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Greek Bank Deposits Decline For 7th Month In A Row: Tax Collectors Celebrate By Striking

Tyler Durden's picture




 

We now know that the US is an Onion Republic, which leaves open the question: what is Greece... because we are getting very vegetably challenged here. According to the Bank of Greece, household and corporate deposits declined for the 7th month in a row, dropping by €1 billion euros in the July. Since January 2010, total deposits have declined from €233 billion to just €187 billion, or €46 billion, or 20% of the entire deposit base. Once again, we make it very clear that no matter what the government does with sovereign tax collections, spending cuts and stop gap liquidity boosts, as long as the deposits outflow continues, nothing else matters. And speaking of tax collections, according to Dow Jones, completing the unbelievable Greek farce, is the news that tomorrow in addition to the now standard customs officials and taxi drivers, among those striking will be the country's tax collectors as well. So.... just how will Greece collect those so very precious taxes it needs to pretend it is in compliance with the Troika's demands for deficit cut compliance in order for the country to get the next IMF tranche which will stave off bankruptcy for one more month. As a reminder, Greek cash runs out on October 17.

Total Greek deposits:

Dow Jones on the (even greater) joke that Greece has become. We expect an all out revolution shortly.

Thousands of Greek tax collectors and customs officials walked off the job Monday in the first day of a two-day strike over plans to cut civil service salaries, the latest in a string of protests over Greek government reforms.

 

They were joined by taxi owners, who have called their own two-day walk over plans to liberalize taxi services, and garbage collectors in the capital, Athens, who are staging a separate 48-hour strike over local government cutbacks.

 

"The participation rate in the strike is over 90%," said Yiannis Grivas, head of the tax collectors' union, or POE-DOY. "The workers are striking to protest the looting of their income."

 

Greece's embattled government is scrambling to cut public spending and step up its reform drive amid stark ultimatums from other euro-zone governments that further rescue money will be withheld if Athens doesn't deliver on promises.

 

Among the reforms is a plan to revamp the wage structure for public-sector workers--a move widely seen as leading to further cuts in civil-service wages following steep cuts in their salaries last year.

 

"We are talking about cuts to our income of 60% over the past one and-a-half years--30% last year and 30% this year with the new wage structure," said Grivas. "Of course we are obliged to protest."

 

The strike comes just a day after Greece said it would impose a new property tax to cover a EUR2 billion euro shortfall in its deficit targets this year.

 

That tax will be collected through a special levy added to monthly electricity bills--a collection method that both the government and the tax officials' union agree is more efficient than Greece's dysfunctional tax service.

 

However, the tax, coming on top of a raft of recent revenue measures, may yet face its own problems. One potential spanner in the works is the militant power sector workers union, Genop-DEH.

 

In a statement, Genop, which opposes the new property tax, said it will not allow state-owned national electric utility, Public Power Corporation SA (PPC.AT), to act as a surrogate tax collector, and it will block collection of the new tax.

 

Of more concern is opposition from the wider public who have seen their taxes rise sharply on everything from gasoline to cigarettes to personal income. Senior Greek officials say they fear that many taxpayers may simply refuse to pay.

Total, unprecedented, unbelievable chaos.

 

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Mon, 09/12/2011 - 12:15 | 1659904 buzzsaw99
buzzsaw99's picture

chinese sticking it to greek shippers:

 

http://finance.yahoo.com/news/China-COSCO-seeks-to-reassure-rb-367917356...

 

never sign a contract with a chink.

Mon, 09/12/2011 - 12:20 | 1659920 Id fight Gandhi
Id fight Gandhi's picture

True, but Let's keep it at chinaman.

Mon, 09/12/2011 - 12:21 | 1659926 buzzsaw99
buzzsaw99's picture

i started to write that but got lazy. i'm not prejudiced, i h8 everyone.

Mon, 09/12/2011 - 12:23 | 1659934 Id fight Gandhi
Id fight Gandhi's picture

I know how it goes. I say stuff just to piss people off.

