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Greece Warns It Will Soon Be In "Condition Of Absolute Poverty"
And while the bankers (on both sides of the table) haggle about how to best leech Greece even dryer (with a solution due any hour, day, week now), the actual people are starting to wave the white flag of surrender. Because the opportunity cost of every additional coupon payment is having a direct, immediate and increasingly more dire impact on virtually every aspect of the economy. Kathimerini reports that "about 160,000 jobs will be lost this year in the commerce sector, according to the National Confederation of Greek Commerce (ESEE) as the constant decline in disposable income has led to a sharp drop in turnover and a steep rise in the number of enterprises shutting down." Indicatively, the latest Greek employment figures per the IMF, show that 4.156MM people are employed. So commerce alone is about to lead to a 4% drop in total jobs. As the chart below shows, net of just this sector, Greek jobs are about to go back to 2010 levels. What this means for the Greek unemployment rate, and for GDP we leave to our readers, although the ESEE does a good job of summarizing what to expect: the "ESEE warns that soon Greece will be in a condition of absolute poverty." And that, ladies and gents, is how Europe slowly but surely reentered the Feudal age, and what every other country in the European periphery that has a massive debt load, and no surplus (actually make that every country in the world), has to look forward to: absolute poverty, aka debt slavery.
From Kathimerini:
The jobs to be lost concern 60,000 employers and 100,000 employees in the sector, ESEE expects. Given the data for a 6.2 percent fall in household consumption in 2011 and the Eurostat forecast for a further decline by 4.3 percent this year, ESEE warns that soon Greece will be in a condition of absolute poverty.
With 60,000 enterprises having shut down since the start of the crisis to date, their number is set to double by the end of this year, ESEE estimates.
Once again, it appears that Chuck Palahniuk will be proven right when stating that it's only after we've lost everything, that we are free to do anything; and it will be up to the Greeks to prove him right.
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So I guess all of those people "waving white flags" still haven't figured out that they have absolutely no say in the matter................
...but POVERTY is what the Banksters wanted. Along with your unelected president.
You're darn right. The EU knew what they were doing when they let Greece in.....
The western world has been in the feudal age (that is, in bondage to economically privileged minorities) for centuries. This is just one of those times that the bones under the pallid skin seems to be showing a lot....
They will cry fool till March, then they will receive another 12Billion Euro goodies from Germany c.s. ..which will last 3 months, after which they start the game again. When you owe a bank a lot, you are boss! Never underestimate Greec wheeling and dealing..
If the greek politicians had any sympathy for its citizens they would just leave and start all over again. Unfortunately the squid will never allow this so they will continue to suffer
Met with one Greek trader at Armada Markets client event today. He said the unofficial unemployment is reaching around 60% there. The country is toast. The political system is totally corrupt there. You have to pay everybody to even go to a toilet and take a leak. And it ain't better in Portugal and Spain. EURUSD should be trading at 1.0000 or lower even with the FED diluting the dollar purchasing power.
Fuck off, spammer. How many sock puppets do you have here shilling for your retarded armada markets site?
Greeks need to let the country default, then the people need to rise up, remove their elected from their offices, form a new government and claim: Odious Debt
http://en.wikipedia.org/wiki/Odious_debt
It's an easy 3 step plan to future prosperity every citizen of every country needs to learn. Time to take this world back from the central banking system bitchez!
The Government got the loans to pay the salaries for all those workers and to pass out benefits. You are suggesting that a majority of the people of Greece will bring in pliticians who will not do that? That is what the politicians now see as their job.
Worthless bonds and swaps: The "rich" must be in panic mode.
Good.
I'm on a roll.... Example of Greeks rising up against evil CBanks (played by the confused white guy)
http://www.youtube.com/watch?v=cwOz4YkiRao&feature=related
promise that's the last one
Remember everybody in the EU can just pack up and leave to any other EU country. And not be responsible for the debts of the government whose citizenship they have. I think there will be massive emigration from the periphery into Germany etc.
…absolute poverty…
That’s BS. They should look at Ethiopia or Somalia to understand what is absolute poverty.
Absolute poverty is when you can’t even find grass or rats to eat.
...and when there was no meat, we ate fowl and when there was no fowl, we ate crawdad and when there was no crawdad to be found, we ate sand.
~Raising Arizona~
Just waiting for the some Washington bureaucrat to declare that sand is now officially a vegetable under the federal school lunch program.
