Juncker: "Greece May Need A Third Bailout"
No. No way.
If we have to go through one more year of endlessly repetitive and utterly worthless European bullshit, rumors, headlines, and other subterfuge whose only point is to extend and pretend the fact that Europe is utterly broke, just so the effete Greek citizens can pretend they give a rat's ass about their independence, when in reality they will gladly pay 80% of their salary to keep European banks solvent simply to retain the illusion that their retirement funds are still worth more than diddly squat, we are done.
Reuters has the story that needs no commentary:
The head of the Eurogroup of euro zone finance ministers, Jean-Claude Juncker, said on Friday he could not rule out that Greece may need a third bailout.
Asked in a television interview if he could be sure Greece would not need a third bailout, Juncker said: "You cannot really exclude that, although we should not have as a starting assumption that a third program will be (needed)."
"We made it clear last Tuesday in Brussels that we are standing ready to support Greece even beyond the time period of this program but I have good reasons to believe that we should now not engage ourselves in a debate on a 'maybe' third program. We should now ... implement the second one," he said, interviewed by David Frost on Al Jazeera.
Asked about some experts' view that a Greek default is inevitable, Juncker said: "I don't see that Greece would go for a default."
Why of course not: since nobody in Greece has the balls to say enough, why should the broke European banks, whose LTRO lifeline incidentally is ending, stop sucking the last remaining drops of blood from the Greek debt slaves? If we were in their shoes we would do precisely the same thing until the bitter end. And frankly, just like America is about to get a president it deserves, so Greeks are clearly the recipients of just the fate they so rightfully have 'earned' by doing absolutely nothing. But go ahead and throw a Molotov cocktail or two, and don't forget to loot that store right next to Syntagma square. After all, what is heroism if not stealing from others, just the way the despised banker uberclass steals from you?
And since we already know the list of 38 demands Germany has submitted to Greece to allow it to rescue its banks, here is an artist's impression of German demands to greenlight bailout #3:
(23 votes)
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Long algae!
Effete Greeks= MOLOTOV COCKTAIL THROWING PUSSIES.
Down the shitter, bitchezzzz!
This is fun.
I can't wait until it's Portugal's turn, let alone Spain's or Italy's.
weeeeeeeeeeeee
Dominos,bitchez!
Third time's the charm! He should meet Liz Taylor.
Farage exposes Merkel:
http://www.youtube.com/watch?v=Q7fnlRS_0xQ
Excellent video! Thanks for posting!
in the process it turned a 2.8 billion debt into a 200 billion debt in less than 10 years - OMG is correct!!!
we heard it all about those lazy greeks working few hours a day retiring at 40, and how they lied their way to EU by hidding their debt... what they dont say is how big was this debt back in 2001... well it turns out ONLY 2.8 billion....
to make it short here is the scheme: GS loaned Greece 2.8 billion so Greece can enter the EU (off the books loan, not reported to the markets or EU - otherwise, how can you blackmail them)....then GS offered financial advice to greece to bet on derivatives so they can pay back the loan ...how else can Greece pay back GS right? come to the casino and play with my chips ... i loan them to you out of my good heart...even tell you where to place the bets....
well, these bets needless to say did not work exactly well ... GS had to provide liquidity and take the other side of the trade... its pathetic to listen to poor greek government officials trying to get out of the scheme ... "WE TRIED - THEY REFUSED IT" ....of course, you are their milk cow ... they own the system (the media too it goes without saying) ... thats what it comes down to ... well we know the net result ... greece's debt is 200 billion today, 400 billion next year ...
