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The Greek €107 Billion Contingent Liability Gorilla Exposed
From Mark Grant, as a follow up The Eight Hundred Pound Greek Gorilla Enters The Room
THE 800 POUND GREEK GORILLA (EXPOSED)
When we have been given the data on Greek sovereign debt it appears we have been misled. I have added up now the ISDA debt issuances and I present them to you; all of these issuances are GUARANTEED by the Hellenic Republic; full faith and credit.
GREEK SOVEREIGN GUARANTEED DEBT AMOUNT
The New Economy Development Fund $139,000,000.00
The Hellenic Railway $2,240,000,000.00
Structured Notes (Not counting Floating Rate Notes) $20,683,000,000.00
Athens Urban Transportation $837,000,000.00
Greek Bank Guaranteed Debt $83,314,000,000.00
TOTAL GREEK GUARANTEED. DEBT $107,213,000,000.00
Here is $107 billion of OTHER debt; guaranteed debt that does not appear to be included anywhere in the official Greek sovereign debt figures. Contingent liabilities that are not counted any longer perhaps as the accepted manner of doing business now in Europe. Most of these issuances are governed under British law with “Default” clauses and “Negative Covenant” clauses. Greece defaults on €105 billion Euros and adds new debt, the IMF/EU loans, of 130 billion Euros and we are told that Greece is better off today than yesterday. What drivel! With the addition of the new IMF/EU loans of $172 billion and the revelation of the guaranteed debt at $107 billion Greece now has $279 billion of new and hidden debts.
All of the meandering, all of the charades, all of the red nail polish applied will, in the end I forecast, not be able to hide the reality that the barking dog is a greasy Pig.
A Dose of Reality:
- If Greece borrows money from the IMF/EU which means that they have more debt now than they did before they defaulted then they are worse off and not better off as they have a larger debt.
- If Greece has an additional $107 billion in debt that has not been accounted for because it is not in the name of the Hellenic Republic but is guaranteed by the Hellenic Republic then how are they going to pay off this debt?
- If the goal of this entire exercise was to reduce Greece’s debt to GDP ratio to 120% then how will a larger debt accomplish this as it is fiscally impossible.
- If the “real REAL goal” was to pay off the European banks so they wouldn’t default then Europe has accomplished this goal but at a terrible cost to Greece and to the Greek people.
“The time has come, the Walrus said, to speak of many things. Of ships and shoes and sealing wax, of cabbages and kings. Of why the sea is boiling hot, and whether pigs have wings.”
-Lewis Carol
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Wonderful
http://www.youtube.com/watch?v=zn69CV6hUyY
This will not end well.
All the conditions are ripe for a pan-european HOLODOMOR. It is already starting in Greece.
And the same could/will happen in other parts of the world. Global population reduction needs not nuclear weapons nor fancy virii. Just close the food spigot, and the sheeple will bake/grill/fry/saute one another.
Are you prepared to eat your kids?
Kids... the other white meat!
BLACK MONDAY!!!! Dollar has 2 weeks left!!!
Just eat your FDA approved pink slime meat and STFU.
/sarc
How could anyone have anticipated this?
Mercy me. I am shocked.
Breaking News: EURO SHOCK! Interpol alert for 100 billion euros missing!
At 1930GMT Interpol announced a dragnet to find100 billion euros missing from Eurozone banks, insurance companies, and pension funds. The gravity of situation was indicated at the Interpol press conference when Chief Inspector Jacques Clouseau stated that he himself is taking charge of the unprecedented investigation. When asked how anyone could possibly walk away with 100 billion euros, Clouseau said, "It is a mystery. That is precisely why I am taking charge…to solve the mystery. It is my sacred duty. For this critical investigation I am putting aside solving other mysteries, such as who is allowing their dogs to poop on the sidewalks of Paris."
When asked why he doesn't say the money was stolen rather than missing, Clouseau replied, "I do not jump off the 30 meter board, I do not jump the shark, and I do not jump to conclusions. All possibilitieeees are under my microscope. For example, a recent case in America shows that money can vaporize…disappear into thin air. To check this possibiliteee, I have contracted with Corzine Forensics and with the Vatican Miracle Investigation Unit."
Oh THAT 100 billion! Don't worry, I just exchanged em for $1 Trillion in Reagan bonds
"Hello, Jon Corzine? So can you please review those tips again?"
Free Jon Corzine!!!!
Oh wait......he is.
Tue, 03/06/2012
Turn off cable!!
Could you imagine the population just turning off their TV? The impact that would have on their ability to instil fear and chaos?
Or..
Their ability to sway an election?
Or...
Their ability to wage war on false pretense?
Or...
Their ability to turn the indexes into nothing but measures of fraudulant data and divergent to the measures of the real economy?
Turn off the damn TV
The Boomers especially need to turn off the TV. That big block is currently hypnotized.