Mon, 09/12/2011 - 12:51 | 1660021 buzzsaw99
buzzsaw99's picture

lotta that around here. ;)

Mon, 09/12/2011 - 12:57 | 1660043 j0nx
j0nx's picture

This line was once used on me here: Also, Dude, chinaman is not the preferred nomenclature - The Big Lebowski.

Mon, 09/12/2011 - 14:09 | 1660274 fries_with_that
fries_with_that's picture

Classic!

Mon, 09/12/2011 - 12:28 | 1659953 TruthInSunshine
TruthInSunshine's picture

I have no malice towards the Chinese People, but in all honesty, after dealing with Chinese business people, anyone who wants to be honest and forthright will admit that they are nearly impossible to deal with, as there really is no point, after handshakes, oral assurances or even the signing of documents, that they won't try to deny the most obvious facts and agreements, and in many cases, I do believe they'd be able to look anyone in the eyes and swear up and down that any agreement, no matter how detailed and clear, is completely opposite of reality.

Mon, 09/12/2011 - 12:47 | 1660005 Muddy1
Muddy1's picture

Obviously then Obummer is our first African American/Asian American President.

Mon, 09/12/2011 - 13:00 | 1660050 j0nx
j0nx's picture

Nice! But  Chinese don't have that market cornered. Politicians in general behave that way. Lawyers too. Obama is the trifecta of liars in that case.

Mon, 09/12/2011 - 13:01 | 1660059 Jack Kreuz
Jack Kreuz's picture

No surprise here. Next: Chinese sticking it to Microsoft, Apple, Nestle, et cetera.

Mon, 09/12/2011 - 12:16 | 1659910 yabyum
yabyum's picture

Our Tax collectors never strike:(

Mon, 09/12/2011 - 20:16 | 1661883 StychoKiller
StychoKiller's picture

Perhaps they will if it's THEIR salary getting cut...

Mon, 09/12/2011 - 12:17 | 1659911 RobotTrader
RobotTrader's picture

 

 

Everything is getting liquidated today.

Except for bonds and all the triple-whammy inverse ETF's

Mon, 09/12/2011 - 12:54 | 1659917 buzzsaw99
buzzsaw99's picture

just because a 3X short fund is up doesn't mean it isn't being sold.

Mon, 09/12/2011 - 12:24 | 1659938 Belarus
Belarus's picture

Everything is getting liquidated today.

You're right. And that is your answer to why Gold and Silver are selling off and were in Asia markets on Sunday. Europe looks more like the U.S. in fall of '08. Everything getting liquidated. 

So, either they print more money (ahem, IMF with NAB, G-7, ECB, and FED) and Gold and Silver will continue to outperform everything....or everything collapses, including stocks, gold, and silver and the only winner....

Physical Precious. So either way, PM's win.

Mon, 09/12/2011 - 12:49 | 1660012 Muddy1
Muddy1's picture

jacketed lead is now a PM?

Mon, 09/12/2011 - 13:00 | 1660052 SheepDog-One
SheepDog-One's picture

Always been a PM to me.

Mon, 09/12/2011 - 12:17 | 1659913 stormsailor
stormsailor's picture

if that head and shoulders breaks correctly on the /es, tallyho down to 1121.

Mon, 09/12/2011 - 12:22 | 1659929 SheepDog-One
SheepDog-One's picture

What is Bernank trying to make the case for Sept 21? 'While the markets are for the most part very stable recovering most all losses within hours, and still within 15% of ALL TIME highs, we're going to embark on huge new stimulus for stawks'?

If anything, theyre desperate to funnel money as fast as possible to TBTF banks, and equities will be sacrificed to do it. No matter, it will be the endgame final monetization bailout anyway.

Mon, 09/12/2011 - 12:17 | 1659915 cossack55
cossack55's picture

Goat Republic

Sheep Republic

Olive Republic

Ouzo Republic

Whats a Republic

Mon, 09/12/2011 - 12:48 | 1660010 chunga
chunga's picture

Caper Republic?

