankers' fault.

Wed, 07/29/2015 - 20:26 | 6369413 Calmyourself
Calmyourself's picture

Not all believe that narrative.  To the thoughtful; the bankers, oligarchy, politicians greedy public workers and yes the common people who wanted more than they could produce all conspired consciously or not they are all to blame some more than others....   Bankers..

Wed, 07/29/2015 - 14:19 | 6367842 Jaspergers
Jaspergers's picture

"Who would start a plant in a deeply socialist country that has just elected commies."

<-- THIS idiot LOL. Wish me luck! Swimming upstream ain't easy but I'm eating lots of salmon (while it's still available).

+1

Wed, 07/29/2015 - 15:12 | 6368158 Fish Gone Bad
Fish Gone Bad's picture

I think the suggested upper limit of salmon is 3 pounds per week.  Quantities greater than this predispose one to bleeding disorders. 

FGB

Wed, 07/29/2015 - 18:55 | 6369145 worbsid
worbsid's picture

I think that would be East Coast salmon.  West Coast Fukushimaed salmon upper limit would be based on radiation tolerance.

Wed, 07/29/2015 - 15:08 | 6368136 robertocarlos
robertocarlos's picture

Why do they need plants? You can manufacture everything in small garages. Build your own car, it's easy.

Wed, 07/29/2015 - 18:16 | 6369025 COSMOS
COSMOS's picture

A moly tube frame or even mild steel, and off shelf components and one can make a fun little car to drive around.  Who needs those crappy beeeamers or benzzzzs

Wed, 07/29/2015 - 18:03 | 6368983 invisible touch
invisible touch's picture

most of non food business in europ is 80 % made of vendors importing chinese goods and margin 30% on it.

how the fuck you want 500 millions cunts to keep their jobs if 1/3 is public service, and de facto unable to be because private sector not selling goods because they have no money to import because nobody buy because of taxes raise to keep public services... 

 

what ? sooo.....socialism ? oh, ok then...

 

 

Wed, 07/29/2015 - 13:29 | 6367562 White Mountains
White Mountains's picture

Get together and start using BitCoin.  Problem solved.  Be your own bank.

Wed, 07/29/2015 - 14:35 | 6367962 bamawatson
bamawatson's picture

one problem with bitcoin. as a practical matter, it essentially requires internet. "they' can shut it all down in an instant. also, here in the U.S. we already have, in place, draconion absurd irs regs pertaining to bit coin ... .... "they" will implement, activate, rigidly enforce said regs when it suits "them". i believe in the sound fundamentals of bitcoin (in fact the worst thing about bitcoin is the name). However all transactions are forever recorded, traceable, taxable.

Wed, 07/29/2015 - 16:02 | 6368419 cheech_wizard
cheech_wizard's picture

and internet requires electricity...

<some fools never learn>

Wed, 07/29/2015 - 18:06 | 6368943 White Mountains
White Mountains's picture

I bet you have almost zero cash.  All your money (if you have any) is in the form of electronic digits your local bank manages and the Federal Reserve "prints" at will.  LOL  Good luck :-)

Thu, 07/30/2015 - 02:30 | 6370103 buzzkillb
buzzkillb's picture

Can the entire internet in a country be shut off completely? Would they just cut the ocean cables and block the satellite feeds? If the internet is up somewhere people will figure out how to broadcast it out. I guess it depends on what someone thinks shutting it all down really means.

If its blocking bitcoin transactions somehow, a VPN will be used. I don't see how anything on the internet can be completely blocked as long as somewhere will transmit the data.

Bitcoin is just as interesting to follow like gold, silver, and everything else happening. An extra thing to build into the apocalpyse toolkit is an understanding of how to network far distances and some basic computer hacking skills.

Wed, 07/29/2015 - 20:17 | 6369387 omniversling
omniversling's picture

I'm onto Cheesecoin!

