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Flair For The Drachma-tic: ICAP Preparing For Return Of Greek Currency

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Sun, 11/27/2011 - 19:09 | 1918978 TruthInSunshine
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Greece is such a Drachma queen.

While everyone is watching Italy & (now) Germany (failed auctions, closer scrutiny of their alleged fiscal 'health'), look towards both the France and England.

There will be fireworks.

Sun, 11/27/2011 - 19:10 | 1918988 devo
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Or China and the U.S.

Sun, 11/27/2011 - 19:13 | 1918996 TruthInSunshine
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Greece has a mere 4% or 5% out of the 100% (God knows what the actual number is, but it is rather high) of the unpayable debt owed by PIIGSFUK (not even counting private banking/sector debt nor derivative liabilities owed or to be owed soon).


Sun, 11/27/2011 - 19:17 | 1919019 Ag1761
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US lending them even more, makes PIIGSFUK-US

Sun, 11/27/2011 - 19:20 | 1919038 TruthInSunshine
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Technically, I'd argue it's Red Shield Partners, PLLC, a far more global and specialized NGO...


"Red Shield Partners, PLLC, because we'll make you a deal you simply can't refuse."

Sun, 11/27/2011 - 19:27 | 1919070 Ahmeexnal
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GMOs will subdue any insurrection by the sheeple.

German BASF to carpet bomb Europe with GMO potatoEs:


Europeans have made it abundantly clear time and time again that they want nothing to do with genetically-modified organisms (GMOs). But chemical giant BASF refuses to take no for an answer, and is once again pushing for EU approval of a “Frankenpotato” known as Fortuna that, if approved, would represent the EU’s second new legalized GMO in more than a decade.



Sun, 11/27/2011 - 20:19 | 1919253 chubbar
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Like what? You didn't think that the WTO/codex alimentarius, BASF and Monsanto didn't all have something in common? You think this is some sort of coincidence? Come on, man!

Sun, 11/27/2011 - 21:40 | 1919548 Socratic Dog
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Absolutely classic comment.

Sun, 11/27/2011 - 19:17 | 1919022 paarsons
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On the bright side...

Black Friday went well.  Sales are up despite the pepper-spray.


Sun, 11/27/2011 - 19:45 | 1919141 paarsons
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Perhaps we can go back to the days of yester-year and arm the citizens with Thompson machine guns.

Now that's Christmas!


Sun, 11/27/2011 - 19:25 | 1919054 WhiteNight123129
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China has a banking crisis, not a sovereign crisis, different animals. External debt is not an is in China, (no safety net on healthcare and pension = no entitlement debt). China faces banking crisis and hard lending not a sovereign crisis. US does not face a sovereign debt crisis as it can print, it faces a potential renewed banking crisis with knee deep exposure to Europe and derivatives, it for sure has a serious potential for a currency (collapse) crisis medium term. Euro collapse is actually bullish for dollar  (Bric assets unwinding from eurozone and central banks revisiting reserve currency allocations.


Sun, 11/27/2011 - 20:29 | 1919284 earleflorida
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"China has a banking crisis, not a sovereign crisis, different animals."

one thing is for certain - the opium trade is on steroids in the entire country - he who forgets his 'boxer's', is once again caught naked swimming upstream!


Sun, 11/27/2011 - 19:14 | 1919003 hungrydweller
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Watch it now, you.  I majored in Drachma.

Sun, 11/27/2011 - 21:22 | 1919470 ToNYC
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Keep your eye on the hanging, the pickpockets are working 24/7

Sun, 11/27/2011 - 19:09 | 1918982 Wixard
Wixard's picture

Can i borrow billions in USD then offter to pay it back in monopoly money?

Sun, 11/27/2011 - 19:11 | 1918990 achmachat
achmachat's picture

you do realize that monopoly money is real physical paper?  

Sun, 11/27/2011 - 19:13 | 1918998 Wixard
Wixard's picture

Well thats true. But my point was can i just borrow billions then pay it back in a currency i print in my basement?



Its just silly how the fiat system operates. 

Sun, 11/27/2011 - 19:15 | 1919011 navy62802
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On a similar note, what happens if you borrow billions of Euros just before the currency dies?

Sun, 11/27/2011 - 19:17 | 1919026 cossack55
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Buy stuff quick!!!!

Sun, 11/27/2011 - 19:22 | 1919046 scatterbrains
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Same thing you would do just before the dollar dies.. rush off to Sam's club, stock up on shit paper and spam.. charge it all on the bac card and haul ass up out of there.


Sun, 11/27/2011 - 19:48 | 1919150 Ceteris paribus
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why wait untill the dollar dies do it now  and fuck the cards off.

