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Retaliation: Greek Budget Expert Fired For Opposing Europe, Telling The Truth About Country's Insolvency
Yesterday we made an amusing contrast between the lies of European insolvent state annexator general Olli Rehn who said that "Greece’s debt is on a “durable declining path” and new projections will show that the second rescue program reduces net liabilities, European Union Economic and Monetary Commissioner Olli Rehn said" and the truth uttered by Greek budget committee head Stella-Savva Balfousia, who said "Greece's debt has run out of control and government policies are failing to restore finances." Guess which one just got the axe. No this is not a trick question. And if you said prematurely terminated Devan Sherma you get half a point, because as the more observant out there may have noticed, the only benefit for blowing the whistle these days is immediate and irrevocable termination from both one's high profile job, and the status quoTM.
Reuters reports:
The chief of an independent Greek budget committee resigned on Thursday after the country's finance minister attacked the group for saying debt dynamics were 'out of control', sources said.
The resignation may further complicate debt-choked Greece's already difficult negotiations with its international lenders about the disbursement of further aid tranches under a 110 billion euro ($156 billion) rescue package agreed last year.
Finance Minister Evangelos Venizelos on Thursday scathingly attacked the committee. "Yesterday's report lacks elements of credibility of other international reports," he said in a statement. "All necessary measures will be taken to upgrade and improve the credibility of the committee," he added.
Balfousia stepped down later on Thursday after Venizelos's comments, parliamentary and top government sources said. "She has submitted her resignation to the parliament speaker," one official said.
And presto: the credibility of the committee is immediately improved. Of course, anyone who actually thinks that is obviously a psychopath. Which unfortunately explains why by the time "this" is all over the world will be once again controlled by a bunch of genocidal maniacs hell bent on extending the system for one more day until something changes and things get back to how they were.
In the meantime, Greece has just lost its one last credible voice:
The committee was appointed by the Finance Ministry in 2010 as part of efforts to increase the transparency of the country's murky finances.
Balfousia, who was not available to comment, was also a key player in a previous panel of experts, which had unearthed statistical irregularities and manipulations used to conceal the true state of Greece's finances.
All snark aside, what is becoming truly evident (to everyone except those who matter) is that the entire European insolvent periphery is now merely squeezing as much money out of the core as they can before everything falls apart. Which is fine: since neither the core nor the periphery harbors any illusions that a Hollywood ending is possible, the final victim will be traditional one: that species on the verge of extinction, the global middle class. Which perhaps is long overdue: living in the debilitating comfort of the Bismarckian welfare state has lasted far too long as is.
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"Hush little baby don't say a word
And never mind that noise you heard
It's just the beasts under your bed
In your closet, in your head "
"Exit Light
Enter Night
Grain of Sand"
"We're off to Never-neverland."
Not only is the center no longer holding, it's quite visibly fraying.
Hark! Is that Lloyd Bankfiend slouching toward Bethlehem?
Megadeth - Forclosure of a Dream
http://www.youtube.com/watch?v=gWrQmItZmLc
#41
Symphony of destruction - Megadeth
http://www.youtube.com/watch?v=hyWJCd1GYhw
You take a mortal man
And put him in control
Watch him become a god
Watch peoples heads a 'roll
A 'roll, a 'roll
Just like the pied piper
Led rats through the streets
We dance like Marionettes
Swaying to the symphony of destruction
Acting like a robot
It's metal brain corrodes
You try to take its pulse
Before the head explodes
Explodes, explodes
Just like the pied piper
Led rats through the streets
We dance like Marionettes
Swaying to the symphony
Just like the pied piper
Led rats through the streets
We dance like Marionettes
Swaying to the symphony
Swaying to the symphony of destruction
The earth starts to rumble
World powers fall
A warring for the heavens
A peaceful man stands tall
Tall, tall
Just like the pied piper
Led rats through the streets
We dance like Marionettes
Swaying to the symphony
Just like the pied piper
Led rats through the streets
We dance like Marionettes
Swaying to the symphony
Swaying to the symphony of destruction
On top of Spaghetti
On top of spaghetti, all covered with cheese
I lost my poor meatball when somebody sneezed
It rolled off the table, it fell on the floor
It rolled down the hallway and it rolled out of the door
It rolled through the garden and under a bush
And then my poor meatball was nothing but mush
The mush was as fertile, as fertile could be
And later that summer, there sprouted a tree
The tree was all covered with beautiful moss
And on it grew meatballs in tomato sauce
So if you eat spaghetti, all covered with cheese
Hold on to your meatballs, and don't ever sneeze
macholatte...ahem, Speaking of spaghetti... This is an interesting turn in Italian politics...