Mon, 09/12/2011 - 13:11 | 1660088 HoardeBilly
HoardeBilly's picture

Republic: Verb: from the roots Re: again, Pub: drinking establisment, and lick: a lick or kiss, especially while brown nosing a banker...

Put it all together and its time to head to the bar again.

Mon, 09/12/2011 - 12:18 | 1659916 Id fight Gandhi
Id fight Gandhi's picture

Love how they're adding the new tax to their electric bills to be sure people pay. Otherwise lights out!

I say go long extension cords!

Mon, 09/12/2011 - 12:56 | 1660038 dearth vader
dearth vader's picture

On a long enough extension cord the electricity bill for everyone drops to zero.

Mon, 09/12/2011 - 13:20 | 1660122 Id fight Gandhi
Id fight Gandhi's picture

Jus plug into your nearest gov. Run building and back feed to your house. Everyone is on strike anyway, who's to notice.

Mon, 09/12/2011 - 20:19 | 1661888 StychoKiller
StychoKiller's picture

Now see, why is it that YOU aren't in Govt, proposing solutions? :>D

Mon, 09/12/2011 - 13:51 | 1660213 MachoMan
MachoMan's picture

How pitiful is that?  The tax collecting authority says, "fuck it.  they'll just lie to us and get around paying taxes."  Really? lol....

So is a "walmart" implemented tax going to come to america when this finally hits our shores?

I guess greeks may be presented with a little different build or buy decision with solar, etc. if the electricity bills will increase very much...  goodbye electric bill, goodbye tax...  pays for iteself in no time.  (might even generate enough to sell to a neighbor or go in halfsies).

fucking hilarious...  and by hilarious I mean of the tragic comedy variety.

Mon, 09/12/2011 - 12:20 | 1659921 CrashisOptimistic
CrashisOptimistic's picture

>>

participation rate in the strike is over 90%," said Yiannis Grivas, head of the tax collectors' union, or POE-DOY. "The workers are striking to protest the looting of their income."

>>

You simply cannot make this up.

Mon, 09/12/2011 - 12:42 | 1659997 11b40
11b40's picture

JUST SAY NO!  To Austerity, Bitchez!

Mon, 09/12/2011 - 12:21 | 1659924 RobotTrader
RobotTrader's picture

 

 

All I'm saying is that PM's, oil, grains, etc. are not immune to a credit event selloff.

As Bob Brinker likes to say, "Everyone goes, including the piano player"....

Mon, 09/12/2011 - 12:33 | 1659967 hungarianboy
hungarianboy's picture

I agree with you Robo

Mon, 09/12/2011 - 12:55 | 1660036 tocointhephrase
tocointhephrase's picture

You would, your the same freakin person (duh)!

Mon, 09/12/2011 - 13:45 | 1660195 hungarianboy
hungarianboy's picture

oh please....

Mon, 09/12/2011 - 12:43 | 1659995 thunderchief
thunderchief's picture

 

Well I don't Robo

So go ahead and sell all your PM's to these crooks who are scooping up the shares during these panic sell offs. 

And when your done go hang from that cheap shower curtain in that shithole rental that none of us really where its at. 

Just make sure you throw that cell phone in the toilet before you go about your business. So you don't disturb the rats. 

 

Mon, 09/12/2011 - 12:54 | 1660019 SheepDog-One
SheepDog-One's picture

Robo sold his gold before it went over $1,000, calling the blowoff top there. Then spent the last year making fun of 'Gentleman Jim's' calls for higher gold upon every slight dip all the way up another $800.

Mon, 09/12/2011 - 12:21 | 1659925 Greater Fool
Greater Fool's picture

"The participation rate in the strike is over 90%," said Yiannis Grivas, head of the tax collectors' union, or POE-DOY. "The workers are striking to protest the looting of their income."

The unintentional comedy quotient of this statement cannot be measured by human science.