Greek version: Fetacoin

Wed, 07/29/2015 - 13:49 | 6367685 overqualified
overqualified's picture

They're intaxicated to socialism/clientelism. That's why they know that the world would laugh at drachmas and any business idea in greece, and why they're so dependent on the eurocracy. If they were smart they would already be an offshore tax haven, free, independent and full of money coming from everywhere, but they're fool euro-peons and so they merit to be enslaved.

Wed, 07/29/2015 - 18:23 | 6369048 FinalEvent
FinalEvent's picture

And for god sake, make it all happen with BITCOIN

Wed, 07/29/2015 - 18:33 | 6369066 Ludwig_Van
Ludwig_Van's picture

Haha, never in a million years. Greece headed for the stone age - no company would think about setting up shop there. They will be.a vassal of either Northern Europe or China. Not even Russia will loan em a buck

Wed, 07/29/2015 - 13:11 | 6367478 Amish FinEng
Amish FinEng's picture

The Amish have been observing Bitcoin and even with a collapsed Greek economy, black markets, and barter prevailing that pig still ain't going anywhere.

Wed, 07/29/2015 - 14:31 | 6367933 balanced
balanced's picture

Well to be fair, Bitcoin is still up about 20% from it's pre-referendum value.

Wed, 07/29/2015 - 15:17 | 6368183 Fish Gone Bad
Fish Gone Bad's picture

Money is supposed to be a stable, durable storage form of value. 

Thu, 07/30/2015 - 00:11 | 6369948 Prisoners_dilemna
Prisoners_dilemna's picture

SO the USD has lost 99% of its value over 100 years,

Bitcoin has gone from 0 purchasing power to $300 equivalent PP.

Which do you think is the better "money"?

Wed, 07/29/2015 - 16:19 | 6368490 Doña K
Doña K's picture

Maxx <<Less paper work though  >>

The .gov does not like barter because there is no trace to tax the exchange. On the other hand, if the crack down on it, they are dead meat.

Wed, 07/29/2015 - 13:01 | 6367433 38BWD22
38BWD22's picture

Socialism, in all its forms, destroys.  We can learn a lot from Cyprus and Greece.  We can learn still more from the next European domino to fall.  The USA is not immune, not at all.

If France becomes a felled domino, then the financial tsunami from Europe will quickly hit US shores.

Preparation for the down-side is a good thing.  Savings.  Physical gold.  Healthy habits.

Wed, 07/29/2015 - 13:34 | 6367591 dontgoforit
dontgoforit's picture

Socialism kills the healthy and the unhealthy with equal vigor.

Wed, 07/29/2015 - 16:34 | 6368561 Doña K
Doña K's picture

The healthy are actually better prepared.

Thu, 07/30/2015 - 00:17 | 6369955 Prisoners_dilemna
Prisoners_dilemna's picture

Socialism doesn't discriminate based on health.

It is however highly correlated with poor word choice.  ;-)

 

Wed, 07/29/2015 - 13:35 | 6367602 BeaverCream
BeaverCream's picture

It's not really socialism though, it was just a usury debt institution set up by politicians that were paid off by central banks to rob the country of it's wealth. What it really is is a return to feudalism where banksters are the lords and we are the peasants. It has nothing at all to do with socialism.

Wed, 07/29/2015 - 15:37 | 6368290 HopefulCynical
HopefulCynical's picture

Bankster Feudalism is the object of Marxist philosophy.

Wed, 07/29/2015 - 13:05 | 6367456 divingengineer
divingengineer's picture

I'd rather have the cheese....

Wed, 07/29/2015 - 14:32 | 6367941 Charming Anarchist
Charming Anarchist's picture

....and the Greeks may not have a choice. 

The sooner Greeks start appreciating their dairy industry, the better.  Some how, they must aim towards self-sufficiency if they want a hope in hell. 

Wed, 07/29/2015 - 14:49 | 6368038 J Jason Djfmam
J Jason Djfmam's picture

Beware of Greeks bearing Swiss cheese.

Wed, 07/29/2015 - 13:40 | 6367641 doctor10
doctor10's picture

not sure what's so different from the 1940's here.  The substance of the latest "agreement" , for all practical purposes

is a "German Occupation" as they would seem to take control of all the assets in Greece.

