Guest Post: Greece - Two Bail-outs and a Funeral

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Sun, 07/24/2011 - 16:52 | 1488380 rajat_bhatia
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Comeon Arseholes! Give us a deal! Fucking Bash Gold to the Smithereens!!

Sun, 07/24/2011 - 17:06 | 1488435 HungrySeagull
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There are not many like you. You stand unique in your failure to grasp the implications of what is happening between Europe and USA. If you are from India, why are you not screaming bloody murder about Iran and her actions towards your Nation or the recent discovery of billions in treasure at one of your temples?

You are a peice of work. Tone down the gold talk. We are not responsible in any way for your private decisions regarding money.

Sun, 07/24/2011 - 17:26 | 1488527 cosmictrainwreck
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Sun, 07/24/2011 - 17:39 | 1488574 Central Bankster
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I miss the Junk feature- maybe add one that allows you to flag for persistent idiocy and bad market calls as well.

Sun, 07/24/2011 - 18:30 | 1488801 Central Bankster
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Lol another good call for the open on 7/24.  Keep "hoping" the gold price lower.

Sun, 07/24/2011 - 16:59 | 1488389 Captain Benny
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I think the biggest news re: Greece is the criminal organization ISDA trying to say that a default is indeed not a default.  For those of you that don't know what ISDA is, I highly encourage a read-up:

This is one of the organizations at the root of the problems in the marketplace for the last two decades.  Don't forget to listen to the Jim Rickards interview just this month where he talks about the idiots at ISDA:

(click on the image: "Listen to MP3" on the left side)

Sun, 07/24/2011 - 17:03 | 1488423 magpie
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Who has the balls to sue them ?

Sun, 07/24/2011 - 17:05 | 1488431 economists_do_i...
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Calling a 'restricted default' NOT a default is like saying a female intern performing duties under your desk is not having 'sexual relations.'

These guys just make up the rules as they go and spin it however they like and never get held accountable for anything they say or do.

"Read my lips..."

What is the purpose of having a debt ceiling if you're going to increase it everytime it is about to get hit?

In other news, the rich get richer...

Sun, 07/24/2011 - 17:09 | 1488443 Ghordius
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"I have difficulties understanding the obsession with not allowing Greece to default (well, this was like a mini-default) and exit the Euro zone. Both will happen anyway, and Greece is a side-show."

The obsession above is about the fate of CDS contracts in general. They can't continue in this form, something's gotta give.

Sun, 07/24/2011 - 17:11 | 1488454 oogs66
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EFSF is not rated AAA.  Each tranche so far has been rated AAA, but each tranche has to be rated at the time it is issued.  Given all the changes on what EFSF can do with the money, there is no way it gets a AAA rating without more support from Germany and France. 

The exchange is all a bit weird and not sure it is clear yet how much is lost?

Sun, 07/24/2011 - 17:14 | 1488456 Western
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Sun, 07/24/2011 - 17:20 | 1488499 Negro Primero
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Sun, 07/24/2011 - 17:34 | 1488561 Fish Gone Bad
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There is absolutely no gold buried with anyone's teeth.  Have you seen how rich funeral home owners are?  A friend who used to work at a cemetrary used to talk about all the gold the people had there. 

Sun, 07/24/2011 - 17:41 | 1488580 AldousHuxley
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you forget that Hitler failed and there are still German Jews in Germany.

Sun, 07/24/2011 - 17:24 | 1488519 Sudden Debt
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Sun, 07/24/2011 - 17:41 | 1488544 Use of Weapons
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I have difficulties understanding the obsession with not allowing Greece to default (well, this was like a mini-default) and exit the Euro zone. Both will happen anyway, and Greece is a side-show. The main actors are Spain and Italy. Nothing, absolutely nothing has been achieved for them by saving Greece (and some banks). It is akin to someone emptying his fire extinguisher on his backyard grill while smoke starts coming out of the attic of his house.


My reading of the situation [and, freely admitted, it is one of less experience than many here] is threefold: firstly, it precisely allows Greece to still be the 'ugly stepsister' of Europe, and with a wink & a nudge, confidence is not drained from the Italian markets or further exposes Spain's housing bubble - in other words, Greece as the 'special needs' case (rather than symptomatic of the whole) is maintained as the PR cover story regarding the EU; secondly, it gives the EU time to prepare for the next crisis 1; lastly, this isn't really an economic issue, it is more a political one - thus Masstricht is mentioned - accepting the loss of Greece will be the first wave in a strong push to reduce the EU back to the old 'strong core' and lose the peripherals; this is politically unthinkable, because the long term view is that with Russia and BRIC ascension, the EU is going to need to be united to have any chance at keeping even half of the standard of living it has enjoyed for the last 50 years.2.

Feel free to cut that apart, but that's what I've taken from the German / banker response - oh, and yes. Trying out footnotes. They might be too wanky.

  • 1. for what? Well, how cynical do you want to be? For the US to sort out the debt ceiling? Or to fail? Or for the base PMs to rise enough to allow them to be leveraged against further lending... or for Iran to get dragged into the US exit strategy? EU area has around 11k tonnes, IMF has 3 it is sitting on - gold hits $2k+ then...
  • 2. The EU, after all, has already been through colonisation of the entire rest of the globe to get raw materials... after all, Germany still doesn't have oil
Sun, 07/24/2011 - 18:07 | 1488686 irishlink
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Spain and Ireland no longer have housing bubbles. We have CRASHED SPECTACURALY! Give us a few more years and we will be soo hated we will certainly be a buy! Then we can all sell our silver and gold and buy property and the great cycle begins again. My lucky children?

Sun, 07/24/2011 - 17:51 | 1488616 THE DORK OF CORK
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Can we get that reserve currency thingy  ? - what would the defecit be like with Italian like interest rates ?

Italy vs US: playing a different game -


Sun, 07/24/2011 - 17:54 | 1488622 AldousHuxley
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School House Rocks - Tyrannosaurus Debt (from SchoolHouse Rock makers of How a Bill becomes a law)

Sun, 07/24/2011 - 18:10 | 1488710 MolotovCockhead
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Think there's a mistake in one of the picture there! Shouldn't the Greece flag flying at half mast?

Sun, 07/24/2011 - 20:15 | 1489169 ISEEIT
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This article is shittin' funny enough to make me crap my shorts. I love the graphics in particular (cartoons are good).

Sun, 07/24/2011 - 20:52 | 1489247 PulauHantu29
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Good to hear it. Now may I go back to my Falafel and Oikos yougurt, please?

Tue, 08/23/2011 - 23:29 | 1593553 karmete
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