Mon, 09/12/2011 - 12:21 | 1659927 PSEUDOLOGOI
PSEUDOLOGOI's picture

We now know that the US is an Onion Republic, which leaves open the question: what is Greece...

answer:

Since no single vegetable will do, let's use several and call it:

 

horiatiki 

Mon, 09/12/2011 - 12:23 | 1659930 TruthInSunshine
TruthInSunshine's picture

 

 

 

If Greece is an Onion Republic, Amerikranski is the Land of the 5 B's:

  • Bananas
  • Bubbles
  • Bullshit
  • Bluffery
  • Bankruptcy

 

Amerikranski, fronted by Obama, The Bernank & Timmmmay, is full of noise & fury, yet signifies nothing (thanks for breaking all global markets, Bernank, you righteous imbecile of the highest order).

 

And by the way, we're about to re-live that special time when people would just as soon wipe their ass with their "highly volatile" certificates of stocks than they would own them.

Ciao.

Mon, 09/12/2011 - 13:16 | 1660111 prains
prains's picture

ummm.....burgers

Mon, 09/12/2011 - 13:17 | 1660115 edotabin
edotabin's picture

I was thinking maybe the US can sign van Rompuy in a multi-million dollar deal so as to solidify the dream team!

Mon, 09/12/2011 - 12:22 | 1659931 Cdad
Cdad's picture

Buy...the Floating on Air trade, the Costa speaking in tongues trade. 

Super bullish that the Greeks have yet to fire ANY public sector workers, I'm sure.

Also bullish is the Buy the Ramp Trade about to fall on its face.

Also super bullish that Blight on America bank can no longer maintain their part of the Ponzi trade.

Also super bullish is that President Zero is trying to ride to the rescue with US spening increases right when the Super Congress is meeting......to cut spending.

Superdee duper bullish such BlowHorn phrases as "the bloom is off the vine" and "the race to the bottom" and "long, painful process."

Wow...I can hardly contain my bullishness.

 

Mon, 09/12/2011 - 12:31 | 1659947 SheepDog-One
SheepDog-One's picture

Cdad is it anything like Erin Burnett's popular 2009 'Walkin on sunshine' trade?

'We're floating on air down here on the exchange floor'....uh Bob, that sure doesnt SMELL like air.

Mon, 09/12/2011 - 12:32 | 1659963 Cdad
Cdad's picture

Not sure, Dog...if the FOA trade is anything like the WOS trade.  Can hardly remember E. Burnett, either.

If the BTFR trade is to succeed, it is going to need some serious criminal manipulation trade gasoline.  Don't see it...not on things I am watching.

Mon, 09/12/2011 - 12:29 | 1659954 SheepDog-One
SheepDog-One's picture

'Cut spending while increasing frivolous handouts to career unemployed economics....wow the Legend of Baggerbama! That is one magical negro right there!

Mon, 09/12/2011 - 17:13 | 1661376 TruthHunter
TruthHunter's picture

"President Zero is trying to ride to the rescue with US spening increases"

 

Uh, Its spelled spinning...

Mon, 09/12/2011 - 12:22 | 1659933 AngryVoter
AngryVoter's picture

A peach... as they move to an enlightened debt jubillee!

Mon, 09/12/2011 - 12:24 | 1659939 JPM Hater001
JPM Hater001's picture

In a country of people that prides itself on cheating tax collection this is a completely predictable event.  Just wait until mom goes on strike.  What then?

 

And I favor the "Garlic Republic" - if you eat it anyone you speak with will think you stink.  And you do.

Mon, 09/12/2011 - 12:25 | 1659940 Ghordius
Ghordius's picture

"Total, unprecedented, unbelievable chaos"

Unprecedented? Not in Greece! Same goes with Greece Sovereign defaults.

Mon, 09/12/2011 - 12:28 | 1659950 PulauHantu29
PulauHantu29's picture

Swiss bank deposits increased by correspondingly large amount did you say?

Mon, 09/12/2011 - 12:28 | 1659951 Moneyswirth
Moneyswirth's picture

How's that real estate tax working out?

