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Troika Finds Greece Already Likely To Miss Bailout Budget Targets
The money for Greece has not yet been wired, and already a deeper dive into the previously released Troika report shows what is glaringly obvious to anyone who follows the actual collapse of the Greek economy: that the country is already on course to miss its budget targets for the immediate future (for insane EU assumptions on what the Greek economy should look like through the lens of a Eurocrat, see our chart of the day). The Telegraph reports: "Athens has probably cut spending enough to bring its primary deficit down to 1.5pc this year as agreed. But "current projections reveal large fiscal gaps in 2013-14" according to a leaked draft report by the European Union (EU), the European Central Bank (ECB) and the International Monetary Fund (IMF). In its report, the troika said Athens will have to impose further fiscal cuts of as much as 5.5pc of GDP to meet next year's targets." And while Europe may be terminally fixed, translated this means that the aborigines of the southern colony of Bavaria Sachs will see their wages cut even more, and even more people will be unemployed soon just to appears the first lien debt holders. This in a country of 10.8 million where just 36% of the population works. So Greece, which today received a rare bit of highly irrelevant but good news, when Fitch became the first rating agency to upgrade the country's credit rating from Default to B- (even as its new bonds saw their yield surge to 19% on the second day of trading), will in a few short months be forced to once again deal with even more consequences of being the proud recipient of the inverted European bailout, whereby the country's gold is used to fund Eurobank capital shortfalls.
More:
The report says that "substantial additional expenditure cuts will have to be announced and adopted by Greece in the coming months, in particular when Greece updates its medium-term budget in May 2012".
"The recovery previously announced for next year will be further delayed with, at best, a stagnation of activity in 2013," the report said.
Even so, the report, which is called "The Second Economic Adjustment Programme for Greece", paves the way for Greece to receive the first tranche of its new bail-out in the next few days. Athens needs the cash injection to repay a €14.5bn bond due on March 20.
However the troika report threatens a repeat of the lurches markets have suffered in the run-up to each disbursement of Greece's €110bn first bail-out.
So... does that mean that the Troika's worst case scenario of flat GDP in 2013 can be used as kindling? Or will the Greeks be forced to pay the carbon tax credits for that particular combustion as well?
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Asleep at the switch bitchez!
Eyes Wide Shut
the bankstas got their bailout bucks who gives a flying fcuk for whatever
Anybody know who's currently in physical possession of Greece's gold?
Just curious...
my clone might know, but i don't...
did you try to research that?
it may be filed under Poseidon
Pick a ship with the most Spec Ops on board.
start here
http://www.yachting-greece.com/Motor_Yachts_Greece/MegaYachts/RM_ELEGANT...
I don't have it.
Thats exactly what it is, bail me out and F the rest.
No, NO. Bail ME out; fuck the rest.
Black market economy bitchez
NO END TO THE DECEPTION
this message was pre-recorded
trampstamp approves this message. Oh snap, tape recorder is busted! Dig one out from the sheepe barn honey.
Engage hyprintspeed!
Heeere we go again...
Wash, rinse, repeat.....
Where exactly does a FFART go?
Plunge Protection Team - Primary Dealers got very impatient today. JPM gave the order and baaaaaaam.
Question 1: How much money does PPT have?
Question 2: Have they already bought up most of the market?
Question 3: Can PPT buy up Greece?
Ah, the $26 trillion dollar question. "Not enough" is the answer. The reason: it takes sharply increasing absolute quantities of dollars to keep elevating a market. (This is especially true since the market has devolved into a gigantic circle jerk...now that John & Mary Q OrdinaryInvestor have left the rigged market.) Said differently, every pump is inexorably followed by a dump.
Thx for commenting.
Eventually it gets to a point that only the primary dealers and their sub-brokers are trading with each other. That leads to no profit fo NYSE and most of the market in just few hands.
Question again: Are these people setting themselves up for fall? There's nobody to sell the shit to.
It makes no sense to load up and hold BAC or anything else that gives no money in return.
If no one sells there need not be anyone to sell to. There will be little income return but pieces of paper (stocks) with numbers (price) associated with them can be used to leverage $$ from the Fed and banks for use in other arenas, such as campaign contributions. Once the system is completely controlled it won't be broken from the inside. Watch out for acts of God and outside barbarians though. As it becomes more controlled it becomes more brittle to outside insults both natural and man-made.
Thx for the input.
I can visualize the structure that you are depicting, but the way I see it, it is already totally controlled.
Big banks are already not lending to each other unless strong collateral is presented. Who will accept BAC shares as strong collateral?
Something doesn't make sense at all, IMO. The so called system, cannot stand up any longer. It should be breaking very soon.
They can keep pumping for as long as they want. The numbers involved already completely outweigh "real" capital and we haven't even moved into hyperinflation yet. The "currency" being printed by western governments already makes production and tax collection completely unnecessary.
So, they are simply keeping the wheels turning and the sheep placated until they are ready to execute their final annexation of the developed world. The regional puppets are being moved into place; the laws are being changed; the sheep are being trained by TSA and others; the stormtroopers are being armed and positioned ... it should be a grand show!
What's the saying?
"The markets [sic] can stay irrational longer than you can stay solvent...."
That is from Keynes. Zerohedge's sub-line is from Keynes also.
However, this is beyong irrational. This is mad house.