The gorilla has exposed itself. Great. What next, dung throwing?
Well, watch the great Gorrilla (literally as he is being portrayed) KONY, not to be mis-taken with SONY be hunted down on prime time TV. That will take care of a lot of "revenge" and blood-lust the proles feel.
And the HELLenic Re-Pube-lick, which really is what any re-pube-lick is really (a feel good fantasy), well it's just living up to it's moniker.
The greatest illusionists in the world are at work in their Tavistock inspired labes(!), so we may get fooled again.
ori
/kony-2012-psy-ops-africom-fraud-war-mongering/
Get KONY?
We can't even prosecute Black Panthers with baseball bats at a polling station......on video I mind you.
I vote we fix our house first.
Who is Ron Pault?
Ron Pault is Ron Paul's gold buyer. He told me that gold is about to get hammered in terms of Dollars and to empty my piggy bank. The tsunami is about to take the gold water out to sea. But alas....it will return....and when it does...........
He's kind of like Buck Godot, "Always available, never for free."
The Winslow knows what to do.
Oh THAT 100 billion! Don't worry, it's loaded up on pallets for Baghdad..
me thinks thou sthock is stuffed full of meat glue.
Black Monday !!!!! 3 days teh markets were
Poooooooooooooooooooooooooooof! Gone...
it's on like Donkey Kong or Jr.
If you liked the circle jerk ponzi snake's head as a metaphor for embezzlement and fraud eating its tail metaphor, extortion, rolling through K-Street Back Allies wearing a G-man vest all the while recycling our alleged government's well documented corruption, you really gonna love this hidden bit of Kosher Nostra news that momentarily blipped the wires yesterday:
GAO: Banks Paying Back Tarp with Federal Money
The Government Accountability Office says in a new report that banks that have repaid the Treasury Department's TARP bailout program did so with funds they received from other federal rescue programs.
The GAO’s finding undercuts the Treasury’s prior statements that effectively assert the Troubled Asset Relief Program has earned a profit for taxpayers. Specifically, the GAO says that, according to its new review, “as of January 31, 2012, 341 institutions had exited,” TARP, almost half by repaying...with funds from other federal programs.” For more, click here.
Juxtapose what the GAO said yesterday with the anthem CNBC sings all the time:
TARP "Most successful US Program Ever": Bove
In a research note, Bove noted that the controversial TARP saved the banking industry as well as the broader economy while generating a hefty return for taxpayers.
Former President George W. Bush signed the $700 billion program into law on Oct. 3, 2008 as banks suffered a liquidity crisis brought on by the collapse of the subprime mortgage market. TARP recapitalized banks across the board—even many that didn’t need the extra money.
Bove praised the program for restoring faith in the system even though it has received a largely negative public perception.
Let us consider the so called diffusion air ventilation system:
CNBC business news reminds of low end track housing. Specifically the "vent" systems installed in low end track house bathrooms. In "not much higher ended residential development projects", the bathroom vent is coupled to a PVC pipe that actually vents the poopy smell outside the house. In low end homes, the vent system is just a fan box and not coupled to a vent pipe. The "vent" does nothing more than recirculate the stinky back into the bathroom. The post digestive bouquet remains in the house. A non ventilating ventilation system is referred to in the trade as a diffusion ventilation system. The stinky is not ventilated, is diffused, or stated differently, just mixed in, or diffused, into the existing air.
Diffusion Economics is the holy grail of Keynesian theory. The "stinky" don't get vented,
We ain't seen nothing yet! With every unchallenged legalese wrapped government pig 'n a poke, they get bolder - and pretty soon everything will smell like shit. It will be the "new" normal.
We bought it - now we must eat it - so the hopium narrative goes ... stay tuned .. the undeniable nothingness approaches, accelerates. You can see it's tentacles flailing just above the horizon. It arrives and absolutes execute as they always have. 300 Million American Assholes will stab that bitch right down her throat, and beleive me baby, it is gonna hurt like an unspeakable metaphor.
Only two types of US citizens: those in on the Ponzi and those takin it up the ass
This is why I just thank God every day for the complete and total worldwide economic collapse. It's the only thing that will fix our problem at this point.
Holy shit I love you Michael, you are seriously funny. (and correct).
What's that infamous line about getting raped again?
I can't actually say it......I'm thinking about running for Governer for the state of Texas.
Sumpin like, "when you're getting raped you may as well just sit back and enjoy it"
That's a great line for Clint Eastwood.
Those who do, and those who don't...acknowledge their Greekness.
"There are two kinds of men in this world, Duco, those in on the Ponzi, and those who take it up the ass. You lube up."
The GAO report linked goes to "file not found", but I think it is here: http://www.gao.gov/assets/590/589127.pdf
Look through the charts till you see the pretty blue USA map.
Another interesting tidbit is in the footnotes to the next chart down.