Mon, 09/12/2011 - 13:14 | 1660094 Herman Strandsc...
Herman Strandschnecke's picture

'How's that real estate tax working out?'

Well, they could start buying caravan/trailers, pick-up trucks and live in public parks. What's is 'DiddiCoy' in greek?

Mon, 09/12/2011 - 12:28 | 1659952 WellingtonDowd
WellingtonDowd's picture

is "greek tax collector" a euphemism for "lazy layabout"?

Mon, 09/12/2011 - 12:30 | 1659958 snowball777
snowball777's picture

If you try to take away my income, I will refuse to collect the source of my income! Greece: where stupid goes recursive.

Long bicarbonate...we'll need a shit-ton to put out the Greece fire.

Mon, 09/12/2011 - 18:50 | 1661700 MS7
MS7's picture

Strike = protest against government. They want the government to fall even if it means pain in the short term.

Mon, 09/12/2011 - 12:32 | 1659961 SheepDog-One
SheepDog-One's picture

What the looters loot is getting looted!! 

Oh noez!

Mon, 09/12/2011 - 12:32 | 1659964 Let them eat iPads
Let them eat iPads's picture

I believe it was Ronald Reagan who declared ketchup to be a vegetable.

Long live the Heinz Republic!

Mon, 09/12/2011 - 12:32 | 1659965 hungarianboy
hungarianboy's picture

How is your gold doing?

Mon, 09/12/2011 - 12:36 | 1659973 SheepDog-One
SheepDog-One's picture

Just looked at all my gold and silver, all present and accounted for, its doing fine! 

Mon, 09/12/2011 - 12:38 | 1659983 hedgeless_horseman
hedgeless_horseman's picture

Mon, 09/12/2011 - 12:39 | 1659987 Jim in MN
Jim in MN's picture

Lusterous.  How're your fake/imaginary assets?

Mon, 09/12/2011 - 13:03 | 1660065 tocointhephrase
tocointhephrase's picture

Its a metal, it does not do anything. When was the last time you asked your money how it was doing and got a response. Wow its hard work with you Hungry Robo

Mon, 09/12/2011 - 12:32 | 1659966 Dick Darlington
Dick Darlington's picture

Ponzimaster Rehn said, as usual, that he's very CONfident the new measures announced by Greece over the weekend will be enough to plug the "unexpected" additional hole in their finances. (lol!) And IMF said they're CONfident Greece will get the next loan tranche. (lol!)

 

Greece is calling the shots, no doubt, and the EU-kleptocrats will give them more money they don't have. Until one day when Greece will default and exit the euro. It's in the books already and pretending it's not will only make bad situation worse.

Mon, 09/12/2011 - 12:35 | 1659972 vegas
vegas's picture

WTF? There are still people who would willingly put money into a Greek bank? Amazing.

Mon, 09/12/2011 - 13:16 | 1660109 Herman Strandsc...
Herman Strandschnecke's picture

'Same as putting gas in a clunker, I guess.

Mon, 09/12/2011 - 12:36 | 1659977 Moneyswirth
Moneyswirth's picture

"If he refuses to listen to them,  tell it to the church. And if he refuses to listen even to the church, let him be to you as a Gentile and a tax collector."

Matthew 18:17

Mon, 09/12/2011 - 12:38 | 1659982 aerial view
aerial view's picture

Solution for Bank (Against) America: firing the top 100 people in upper management will save more money than laying off 30,000 workers.

Mon, 09/12/2011 - 12:38 | 1659984 deflator
deflator's picture

 I remember growing up, the town I lived in had many restaurants owned by Greeks. Periodically one would burn down then be rebuilt by insurance money. I remember someone telling me that it was intentional. This Greek debt issue reminds me of seeing those burnt down restaurants. Some would call burning down your restaurant and collecting the insurance smart (if you can get away with it), others would call it arson.