 

modern kleptocracy's - a marriage of 21st century criminal enterprises with Governement-are a remarkably bloodless tool for taking over a country.

Wed, 07/29/2015 - 20:16 | 6369379 omniversling
omniversling's picture

"maybe in cheese.” 

For everything else, Cheesecard...Priceless!

Wed, 07/29/2015 - 23:18 | 6369847 Sonic the porcupine
Sonic the porcupine's picture

It would be interesting to see if a form of commodity money arises.

Thu, 07/30/2015 - 06:42 | 6370256 Sir SpeaksALot
Sir SpeaksALot's picture

but it s not bad at all, Greece now is an example of an early post money system economy, you cant use money - you do barter, proving that money is not necessary. Economy is based on trust anyway, currently most trust in money, but we can trust a system without this prop.

Thu, 07/30/2015 - 08:37 | 6370482 redd_green
redd_green's picture

And of course letting foreigners control your monetary policy had nothign to do with the problems they are having.   Liberalism, please.  Its the extreme opposite:  they don't collect taxes, son.

Wed, 07/29/2015 - 12:55 | 6367406 keremetski
keremetski's picture

it's a fresh start. Next, intro PM as money.

Wed, 07/29/2015 - 13:01 | 6367438 Panafrican Funk...
Panafrican Funktron Robot's picture

Indeed.  Think about your average pawn shop.  They currently happily accept gold in exchange for the stuff they sell.  Wouldn't any business do the same in an instance of a fiat liquidity crisis?

Wed, 07/29/2015 - 13:29 | 6367575 lasvegaspersona
lasvegaspersona's picture

Gold is stymied. It's price falls as it's value rises. As long as the derivative market exists it will be next to useless as a tool in finance.

For now it is the best insurance policy but simply cannot be deployed in our current system.

Wed, 07/29/2015 - 13:38 | 6367625 Four chan
Four chan's picture

i hope it gets stymied to zero so my stack can exceed my physical weight.

Wed, 07/29/2015 - 14:50 | 6368041 J Jason Djfmam
J Jason Djfmam's picture

How much gold will you buy when it is at zero?

Wed, 07/29/2015 - 15:27 | 6368230 Meat Hammer
Meat Hammer's picture

Paper gold?

Wed, 07/29/2015 - 22:10 | 6369695 SgtShaftoe
SgtShaftoe's picture

Well, since we're talking fantasyland, I'd buy it all.

Wed, 07/29/2015 - 12:55 | 6367408 Squid Viscous
Squid Viscous's picture

what was so bad about Nazi occupation vs. ECB occupation? remind me again?

Wed, 07/29/2015 - 12:58 | 6367423 Ignatius
Ignatius's picture

Well, at this point, one can still win many arguments by calling your opponent a Nazi, so there's that.

Wed, 07/29/2015 - 13:26 | 6367554 Cow
Cow's picture

aaah... Godwin's Law strikes again

https://en.wikipedia.org/wiki/Godwin%27s_law

 

Wed, 07/29/2015 - 13:37 | 6367610 joe90
joe90's picture

It was trumped by the title

Wed, 07/29/2015 - 21:10 | 6369519 g speed
g speed's picture

and monkeys typing long enough will write the bible-----I can't belive the things people are given credit for.

Wed, 07/29/2015 - 13:01 | 6367442 holgerdanske
holgerdanske's picture

the Germans in those days actually shot and killed people that did not co-operate with them.

they have not done that this time around, as far as I know, -- yet!

 

The Germans lost the war, but, it seems, won the peace. Even the US is run by ex-Germans in politics, science and in the industrial military complex in general.

 

Who woulda thunk? Together with the unmentionables.

Wed, 07/29/2015 - 13:08 | 6367469 large_wooden_badger
large_wooden_badger's picture

Fourth Reich, baby! Living the dream!