SBLF is a $30 billion capital support program, separate from TARP, that encourages small and midsize banks and community development loan funds to lend to small businesses. When SBLF closed on September 27, 2011, the program had approved $4 billion in disbursements...
So a $30 billion program to help small businesses only managed to lend out $4 billion before closing down.
.gov loves small busines. Right!
For sure that particular GAO report will be shuffled through a bunch of "safe houses" using a variety of assumed names in attempt to hide the bread crumb trail.
So a $30 billion program to help small businesses only managed to lend out $4 billion before closing down.
It's not their fault. There's a lot of overhead in the "taxpayer monies redistribution industry". Those in the "somebody else's money redistribution chain" include our our CSPAN politico super stars and drive by talking CNBC head gangster bankers and K-Street bag men. Whad'ya expect(?): smart, ethical, efficient, dedicated low paid public service patriots? This is the Banana Banking Colonies of America man! And thats just the way it be.
gov loves small busines. Right!
gov loves itself
maxmad
BLACK MONDAY!!!! Dollar has 2 weeks left!!!
I doubt it. The Greek situation was prepared and gives the banks a little time (week or so at least). Two weeks left on the dollar? Before what? If you are referring to the US dollar, the situation in Europe only strengthens the US dollar at this point.
True the dollar will have a short lived rally as the other fiat toilet paper goes down the drain, but then-whack!!!! Dollar will get crushed!! US banks have so much tied up in Europe/Greece.... Most US banks will be bust, FED will print Quad-trillions of dollars, China, Russia will dump all their dollar holdings.... Dollars will come flooding back in----- all in 2 weeks!!!
how much exposure does the US have in this?
According to Dimon , barely any exposure. I can't believe that though. CDS was aBig piece at AIG. I don't think anyone knows for sure how much is out there. The layers of CDS exposure make it hard to know.
maxmad
"True the dollar will have a short lived rally as the other fiat toilet paper goes down the drain, but then-whack!!!! Dollar will get crushed!! US banks have so much tied up in Europe/Greece.... Most US banks will be bust, FED will print Quad-trillions of dollars, China, Russia will dump all their dollar holdings.... Dollars will come flooding back in----- all in 2 weeks!!!"
Look at your comment. That is making a lot of assumptions into the future with many market participants. My experience has told me not to do that. Take it one step at a time.
What if Europe goes up in flames as was the first premise. You are suggesting that China and Russia will dump dollar holdings. But what if they are having just as much trouble and the US dollar remains the safe haven?
If that were to happen, the US dollar would see amazing and unpredicted growth counter acting massive printing. That has been the Federal Reserve game plan and why they haven't been called on their corrupt policies. Can you foresee beyond the rest of us that the Federal Reserve might not pull some hat trick to deal with a flooding back in? I can't though I think we would both be in agreement it wouldn't be a permanent fix and would ultimately fail.
Look, I agree with most of you that fiat currency, namely the US dollar, is corrupt and will/may eventually fail. I have also traded and studied markets for several decades and I learned a long time ago not to make to many assumptions into the future. Let's take it one step at a time. Do I really need to make the cliche about assumptions making an ass out of U and me?
"My experience has told me not to do that. Take it one step at a time."
While my experience tells me, he who panic first, panic best!
MolotovCockhead
"My experience has told me not to do that. Take it one step at a time."
While my experience tells me, he who panic first, panic best!"
Or perhaps a better saying is he that needs to panic is in the wrong place in the first place.
I had no money in Greece - no worries for me. I also find it awesome that so many have taken advantage of precious metals in the past. What are their dollar worries. I think they are smiling. Keep on your toes and take it one day at a time. To much manipulation and corruption to deal with. You'll go crazy if you don't take it one day at a time.
It is interesting to listen to Maria B "think about a date"...and that would be the number of a month and a day kind of date...namely "We have until March 20th." Not that she isn't looking for the other kind of date of course. In my opinion "that really is the answer to this crisis." You know..."are ya' gettin' any?" I mean no one really has any control of this thing now. (That would be the situation in Greece, Maria. I know what you're really thinking however: http://www.youtube.com/watch?feature=player_detailpage&v=r9m_C6jAT7U. that's me in the white in case yer wonderin'. "back in the day" as they say...
Sure as Bambi is liar, everyone knew from the get go Greek would default - the back and forth was a con to buy time so the central banks could stock up on ink jet cartridges, Spain and Portugal (and the UK) will be belly up soon.
To keep the dollar weak and still in currency war contention, a rating agency, will, just in the nick of time, save us from a strong dollar, and reassess US credit worthiness to B (do not forget US/capita public debt is tons more than Greece. Sheeeit - it's tons more than any body else period).