Mon, 09/12/2011 - 12:39 | 1659985 skistroni
skistroni's picture

All of you who complain about Greeks not paying taxes, let me ask you a question:

If everybody paid their taxes in Greece, would this money be spent in a more efficient and effective way? 

And I'm not talking about 20 years ago. I mean now in September 2011.

If you've got a convincing argument, I'm willing to hear it. If not, please go on with your lives and pay your taxes as long as you still can. And let us starve those leeches to death.

Mon, 09/12/2011 - 12:41 | 1659996 Syrin
Syrin's picture

Amen bro.   The issue is rarely a revenue issue.   It's almost always a leviathan unwieldly high spending gov't issue.

Mon, 09/12/2011 - 12:43 | 1659999 SheepDog-One
SheepDog-One's picture

I didnt see 1 person replying to this article, or in the article itself 'complaining about Greeks not paying taxes'.

Mon, 09/12/2011 - 12:51 | 1660015 DefiantSurf
DefiantSurf's picture

I wish we had the gonads to do it

(not pay taxes that is)

 

Mon, 09/12/2011 - 13:56 | 1660223 skistroni
skistroni's picture

There have been more than enough cynical comments

Mon, 09/12/2011 - 13:24 | 1660133 edotabin
edotabin's picture

No doubt.  Problem is that gov't ruined people by having them on the "take" for so long with their bribery errrrr I mean jobs, pensions, 14 salaries, low/no productivity etc.

So now, even if you get the big bad government off your back, you still have an entire generation of people that are damaged goods.

Mon, 09/12/2011 - 13:58 | 1660237 skistroni
skistroni's picture

These will either starve to death too, or change their attitude. The absence of state funds can break many bones.

Mon, 09/12/2011 - 12:40 | 1659991 Syrin
Syrin's picture

This is the problem facing virtually every nation.   Huge unwashed mindless drones living off the gov't (and by extension living off the productive members of society) who REALLY believe nothing bad will happen from gov't default.   It will be just a "blip".   hence no one taking the threat seriously at any level.   It's not just Greece that has this mistaken concept.   Look at our own leaders and parasites gov't dependents.  Clueless and without concern

Mon, 09/12/2011 - 12:58 | 1660047 Zymurguy
Zymurguy's picture

Syrin = truth se'er

Like the US Postal Workers Union going apeshit over teh need to close branches and layoff workers.  The fact they lose billion$ each year means nothing to them... who cares, someone else will just keep paying for it.

A taxpayer revolution is what this country needs... time to stop feeding the beast.

Mon, 09/12/2011 - 14:01 | 1660250 LongBallsShortBrains
LongBallsShortBrains's picture

The US Postal Service is just leveraged government.  Think of all of the government mail that gets sent subsidized by your stamps and mine. The electric company is the biggest property tax payer in my county as well as many others.  These are all hidden taxes. Stamps go up in price because of all the government waste that burdens the USPS. The electric bills go up here in California because the counties can't raise your taxes under prop 13.  The beast is looking for more and more ways to tax you without you even knowing.  A call to revolution is appropriate, but with so many on the tit, it had better come soon.  Kill the beast

 

Mon, 09/12/2011 - 13:16 | 1660108 Syrin
Syrin's picture

I couldn't agree more.

 

It's like the old joke

 

"We're losing $2 on every sale!"

"Well we can make up for it on volume".  

 

No sense whatsoever

Mon, 09/12/2011 - 14:12 | 1660287 Mr Drysdale
Mr Drysdale's picture

I used to work at a Foundry that did that. Today the land is a parking lot.<wierd>

Mon, 09/12/2011 - 12:40 | 1659992 monopoly
monopoly's picture

Just a matter of time before "poof"! It's gone.

Mon, 09/12/2011 - 12:40 | 1659993 Undecided
Undecided's picture

http://www.thestreet.com/story/11245530/1/cramer-a-european-lehman-is-upon-us.html?kval=dontmiss

Cramer says short everything go to cash now...Looks like he has maybe taken his head out of the sand?