Thu, 07/30/2015 - 05:29 | 6370206 GoldIsMoney
GoldIsMoney's picture

Stupidity, still not maxes out. Oh no it's not stupidity it's just pretendign to know and especially to know the scape goat. You do not even get cause and result right. The results you can see in Greece, are caused by greek politicians and bureaucrats in breaking records on debta acuumulation. No Greek debs, no "viertes Reich". Unfortuantly the German politicians are as stupid as your kind. They did not even see that coming, but it was clear to every one else. Yes should the creditor, that's you way of thinking. I'm not sorry for you if you wil suffer on your own stupidity and hate. Just wish upon you what you seem to which about "Germans".

Thu, 07/30/2015 - 10:59 | 6370991 large_wooden_badger
large_wooden_badger's picture

Keep rambling!

Wed, 07/29/2015 - 13:10 | 6367482 Sanity Bear
Sanity Bear's picture

This is not peace.

 

And killing people by starving them is even more cruel that shooting them.

Wed, 07/29/2015 - 13:15 | 6367505 large_wooden_badger
large_wooden_badger's picture

Apart from getting roughed up or killed by the SS, no jews anywhere

Wed, 07/29/2015 - 12:55 | 6367409 KnuckleDragger-X
KnuckleDragger-X's picture

Freedom is just another word for nothing left to lose... Coming soon to a town or city near you.......

Wed, 07/29/2015 - 12:57 | 6367411 eatthebanksters
eatthebanksters's picture

There will always be liars who promise free shit to the masses to get elected and there will always be masses who want free shit.  It will never change.  Look at the US and tell me how Boehner and McConnell are any different from Reid and Pelosi.

Wed, 07/29/2015 - 13:20 | 6367532 Jack Burton
Jack Burton's picture

I've lived through many Republican presidents and Democractic Presidents. What changes? Nothing, except on the edges of social issues, where government has no business at all involved. On all the issues of war, spying, police state, military spending, corporate bailouts, banker control of the state, market manipulation, bubble blowing, etc. Both parties are in the same "Deep State" Party. Elites rule no matter who people elect.

Wed, 07/29/2015 - 13:46 | 6367674 FreeMoney
FreeMoney's picture

I think there are continuous changes.  It is always more government and more corruption.  I agree that R vs D makes no difference in the outcome.

Wed, 07/29/2015 - 13:44 | 6367600 Callz d Ballz
Callz d Ballz's picture

Speaking of which, Rep Mark Meadow R-NC submitted a resolution this am to oust Boehner from his speakership position due to his long list of dereliction of duties stemming from inaction and moves to make congress subservient to judicial and executive powers.  Boehner's circles are highly pissed of course which motivates me to make a call to my congresscritters to support this move, albeit in vain most likely.  Any chance though to stick it to the old guard is good IMO...   

Wed, 07/29/2015 - 12:56 | 6367412 VWAndy
VWAndy's picture

Gold is barter. So is everything that has a real value.

 

Wed, 07/29/2015 - 13:03 | 6367448 kralizec
kralizec's picture

If you don't enter Bartertown with value...you'll leave with what you came in with - nothing.

Wed, 07/29/2015 - 13:48 | 6367683 large_wooden_badger
large_wooden_badger's picture

You can always shovel shit can't you?

Wed, 07/29/2015 - 13:12 | 6367490 divingengineer
divingengineer's picture

A barter society is probably a much more interconnected, engaged and functional society.

They may spend more time putting deals together to get by, but it probably beats the hell out of the rat race I live in every day in the SF Bay Area.  It really is every man for himself here. You can't do that in Bartertown. 

 

Wed, 07/29/2015 - 13:50 | 6367691 joe90
joe90's picture

True but it can also get very tribal, each tribe, of course, thinks they are very special, the rest sub-human, and then it becomes every tribe for themselves.  That's the way much of the world was before the West turned up to civilise, some would say it hasn't changed.

Wed, 07/29/2015 - 14:17 | 6367747 Meat Hammer
Meat Hammer's picture

A barter society is as harmonious as nature itself.  It requires balance to survive, unlike government controlled by banksters, which requires division, fear, mistrust, and violence to survive.

