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Athens Municipality Runs Out Of Cash; Suspends All Operations
Remember when we said cash flow is always more important than diluting the M2 (the Fed is great at the latter, powerless at the former)? Here's why: The municipality of Acharnes in northern Athens has decided to suspend all of its operations after running out of money. The municipal council met on Thursday night and voted to stop providing anything other than basic services because of its inability to pay employees’ wages and regular expenses. In Nintendo Donkey Kong Game and Watch parlance: Game over.
“Acharnes Municipality will remain closed indefinitely, until the financial problem can be resolved,” the local authority said in a statement.
The municipality will operate with just skeleton staff, which trash will only be collected from outside schools.
Mayor Sotiris Douros is due to meet Interior Ministry officials on Friday to discuss the municipality's problems.
He wants the government to reduce from 11.5 percent to 5.5 percent the interest rate on a loan to the municipality. Douros argues that the monthly loan repayments of 500,000 euro is to high.
Coming to an insolvent, cash free, Keynesian experimental abortion near you.
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Wow....can they do that?
If you can forgive the odd phrasing, I think the most accurate statement is that they can't not do that.
The Careless Whisper Morning News Update & Threadjacking
NY City Cops In Lines Outside Apple Stores To "Help You" Register Your iPhone5 - With Them
http://gothamist.com/2012/09/20/nypd_will_be_at_apple_stores_on_iph.php
Woz Waits In Line To Buy iPhone5 In Australia
http://www.latimes.com/business/technology/la-fi-tn-iphone-steve-wozniak-20120920,0,3985092.story
QUOTE OF THE DAY: "She checked the box that said she's a person of color. Look at her." Senator Scott Brown In Response To The First Question In A Debate With Harvard Professor Elizabeth Warren (VIDEO)
http://www.youtube.com/watch?v=Gv25v46Knm8
Full Debate; Scott Brown - Elizabeth Warren (VIDEO)
http://boston.cbslocal.com/2012/09/20/video-wbz-senate-debate/
Quién Es Responsable De La Operación Rápido Y Furioso? (VIDEO)
http://dailycaller.com/2012/09/20/obama-slammed-on-fast-and-furious-in-spanish-language-tv-interview-shouldnt-you-fire-eric-holder/
Ouch!
Careless... Great stuff, keep up the updates...
Know gyros, know Greece.
No Euros, no Greece.
Can anyone say "Volunteer Fire Department" in America?
Do they not exist anymore, maybe because of fucking LAWYERS and UNIONS ?
Unions. I was a volunteer EMT and FF in a county that had professional FFs. I could supplement their crew but not replace one of the paid guys due to Union rules.
ooh paah!!
Re: NYC police and iPhones
"Operation ID is provided to the public at no cost. Officers register the serial number of valuable portable electronics along with the owner’s name and contact information. Items can also be engraved with a uniquely identifiable serial number prefaced with the letters “N.Y.C.” "
I prefer a numbered tattoo on my forearm. But that's just me.
<It makes it a whole lot easier when Mrs. Cog loses me in the toy aisle.>
Word is they will also be doing this with guns and drink cups that hold more than 16 ounces.
with a cigarette dangling from their lips
There are no guns allowed in NYC.
Places like NY, DC and Chicago, where politics is corrupt, tend not to like the citizendum to have guns.
My wife and I are sending out our XMAS cards in November to miss, as we will state "the December 21st Mayan rush".
Our picture on it will have the two of us on the couch with our tin foil hats on, ala "Signs".
If life serves you lemons, make lemonade.
Hey CD, I'm assuming that's the ADULT TOY Aisle?
Of course they can do that...says so right there in the article. Skeleton crews, bithcez!
Bith said no such thing.
Greece and Spain WILL default and leave the Euro. The only questions are: 1) what will this do to the Euro, and 2) how badly will society in Greece and Spain be broken before this happens?
A quote from his new book; Perfect Theories Can Not be Falsified
"... They should not have waited this long to break all the windows! ..." - Krug
No Tickee, no Shirtee.
No they cannot! But as economists are fond of saying "on the other hand...
...voted to stop providing anything other than basic services...
Subject to change...(for the worse)
Best if everyone recognizes that this will be happening everywhere soon enough. Gov't revenues are plummeting and the cost to maintain ever increasing debt is, well, increasing. Do the math friends. So... taxes and fees will increase while services decrease... this will continue as long as people are willing to continue to pay increasing taxes for decreasing services. At some point they either won't be willing to, or won't be able to.
The wildcard in all of this... before this reality hits everywhere, we will have WWIII... in part as a choreographed distraction and in part as a race to see who gets to decide what comes next. Tick tock, tick tock.
dont forget the winner in WW3, gets to write history !
For sure. Just as the narratives of WWI/WWII have very little to do with reality, what is left of humanity after WWIII will come to believe that it was some great global struggle of good vs. evil and good won. Same as it ever was.
I find it humorous that people fret about the government taking control when the dollar fails. How long do you think cops will show up, (anywhere), when they figure out they aren't getting paid or that their employers are paying them with worthless scrip?
Cut services to bare minimum -- catching rats, picking up the dead, etc ---- stuff like that. And as for those $600,000 mayor salaries and school administrators with $15,000,000 pensions....don't get me started.
And the music stops ooooooooooooooppa
The trash will pile up AND THE RATS WILL MOVE IN!!!
BANKSTERS HEAVEN!!
Japan gave us Nintendo.. what has Israel provided?
A royal pain in our ass?
<What did I win dark pool?>
You shall be knighted by Princess Zelda and henceforth be known as Sir Cog'D in all the realm
http://www.cosplay.com/photo/1441249/
smoked salmon bagel with cream cheese?