Mon, 09/12/2011 - 12:53 | 1660024 Al Huxley
Al Huxley's picture

No. The one thing you can be certain about Cramer is that he will put you on the wrong side of the trade. Although the whole system is undeniably doomed, in the near term, we're almost sure to get a bounce here, and a drop in volatility. Cramer's just doing his bit to herd the sheep and provide the juice required for the next short-squeeze. He's lucky most people have short memories.

Mon, 09/12/2011 - 12:57 | 1660037 SheepDog-One
SheepDog-One's picture

I know what youre saying Al....but we've been here forever at around this level, and gotten LOTS of bounces already, one all the way up to DOW 12,800...when will it be the FINAL bounce, or will we always be due for 1 more?

Mon, 09/12/2011 - 13:09 | 1660078 Al Huxley
Al Huxley's picture

I don't know how the hell they're going to do it, because the fundamentals are sure screaming DOWN, but I think there's always room for one more engineered bounce, especially when the whole market's so ready to line up on the bear side. Time to separate the last retail 'investors' from whatever they have left of their capital.

Mon, 09/12/2011 - 12:44 | 1660000 Bullionaire
Bullionaire's picture

Kalamata republic.

 

 

Mon, 09/12/2011 - 12:46 | 1660004 Jim in MN
Jim in MN's picture

Well, what vegetable doubles as road kill?

Squash!

 

And while we're at it, a mark-to-fantasy accounting joke:

 

Q: If you had 5 oranges in one hand and 5 pears in the other hand what would you have?

A: Massive hands

Mon, 09/12/2011 - 12:53 | 1660023 DefiantSurf
DefiantSurf's picture

you should do that with skittles and unicorns

Mon, 09/12/2011 - 13:08 | 1660079 pods
pods's picture

A:  A happy wife.

You know what they say about a guy with big hands.

pods

Mon, 09/12/2011 - 12:54 | 1660028 Muddy1
Muddy1's picture

Obviously the Greeks are having a long term, quiet  bank run and the cash is flowing into physical gold as documented months ago.

Mon, 09/12/2011 - 12:59 | 1660049 LongBallsShortBrains
LongBallsShortBrains's picture

which leaves open the question: what is Greece...

 

 

Tyler,   thanks for the softball.

 

 

The answer is:

 

Greece is a turnip.

Mon, 09/12/2011 - 13:09 | 1660080 JaymesYK
JaymesYK's picture

Violently raise taxes = Greece turns into a ghost town.Looks like ill be getting a few more Greek neighbours in Canada.

Amazing how no matter how much you try and dick around with the technicals, the fundamentals are the only things that matters. Marginal capacity is a hard long stretch to achieve and when it's pushed by poor controling decisions near it's peak because of greed, it rockets downwards.

Time to go back to square one.

Growth rate is not the only factor and quality cannot be ignored; yet it is impossible to measure accurately. Looks like my generation will be fixing the old rich fool's mess for a very long time since quality continues to be sacrificed in order to force growth upon a global economy currently growing in salt.

At least we'll have help from the trust fund babies.

 

Mon, 09/12/2011 - 17:45 | 1661497 robertocarlos
robertocarlos's picture

The best burger in my town is at the Greek burger places. The best restaurant is a casual Greek place serving breakfast to dinner. They don't take credit cards. cash only.

Mon, 09/12/2011 - 13:17 | 1660114 Belarus
Belarus's picture

It's stange and counterintuitive but it makes sense: Gold and Silver could be in trouble in here in the paper markets. Since everything is getting liquidated it is a lot like our markets in 08/09 where everything got flogged. How many paper contracts in PM's are their in Europe? I'm guessing it is quite a bit. I'm long PM's so don't misuderstand my point, which is trend lightly in here. Could be another buying opportunity soon.....USD's will not kill you, just yet.

 

 

 

 

Mon, 09/12/2011 - 13:18 | 1660117 vast-dom
vast-dom's picture

Toxic curreny (drachma<->euro). Toxic nation. Toxic government. Toxic g-workers. Toxic citizenry.