And you can use radioactive milk to wash it down, as long as the EPA deems it not more than 100,000 times the "safe" level of a year ago....
The EPA just increases the safe level until it's covered. Voila, problem solved.
They just raise the death ceiling.
LD50 is a thing of the past, as it's been rehypothecated....
"And Mama would throw the live crawdad in a pot of boilin water. Well, one day I decided to make my own crawdad... and I threw it in a pot; without the water, you see? And it was was just like making popcorn..."
~Raising Arizona~
absolute poverty is where bankers want to have us..
you are right, in Europe - even in Greece - it is still a long way to absolute poverty...
However: even the longest hike starts with a first step...
This is how communist revolutions happen.
Just go "Iceland" and tell everyone to fuck off.
You're another Iceland ignoramus.
Iceland didn't tell EVERYONE to fuck off, just its own bankrupt banks. Greece has far far larger problems than its own banks.
Educate yourself: http://en.wikipedia.org/wiki/2008%E2%80%932011_Icelandic_financial_crisis
I'll give it a couple more years before Iceland decides to default on its national debt, once its well over 120 percent debt / GDP.
The IMF using an economic method that it was not realistic not only for Greece but for Europe also proved that the great economists of IMF or learned nothing in their universities or by purpose wanted to destroy Greece.
Also the ex prime minister GAP the banksters insider created all the bad conditions and murdered the Greek Nation putting it into poverty.
The whole political system nowdays in Greece is corrupted and the people of Greece consider them us murderes and traitors.
The whole political system in cooperation with the european union "cooked" the books using the famous criminal organization Goldman Sachs and increased the greek national debt.
So the greek people not owe one Euro to banksters and their local organs.
Now the Greek people are prepared to resist uprising against the banksters becouse the have no more money and so the have nothing to loose.
You must serius note that the uprising will be so gigantic and out of control against the greek political pupee,banksters and european union and nobody knows the consequences of this.
Especially the German intervention in the greek administration reminds the murders of the world war ii that happens in greece from the third reich.
I advice all the foreigners and local banksters especially these of IMF to leave Greece alone to live and to return home before is to late for them and the europe.
We do not want their money.We pay nothing.We want to know how the debt created and who created it.Also where is the money and who took them.
But...........But, you said debt was money....................................
"And that, ladies and gents, is how Europe slowly but surely reentered the Feudal age, and what every other country in the European periphery that has a massive debt load, and no surplus (actually make that every country in the world), has to look forward to: absolute poverty, aka debt slavery."
So over-the-top. So alarmist. So extreme. So absolutist.
So true.
Hang the bankers already Greece! Go THIS IS SPARTA on their asses!
Where do junkies get their smack once they've killed off the dealers?
----"Damn, its good to be a banksta... hope those meetings in West Berlin ain't about bankstas"----
The "absolute poverty" warning sounds like hyperbole. Will Greece go back to stone age? I doubt it.
The Greeks binged for about a decade after joining the Euro zone. It's time for a little austerity. BTW, US should try that as well. That's the only way to unwind misguided policies.
Demodokus struck the lyre and began singing well the story........
What's Greek for "Odious Debt"?
We be fvckedopolous.
http://www.evtv1.com/player.aspx?itemnum=5777 This sums it up perfectly, because Brian (Greece) tries not to pay, and Hewie is played by Timmah
they both deserve each other
King of EMpty promises
http://www.myspace.com/video/keith/king-of-empty-promises/335860 (4:38)
"Condition Of Absolute Poverty"
The 'Zorba' syndrome.......
Why don't these idiots just fkn default already?!
All of those great ancient philosophers, and now the country is a gigantic debt prison, and the bankers and hedge funds will get their "Greek deal." Makes me want to kill myself.
No. Don't ever say that. Your posts are great.
Because the government works for Goldman.
Goldman stuffed Romney's wallet this past month. Of the top 10 contributors 6 were banks or financial investment firms.
And they stuffed Obama and Newt wallets too.
Goldman needs to be dismantled and all the CEOs that are still alive arrested and shot for treason.
The Goldman gang. lst domestic terrorists held indefinitely at a FEMA camp.
'Greek jobs are about to go back to 2010 levels.'
That would be 13.1 months ago. Weren't they doing better then? Sounds like a positive thing.