"In a sign of his frustration at the investigations into his alleged crimes and misdemeanours, Silvio Berlusconi vowed in July to leave Italy, which he described as a "shitty country" that "sickened" him.
The Italian prime minister's astonishing remarks are contained in the transcript of a telephone conversation secretly recorded by police investigating claims he was being blackmailed about his sex life."
http://globaleconomicanalysis.blogspot.com/
LOL and a hat tip to you :)
They know that the EU and the ECB won't be around in the near future, so they are trying like mad to get as much out of it from the ones that are foolish to support it as they can. Because when it all comes down, nobody will pay back any loans to anybody. All the countries will be more concerened with keeping their people feed and sheltered.
"Which unfortunately explains why by the time "this" is all over the world will be once again controlled by a bunch of genocidal maniacs hell bent on extending the system for one more day until something changes and things get back to how they were."
This is global government finance in microcosm. It goes like this:
No! No, I will NOT eliminate that program. What is the MATTER WITH YOU? If we eliminate programs, we won't have anything to restore funding to when things return to normal.
Precisely that. The whole world waits for a miracle to restore things to their pleasant historical . . . and this is where the problem is . . . norms. History was not normal. It was a tiny 100 year period with oil in it.
That's not normal, as we're now going to see.
He hasn't been 'suicided' yet?!?!
SHE
Isn't Ollie Renn the guy who jumps off cliffs and swims in alligator filled ponds on the Discovery Channel and gots a friend named Stimpy?
It's a good thing the USA is clearly superior to Greece. If someone here, say the head of a ratings agency were to issue a warning like a very slight downgrade they would not suffer retaliation from the government or lose their job. Right?
Stella-Savva Balfousia
No, she's not hot. Stop hoping.
http://www.athensnews.gr/portal/8/46748
Thank you for that....I was hoping, then I clicked....and I was limp
Oh man... she's the old one who pokes your finger with sharp needles when you buy flowers from her basket and bites the heads off of chickens and lays curses on you if you don't give her crippled sister money.
I will look on your treasures, gypsy. Is this understood?
Can't have integrity get in the way of stupidity now can we.
in the way of evil
< Stands corrected...
Guess which one just got the axe. No this is not a trick question. And if you said prematurely terminated Devan Sherma you get half a point, because as the more observant out there may have noticed, the only benefit for blowing the whistle these days is immediate and irrevocable termination from both one's high profile job, and the status quoTM
Sharma wasnt some truthteller; he was a hit man for those who wanted to yank the politicians'chains (banksters).
All snark aside, what is becoming truly evident (to everyone except those who matter) is that the entire European insolvent periphery is now merely squeezing as much money out of the core as they can before everything falls apart. Which is fine: since neither the core nor the periphery harbors any illusions that a Hollywood ending is possible, the final victim will be traditional one: that species on the verge of extinction, the global middle class. Which perhaps is long overdue: living in the debilitating comfort of the Bismarckian welfare state has lasted far too long as is.
It is ending. A new industrial power to replace America needs a solid currency like the dollar used to be. The banksters are thick with the Chinese. This is a managed transition which is why you see this garbage on CNBS
http://www.nysun.com/editorials/looking-forward-to-gold/87469/
"Which perhaps is long overdue: living in the debilitating comfort of the Bismarckian welfare state has lasted far too long as is."
