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All Fixed In Greece? Not So Fast
That today democracy died in Greece is no surprise to anyone (see note from Greek reader below). What may be unexpected, however, is that despite expectations that any talk of a Referendum is over and done with, this is hardly the case. In essence, what G-Pap said in parliament today is that there will be no referendum if and only if there is an agreement from the main opposition party. Alas, as the following headlines from Reuters indicate, this now appears to be a non-starter.
- GREEK OPPOSITION LEADER ASKS PM TO RESIGN
- GREEK OPPOSITION LEADER SAYS PM MUST QUIT, ELECTIONS MUST BE HELD
But most importantly,
- GREEK OPPOSITION LEADER SAYS RESIGNATION IS A CONDITION FOR TALKS
And so back to square one, as G-Pap's bluffing blows up in his face and any agreement is now contingent on his departure, something he has said will not happen.
And in other news, a take on G-Pap's speech from a Greek reader:
In this evening’s speech delivered by finance minister Venizelos, he highlighted ten points.
1: All necessary measures must be taken to receive the bailout from our partners and creditors. At the same time the bailout should be approved by a majority of 180 lawmakers in the 300 seat parliament.
2: Any plans of referendum should be scrapped.
3: A consensus with New Democracy (ND) is on the cards and the chance to reach a common deal with the main opposition party seems a reality.
4: Our banking system has to kept secured and guaranteed.
6: Greece must receive the 6th tranche before December 15.
7: Negotiations about the new bailout agreement with Troika need to be started as soon as possible.
8: “We need to work with our partners on the Public Sector Involvement to achieve, if possible, 100% participation in the debt haircut".
9: New bailout agreements need to be ready by January 12. Greek banks have raised 120 billion euros from European Central Bank so far.
10: The bottom line is that the Greek people should decide about all the above
Today democracy died in favor of the banks.
Alas, democracy died in favor of the banks long ago, way back in 1913.
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The cold winds of winter are upon us!
I dedicate this song to G-Pap-smear, his hoocheys at Goldman Vampire Squid, The Bernank and his two dear friends, William Dudley & Brian Sack, and to Jamie Dimon, who now holds the official bagman (blessed by the wise men behind the fractional reserve wizadry curtains) title for the Banksters (ObaMao must kiss Dimon's ring on bended knee to be crowned thee TOTUS again):
Johnny Cash - God's Gonna Cut You DownG-Pip strikes again
There once was a man named G-Pip
His country was a sinking ship
With ouzo in hand
He could still hear the band
"I think I'll enjoy this trip!"
“‘Fallen! Fallen is Babylon the Great!’
She has become a dwelling for demons
and a haunt for every impure spirit,
a haunt for every unclean bird,
a haunt for every unclean and detestable animal.
For all the nations have drunk
the maddening wine of her adulteries.
The kings of the earth committed adultery with her,
and the merchants of the earth grew rich from her excessive luxuries.”
The Revelation, chapter 18, verses 2 and 3.
From the latter part of Ezekiel, chapter 25.
I thought that was from the Book Of Pulp Fiction, Jackson 25:7.
Now I want you to go in that bag and find my wallet. PUMPKIN Which one is it? JULES It's the one that says Bad Motherfucker on it.
Does ZH really want to align themselves with these losers and misfits from OWS New York Chapter?
This is what I saw in Zuccotti park
http://s2.photobucket.com/albums/y33/PARSES6/OWS%20NYC/
Well said. These people should go back to work...oh wait.
How many times are you going to spam that today? And what is your point? That some of the crowd are dirty hippies? So what?
So you won't mind then if they come over to your place and hang out in the yard once they're evicted from the park.
With apologies and h/t to Clint Eastwood and High Plains Drifter.
Who has a yard in Manhattan?
a ha ha ha......!!!!
What is this s2.photobucket.com subdomain? They stole my moniker. I've been using it since they invented 3.5" floppies. Should have copywrited it. I only own the business name, s2ware.
s2bert
Looks about right for a 3rd world bazaar, which is just about all we are now.
you´ve never seen a sleepingbag before?