"And that, ladies and gents, is how Europe slowly but surely reentered the Feudal age, and what every other country in the European periphery that has a massive debt load, and no surplus (actually make that every country in the world), has to look forward to: absolute poverty, aka debt slavery."
People are just so ignorant. Historically when these problems arise what happens is the rulers use the police power of the state and throw off the debt that they don't feel like paying. And in those rare cases where they don't do that and insist on paying the debt whatever the burden, the people take care of it for them as in the French revolution. But don't worry this time will be different. The whole of Europe will just go quietly into debt slavery and nobody will ever mention the ancient rallying cries in its last apparition was referred to as International Jewery. Perhaps this time around they can refer to it as International Goldman Sachsery but I repeat myself. Historically it is either the Italians or the Spanish or one of the other Southern Catholic countries that start the ball rolling with one appearance each for France and Russia and the Germans typically being late to the party. So who goes first and what is the new slogan? I don't know, but somebody will move and the slogan will be something.
This is gonna happen here too. (All of Europe, Japan, US, Canada)
SLAVERY OR POVERTY, WHAT WILL IT BE SHEEPLE???
Most people will choose slavery. Tyranny of the majority. That's called democracy.
Correction: Elective democracy, combined with pretty much every significant power being controled via anti-demographic means.
If you're going to hate the results of so-called democracy, you gotta acknowlege the specific blend (implementation) of "democracy".
(Disclaimer: I am not of the opinion, that decision-by-demographics (true democracy) will efficiently solve everything... but then again, neither does any other singular ideologically pregnant doctrine.... i'm just saying: There is stuff where democracy can work - and it isn't actually applied that way for now.... you notice it whenever decisions are made against popular wishes... which is kinda often nowadays, because by now they even fail to consistently "propaganda" the masses, and instead rely on other things to do the grunt work - like: collective passive-aggressive capitulation (WE are powerless - fucking assholes!)).
Release the IMF kraken!
Italy and Greece have both entered into a greater depression.
Kinda sad actually. But they had it coming.
Greeks, kick your self's out of the EU NOW! You will be able to take out the European banks. You want payback, roll with that. France will kick out the horrible French worm and the Germans are a c-hair away from kicking Merkel out. You want to speed things up, cause the ripple. Everyone was greedy. And the markets punish greed very well.
C'mon grow some f*cking balls and force your weak government to kick your self's out of the EU whilst sending a F*ck you to Germany and France.
It's disgusting what the "troika" is doing to Greece. And it will never hold. There will be revolt.
http://strikelawyer.wordpress.com/2012/01/29/occupy-oakland-fall-back-re...
Americans need to elect Ron Paul, then send tons of small arms to the European people so they can overthrow their own banksters governments.
Deal?
"I'm not concerned about the very poor" Oh wait, isn't this the story about the 10,000++ plus layoffs at American Airlines? Oh Oh, wait isn't this the story about the new zombie robot being sent to replace the malfunctioning one who the Alpha Centauris want to be the next Emperor. You know so the that inter-galactic reality show can gets its ratings back up with Faux News? 'Planet Earth is blue and there's nothing I can do"
Ground Control .........10
To Major Tom ...........9
Ground Control ..........8
Sounds like they are getting ready to take the right course. Said it before and will say it again. To all of the slave holders. Advise you cannot pay any debt back. It is over. And have a nice day.
Leave the Euro and gear up the "real" printing presses. Drachma currency is back. Yes, it will be painful. Greece will be ostracized, cursed at and spit at...but they will be debt free. Now they have the years needed to build Greece. To hell with Germany, Italy, Spain, Ireland, Finland and the rest. You are FREE! Take the pain now, and it will be painful. But they will come out of this IF they truly reform their ways.
No serfdom doing it that way.
(I sure hope we are taking notes, just a matter of time).
Greece will be all of that and then some. They will also be over-run with tourists. Me included.
Right. If Greece does that, you bet the banksters are gonna fund groups to create chaos across the land to make sure Greece's economic situation stay shitty. That there's massive protests and riots every day, scaring tourists away.
Somehow I think they'll be right in there skimming the tourism money.
.
At the currency exchange booth charging 5%+ commissions on converting Euros to Drachmas, and Drachmas to Euros. The exchange rate vig...
And this time, the Greek politicians will finally get it right, and won't run up the tab again.