Wed, 07/29/2015 - 22:19 | 6369714 SgtShaftoe
SgtShaftoe's picture

No, Barter societies are absolute hell holes. I've been around some. Not pretty. I recommend you read Adam Smith's "Wealth of Nations". It's an oldie but a goodie. There's a reason human beings developed monetary systems. They allow for savings, investment and complex societies.

Wed, 07/29/2015 - 13:55 | 6367719 secretargentman
secretargentman's picture

Strictly speaking, gold is NOT barter. Barter implies a coincidence of wants, but gold is ALWAYS in demand because it's money. Real money.

Wed, 07/29/2015 - 14:04 | 6367757 VWAndy
VWAndy's picture

Maybe you should stick to reading ZH.

Wed, 07/29/2015 - 12:57 | 6367414 nightwish
nightwish's picture

Does sex count as barter?

Wed, 07/29/2015 - 12:58 | 6367422 VWAndy
VWAndy's picture

If there is a happy ending then yes.

Wed, 07/29/2015 - 14:24 | 6367887 Temporalist
Temporalist's picture

As a child I joked that if I got paid for people to watch me masturbate I'd be a millionaire.  Now people actually pay on the internet to watch people masturbate.  Who am I to tell people what to waste their money on?

Wed, 07/29/2015 - 13:09 | 6367475 large_wooden_badger
large_wooden_badger's picture

It's the oldest form of barter, I've heard

Wed, 07/29/2015 - 13:13 | 6367497 divingengineer
divingengineer's picture

I don't know, what are you wearing?

Wed, 07/29/2015 - 13:37 | 6367621 dontgoforit
dontgoforit's picture

What is confidence?


A Navy Seal walks into a bar and takes a seat next to a very attractive woman.   
 
He gives her a quick glance then casually looks at his new Apple watch for a moment.
 
The woman notices this and asks, "Is your date running late?"
 


"No," he replies, "just got this state-of-the-art Apple watch, and I was just testing it."
 
The intrigued woman says, "A state-of-the-art watch? What's so special about it?"
 
He says, "It uses alpha waves to talk to me telepathically."
 
The lady says, "What's it telling you now?"
 
"Well, it says you're not wearing any panties."
 
The woman giggles and replies, "Well it must be broken because I am wearing panties!"
 
The Navy man smirks, taps his watch and says, "Darn thing's an hour fast."
 
And that, my friends.......is  Confidence!

 

Wed, 07/29/2015 - 14:15 | 6367823 MsCreant
MsCreant's picture

Gosh, now why did this joke have to be about a Navy Seal to work???

Couldn't it have been most any man?

Wed, 07/29/2015 - 14:40 | 6367991 Charming Anarchist
Charming Anarchist's picture

He did not tell the rest of the joke.  It keeps going. 

The woman giggles and replies, "Well it must be broken because I am wearing panties! Really tight panties because I am hiding this!!" while "she" whips out "her" schlong. 

Wed, 07/29/2015 - 14:40 | 6367998 J Jason Djfmam
J Jason Djfmam's picture

Would a Navy Seal really wear an Apple watch?

Wed, 07/29/2015 - 12:57 | 6367415 q99x2
q99x2's picture

I'm sure they are using crypto-currencies more than anything else at this time.

Wed, 07/29/2015 - 13:01 | 6367435 VWAndy
VWAndy's picture

Some peoples words have real value. I suspect that for now is the real coin in use in Greece now. On the street level.

Wed, 07/29/2015 - 13:08 | 6367468 oddjob
oddjob's picture

i'll bet it goes something like this

I'll trade you this mathematical equation for a dozen eggs

reply: GTFO

Wed, 07/29/2015 - 13:10 | 6367480 large_wooden_badger
large_wooden_badger's picture

Pythagoras would starve in today's world.

Wed, 07/29/2015 - 13:16 | 6367507 oddjob
oddjob's picture

I'm thinking he could dig a trench with proper grade without too much instruction.

Wed, 07/29/2015 - 13:41 | 6367647 large_wooden_badger
large_wooden_badger's picture

It would certainly not seem irrational

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