-40 and counting...Maybe you should go rally brownshirts elsewhere...anywhere. Some of us prefer even the folks in those photos over the folks they are protesting against. Glad to see you openly throwing in with Jamie Dimon and Blankfein, you know the guys being protested against.
http://latimesblogs.latimes.com/nationnow/2011/11/occupy-seattle-chase-dimon.html
And many would like a strong rope with a noose at each end, one for those the protestors are protesting and the other for the majority of the protestors. I have watched a ton of interviews with the OWS crowd and the overwhelming majority are clueless, inarticulate, stupid wannabe urban hipster oxygen thieves who want somebody else to give them something. Very few have any concept of how things work or why we are where we are and most seem to want to further empower an incompetent and corrupt central authority to make life fair for them. Interspersing demands for stuff with bleats about the failure of free market capitalism which we dont even have hardly gives me any respect for them.
While I have little use for the bank cartel leech on my neck these fleas and ticks trying to attach to my legs are little better, both aspire to take anything I have and award it to themselves. Its possible that they only show interviews of the most vapid idiots they can find, but it is certain that there are a very large number to choose from.
I gurantee that's exactly what is happening. The MSM did the exact same thing with the Teaparty movement to discredit it. Did they look for well spoken libertarians with a strong background in Austrian economics? No, they looked for half-wit red necks who were incoherent about everything except racism.
As it happens the average IQ is 100 which means half the population is below that...as such any group of a thousand people is indeed likely to have quite a few idiots. This is true in every country in the world. Judging a group based on the lowest common denominator is very informative, if you are interested in learning about that group's lowest common denominator.
European's love to point to interviews with morons from whereversville and say all Americans are idiots.
Tick and leech isn't really a valid comparison. More like hangnail (OWS protestors) and a sucking chest wound from a .357 desert eagle (central banksters).
All fixed in Europe:
Merkle, Sarkozey et al do a dance: http://youtu.be/ECzC7YIt7F4
STOP, STOP, STOP!
I'm laughing too hard, and I can't even keep up anymore!
Big time, this winter is going to be remembered. Over here in the US they are playing it up that the Referendum is killed but when you read the other stuff outside the US, it's not. The opposition around 2:00 pm New York time walked out after the leader gave a speech saying the G-Pap is a lier and blackmailer (I really would like to know more about this, truly), and that he told them he would resign as part of the deal in the speach he gave earlier but he didn't. Things are breaking apart fast and they know this can't last to long.
Shorts are just trapped. Freaking trapped. How do you exit when everyone want ahead of you? They sucked em in and now will shot them out a cannon. "He who sells first sells best" is now "he who buys last pays dearest"
that is why I thought the market should be jumping much higher than this - something like 4%-5% on the news of ECB cut and referendum gone.
plus a collapse of the greek govt. and a reelection might be bullish for the market since there will be no referendum for sure and there is highly unlikely they will reject the bailout.
My sense is that no Greek party is willing to agree to the deal because of the pain involved.
So if the Greek govt. falls (as seems likely), there will probably be lots of wrangling and possibly new elections. All the while, Greece is running out of money and the French and Germans have made it clear that they won't release the next aid tranche until the Greek government agrees to the aid package.
Even if a new government is formed in time, will it be any more willing to approve the aid package than GPap was? It appears to me that no Greek politician is likely to accept the package unless it has been approved in a referendum.
Collapse of the Greek govt. just means more chaos.
Huh? Speak for yourself. The beauty of shorting the market is that one win (read: market dump) makes up for a lot of smaller losses (read: low volume meltups).
This is one short that won't be exiting the market anytime soon with this type of BS fueling the vapor run up
Haha--with the vix above twenty-five, anybody with money in the market is trapped.
Damn straight!
Say those with OPM as they make it to the parking lot.
So, is this a Greek Tragedy or a Greek Comedy ... I knew I should have bought the Cliff's Notes ...
It's Greek pornography (lot's of man fucking his fellow man in the ass).
Either referendum does not mean what I think it means, or 2 and 10 contradict each other.
Good catch. Is it possible the 'opposition' is also a banker sponsored party?
A question all Greek citizens should ponder...
Yeah, no. 10 contradicts "the day democracy died", too.
But its such a F'd up situation, what's the point in quibbling? It will all change in an hour, anyway.
Translation:
G-Pap will quit and a coalition government will pass everything by a large majority. Then they will herald the new era !!
This not only reconciles #2 and #10, it also squares away the opposition party leader's (completely phony) calls for talks to resume only after Gpap resigns.
There it is now fixed for all to have an accurate glimpse of the future.