Sun, 11/27/2011 - 19:14 | 1918991 HUGE_Gamma
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how else are they gonna pay for that big fat greek wedding?

Sun, 11/27/2011 - 19:12 | 1918993 Captain Kink
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Good for the Greeks.  It will be tough for a number of years, but they will be better off in the end.

Sun, 11/27/2011 - 19:24 | 1919012 TruthInSunshine
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Contrary to Paul Krugman's advice, Iceland took the red pill and they swear it's worked wonders for them.

After all, it's not good practice to stiff people who provide real work or goods to you, but by all means, hold your chin high and even extend the middle figure to any sorcerer who conjures money from thin air and tries to stuff it into your pocket (along with some alleged contract obligating you to pay it back or give them the true things of value you own).

Give those conjurers the beat down.


Sun, 11/27/2011 - 19:16 | 1919017 High Plains Drifter
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tough for a number of years? that is the understatement of the year, no doubt.......


hello amerika ...........watch and learn...........

Sun, 11/27/2011 - 20:19 | 1919249 RiverRoad
RiverRoad's picture


I'm packin' for Santorini......packin' for Santorini......la, la, la!

Sun, 11/27/2011 - 19:15 | 1919005 Boilermaker
Boilermaker's picture

Can I get 30 handles....40?  50?

Maybe they can turn it into a show like Storage Wars?

Sun, 11/27/2011 - 19:15 | 1919007 rambler6421
rambler6421's picture

That'd be good if that happened (if they returned to the Drachma).



Sun, 11/27/2011 - 19:15 | 1919009 High Plains Drifter
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so what are they going to do? jetison the piigs and let them wither on the vine?  

Sun, 11/27/2011 - 19:59 | 1919183 CPL
CPL's picture

Not until they have all the money that they can steal from the IMF and the US taxpayer first.


Money first then they get the boot.

Sun, 11/27/2011 - 20:20 | 1919260 High Plains Drifter
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i am thinking some kind of imf bailout is in the works and we all know who funds the imf.........

Sun, 11/27/2011 - 19:16 | 1919015 Smithovsky
Smithovsky's picture

Should make for a nice arbidrachmage.  

Sun, 11/27/2011 - 19:17 | 1919024 max2205
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Get under the desk.... This is only a test

Sun, 11/27/2011 - 19:19 | 1919032 Temporalist
Sun, 11/27/2011 - 20:26 | 1919279 CrockettAlmanac.com
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And then you must cut down the value of your bond debt by 50% with ... a herring!

Sun, 11/27/2011 - 19:19 | 1919034 I am Jobe
I am Jobe's picture

Is Vaseline optional?

Sun, 11/27/2011 - 19:24 | 1919052 Ag1761
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What would Greece mint as their new 1 Oz silver or gold coins to celebrate the return of the Drachma.

Sorry, just make that a new copper 1 Oz, getting carried away with myself there.

A 1 Oz Drachma with a pig on the front and a burning Eiffel tower on the back might be nice.

Sun, 11/27/2011 - 19:26 | 1919065 I am Jobe
I am Jobe's picture

That is a novel idea. I wonder if the US Mint might be able to produce that the USSA

Sun, 11/27/2011 - 19:26 | 1919064 bob_dabolina
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Too bad we aren't testing California on the Peso

Sun, 11/27/2011 - 19:42 | 1919126 I am Jobe
I am Jobe's picture

CA is testing with IOU's for now.

Sun, 11/27/2011 - 19:33 | 1919079 merchantratereview
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Maybe the NWO loses after all. And I'd be biased long Mark/Drc.

Sun, 11/27/2011 - 19:36 | 1919104 Franken_Stein
Franken_Stein's picture

That would be brilliant.

But these people have big stamina.

They won't give up easily.

Not before half of us are killed.

Sun, 11/27/2011 - 19:33 | 1919091 surf0766
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In the end doesn't this mean the euro is worthless?  I don't understand the ramp tonight.

Sun, 11/27/2011 - 19:35 | 1919102 Franken_Stein
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Have you also heard the news about DeLaRue ?

Sun, 11/27/2011 - 19:37 | 1919107 Mark123
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The best minds on  wall street, using the biggest computers in the world, have determined there will be a rally.  A Santa Claus rally.


Thank God for that.

Sun, 11/27/2011 - 19:39 | 1919113 rufusbird
Sun, 11/27/2011 - 19:57 | 1919176 Missiondweller
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Thanks.I didn't even know what it was and didn't see it in the ZH glossary.

Sun, 11/27/2011 - 19:39 | 1919114 I am Jobe
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Greece needs to have Walmart and experiment with Black Friday Sales.

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