Hard to say what, if any, plans the invisible hand has in store for the markets. Easy to assume a strong dollar outcome, and based on the last two decadent decades, how a strong dollar outcome will affect equities,
Fridays market is an example: It was obvious that bearish HFT droids chumming bull bait was last week's setup. These days our poor HFT's are "playing' themselves . They're their own best marks! However, the expected carry correlation went fuzzy Friday. Most of the market the USD was more in demand than the EUR (strong dollar). Yet, the indexes remained somewhat positive but so did precious, energy and commodities. Gold passed through a 40$ trading range, and according to kitco, gold is [still] 10$ higher than its highs for the previous two markets.
A great short term timing opportunity will present, for sure, but to successfully play requires a clearer understanding of what the invisible hand has in the works. Was Fridays market the work of the invisible hand, or was it despite the invisible hand? Inquiring minds want to know!
You're going to have to explain what you mean by the "2 weeks left" comment. I'm dense...go slow.
madmax re. BLACK MONDAY!!!! Dollar has 2 weeks left!!!
Do you mean March 27!!!
Could be..... I should say 2 weeks from when the Euro collapses... It will take at least a few more weeks for the Euro to collapse-but this will start it...
I dunno. So few carbon based traders left that SkyNet can ramp markets up or down correlating to or inverse the dollah, dEuro, etc.
This last friday proved the manipulation is inclusive of the global eCONomy, CONgress, CONstitution, CON... CON... CON...
No kidding, I knew that there was major lies going on and they wouldn't be fighting so hard for a measly 3.2 billion in CDS's.
"Black Monday", "Gorilla", .... I thought Potus would be mentioned here.
back to the bunker.........................
Bingo
Welcome to the Great Killoff
The most brazen news is that SOME government workers are exempted from the draconian pay cuts. Lawyers in the "ministries of Finance and Administrative Reform [for] civil servants working next to deputy ministers and secretary general" were given bonuses, more vacation and raises! Some wondered if this had anything at all to do with the fact that these same folks responsible for bringing the Greek pension funds on board the last second. I'm sure there's no relation whatsoever.
i'll see your HOLODOMOR, and raise you a HOLOF.I.R.E.
what's a holodomor?
holodomor = killing by hunger
It's how the communists dealt with troublesome Ukrainians who wouldn't be made political slaves.
Ah, the many splendored murders of utopian statists!
to be precise bolshevik jews did that...
Wow, guess I somehow missed the part that Joseph Stalin was a Jew. I just didn't know.
Joseph Stalin was certainly no Jews! No classy Jews would want to get their hands dirty like that! However, you can safely say that he was running errant for his master hiding in the shadow.
OK, Let's play your game and safely say that masters in the shadows were jews and commanded Joseph Stalin. Now if this statement be true one could conclude these masters are extremely powerful, even throughout the world. So one has to wonder if these same powerful jew masters had Adolph Hitler running errant and killing Jews in Europe by the millions. Following this thread to conclusion simply doesn't compute. Explain please, Why would a powerful master hiding in the shadows direct the murder of his own blood and kin? Or if not directing this murder then why, being so powerful did he allow the murder of his kin?
Save a kid,eat a banker.
I hear they are extra sweet meat from all that lobster and hailbut.
Dr Paul on CNBC, (YouTube) Friday Mar 9, compares Greek debt bubble to US debt bubble
Thank god, ABC News just laid down the grand logic as to why US citizens are justifiably labeled terrorist (Revolutionary Politics)
The question is, will the people finally wake up and see the 800 pound Gorilla that is staring them in the face? Or will the Sheeple sleep on.
http://jamesturkblog.blogspot.com/
I'll field the easy ones: A. Sleep on. Next.
a terrible cost to Greece and to the Greek people
They care nothing of people.
€403 B €707 B €533 B €327 B €1342424252352357 B€107 B€107 B€107 B€123 B666 BB€533 B€327 B€1342424B€533 B€327 B€1342424
€107 B7 B€533 B€327 B€1342424252352357 B€107 B€107 B€107 B€123 B666 BB€533 B€327 B€1342424B€533 B€327 B€13424247 B€533 B€327 B€1342424252352357 B€107 B€107 B€107 B€123 B666 BB€533 B€327 B€1342424B€533 B€327 B€1342424
B€327 B€13B€327 B€13B€327 B€13
€107 B
€107 B
€107 B
€107 BAT FUCKING ARBITRARY AMOUNTS BUY SELL BUY SELL BUY BUY BUY SELL BUY GET IT *MAKE IT UP *GOT IT* REALITY IS WHAT FOOLS BUY* GOOD!:
€403 B€707 B€533 B€327 B€1342424252352357 B€107 B€107 B€107 B€123 B666 BB€533 B€327 B€1342424B€533 B€327 B€1342424
€107 B7 B€533 B€327 B€1342424252352357 B€107 B€107 B€107 B€123 B666 BB€533 B€327 B€1342424B€533 B€327 B€13424247 B€533 B€327 B€1342424252352357 B€107 B€107 B€107 B€123 B666 BB€533 B€327 B€1342424B€533 B€327 B€1342424
B€327 B€13B€327 B€13B€327 B€13
€*Please can we tone down all the doom and gloom talk around here. Obama can't concentrate on his NCAA Tournament bracket picks.