I beleive the Desert Eagle was orignially designed in Isreal.
EDIT: Nope. Sorry.
the bible
Ding ding ding WE HAVE A WINNER!
Israel gave us the bible? LOL. Sorry. I'm pretty sure that was St. Jerome.
A model for sensible and non-intrusive airport security.
Oh wait, we don't use that.
90% of the world's financiers?
Captive control of Wall street, the MIC, entertainment, government, and media???
Did I get that right? Where do I collect my prize?
Did you say at camp....wha...FEMA camp?
Pay them with the trash that they will still collect at the schools. No difference then the Euros they are using.
i dunno ... Euros can, for the present at least, still be converted to gold & silver. Trash, not so much ...
On a more positive note, free parking!
And you don't have to ask a supervisor if you can have the day off. Lots of positives here.
This is what we call depression economics folks.
And no there will be no managing this type of thing when it spreads.
I think this also happened in the 1930's.
i think it was a different era-more "civilized" and polite, there are a lot more "people of color" around now-with the "you owe me" attitude
No need to make it race based... everyone has a "you owe me" mentality. Other differences: Just in time delivery and mass transportation of goods and services make us remarkably dependent on shit shipped to us from all corners of the earth. A relative lack of local self sufficiency makes a relative level of chaos a certainty if the wheels of globalization grind to a halt. The great depression had something like 2 billion mouths to feed, we currently have about 8 billion. And before someone says, "Yes, but we have become so very good at producing food"... you must recognize the role that cheap energy has played in our ability to drive down the cost of food production. People during the great depression were about one generation removed from a primarily agrarian society. Even so, people were limited in their ability to be at all self sufficient. Fast forward to today, that ability is basically gone.
A relative lack of local self sufficiency makes a relative level of chaos a certainty if the wheels of globalization grind to a halt.
And before someone says, "Yes, but we have become so very good at producing food"... you must recognize the role that cheap energy has played in our ability to drive down the cost of food production
Yes, but we have technology!!! That's what I was told yesterday(along with a dozen dings) on ZH when I made the energy observation....
You mean printing money is ultimately limited by available resources/diminishing returns and faith? Say it ain't so!
Why don't they just declare bankruptcy?
That would be a win for the 99% and a loss for the 1%. Can't have shit like that happen...got to keep them game going no matter how bad it fucks the unwashed masses.
Now the trash and shit will really start piling up. Here mr. banker, come get you assets!
Where's suguar dady Draghi?
ah ... that's only for banks ... sorries.
"He wants the government to reduce from 11.5 percent to 5.5 percent the interest rate on a loan to the municipality"
The government of Greece is really just a bank, this explains a lot.
Doh!
And when they lay off the police force, it will be ransack time.
The police and other government officials already ransacked what was left by the bankers.
Never on a Sunday, Monday, Tuesday, Wednesday, Thursday, Friday andddddd Saturday.... When running out of money, your options are severely limited....
will anybody notice the difference? I know if the slug employees in my town didn't come in to work no one would notice.
Only when their illegitimate monopoly services stop working.
If they enforce one thing, it will probably be to shut down any entrepreneur trying to "horn in" on their "turf", even though they have abandoned it.
The bankster dicks are getting hard; BEND OVER WORLD.
Game Over - Insert Coin
trash will only be collected from outside schools.
Why do they always worry about the kids !!!!!!
It's all for the children!
Bullish
can you smell the Desperation, the Fear............or just the Shit piling up
Note to Greece: ICELAND
SHOCKING. I mean TRULY shocking. If I'm Spain I'm looking at this and thinking...well..."bad thoughts."
Hey, where did my chair go? Why am I the only one left standing up? Who turned off the the pretty music?
I can remember this very same thing happening in East St Louis, I think in the late 70's sometime, the city ran out of money and shut down everything, police, trash pick up, everything. I remember the national guard coming in to act as a police dept. I looked it up, HERE it is.
Is this city saying that people should take their trash and dump it outside of schools? Sounds sanitary. And who exactly is "skeleton staff"? Administrators that "manage" the shutdown?
Skeleton staff are those people too poor to eat and they're willing to work for peanuts. Coming to a town near you.
THIS is where we are all headed in case anyone was wondering just keep your head down and for GOD's sake SSHHHHHH
Hopefully they'll be out of operation long enough for people to realize they're not needed.
"...loan repayments of 500,000 euro is to high."
*too ffs
Let's get real here... Acharne is a small suburb with lots of poor & foreign people. In fact lots of gypsy folks live there. Population of 10-20K at max. Most munis are straggling but they are okay -for now. Acharnes is weak & prime for a fall but let's NOT feed from this and spread it to the entire Athens region.
You mean there are echelons of plebs?
Finally. Was about time!
Despite Greek yields falling below 20%, they will not be able to sustain any law and order.
http://confoundedinterest.wordpress.com/2012/09/21/eurozone-deflation-netherlands-housing-spanish-mortgages-but-greek-yields-fall-below-20/
The government is going to have to do something fast. If they go on long enough, they will realize they never needed a big government.
I'm sure we can countont he Greeks to act with rational restraint. Like Pakistanis.
Putting all of the jokes aside... this is going to desend into something very, very ugly. It is a human tragedy due to the failure of liberalism and the politicians who bought their way for the last 60 years. Cheque is due.
the whole town took a double dose of Fukitol
good for them
default is actually an option
and its better to pull the plug proactively than to let it happen to you when you're not prepared for it
Will anyone in Athens notice the difference?
Yes. When the toilets stop working and children start dieing of infectious diseases.
Long outhouses!
LONG PIG