Great. Back to the Dark Ages. Hell of a do-over comin'.
Use it up,
Wear it out,
Make it do,
Or do without.
Burma Shave
"Dirt Poor Haitians eat cookies made of Mud" 2/19/09 [WorldFocus*]
http://www.worldfocus.org/blog/2009/02/19/dirt-poor-haitians-eat-cookies...
must google --- sorry/ or bottom screen s.america/haiti/page4
At least it's probably not genetically-modified mud, courtesy of Monsanto and ADM.
exactly. but,... the bags of special ingredients they mix with mud are actually sold in 50lb bags to the indigenous poor --- as amazing as it sounds, it's in the video clip.
This Jim Sinclair interview is essential listening
http://silverdoctors.blogspot.com/2012/01/jim-sinclair-impending-undecla...
Especially when you hear Blythe Masters has been shoehorned into the Head post of GFMA.
Shit is a coming!
While I have no love for the bankster bitchez bleeding the Greeks dry, I see whole generations of Greeks and Europeans that will be left to pick up the pieces. Life is about to get extremely hard for a whole lot of people, most innocent of the sins foisted upon them by the greedy overlords orchestrating this crisis.
These fucking Ruler-of-the-Universe banks and bankers are shitting in their own nests. When will enough be enough?
Bankers will not let Greece default. If Greek gov. formally defaults SWAPS pay out. US Bankers will not let this happen. A SWAP payout would sink the western world.
Greece should call Iceland for advice on how to manage the short lived pain. The ones who are going to be in poverty can be seen on TV pitching peasantry ghost stories. Wise up and see through the forest of bullshit.
Greece is broke. Give them some transition money at a regular rate over the next year or two and transition to a cash basis economy. They have tried to solve their problem by raising revenue instead of cutting government expenditures and that will not work. It is the government that is broke and pushing the engine into liquidation is not the answer. Get government out of the way and let the private sector engine perform. It is government that has ruined the Greek economy.
The private sector engine runs on 400,000 barrels of $110 Brent Every Single Day.
Annualize that and you have 5% of GDP drained out of the country every year for oil.
THAT is the story of the Greek economy, and there is no fix for it other than to shrink the population by 60% over 2 years, because oil is as vital to 21st century life as air is.
FTAlphaville published a report showing how the German Trade Surplus is what covers the EUZone Oil Deficit
http://ftalphaville.ft.com/blog/2012/01/18/839331/this-crude-old-eurozon...
I think Greece only gets really interesting when elections kick in. Two outcomes:
1. There are elections, the Greek people have their say. Message to EU/Merkle - FUCK OFF
2. The EU/Merkle postpone Greek elections indefinately in exchange for last minute defualt bailout cash. Greek people burn the place down. Message to EU/Merkle - FUCK OFF
The greeks already have their German collaborator / Gauliter installed (Ex Goldman) so it can't be long before the mountain partisans show up..
A final thought - people will live happily enough in poverty if its their country, but they will NEVER live without revolt in poverity if their country belongs to someone else. These EU / Bankster mafia better start reading the history books because estentially this is what those books say - ALL OF THEM.
Who would have ever thought that Greece would become a leading economic indicator for America ?
how can Greece be in "debt slavery" when they don't make any payments on debt? Do yu know what year it was when the outstanding debt was reduced? If they are enjoying increased spending from increased borrowing, please explain how that is slavery? Now they have decided to wipe the slate with default, and having learned the lessons well, expect to be able to increase borrowings again. The only ones who are the slaves are the lenders woh forst accumulated the capital that the Greeks were able to borrow and spend without any effort. Quit a nice form of slavery.
debt slavery ... and war.
Watch the Greece crash....
http://www.youtube.com/watch?v=mnfKu5dHp9I&feature=related
The PHIIGS (Hungary added) should form a coalition (how about Group Of Nations Against Debt Slavery?) and have a coordinated default. Greece can be marginalized and deemed irrelevant but the PHIIGS' GONADS could not. Their negotiating power against bankster leeches would be very strong.
The troika is a coalition that needs a countervailing force. GO NADS!
US debt now at ...
15,356,140,493,616.06
US debt now at ...