But what about all the stuuufff??????
http://www.youtube.com/watch?v=4VbI5zcB8Ac&feature=related
Just remember what happened to the boy who pointed out that the emperor's new clothes weren't there at all...
(They chopped his dick off)
Who got it?
The emperor's or the kid's?
Bad time to "blow a whistle".
This week, bankers representing the Greek government — Deutsche Bank, BNP Paribas and HSBC — have been explaining to investors (which oddly include, DB, BNP and HSBC, but i digress) why it is in their interest to trade in their decimated Greek bonds, take a 21 percent loss and accept a new package of longer-dated securities with AAA backing and much stronger legal recourse for the holders (as a bonus, the new bonds would be governed by international law, rather than Greek law).
Of course this bailout is being sold to the public as a way to "make the banks feel the pain", which is funny it because in the open market those same bonds are trading with a 50% haircut.
The deal IF implemented isn't going to bring stability to Greece, merely kick the can down the road for another 3-6 months.
In the mean time the last thing the EU bankers want is for the truth, the only entity that wins if this bailout is implemented is the banks, to come out.
what an insipid little bitch you are
what is this, like water cooler gossip?
what a brainwashed little moron
It's like, challenging, AND stimulating, AND true!
You found a new word, how cute. Now try using it in the proper context.
Consider S&P CEO in that thought
This guy had transferred his money to swiss accounts months ago
Guido sez: bring on the currency war BRIChez!
http://www.reuters.com/article/2011/09/01/us-brazil-mantega-idUSTRE78038...
http://www.reuters.com/article/2011/09/01/us-ecb-stark-idUSTRE7801JM2011...
need we mention the swissy or the yen?
I don't know. I just can hardly believe this is happening sometimes. It's so surreal. By now we're all aware that the world will just keep playing make pretend until it can do so no longer. I wonder how much time we have left. Feels like the hour is getting late.
And Olli Rhen's “durable declining path” takes wierdness to a whole new level.
the hour was late in 2008
we're not going out with a bang, it's a long, drawn out, torturous fizzle
ZH, what can I say....
Thank you for showing all the evil, deceit and greed that is enrobed in the TPTB, they who rob the poor, the sick and the elderly by their actions to give to the rich banksters again and again and again
At least you are poking them in the face to tell them their evil gameplan will constantly be brought to the world's attention
I salute all at ZH
Greece will be booted from EZ, everyone knows that..
Greece is gone already (EZ just planning ordinary soft landing
and scheduling somewhat painless haircut among EZ banks),
nobody will suffer much or collapse.. This story getting too old..
Find something new to speculate. It's over, move alone..
Sure, we know the outcome. But there is lots of high comedy along the way. Someone should make a movie about it. It could be called "From Here to Insolvency". Or better yet, it could be the basis for a Greek tragedy.
First Greece will be looted and then it will be booted.
Nonsense insolvency is surely bullish. Now buy the dip in NFLX.
We will see more and more warfare between those who say that the Emperor has no clothes and those who want to suppress any mention that he's walking around naked.
Some people benefit from the status quo no matter how bad it is for everyone else
Jared Diamond: Why societies collapse
http://www.youtube.com/watch?v=IESYMFtLIis#t=11m25s
Desperation is hitting new highs. Buy stops to be hit soon.
Greek's can't spend enough, cant be bailed enough, can't stop lying enough... why then bother, book the loses and kick the Troy horse out for good.... and they can debase the new paper currency to compete with other non PIGGS in exporting prostitution, thief's and bunch of scams.
Venizelos to Balfousia: "Go away kid. Ya bother me."
The speed with which she was sacked gives a good indication of the urgency that Venizelos assigns to the issue. I imagine that the temptation to cut the lines of credit and cast Greece adrift must be getting pretty high now.
The price of souvlakis is going up.