 

Riots commencing in T-minus 3-2-...........

Mon, 09/12/2011 - 13:26 | 1660131 cranky-old-geezer
cranky-old-geezer's picture

 

 

I love watching Greece (and Italy, France, et al) "skullfuck" Germany and that stupid moron Merkel ... also "skullfucking" Germany by the way.

I also love watching the end of the Greek economy play out before our eyes.  A classic textbook example of uncontrolled government spending combined with a lazy unproductive society living off government handouts.

Hmmm.... that sounds and awful lot like America come to think of it.

Mon, 09/12/2011 - 13:33 | 1660165 baltbear
baltbear's picture

If you are calling the adjustments in Greece "chaos" you must think that not getting your Zwieback crackers in a timely enough fashion to soak up your teething slobber is "oppression."

Call me when the casualty rate exceeds the talking head whining.

 

Mon, 09/12/2011 - 13:42 | 1660181 LongBallsShortBrains
LongBallsShortBrains's picture

the tax collectors' union, or POE-DOY. "The workers (tax collectors)  are striking to protest the looting of their income."

 

had to read that twice

 

 

The tax collectors protesting the looting of their income while the electrical company does their work (collecting taxes).

 

Literally LOL!!!!!!

 

 

Nikodemus: Lets you and I rob, I mean, tax the people and give ourselves nice cush jobs and pensions to boot! 

  Adelphos:  OK!

 

Some time passes......

 

Nikodemus:  We need you to take  a pay cut,  Adelphos.

  Adelphos:    You want to cut my share of the booty, I mean tax revenues?

Nikodemus:   Just a small cut.

  Adelphos:  Fuck off! I aint robbing , I mean working as a tax collector no more unless I get my share of the booty, I mean, tax revenues!

Nikodemus:  Who the fuck needs you? We will get the electric co to collect for us anyway! piss off!

 

Wait til that comes home to roost in the good ol' USSA.

It gets down to the only people that support the tax collectors are the gubmint workers.

The beast is eating itself.

 

long popcorn!

Mon, 09/12/2011 - 14:00 | 1660244 praps
praps's picture

They tried to raise government income by taxing windows in the England a couple of hundred years ago.  People avoided it by bricking up their windows.

 

It'll be similar in Greece.  Ask to be disconnected from the electricity supply then buy a generator instead.  Bullish for generators.

Mon, 09/12/2011 - 14:19 | 1660303 honestann
honestann's picture

In a worldwide show of solidarity, I hereby call for all tax collectors world-wide to go on permanent strike against their predator masters.  And vandalize all those tax computers and data storage banks before you leave work.

Mon, 09/12/2011 - 14:49 | 1660491 pcrs
pcrs's picture

no tax collection and custom thieves? that might give a serious boos to the economy. I might consider moving there. Without these scoundrals and liars it's a great place to live.

Mon, 09/12/2011 - 15:28 | 1660825 writingsonthewall
writingsonthewall's picture

It sounds like a great place to live, late for work everyday and a million excuses to hand....

Mon, 09/12/2011 - 15:51 | 1660958 BlackholeDivestment
BlackholeDivestment's picture

Greek cash runs out at an ironic time. lol http://www.youtube.com/watch?v=5z8f6-kdVl8

http://www.youtube.com/watch?v=VxdRlpTOaJY this one is for Krugman. lol

Mon, 09/12/2011 - 18:59 | 1661722 MS7
MS7's picture

The strikers are trying to get the government to fall. I don't get what is funny or bizarre about that. People strike even if it means short-term pain, even at risk to themselves, when they want desperately a different political system. The government so far refuses to call early elections. Strikes are the most effective weapons people have to sabotage the government. My problem with the strikes so far is that they last 1 or 2 days. There should be a strike until the government calls early elections. The people are largely unarmed, so there is no other way of starting a revolution, as far as I can see.

Tue, 09/13/2011 - 21:55 | 1665965 moxia19
moxia19's picture

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