15,356,145,506,727.07
The bankrupt financial system should be nationalized, a la the Swedish method. Many excellent solutions for consideration are available, e.g., the Swedish financial crisis solution http://www.thelocal.se/14496/20080922 , Mr. Bill King’s parallel banking system http://bigpicture.typepad.com/comments/2008/09/an-alternative.html , Mr. William M. Isaac’s FDIC assisted merger approach http://www.washingtonpost.com/wp-dyn/content/article/2008/09/26/AR2008092602200.html or James Gailbraith’s idea of extending the existing system http://www.nakedcapitalism.com/2008/09/bailout-we-dont-need.html are excellent examples.
"Governor, if I had foreseen the use those people designed to make of their victory,
there would have been no surrender at Appomattox Courthouse; no, sir, not by me.
Had I foreseen these results of subjugation,
I would have preferred to die at Appomattox with my brave men, my sword in this right hand."
Robert E. Lee to TX Governor Fletcher S. Stockdale 1870
after being urged make a statement on being glad to be back in the Union and loyal to the old flag.
no direct evidence or first-hand witnesses to this quote. it is widely accepted by Lee scholars as apocryphal
Aristotle....still fucking over the Greeks after all these years.
People need to remember, absolute poverty is really a zero or one event. You either are or aren't. But we like to 'judge' things as a whole. So as more 1's pop up, we're still looking at the overall statistical 'score' to determine whether or not they are in 'absolute poverty'. Meanwhile millions can fall in, risk dying or whatnot, and no one cares because it hasn't tripped a 'statistical threshold'. Yes, our metrics are all fucked up.
A better way to look at it, is how many people are being transformed into absolute poverty every day? Also...Why should we have a (bullshit monetarism) system set up to do just this for the betterment of others, especially due to it occuring under fraudulent circumstances?
Glass-Steagall
The Gostak distims the doshes!
I'm sensing a truck driving job for their Prime Minister in the very near future. I recommend he have someone take the test for him.
Sounds a lot like California, (absolute poverty) now with new and improved glow in the dark "San Onofre" brand radiation!
No worry. Greeks have been going deeply into debt and then defaulting for thousands of years. In fact, Solon, one of their most revered statesmen is particularly appreciated because he cancelled all debts.
http://en.wikipedia.org/wiki/Seisachtheia
absolute poverty? better make that a 100 year IMF bond.
Zero coupon, of course!
i'll take five, and as many CDS as you have under the counter.
if the burger aint good at least i got the sauce :3
M3 Grease Gun, LMAO! The Fed suppressed M3 and swapped themselves out with a modified EU German Mark to myth. Greeks now commit suicide with a ZIRP Greece Gun, known among the U.N. NWO Masonic Bankers as an American Tommy Gun, made with the Great Wal Mart of China tax. http://www.youtube.com/watch?v=swzZrzCJ4-o <<< maybe the Greeks will take the good advice from this kid at the end of the clip, then take the finger off the trigger to the financial WMD. Labor as bullets, I read it in a magazine ..oh ho, Bu Bu Bennie and the Feds http://www.youtube.com/watch?v=7YUalN7PK98
The hungrier they are the more obedient and suservient the sheep become.
The sociopath masters love it when the serfs come crawling and begging with hat in hand....
The banksters can just come in and grab what they want. One by one the banksters will pick the financial lanscape of all these debtor countries clean like locust in a field of wheat.
Greece Warns It Will Soon Be In "Condition Of Absolute Poverty"You invented democratic Govt, you suck on its results for a while
..Oh it's the 3rd time democratic Govt has bankrupted your country.. you want a medal for the 4th time????
In other words, having to retire at the extreme old age of 56 instead of 50, taking only 4 weeks of vacation per year instead of 8, and a draconian work week for civil servants of 38 hours instead of 32.
Oh the horrors!
I suspect that most Greeks, like most Americans, don't know what real poverty is
Absolute poverty is the absence of enough resources (such as money) to secure basic life necessities.
http://en.wikipedia.org/wiki/Poverty_threshold#Absolute_poverty
ya think
Mud sounds quite nice compared to what Monsanto and MCDs are feeding us, at least there may be some minerals
Could George Washington or Cognitive Dissonance publish some research on the trip points that must be crossed in order for a civil war to set in... Greece can't be too far off from it.
They get what they deserve.
They've lived extraordinarily comfortably off of the largesse of others and now they must pay the price. Sad, but that's life.
Still, like any individual should have the right to wipe the slate clean, so should a nation State.
Write most of it off, but let this be a lesson to them, as bankruptcy would be to an individual.