I think you meant NDAA tournament picks. ;)
Let me be clear.....I don't approve of this....
.....But I'm gonna sign this sonofbitch anyway.
I've got France, Germany, England and Spain in my final four. How 'bout all of you?
I have Japan in there, Spain will get knocked out in the early rounds.
Germany Vs. England in the final round. Wonder how that will turn out.
You are full of BS.
I am so focused on counting how many times fiat money changed hands, I still see no Gorillas. Where is the Gorilla?
sarc/
The answer to the above is number 4. Prime objective is to save the banksters even if it means destroying the little people. Game over.....
Rusty.Shackleford
These are WONDERFUL ( Capable of eliciting wonder; astonishing)
https://www.youtube.com/watch?v=Rs1ILU1CHSo&feature=related
https://www.youtube.com/watch?v=ULmfU9st01c&feature=related
https://www.youtube.com/watch?v=7TeqKxcBHeg&feature=related
https://www.youtube.com/watch?v=YoCIOV6lI_0&feature=related
https://www.youtube.com/watch?v=CV43Xbddud0&feature=related
https://www.youtube.com/watch?v=uEFYiW4oPEE&feature=related
https://www.youtube.com/watch?v=bIhB1Q20M2Q&feature=related
https://www.youtube.com/watch?v=PWEbL133hP8
Well.....those will have people wondering alright.
...saw the Gorilla, raise yuh a Flying Pig http://www.youtube.com/watch?v=Y8b9EckGPx0
and some pets sounds in the zoo.
http://www.youtube.com/watch?v=zlj9XHTEeU4
http://www.youtube.com/watch?v=JfyaRQIbOWM&feature=results_main&playnext=1&list=PL0C2E1CB93BBF8D5E
...mark of the Beast ...bitchez. ...lol. pigs really do fly. ''It's a mad house''.
Even Bloomberg (I know Bloomberg.. please dont yell at me) running this story now - its seems most of the bonds that have been tendered in are Greek Law Bonds. Most of the UK law bonds are still not tendered in. SO this may indeed be only the first round of CDS settlement.. More to come later..
http://www.bloomberg.com/news/2012-03-09/greek-debt-deal-might-trigger-3-billion-of-default-swaps-under-isda-rules.html
Yeah,
NOT including their original "debt" in the total is admitting default....no?
so, pigs on the wing it is then
????
http://www.telegraph.co.uk/news/matt/
Mrs.Carberry: Fecking Greeks!
Colm: It isn't the Greeks, it's the Chinese he's after.
Father Ted: I'm not after the Chinese!
Mrs.Carberry:I don't care who he gets as long as I can have a go at the Greeks. They invented gayness!
The markets should rally ...
/s/
Time to go long UBS.
Talk about a publicly funded private front running operation:
The New Economy Development Fund
They go by all sorts of names, but mostly you'll find them office-d in the basement of your local chamber of commerce with "Economic Development Foundation" etched on their shingle.
"Economic Development Foundation" is a fête `d innocuous. A coup d' blaize. It sounds of a 3rd degree community engendering outfit, don't it?
So what does it do? The EDF board is typically chaired sat by community boss hoggs. Bankers, real estate moguls, public works contractors.
Let's say Bell Helicopter or Toyota are shopping locations for a new plant. This information is passed to the EDF and is not made public. It is insider information. The EDF sends out staff to discover what the prospect is looking for and to get an idea of what the reloacation budget is. Since the EDF board typically owns community leadership, you know, the guys and gals with the community's authorizations and jurist prudence law enforcement types, the EDF, without the community's knowledge, develops proposals. The EDF don't stop there. They inconspicuously buy up real estate options, and in some cases. have uncooperative properties condemned.
As soon as the EDF bundles up enough nickel on the dollar rel estate options for a fist full of adjacent lots and plats. The EDF then pay community leaders to vote to fund road, drainage, sewage and power projects. Of course all the projects will go to the builders and contractors chairing the EDF, who also, BTW, own the options for the properties needed for the prospects plant and expect to profit dollars to the nickel on the real estate underlying those options.
The EDF also have community leaders vote in tax easements so the "new" plant won't have to pay municipal or property taxes. Those tax benefits can be extended several decades. What it mens is the community is paying for the front running operation as well as being screwed for public works projects, a fair price for their real estate plus the community is taking on the tax burden the prospective new plant is relieved, though easements, of carrying.
The infamous bridge to nowhere in Alaska is an example of of how far they go to, and what happens when the deal fails.