As I have said before, only a revolution will stop the fucking clowns from lying, cheating and deceiving. Anything else, is just bits and bytes in cyberspace.
neither, it's greek mythology
winner
cept in this version, Hades runs ALL three worlds
One world government by any means possible, I suppose.
The 7 easy steps to controlling the world without doing any physical, mental or any other kind of work (let's call it, oh, I don't know - The Red Shield Method):
1) Buy off/bribe/blackmail/extort/destroy any lawmaker/politician/military officer who poses a risk of thwarting your plans. *Very important first step.
2) Create fiat using nothing more than an computer/ledger entry, backed by nothing of inherent value, that has legal recognition, and in fact, is a monopoly currency with no legally recognized alternatives.
3) Circulate such fiat via loaning it out, charging interest upon it.
4) Successfully get nations (war is a fantastic motivator to borrow), business entities and individuals (food is a great motivator) to borrow said worthless fiat that was conjured from thin air, and pay interest, pledging their real, inherently valuable assets in exchange for said worthless fiat (i.e. meaning that their real, inherently valuable assets can be taken if the conditions that make it impossible for them to repay the worthless fiat are [intentionally] induced).
5) Set the rate of interest payable on the loans of fiat that was conjured from thin air, solely at their discretion.
6) Supply more of such fiat, or withdraw fiat, to/from the system, at their discretion, bringing about inflation or deflation.
7) During times of large scale loan defaults, on the repayment of the fiat that they conjured from thin air, backed by nothing of inherent value, seize the most valuable assets that exist on the planet, many of which mankind depends on for its very survival.
its a tragic comedy!
Aristophanes would be proud.
Anybody watching comedy central....err I mean CNBC today...
Will Greece go away already, Italy and France and the European recession is much meatier fare.
Today must be the day the market prices in the upcoming Greek default/defection from the Euro. Without this horrible G-Pap in charge, we would surely be another +30 points on the ES (or more!)
that opposition guy's tone is too negative. how unprofessional.
The market is quickly turning into a terrible soap opera.
more good news - cnbc confirming the MF thing was just an "accounting glitch"
And JEF is now green on the day. Lmao. Can't wait until JEF ultiimately blows up, and the fringe bloggers are blamed.
The white zone is for loading and unloading only. If you have to load or unload, go to the white zone. You love it. It's a way of life bitches!
I wish I could do business like Jeffreys.
"hey this is Visa, calling about your overdue credit card bill."
"I already TOLD YOU, I am hedged on this credit card bill, my neighbor bought the CDS and so now he owes me for that bill and I am perfectly hedged. Na na na na na."
I wish these Greek fucks would just shoot themselves in the heads.
Pay your bills or suicide yourself MF'ers!
-5? looks like we've got some Greek fucks here....
No just humans seeing a banker conquest and not agreeing with your overly simplistic analysis. Nice to see you siding with the international banking cartel. You truly are a groupie.
Bullish?
by tomorrow cnbc will report that greece is a simple misunderstanding; they found some missing $;
MF no big deal and Jeffries a victim
Well the Germans and Irish did so why not Greece too. And this is how shit turns into gold and all is well again! And maybe the Spanish will turn the graph of house prices upside down and claim that the housing market is booming, everybody shud start climbing on the property ladder and the insolvent cajas will do the financing again.
Glitches.
Glitchez bitchez.
There, fixed it for ya.
Doesn't item 10 contradict item 2? They need a referendum for a referendum? Gutless tinbag giving in to the threats of no more money if he doesn't scrap the previously aforementioned referendum.
What Greece needs now is some more violence to take the power back from the banks.
Maybe some lynched French or Germans dragged through the streets of Athens might help.
Slow boil continues until the frog is dead.
greece will become an occupied territory of the banksters by the end of 2012....the usa/nato will occupy it militarily to rule it as a vanquished enemy....
and so debt claims its first sovereign....that charlie brown is what sovereign debt is all about
I am glad I took my Sovereignty back or else I could of been on the hook for a LOT of Taxes, hows it working out for the rest of you surfs.
"Surf City"
Thanks been a long time since I heard this song-
http://www.youtube.com/watch?v=XCViNDamB1E
One of the most underrated bands ever.
Maybe JEF is comingling accounts like MF?
I'm 100% sure that something illegal/unethical is going on there, so yes I am yelling FIRE! you motherfucker on CNBC. Shut the fuck up.
Jeff is coming on Ling?!?!?