Souvlaki stands refuse to pay the 10-point VAT rise as part of a package of fiscal measures agreed in return for the country’s second financial rescue by European Union partners.
For many of Greece’s ubiquitous cafés and souvlaki stands, which have already seen a 20-40 per cent decline in business in the past year as customers rein in spending, the VAT rise is the final straw. http://www.ft.com/intl/cms/s/0/5a6e2be6-d4aa-11e0-a7ac-00144feab49a.html...That's horrible! The souvlaki stands can't go out of business!!! They better keep the ones in Chania open!
We can not have people telling the truth. Because it might cause people to pull their heads out of the sand. And that we just can't have.
good for her
All snark aside, what is becoming truly evident (to everyone except those who matter) is that the entire European insolvent periphery is now merely squeezing as much money out of the core as they can before everything falls apart.
This is exactly what I see happening in the US, as well ... though it may be better disguised.
“durable declining path”
Has a certain meditative quality to it.
kick that ridicules country out of the EZ. they have dug their own grave. Germany backlash gonna be harsh
When Greece goes down, I hope they bring down all the thieving EU bankers and their banks who
in turn bring down all the thieving U.S. bankers and their banks who in turn bring down all the
thieving U.S. politicians and their crooked political system. That way, Greece will have suffered
for a noble cause as did the 300 Spartans at the pass of Thermopylae.
100% it was German and greedy French banks that got cut the deal re: Greek bailout. Disgusting. I respect the Greeks and their past, but like the Japanese - they were once were warriors.
Europe needs to grow balls.
The fire "isn't that bad" if you don't get burned I guess.
If you don't acknowledge it, it isn't happening.
Delusion comes to mind.
You can bet the jokers that are lying have their wealth hidden.
"Guess which one just got the axe."
Wild stab in the dark here.. the guy telling the truth?
Govt is a slippery pole and the only crones that climb it are slippery little shits
I wonder......it is easy for many of us to cast stones and these people in charge - like Bernanke, Geithner, Obama, this Greek fellow, etc. for 'not telling the truth'. Perhaps some of them know what we don't - and to tell the whole truth right now would bring this house of cards down lickety split - by extending and pretending they are buying time for someone/somehow to make mitigation preparations for currency disruption etc.
I think this is not the case, but between screaming that things are broken and withholding the whole ugly truth to the masses are alot of shades of gray...
I quess everyone at ZH is... Fired!!
It is the same in medicine.
I pressed my auto destruct feature when I got tired of all the lies and deceptions in healthcare that not only drive up costs but worsen care. As an example a small rule change in the seventies that psychiatrists got paid more for medicating than for talking has led to huge over prescribing for issues that dont respond to medications (because doctors also engage in income maximization just like everyone else), but since certain conditions dont respond to meds you can keep patients coming back endlessly for 80 dollar med adjustments as you tweak the meds "one more time."
Lies and self deception are common in every system that is stressed or unbalanced.
But it has a happy ending. I make more money whoring for myself now.
TBTF mantra of the month: Circle the Wagons!
Sovereign whistle blowers. Neat. They should see about registering with the SEC.
First its companies, then sections of the financial system, then the whole system, then states and nation-states, then supra state orgs, and soon the G-20 will come in with TGI-1 (The Great Intervention) where debt is forgiven/restructured, savings are repriced, and resources are confiscated to bring the world back into balance. How nice.
I got clobbered a couple of years ago for bringing up the refi everyone idea. Like someone here said earlier today or yesterday, people on the other side of those debts see income. Until it becomes so risky or so minimal that they are willing to participate in a change.
“The problems get bigger and the dynamics get more disorderly,” he explained. “That is what is going to occur if they continue with these ad-hoc solutions.”
So far, the rescue bill in Europe includes 365 billion euros ($518 billion) in official loans to Greece, Portugal and Ireland, the creation of a 440 billion euro fund as well as the bond purchases by the ECB.