LISTEN TO the video - dont expect to hear this is in america's media, over here we are doing God's work...
http://www.bbc.co.uk/news/world-europe-17108367
Breaking: S&P Joins Fitch, Credit Suisse In Seeing Greek Bailout As Default
The ECB thinks they are going to take the collateral of Greece from the existing bondholders by bailing out Greece for a few month. Once they try to subordinate the existing bondholders, the rating agencies will call default. That will never happen. If Greece defaults our top 5 banks have to pay the insurance to the Greek bondholders that they have been collecting premiums for years, that will bankrupt the banks. That will not be allowed to happen either. What's left? The ECB and the FED will print money to keep buying the bonds of Greece and other nations including US Bonds so these Countries don't default, and commodities, priced in Euros and US Dollars, will continue go through the roof. Guaranteed.
http://www.dailypaul.com/216566/breaking-sp-joins-fitch-credit-suisse-in-seeing-greek-bailout-as-default
Greece is being used as another AIG to save European insolvent banks
There is the other side of the "insurance", or betting, Credit Default Swaps maket. If the default is NOT allowed when there would other wise be considered a default, then the credibility of the CDS is bought in the question and those who bet on a default find their CDS to be worthless, plus those held by entities which hedged both ways.
This would set a preceedent that a "default" could legally be considered other than what it is, a default, and bring into question the validty of all other CDS, and that contagion throughout the WHOLE CDS market, and once the preceedent is set, would negate, or bring into question, the value and validity of an estimated $30+ Trillion (dollar) CDS market. that is double the GDP of the USA and which would break the five main players in this world market , based in USA( and all else).
Just how long do we have to let a country the size of Alabama dominate daily financial headlines?
Never ever allow these 4 guys to get onto a prime time TV show together:
Nigel Farage
Bill Black
Ron Paul
Marc Faber
To any of the Greeple out there, read this:
When in the Course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature's God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.
We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness. — That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, — That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness. Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shewn, that mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security.
-- July 4, 1776
I have a feeling gold is about to improve in euro terms.
USD... Not so much while that's happening.
Afterwards though...
http://www.youtube.com/watch?v=qVCgf6_M7i4
Huffington Post comes out and says ISRAEL HAS NUKES so to speak. Top of their page with video. Reminds me of that famous cat video in this ZH topic.
Wadah Khanfar: Iran Strike Would Be A 'Disaster' For Fragile Arab Spring http://www.huffingtonpost.com/2012/02/24/iran-strike-wadah-khanfar-arab-spring_n_1297129.html#commentsAnother sinister FOX news edit where John Bolton was actually BOOED at his response. Check it out, watch for the conclusive evidence in the last 30 seconds of this video. Great Job Jon Stossel and FOX propaganda network.
John Bolton Dodges Question; Insults Anti-War Veteran
http://www.youtube.com/watch?feature=player_embedded&v=m4JDX0-Uo1E
John Bolton, the NeCon, in search for any/new war we could start.
John Bolton would fire a bunker busting nuclear tipped missile up his mother's vag without a moment's hesitation.
He's Nero & Oedipus....like that...'
...cuz that's the way it is...
In other big news you've been deprived of by Pravda this past week; If only the banker community would punish its fraudsters the way the scientific community does.
Dr. Peter Gleick may have run afoul of a new cyber-impersonation law in California Posted on February 23, 2012 by Anthony WattsWUWT commenter “The Duke” writes:
I just sent the following letter to Senator Joe Simitian (D- Palo Alto) regarding Dr. Gleick’s apparent violation of SB 1411 which went into effect January 1st, 2011.
"This is big climate science geek blog news"
Yes it is.
I sent the front side story of this to Tyler & crew the other night...the links, sans my snarky commentary to them ;-)
The point of the spear...
http://www.nytimes.com/2012/02/16/science/earth/in-heartland-institute-leak-a-plan-to-discredit-climate-teaching.html?_r=3&ref=todayspaper
strikes the shield...
http://blog.heartland.org/2012/02/heartland-institute-rebuts-outlandish-new-york-times-story-on-stolen-and-fake-documents/
breaks and flies back through the attackers eye...
http://www.theatlantic.com/business/archive/2012/02/heartland-memo-looking-faker-by-the-minute/253276/
causing permanent brain damage...lol.
what fox did here must be illegal besides being
immoral and evil. at least their viewers should
turn the channel and never go back. stunning clip
there.
that ranger is awesome
Yeah, the "Fragile" Arab Spring brought individual liberty, secularism, peace and openess but mean old Israel is about to mess up all that. Only the head of the Muslim Brotherhood (or their military partners) could - with a straight face - proclaim the Arab Spring "liberated" anything.