You don't say.
G-Puppet
So the price of democracy is 110 bn per year (current pace of bloodsucking) from european tax payers, unlimited line for banks from The Institution of Zeee Price Stabeeletee, tax payer sponsored "sweeteners" to the tune of 30 bn for private sector creditors to "accept" haircut for their BAD investments, loss of sovereignty and total and utter collapse of the society. Must be good for equities, eh...
If youre tired of all this Greek BS, once the market has taken the entire country to the woodshed we will have to go through all this nonsense again with Italy and then Spain , France etc. We should have got the hang of it by then so dont expect itll take as long. Which is nice.
Oh, can't wait. DOW +15% for each of these countries, too? DOW 36,000 in no time at all. I guess I should get long.
Pathetic populist bullshit from Venizelos.
Pay your debts or at least offer a constructive plan to pay it back. What do they expect? To get 100% scott free, have no debt, remain in the Euro Zone and restart their lending and spending binge?
How much fuel can a country with a worthless currency and no economy to speak of afford to import?
NONE
How much fuel can a country with a worthless currency and no economy to speak of afford to import?
Im not sure, but I assume youre talking about the US?
You forgot a few steps.. Exit Euro, Print Drachma, print and spend at will, wait 20 years, get reintroduced to whatever global currency is place.
G-20 agrees to raise IMF resources
In13:50
FOREX Dollar index sees new lows (76.59 -0.50)
13:39
ECONX Headlines crossing that G-20 agrees to raise IMF resources according to sources
laymans terms, more theft from the people to prop up this massive ponzi scheme
What a tangled mess of deceipt. Has G-Pap reading from BO's teleprompter?
"Solving" Greece just shifts focus to the elephants in the room.
This "theatre of the absurd" is better than a documentary of KK Fellating the entire NBA
10: The bottom line is that the Greek people should decide about all the above.
Inevitably, only it won't be through a peaceful referendum.
Germany and France won't go for number 7. That's what this is all about. Greece thinks they have Germany and France by the balls. What's your response Fraulein?
It's okay. The story will change again some time tomorrow.
It is perhaps better not to look at all. I think.
Practically no one in Greece is working, and you want some guy to quit his job?
the referendum "show" was intentionally done to raise cash for the ECB. they knew when to short the markets, then went long with a retraction. a crises is created, then a solution is conjured up. that's why all the false rumours!
look who frontruns all this junk. we're played as fools, time and time again!
It goes to show that only fools would play this market.
A slight bug in your text, Tyler: It's not "a take on G-Pap's speech", of course, but a take on Venizelos' speech.
Looks fixed to me rates down in europe euro up market up what not to like??/ keep bashing waway shorts, youle just keep getting stoped/.....market will be up 10% this month
GPap have the power. If he wanted, he could make Merkel and Sarkozy lick his boots. But apparently he's too much of a pussy.
There is too much debt. The only way out is:
1. Write off debts (i.e. correctly restate all asset prices to reflect reality)
2. Inflate (destroy the currency to change reality)
Wall street and their media pals are all clamoring for #2 - inflate the problem away. Oil and the markets are acting like there will be inflation, but the bond market and Gold are sitting on the fence or even negative on inflation.
So what to do? Go long the market, or short or just stay away? My gut feeling on this is to stay away UNTIL the Fed announces it will indeed expand its balance sheet (i.e. REAL QE)....then go long the market, oil and precious metals. Otherwise wait to see what happens with China, and if things start to fall apart there then go short and wait for the Fed to respond with massive money printing.
I think if they keep playing the rumor game to move the markets much longer they are going to destroy the entire financial system (which must be based on trust after all).
"Stock market says it is over and the stock market looks 6 months out" So the crisis is over.
Even though todays action solidifies that the stock market looks 6 minutes into the past.
I don't think it looks 6 minutes out anymore. Flash a headline and watch it move... That is not forward looking. That is living in the moment.
You mean 6 fractions of a second? Machines are much faster than humans.
Stock market fixated on Bernakes azz
>> 6: Greece must receive the 6th tranche before December 15.
What happened to November 15th? Every month they find new money... Does Greece really have issues? What a joke!
I guess the greek "gubbmint" managed to renegotiate the latest date to pay the first installments for the 2012 Porsche Cayennes from Nov 15 to Dec 15.
These Greek idiots really think they can renegotiate endlessly. "Yes, we have this agreement but let's have another agreement!".