The failure of those steps to bring the crisis to an end has sapped business and household confidence.
http://www.bloomberg.com/news/2011-09-01/el-erian-sees-ecb-rate-cut-as-c...
Will California be to the US as Greece is to the Core, i.e. "squeezing as much money out of the core as they can before everything falls apart"?
Why is it we have 10s of millions of people on welfare in this country and I have to hire Mexicans to mow my lawn?
Let's do away with welfare. If Americans can't find work in the U.S., then do like the Mexicans, cross the border into
Canada and get a job.
There is something to be said for enforcing the law and deporting the over 14 million illegals in the USA and send them back to their country of origin....you would automatically create 14 million job openings.
Tax evasion in Greece threatened to take organised form on Thursday when café and restaurant owners refused to pay a 10-point VAT rise, as a deep recession clashes with the government’s increasingly desperate search for revenue. And so it begins ...
too bad none of this is true...greece has no long term financial problems. It is currently plauged by banana boat republic kronicapitalism problems, mostly tied to the problems with clarification of disputed ownership rights of property in greece. Greece has the capacity to hold 35 million people with very little difference in existance. It is built with california type hills and climate. The problem is that 90% of the land has bad title problems, preventing it from coming to market...this is where the kronicapitalism kicks in...the top 500 families have no interest in competition...fixing the problem would allow the "little people" to compete....this is the same 500 families that refuses to pay any real income taxes...finland has a much bigger welfare state and a much bigger problem with unfunded liabilities, but no one does the math with finland...15 million foreigners paying 200k euros for a home creates 3 trillion dollars in revenues...tax it at 20% capital gains...and viola...600 billion euros in taxes...just for cleaning up the title mess...at a cost of less than 500 million to properly clean up the mess on property ownership and fund a respectable title insurance industry
but that would require germany, england, the dutch to pay market rates for their greek island homes...why would they want to fix the problem then have to pay full price, when they can force a crash and take the homes at half price...
and why not ??..if the greeks are too busy allowing themselves to be handled to think forward...then let the austrians take what they want...and let luxemburg complain while it helps the 500 families deposit their tax avoiding billions along side khadafi's money...funny how the country that complains the most about "tax collecting" helps so many greeks avoid disclosing their holdings...luxemberg..reality what a precept...
Greece cannot feed herself let alone 35 million. Have you ever been to a Greek supermarket to see how many foreign products there are? And even if you got an extra 23 million there, what would they do after the building of additional dwellings? The Greeks will not respond until they actually feel hunger and hunger my dear friend is the mother of all industry.
so what's the trade? short euro long chf more importantly how highly leveraged a position via ones net worth do you take? the problem with being old I don't care about the money only the game.
Isn't it about time that the idiot middle class just says no? Repudiation of the debt heaped upon the taxcow and stomping on the further enslavement is the only hope for we slobs. I am attacked from all sides by the goomint and the banksters that highjacked the admittedly overextended promises of goomint.
Yeah, get rid of Part D and dump the legions of SSI leeches. The SS should not bow to the debts of the criminal operations of the banks and their wholly owned goomint.
All of a sudden the blather is that the middle/lower class should lose all and that the banksters should be able to buy the assets of the gombit at eight cents on the dollar rather than having their assets open to bid on the free market.
No one want any price discovery of free markets? What is your derivative stack worth on the open market without insane fiat creation? Let's have an auction.
This does not bode well for CHristine Lagarde and her whistle blowing on European bank undercapitalisation...
I wish we could hit bottom as soon as possible so we can then take actions based on reality rather than projections. Every Greek in Greece, except her politicians, has known that default is inevitable and they cannot understand why the rest of Europe is kidding itself about Greece's prospects.
The real secret is that the persistence for keeping the lie afloat is sustained by an incredible EU bureaucracy which would be without a job if the whole show folded. Instead they paint doomsday scenarios to their political masters so that they can try out more and crazier plans for reviving economic corpses.
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