Macho.. Really, really that old dead parchment is garbage! Our own Supreme Court eschews it and the worthless government limiting Constitution in favor of the South African positive right granting enlightened Constitution. After all what is more progressive than a Constitution empowering the Government to give you what you deserve and good and damn hard too..
http://www.foxnews.com/politics/2012/02/06/ginsburg-to-egyptians-wouldnt-use-us-constitution-as-model/
Mmm, Progressivism, smells like...Death & Slavery..
@redpill
So long as the fate of nations rests on the financial well-being of gyro vendors and the efficiency of Hellenic tax collectors, it will be so.
THIS IS (apparently not) SPARTA.
Only that You don't go look elsewhere to see what the true situation is the smoke and mirros seems to dominate.It's there for a purpose and is working sucessfuklly or the panic would not be containable.
edit: even this website is taking you along for the Greek ride, day after day, and you know how they say they do it "the Greek"way.
Merkel: "We can't possibly let Greece go because if we let Greece go other countries will want to follow and that would be the end of our European Project."
So this isn't about Greece wanting to stay. Greece is here to hide a bigger problem.
Greece is here to hide a bigger problem.
Elementary, my dear CombustibleAssets .
"Angela Merkel is the only person I know who looks more miserable in private than she does in public...."
Excellent stuff...
And you know their turn is coming, no doubt about it.
Schauble just blurted out that Greece may need another 50 billion. You can expect that number to double at least when the time comes. The Greens and the SPD will do the sheep and say yes. Just watch!
My Portuguese parents-in-law took 80% of their money out of their Portuguese bank a month ago. I warned them and they already did their own bank run. The rest of their money they sunk into a useless shiny metal that is yellow and has no intrinsic value and you can't even eat it - and also some into a similar useless white metal. Funny what despirate people do.
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/2/24_Greyerz_-_Gold_Will_Trade_Above_$2,000_by_the_End_of_March.html
Things you can eat are useless.
You can't build anything with them.
The value of gold and silver comes from their function (shit that's hard to fake).
In fact, the value of ANY THING comes from its function.
Eat your sandwich and tell how much more stable the economy is. If it's not here's some Grey Poupon. That'll stabilize it. /rant
Ohai.
Yeah, I had some familiy (uncles and cousins) come over from Portugal to London a couple of months ago and they were the ones that started talking over dinner about moving money to gold for safekeeping (they didn't knew I'm a bit of a goldbug).
In Portugal, the generation that is in their 50s, 60s is mostly made up of people with a saver mindset and have quite some savings to worry about while my generation (30s) is much less so (though at least one of my friends has invested in farmland).
Another interesting detail is that most Portuguese moved from the countryside to the cities in the 1960s, which means that most of them (I'd say 90%) either directly or indirectly are still connected to the countryside. This is interesting because there is a lot of unused farmland over there since plots tended to be small and they could not commercially competed with imported food from Spain and even places as far out as Holland. If Portugal does leave the Euro, many city people can fall back on their countryside roots and Portugal will very quickly become self-sufficient in food.
Acet - I would say you have a business opportunity. Do you have a city or town hall? I would go and speak to the Mayor or City Manager about sharecropping. I like to get things done at the local level, the world is decentralizing and regional opportunities are being missed by global corpororations.
In any event, my best wishes and God bless the Portuguese people.
We have a friend, a college professor (one of the few in the country) who reminded us that Portugal is by far the worst-educated nation in Europe. Trying to compete with the Netherlands is like cavemen taking on the Marines. It is just not possible in a land where less than a third finished high school. You just can't compete in the modern world. You can have a nice, 19th century, só na maciot (live the good life/ It's the easy life) and there's nothing wrong with that.