It sounds so innocuous: Economic Development Foundation. It sounds like it's really good for the community. The EDF be the pimp and the community be the whore and thats all the EDF has ever been about.
So when we see a new Greek debt issuance, like ...
The New Economy Development Fund $139,000,000.00
What we're really seeing is a rape victim paying the rapist to rape it.
Wow! So it's just like Japan?
Time to go long UBS.
UBS is one of the largest holders of Ultrashort financial ETFs.
Channeling my inner Lloyd Brigdes:
"Looks like I picked the wrong day to sell my UVXY"
Just looked it up few mins ago, looks really beaten up.
But it may not be too late - maybe the MSM will keep hyping up Greece's "successful default" (why Iceland wasn't declared a success, BTW?) until some really bad news can't be ignored.
And let's not forget the institutions. They can simply ignore the rules. Having said that, how low can UXVY drop? Perhaps I should buy a few lots just for the laughs.
TVIX UVXY TZA ALL HAVE HIGH AND EVER INCREASING % OF SHORTS....IMAGINE THAT SHORT SQUEEZE ONCE IT'S CLEAR WE'RE GOING DOWN!!!
line
The Greeks quit looking out for themselves a long time ago.
Hiding debt is a required skill.
Lying a prerequisite.
If the world had known all the Greek debt and exposure, there never would nor should there have been a bailout.
The technocrats will make sure the banks are taken care of first as it should be.
Greeks, you deserve your fate since you don't give a shit about anybody else.
Sometimes I think global currency default is part of the master plan. I base that on the obvious observance that rational actors have seen the trouble with socialism since at least the seventies and still Europe presses on. They could not have thought they could pay for any of this, right? It must be on purpose.
The FIAT idea is the plan and a bad one at that.
It went wrong when the politicians realized they could turn on the printing press to buy votes.
Frederic Bastiat explained how things could go wrong long ago. The politicians and their masters are doing this stuff on purpose. It's a perversion they cannot prevent themselves from doing. They know it's wrong. They try to do it in the dark until they get bold enough to do it in broad daylight. Why do you think it's called a "secret combination?"
I don't think it's going wrong at all, I believe it's going just as they planned.
Road to Roota style?
It's looking more and more plausible as we go....
It's Mussolini's Miracle Cure Doc. It's Joe's GoebbelGarage for what ails Germany. It's a lot of things, but it isn't socialism. If it were, the people would have a say in their government.
Nope. It's socialism.
Typical central planning at work. Central planning always sounds good but alway fails. Remember - you could vote in the Soviet Union. I could care less if I ever voted again if a strong constitution would protect my individual rights.
The right answer is always de-centalization - but dreamy eyed utopian lunatics resent that, as it gets in their way of the dreamed of "heaven on earth."
Unfortunately their "heaven on earth" will more likely resemble a bosch-like hell.
It fits fascism a bit better. Government for a profit to some.
"Remember - you could vote in the Soviet Union." This statement is not complete.
You could vote in the USSR, though for one party only. Compare this with countries where you have two parties you can choose from, and others where you have a larger choice...
--------
It's not socialism or fascism or capitalism at work - just good old corruption at work, the ultimate father of nearly all political issues.
You HAD to vote in the USSR. It was mandatory. If you didn't vote at the polls they would literally hunt you down and force you to fill out a ballot. Which was easy because there was only one choice.
Think for a second how diabolical that is.
I guess it is evil, but I think it's also dumber than a bag of hammers and sickles.
The smart way to do it is to divide the Party into two wings, tell people that those two wings are the bitterest of enemies, and that they must choose one or the other. And allow no other choices.
then tell them they're free because they have a choice. If they make a choice say "You voted for it!" and make them feel like they have to back their man. If they don't make a choice say "Well then you don't deserve to complain!"
Now that's how you handle humans.
Remember this one: http://www.thekjs.essex.sch.uk/yates/Documents/Votergate/florida%20ballo...
Call it whatever you want, any govt should be looking at things "on a long enough timeline..." as we do here. Someone in govt created a chart and showed them what was coming. To hit the accelerator and write more debt suggests to me it is part of a plan, or they are schizophrenic.
Minnesota - I like your post.
- rational actors
Where are the rational actors?
This shill's got chutzpah.
Hiding debt is a required skill.
In the Greek's case, it was not the Greeks, but the fiduciary oversight Goldman's provided for fee to "walk through" Greece's application for EU membership. Goldman's created a shadow transaction to hide Greek debt on it's balance sheet. ANyway you put it, Goldman fraudulently signed off on Greece's application, and then placed both the post Greek EU entry debt that sunk Greece and at the same time wrote wet CDS paper betting Greece would not pay the debt Goldman placed for it (after all, Goldman knew everything in the Greek closet, they should, they put it there!). When a referendum removed the elected Greece PM from office, the ECB "replaced" him with a non-elected "viceroy" who happened to also be, you guessed it, a Goldman alumnus.