Isn't the ECB just going to "print money" and get them out of this??? NOT!!! Aren't we just going to have massive inflation because of all this printing???? NOT!!!!
The destruction of Euros/Dollars leads to deflation...
And The Wurlitzer Plays on ....
"Greece could feed itself, says farmers conference”:
http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_01/02/2012_425569
Things are really, really bad when being reduced to a subsistence agricultural society is good.
I think, the Greeks - like the Italiens, the Spanish, the French just well as the American, don't know the radical changes which occured in Germany since 2000 - especially since 2005. Despite economic expansion in the last 5 years the real-wages in Germany declined 7 percent, meanwhile in Greece between 2000-2008 they went up to 38 percent, the expenses for the greek public sector increased 170% (WSJ), in Greece tax-payers seem to be an exeption, collection pensions of dead relatives was/is folk-sport. Different from Greece in Germany many extra wages were cutted - in Greece they still enjoy 14 monthly salaries and extra bonuses - funded by our never-come-back-bailout-funds. One expample: An national railroad locomotive engineer in Greece earns medium 6000-7000 Euro, in Germany 2.600 Euro (some further curiosities: http://is.gd/w2IxnJ, http://is.gd/xoWdNo, http://is.gd/L6R40o). The averaged income in Greece is 80% of the level in Germany - but different from Germany Greece has no "business-model", economic basis or efficient tax-system. Comprehensible, that some other countries like the Slowakei are loosing passion to support this.
On the other hand: The pensions in Germany are melting away, Berlin prolonged the pensionable age up to 67, during in Greece still 600 occupation groups enjoy the right for premature pension (male 55/female 50). Different from Greece there ist no all-encompassing minimum wage in Germany. Nearly 25% of the employees are recipients of very low wages (in that group wages decreased within the last 10 years 23%)- mostly "outsourced" in temporary employment agencies. Unemployed persons were forced into so called "One-Euro-Jobs". On this basis privat and state companies are exploiting more and more people with fatal consequences for wages and retirement arrangement - even partnerships are shattered as the autorities are persecuting couples before topping up benefits.
The cities in Germany - after reunification and after many years of capital flights in high interest-areas in EU-South Europe - ran down. Nowadays more and more people gathering bottles to survive shape the downtown-characters, many people bad dressed, schools are in terrible condidtions. On the other hand: Many of South European Cities are modernized, they didn't spare no expenses. Gererous downtowns, airports, railwail-station, brand-new property ownerchips, new cars, well-dressed people, new infrastructure and schools. This "progress" based on debts - as we always knew. In Germany: The so called "Transrapid" (magnetic rail), developed for Billions of Euros in many years, was never realized due to ridiculous several hundreds of million Euros (nowadays we send hundreds of Billions into bailout-funds...).
Now the "debt-crises" reaches South-Europa (we always expected this...) and the world expects Germany to pay for it - nobody considers the huge social time-bomb in Germany itself.
The aggressive anti-social politics of Germany - for the benefit of 10% - must first be stopped in it's own country. The growth of (export-)economy on the back of 25-50% of people must be stopped. But Berlin is planning the so called "Transfer-Union" - in order to support higher social standards in many other countries - to subsidize the debt-coutnries-buyers of exports produced by wage-dumped people in Germany. Not only that the Germans are paid in a much to weak currency - in future they are additional forced to keep up the Ponzi-System of the Euro-Zone.
So before listening to the moaning and lamenting in South-Europe the world should look to the high poverty in Germany itself - caused by a increasingly totalitarian neoliberal regime in Berlin which seems to be more concerned about living standard between Athen and Lissabon as in it's own country. Acutal expample this news from yesterday: Each third child in Berlin growth up in poverty (See: http://www.welt.de/politik/deutschland/article13845530/Abgehaengt-Jedes-dritte-Berliner-Kleinkind-ist-arm.html).
I agree with you that Germany (nor any other responsible EU Member - there are a few) should not have to bail out Greece or any of the PIIGS+France.
Germany should say a collective, simple nein! to any request to devalue their purchasing power and national aggregate wealth (preventing the onerous debt relief they'd provide from burdening their children, also).