It's a generational thing
Schools are quite good now and even higher education is near-universal (even if there are far too many people with near-worthless paper degrees like History or Psychology)
The 1/3 you mention are older people, mostly from the countryside who, at best have the 4 years schooling that were mandatory during the later part of the Fascist regime which was in power until 1974. Quite some are actually or funtionally illiterate.
If all you look at is the generation that has graduated in the last 25 years, then Portugal is at the same level as most of Europe, possibly better than even the likes of England in things like Maths, Science and Languages.
I can tell you for sure that at least high-school education is better than in the US: I remember about 25 years ago when one of our less than sharper colleagues went for a year to the US in a student exchange programme and came back the next year having had A grades at most subjects over there when in Portugal he was lucky to get 13 out 20 in most things.
I don't know how your college professor is "one of the few in the country": just the one University I went to which is just one of the 4 or 5 technical Universities (covering only Sciences and Engineering degrees) in the country hand hundreds of them. This was 20 years ago and there were and are far more Universities in soft subjects than technical ones.
The "one professor" was a joke. He said at times it just SEEMED like he was the only one. The bigger problem is the exodus from the country. Over 7% have fled since 2000 and with a declining population, things do not look good. I loved the country- super friendly folks. In Porto we stayed in a family B&B and "mama" fixed some great food. My wife lived in France and the son had worked there so we could communicate at least. Hope for the best.
An amazing number of Portugese speak English, so their educational system must be pretty darned good.
Acet, do you really believe these new city dwellers will have any idea how to utilize the land after being gone 50 years? Come'on! They are hosed.
Their parents who are ex-farmers help them out. In fact, quite a number of them (parents) are now retiring and many go back to the countryside where they bought their little farm with the money they earned working in the cities. Not only that, but more often than not some of the family still lives in the countryside: that generation that was born in the 1940s and 50s had big families and not all of them moved to the city.
Also, I see it already in my generation that many people have bought vacation houses in the areas from where their parents came from.
More in general, don't forget that Portugal has a huge culinary tradition of fresh, healthy food (think: Mediterranian diet) and many people still value growing their own food in a "natural" way. There is a really strong belief in that traditional food from the countryside is quality food versus the "industrial" food which is produced via intensive farming - in that sense, the country is a lot like France (I could barelly believe it when I found that the kinds of stuffed, smoked meat you can find in Alsace is very similar to that you can find in the north of Portugal) and Italy.
As long as the old generation is still alive and well, the country can fall back to traditional agricultural methods: it might not produce vast amounts of cheap food, but it will produce lots of quality food in a country where the culinary tradition is of eating mostly unprocessed food.
They must think you are a hero as they watch this shit show and the charts. Good work.
This is just limbering. They have to get in shape first so they can haul off all the gold in Italy and Portugal. No need to pull a hammy.
Will there be dominoes after Greece or will the crack turn into a compound break?
Illinois
The Lords bringing the serfs to it's "Ni's".........
"It is hard to free fools from the chains they revere.”- Voltaire
Until they run out of fingers and toes to count the number of bailouts... they will just keep coming.
Angie said it would take YEARS to fix. Da bitch wasn't lyin'.
Bailing out Greece is like bailing out a submerged submarine.
> is like bailing out a submerged submarine.
...that air contains CO2, a poisionous, toxic, greenhouse substance. Bail the air and fill with water.
Long Molotovs!
Can you make a molotov out of olive oil?
Gas might be hard to obtain.
Just 'sayin...
cant have a third bailout when you aint getting the 2nd one. PSI bitches
But, haven't you guys heard? ... It's halftime in America ....
Came across this other day, seems apt!
http://mapofeurope.com/how-greece-views-the-rest-of-europe-2012
Can you say "vortex" ?
You've done it. You've broken Tyler. I hope you're happy assholes.
"Tyler" is already broken. Didn't you watch the movie, it is called BPD and results is schizophrenia.
Well, your avatar should know...
I am Jack's raging bile duct.