Now it comes down to who you really think the liar responsible for hiding Greek debt is. Most would say it's Goldman as sure as they'd advise against pissing into the wind or french kissing a rattle snake. You don't french kiss pit vipers, do you?
Lying a prerequisite.
(see above)
The debt isn't the Greek peoples debt. It is the Greek financial services debt, the bond packagers and the CDS writer's debt. Goldman wasn't working kiosks in the streets of Athens selling "B" counter loans to working class Athenians.
When the tax payers bailed out Wall Street - was that lying Wall Street's Debt or lying Americans' debt? Thinking is a prerequisite for these times - so GFS, dad nab it, think!
forget greece, it is about washing the fraudulent debts
of the fraudulent creditors with more newer and bigger
fraudulent debt notes. no?
It just keeps going and going...
Growin and Growing ...
Contingent liabilities. And how many if these are pledged at the ECB or the Greek central bank?
lol oogs66 i dont know really, maybe Tyler can help you with this one :)
Rgds,
Groaning and Groaning ...
The Energizer Bunny. cat with 9 lives, vampire, zombie, werewolf, reincarnation and Santa Claus...all rolled into one.
And there will be cake...
....and Grape Kool-Aid....
"And there will be cake..."
The cake is a lie.
...and a petting zoo...
And all of a sudden a person jumps out of the cake -- and he sure doesn't look anything like a playboy bunny. Nor does his shotgun look like a toy.
At the same moment, over at the 'petting zoo' -- the screaming starts.
The thing of it is -- this really is an amusement park! But it's not for your amusement !
We should have known. The sign over the entrance said Die Schuld Macht Frei.
@Silverman, glad to see you're "Still Alive"
"Contingent liabilities that are not counted any longer perhaps as the accepted manner of doing business now in Europe."
It's not just Europe, you also have the GSE debt (c. $5 trillion AFAIR) guaranteed by the Federal government. When Bernanke was asked why this was not considered for calculation of the official debt total, he said it was because there were assets to set against the liabilities.
So, in order to fix this problem, all the Greek government has to do is sell off the assets these contingent liabilities are funding? Anybody want to buy a massively loss-making railway system?
Sure. And those assets set against the Freddie/Fannie liabilities have been marked to market right? And they're all covered 100% right? ... crickets...
Post a US government document which guarantees the GSE debt. I haven't found one. Yes, we're keeping them afloat, with an option to dump them in a crisis. Every one says it's a done deal that we back them forever. I say bull.
"Lets put some lipstick on these PIIGS!"
In Europe, we don't call them PIIGS any longer -
they are now called GIIPS !
"put some GIIPS Lipstick on your PIIGS dipstick"
(2012 Eurovision contest-entry by Greece)
http://blogs.wsj.com/deals/2011/07/15/piigs-to-the-slaughterhouse-meet-g...
wr;)
If my math is right, of the $172BN in new debt, approximately $150BN of this is going to refinance existing indebtedness coming due on March 20. The balance is the only net new debt. Hence, Greece has reduced total sovereign indebtedness by some $110BN. Nonetheless, they're still good and wholly f*cked!
They defaulted on that 150 already, remember?
The numbers tell the story. They’re eclipsing all sanity. The international bankers are using pretend money, and now they’re creating pretend solutions. When you are a fake, you’re a fake all the way. When you start lying, you build on the lies… until it’s all a lie.
It’s understandable when viewed through the makeup of the EU’s executive body, the European Commission. Its appointed 27 members, one for each nation, are “bound to represent the interests of the EU as a whole rather than their home state.” IOW, the EU is the least democratic organization since the U.S.S.R. Politburo.
One of the 27 is the Commission President, currently Jose Manuel Durao Barroso, who is first proposed by the European Council and then elected by the European Parliament.
Barroso is a former leader of the underground Maoist MRPP Communist Party of the Portuguese Workers/Revolutionary Movement of the Portuguese Proletariat. (Wikipedia)
Is it any wonder, then, that the EC was mortified when Greece was going to VOTE? Is there any doubt that we’re headed for global default? Civilization cannot exist like this; either these bankers and politicos get out of the way, or it’s up to the people to push them out of way.
MEP’s Nigel Farage, a true hero of liberty, warned of the communistic, authoritarian nature of the 27-nation European Union whose 27-member Commission is reported to be composed of no less than 11 former or current communists . Amid loud snickering, heckling laugher and mocking applause and disrespect from the EP, Farage issued this 2010 warning in the video - An Iron Fist has come down on Europe - Nigel Farage (rough transcript of excerpt):
“Sadly, the politicians in charge became very greedy and they wanted money for themselves and power and so they resorted to lies and deceit and they staged the most spectacular bureaucratic coup d’etat that the world had ever seen. But they didn’t need to use any bullets to do it; they were much more clever, much more scheming than that. But what they did was to put in place a new treaty - it was called the Lisbon Treaty - and then they gave 27 people total unlimited power. These would be the people that made all the laws. They went about building a new state, but they ignored the people. And what they did…they recreated the very evil system that the people of Eastern Europe had lived under before. But the incredible thing was that many of the new bosses had also worked for that same evil system before.