On the other hand, because I recognize fractional reserve banking/modern money mechanics for the absolute and complete Ponzi that it is (it's worse than a Ponzi, in fact, since there's actual capital formation in the early stages of a Ponzi), I can't in good conscience not support Greece or any other nation in essentially telling the fractional reserve banksters and those whom they empower (which happen to be many of those holding PIIGS debt and who've bought CDS on said debt) to get bent.
It is good that you state the facts. Too often people confuse what's good for General Motors with what's good for America or Americans (Charles Erwin Wilson). In fact Corporate Germany has used the EU to drive down living standards for ordinary Germans just as British employers in the 19th Century transferred work to Germany for lower wage costs. The Euro had an inflationary effect in Germany to reduce real pay but an inflationary effect in the peripheral states matched by real pay increases as borrowing costs fell.
Germany Corporates simply provided extended credit to sovereigns and banks in the EuroZone which was - Lisbon Strategy 2000 - supposed to make the EU the global centre of dynamism by 2010. Instead Governments used to money in "the Groningen Effect" to boost living standards by credit and gain re-election. The Property Boom in Spain is a key indicator of lax credit.
Now that ordinary taxpayers are being made to pay for Banker Incompetence as Government fund banks with a "hair of the dog that bit you" it is a question of just how much they can extract out of the ordinary workers to pay for this disaster.....and German workers having been screwed down for a decade or more are finding their Government has run that symbol of West German sovereignty - the Bundesbank into huge losses and pledged the entire German Tax Revenue Base to the Euro. The prospect of being destroyed yet again in a European Adventure is not lost on German voters who know that Americans and British cheerleaders inviting them to jump off a cliff into PIIGS Vortex are the very causes of the Global Disaster - manufactured as it was by Big Bang in London in 1986 leading directly to repeal of Glass-Steagall. So where is Pecora ?
Sandmann,
Instead Governments used to money in "the Groningen Effect" to boost living standards by credit and gain re-election.
What's "the Groningen Effect" here? can't locate its relevant meaning
The Greek government is the central villain here. They willingly borrowed way more than they can ever pay back, putting the entire nation in poverty.
The US government is doing the same thing, but has the world reserve currency, so they can get away with it much longer.
But that WRC status is gonna end and USD will drop 50% in value overnight. Then it's a fast slide down to zero.
What's left of the US economy will collapse. Nobody will sell oil to America anymore. The government will seize domestic oil supplies, refineries, fuel inventories, etc, leaving nothing for the general economy, and it'll grind to a halt.
Trillions of dollars of Treasury bonds held by other nations will quickly go to zero as USD goes to zero. Hyperinflation will happen but it'll be quick as USD quickly drops to zero.
Fed will try to issue another currency but nobody will have any faith the US government anymore, so any new currency will be worthless the moment it's issued.
And no, Fed won't do a gold-backed currency because Fed won't have any gold after everyone takes what they have a claim on ...and yes there will be mini-wars when multiple claims come forward for the same gold bars.
You say our military will prevent these things from happening?
Nope, they won't. US government will be given an ultimatum. Withdraw its military forces from the middle east (and everywhere else), or American cities will face thermonuclear destruction.
Yes, the thermonuclear card is going to be played in the not too distant future, and America is nowhere near #1 in that department.
The rest of the world has finally realized its the only way to stop the US government (and bankers) from destroying the world economy in their psychopathic lust to loot every nation on the planet.
No, the US government and bankers aren't interested in world domination.
They just wana steal everybody blind.
This article is just all wrong, Greece has been bailed out already, several times! ... WTF?
It worked for AIG, they even had enough to give themselves a huge bonus!
So how can a 'Sovereign' people still be beyond broke after they are bailed out?
Weird huh?
The ones behind the "paper gimmick" are deliberately destroying the Western world to formally bring in their one world government. They're planning to murder all people of European descent.
simple answers to solve the peoples economic problems..unfortunately to solve the reptile elite's problems requires much much more complex solutions ..so complex that they are undoable..the reptiles know if the people are served they are the meal.
What are the Greek people good at generally? i know Greece has been the good tourist destination, particularly in cultural aspect. Yeah i knew the name of its shipping tycoon in the past, Onassis :) its past great philosophers: Plato, Aristoteles, Socrates. Its fundamental role as the crater of the Western civilization and Renaissance.
Yet any other speciality or strong points of this nation today among the many in Europe and the world?
What's the best way to appropriately, unbiasedly summarize this nation and its people?
Sorry no offense, just blank on it.