G-Pap is an IMF agent people. all the greek riots so far, have not made a dent in ousting the bastard! the rating agency downgrades are all part of the scam! you all don't think that there is no insider trading going on? all that is going on, is part of the great ponzi!
Average investors are going to get rumor fatigue.
That's why they invented the algos.
Algos are like honeybadgers, not giving a shit and all.
lol +1
Conquest without war is still conquest. The pathetic thing is that the fearless leaders are probably patting themselves on the back that even though they are destroying countries, at least they are not bombing them. Well, not all of them anyway.
This just in:
Is G-Pap getting the helicopter ready?
http://edition.cnn.com/2011/11/03/business/greek-tragedy-argentina/
I cant take this greek shit anymore.
Out of the market on EWZ. SOLD at 61.73
I think it is still a long term buy for a dollar cost average strategy.
All cash again. Probably the wrong time.
.
@Clueless Economist
Dont worry , as the depression intensifies, you will become one of them too
The Greek opposition is against austerity. Therefore it doesn't matter if we get referendum or elections or anything else - the end result will be default, and exit from EZ. All paths lead to default now, and it makes me wonder what these waves of emotions in the markets are about?
After they fired all military chiefs, the problem is not going away. It has started brewing in very unhappy military. This path also leads to default.
The EU is in for at least another 10 years of this shit if the PIGS mimic what Greece just pulled.
If the EU wanted to retain a shred of dignity, they would boot them and move on.
Better to be two years into a recovery then two years of crap.
The Loan Boat http://www.youtube.com/watch?v=mSFb3ItC2QA will go for another trip ...
How can opposition set a resignation-backed ultimatum if they are against the referendum themselves?
Ah, they're afraid of a consensus IN FAVOR of the bailout. I've been wondering what Papa's gyrating was all about. The bluffer set this ploy to spike back confidence and it blew up in his face. NOW I REALLY SEE HIM.
*eyes bleeding*
Seize his power.
Suppose GPap loses the vote of confidence. Then wouldn't that mean that a new government would need to be formed and possibly that new elections would need to be held?
It sounds as if the French and Germans are not going to release the next aid tranche until a Greek government has agreed to a bailout plan. And how long is it going to take to form one? So now we have the new danger that Greece may run out of money before they have a new government.
I've read that some Greek papers are calling GPap the "Lord of Chaos".
Confidence vote tomorrow. Then you can start making up headlines.
OT, but relevant. While I'm reading ZH by wife is watching the telly and there is talk (from slovenia's ex p.m. with a panel of guest economists) of splitting the EMU into two zones: Today's Euro and new SuperEuro. Should Greece remain in EU, they would join Italy, Span, Portugal and maybe Ireland in having the ordinary euro, while the others would "level-up" to the super euro. This was his prediction for 2012. While to me this sounds incredibly stupid it is almost exactly idiotic enough to be undertaken by Eurocrats. Overly complicated and solves nothing. Perfect.
Edit to add: Someone else just attacked France as being the biggest accounting cheat in Europe. Paraphrasing: "Should real French accounting ever come to light, the Euro would fail immediately."
Pappy is a traitor. He played a game with the hearts and minds of his people (we're gonna have a referendum) for his own political gain. He deserves the usual end granted to a traitor - at the hands of the people he is betraying. He doesn't deserve to be in power. He doesn't even deserve to walk the streets and call himself a Greek. He is a spineless, NWO tool.
War is a commercial action. Greece can tell the world how painful the sharp stick is I don't expect to hear any nonsense about the meaning of the word, "sharp".
http://georgesblogforum.wordpress.com/2011/11/02/the-daily-climb-2/
So if G-Pap has had to back down on the referndum idea, does he also have to re-instate the Colonels?
I am sure Sarkozy -the real loose cannon in all this- would be happy with the militiray coup idea.
On another blog, someone noted that there were comparisons in history between the current European crisis with a rich northern roup of states and a poor group of southern ones, and some other great conflict 150 years ago that ended in a civil war. Seems that we are heading the same way if they insist on castrating the Greek Govt, and then the Italian, Portugese, Spanish (they already did it to Ireland) and imposing central politburo diktats.
Of course the victors' version of history records that great time of misery as being wholly concerned with the war on plantation slavery, nothing to do with financial power and universal enslavement; I wonder how they will write up this one.