“But, of course, the plan was flawed; and their fanciful monetary scheme collapsed. But, still, the new bosses wouldn’t listen to the people. No, they put tens of millions into poverty, they denied people a say, and in the end those people had to resort to violence to get back their nation states and their democracy. And the moral story of the story is: They had learned nothing from history. Members of the European parliament, before you give this nation power, remember that 60 years ago an iron curtain came down on Europe but, now, with this commission there is an economic iron fist and it is being felt in Greece today…”
http://www.youtube.com/watch?v=fdoMssKv38o&feature=related
+1 JR i like the rants of Nigel Farage, he is a leader!
So the moral of the story
"The crooks have never learned anything from History and should be killed"
Nigel Farage is an anglophile dickhead
"obviously he has never learned anything from History and therefore should be killed"
wr;)
I thought only foreigners enamored with all things English were called anglophiles.
I know a guy who is a Tenor Saxon ...
Maybe you or I would turn into dickheads if we saw a great error transpire and there was nothing you could do about it, even though you served in the body responsible.
"the EU is the least democratic organization since the U.S.S.R. Politburo."
Members of the politburu were elected by "the people" in "elections" somewhere along the line. There might have been only one party, but sometimes there was more than one candidate. Democracy in Europe is dead, and Europe is now, or about to, pay the price. The birthplace of demoncracy is in its death throes, and the rest of Europe is not far behind :(
funny how nigel says nothing about the 'origins of london's, infamous financial district' - where the dark pools of corruption foster insidious carnage in broad daylight, blustering a cold-heart'd drool on a requiem of feign,... his echo of truncated vacuity, a syllabus of piosity
Earle - Good point.
Also in the same square mile.
The Tavistock Institute of Human Relations
The plan to 'create' public opinion began in 1913 as a propaganda factory centered at Wellington House in London. Sir Edward Grey, the British Foreign Secretary at the time, installed Lord Northcliffe (Britain's most influential newspaper magnate) as its director. Lord Northcliffe's position was over sighted by Lord Rothmere on behalf of the British Crown. The operational staff of Wellington House consisted of Lord Northcliffe, Arnold Toynbee (future director of studies at the Royal Institute of International Affairs), and the Americans, Walter Lippmann and Edward Bernays (nephew to Signund Freud).
http://educate-yourself.org/cn/tavistockarticlesindex04jun04.shtml
What a bad year 1913 was.
the funny thing about 1913 is that a lot of policies, laws and institutions born that year got "frozen" by the first world war - no time or resources to challenge them.
advice to lawmakers: whenever you plan a whopper, schedule a war aftwerwards to cement it.
but who am I kidding, this is common knowledge going back to the ancients...
"laws and institutions born that year got "frozen" by the first world war - no time or resources to challenge them."
It's a damn good thing nothing like that is happening now...
The New Economy Development Fund $139,000,000.00
My personal favorite.
Much different in America though. Nothing in common at all. The 'progressives' are spinning as fast as they can.
This is Awesome.
It's been kinda lonely on so many of the comment threads that I hit. I makes my post and all I be gettin' back is thumbs down/don't like?
No commentary though. No rebuttals. No dialogue.
Maybe I just don't elicit the sort of 'creative' thinking that the typical 'progressive' disciple finds worthy of engagement?
Hit 'em with free cell phones for diversity, or Cash for Bastards. You'll be the most popular guy in the room in no time.
Good work, very good! Thanks for the post!
Talking abt guaranteed debt not accounted for in the official statistics, take a look at this article abt Spain by Edward Hugh. The greek gorilla has a cousin and my gut feeling is that there will be at least a couple of cousins more in Europe...
http://spaineconomy.blogspot.com/2012/03/homeric-similes-and-spanish-deb...
So basically the guarantor of these bonds has been declared in default for their sovereign bonds, but borrowers for these bonds have not defaulted yet. How does this affect these outstanding bonds? Still trying to wrap my mind around this whole circle jerk.
The next step is to go and look at all the documents supporting this debts and obligations to determine if a cross default or right of acceleration has occurred.
Oh I see, thanks for the help and all the great work you do WB7
uh oh.....
Linda Green?
I'm sure she attested all the indentures.
Signatures ALL look good to me...
Goldman lick sacks will be the only winner in the Bond easter egg hunt.
Kiss the rabbit beween the ears GMS..assholes
Well written, Mark Grant... and tragic!
Guaranteed debt isn't guaranteed to be paid- only that it exists!
Fuck
Why haven't I followed Mark Grant before?
I am an idiot.