OUT HOUSE debt. Pass the toilet paper! ( PLEASE)
Odious debt, pass the rifle and ammo PLEASE !
Good post/ For a guy on the shitter! Non the less! I'll drink a pint with ya !
Thanks ya Bastard! Buy the way" I was Henry the POTATATO HEAD!!
UFB. No default, no surrender.
surely thats bullish.... everything else is.
You mean like all the CEOs of major corporations and banks retiring all of a sudden?
Even with cargo-sized golden parachutes, these guys tend to stay around until they're offered a better CEO job, are physically incapable of stringing two words together, or are dead.
Do they know something that we should?
I've been wondering the same damn thing. But then again, maybe Lloyd just wants to spend more time with his grandkids (insert eye roll <here>)
And on and on and on and on and on it goes...
These guys sound like a broken record! Did I just date myself?
no; vinyl has made a comeback
Update Fukishima 777? I like your tenacity!
Kinda like being ripped from a ?
Fukushima's fine!
I can always count on your updates. Thank You Mr. LH
Pernicious nonsense!
http://www.youtube.com/watch?v=qljXevEW2W0&t=0m27s
Only because mastering on "modern" (read: shit) CDs, is crap, thanks to over-abuse of compressors turning the signal into white noise.... where vinyl for physical reasons at least puts a damper on this.
How ironic.... a technically superior media gets discounted, because it is abused so much, that even a 50 years older media can perform better, purely because technical limitations from back then, limit the potential abuse.
Progress!
Nothing that complicated. White people have more money than sense. Hipsters plague the earth.
http://www.youtube.com/watch?v=3Gmex_4hreQ
In a word: No.
More info: http://en.wikipedia.org/wiki/Loudness_war
Why vinyl is less (but NOT immune) to it: on a vinyl recording, there are limits to how far you can "saturate" the signal - if you go too far, the needle starts jumping. Thus, when it comes to oversaturating the signal (recording music louder than the record can support, thus basically "smashing it against a brickwall", there is less "tolerance" for this in vinyl, than on a CD, despite a CD "in theory" having better potential quality. Or even shorter: the maximum quality of vinyl is lower than CD, bit vinyl allows less "abuse and bullshit" than CDs... so if abuse and bullshit is the deciding factor, vinyl wins out, simpy because it technically doesn't support as much abuse as CDs.
Oh, I wasn't saying you don't have a point. I simply disagree that vinyl is making a comeback due to a "Loudness war". Go to any record shop for proof. You will see skinny-jeans-wearing losers trying to one-up each other by purchasing the most obscure albums they can(not because they intend to use samples to build a nice track, but because that is what their retarded culture deems cool) while "ironically" posting their latest purchase details from an iPhone onto the same Facebook account they use to lambast social injustices(like wage-slavery).
But enough of this digression. Instead, a most apropos tune - https://www.youtube.com/watch?v=InFbBlpDTfQ
Point taken :-)
Benny Boy can't ctrl+p sense. Ba dum tsss.
Couldn't agree more. The only place I use a compressor is on my guitar FX processor. All the other instruments run through my own design 'rising rate' limiter on the master stereo bus at mixdown. It only compresses at all when the signal gets within the last 20% of available headroom and the compression ratio automatically increases as you increase the size of the signal - which sounds shit if you try to force a big-assed signal through there, so you automatically assign things sensible levels in the first place.
Nothing else needs a bunch of compression if it's recorded properly at the start. You tie a mix together with proper EQ, not a pile of compressors. Seems to be mostly lost on the current crop of young engineers / mastering guys, though.
I still like to stick needles in my music.
the old familiar sting...
Cheers. Happy New Year !!!!!!!!!!!!!!
http://www.youtube.com/watch?v=YvGrJVdCf64&feature=related
Greece "will" need a third bailout.
Fixed
Greece 'already needs' a third bailout! ;-)
Why is it every time I hear "Bailout" my mind translates it to "Bullet"?
Good one. Perhaps it's the same reason that whenever I hear "default" I immediately think, "Die, bitchez!"..