It's nice to have you back. Stay out of those air conditioning ducts!
LOL
I just came back from playing basketball. A little tired and it took me few seconds to get the joke.
Yea good question- 'Have they bought up most of the market'?
I believe so, enough anyway so more buying really doesnt matter...hell they own the whole ball of wax already.
Greece already busted out like a dirty old gyro restaurant. Nothing left there, time to move on to busting out the US.
I remember Howard Lutnick of Cantor Fitzgerald, when he gave an interview to Steve Forbes right after the crash of 2008, he almost said "literally" that "they bought up all the market".
On a second note, I love gyros.
Hmm. At this point in time Greek resturants tragically catch fire and the owners collect the insurance and retire.
Does this mean they did not pass the stress test?
Greece is becoming Germany's Iraq & Afghanistan.
I cannot believe the people of Germany are not causing an uproar over this. I really can't.
They must really be dumping the flouride and Thorazine into the European water supply these days.
You caught the overnight ZEW #'s? Germany is just over 30% of E/U economic output! I'm riding the tea Cups in Disney Land!
France and Spain are going long Socialism!
Kicking the can with the left foot?
They need that crippled kid from My Left Foot to figure a way out of this mess....
I think you are overestimating ze jermans. Their lifestyle is mainly:
- Work
-Beer
-Saussage
- Die in boredom.
Does it look like these kind of people would cause an uproar?
Except for in soccer, Bayern whooooooped Basel today in champions league.
GERMANY, the DISGRACE of Europe
...the barbarians, who forced beautiful Europe to get down Zeus’ “back” and made her a prostitute.
...the unworthy Europeans, who in 1945 “took Europe down” from “Mount Olympus” and in 2012 relinquished “enslaved” Europe to the Phoenician loan sharks.
http://eamb-ydrohoos.blogspot.com/2012/02/germany-disgrace-of-europe.html
-----------------
Germans are proved to be the easy solution to breach Europe’s door. Whoever wishes to “set foot” on Europe and demolish it, the only thing he has to do is to “fool” the Germans. For a second time in less than fifty years, Europe’s idiots become the victims of foreigners and they serve their interests at the expense of Europe...
Authored by PANAGIOTIS TRAIANOU
So.... who struck the deal with Goldman Sachs then? Germans?
It's the inabillity of the greek (and most other countries') people to hold their government accountable, that is at the root of this problem.
Many have screamed: "DEFAULT" but no greek listened. So, now, late in this game, you blame a whole people, instead of a group of banks.. And then.. how is this pointed finger going to solve anything? Put yourself in any ordinairy german (or any other EU state's) taxpayer's shoes for a moment.... and then realise they're also going to be fucked because of this game of fear and extortion.
Shame on Greece for allowing this to happen. Shame on Europe's EU government and regulators to allow it to continue. Shame on investors for gambling they would be "bailed out", when making bad investments. And shame on you for trying to solve a problem of this magnitude by not putting your hand in your own bosem as well.. It's always someone else's fault entirely.
:-S
This exactly is a delicate point. Here comes the elementary question, which, if answered, automatically reveals all the hidden roles of the leading men. European Germany serves or threatens Europe’s interests? The role Germany played in the historic course of Europe may be conceived using the simple legal method. There’s no need to make a historic analysis. Simple legal thought is needed to reveal everything. Qui Bono?, Who Benefits?
Not "one nation". Putting nations and cultures against each other is just to hide the fact we're in the same boat.
Look up "corporate state" IMO, that's a great start. Divide and conquer. France and Germany always have been played against each other, skillfully. Now, there's a different game. it's called: Everyone's broke, who'll blink first?
It's quite clear who benefits short term, but long term... ?? No man. That's the weird part.
Due to the German behaviour, Europe has become the “bedroom” where Jewish loan sharks rape the Europeans. The first time, they have served the Americans at the expense of the Europeans and the second time round they serve the Asian Jews at the expense of the European people again. It is because of them that in 1945 the American occupation of Europe started and in 2012 –again it is them to blame- the Jewish occupation begins …An occupation that did not come out of the blue but it was the result of a war attack. In 1989, Jew Greenspan levelled his “assault” against both USA and Europe from his position in FED …the cheap money “assault”, the result of which is now obvious. Cheap money destroyed the productivity of the western countries and forced them into unemployment. Peoples without employment got involved in huge debts and now, loan sharks are infesting their countries.
This is a game Jews couldn’t have played without the help of Germany …Without the first “willing” player. It is again because of stupid and unnecessary financing that Germany “fell into the trap” and turned again against Europe …the play is same, only this time it has different “bosses”. In the Second World War, Germany was financed by the American to start a world war that was a lost cause right from the start. It destroyed everything and at the same time it brought its American lenders to Europe. Today, something similar is happening. It got financed again by the FED that belonged to the Jew Greenspan to bring Europe to his countrymen loan sharks. The Jews by knowing Germany’s needs and complexes, they could play with them. This is why they put Germany in the adventure of reunification …the adventure of the so-called national “engagement” which was diligently made even more expensive. What for? …To finance it …To force the unified now Germany into unbelievable debts. Why did they over-indebt Germany? …to leave it with just one “way” of salvation.
This “way” is to over-indebt the rest of Europe’s peoples ...the peoples who did not have the criminal naivety to borrow money from the Jewish loan sharks of the USA on their own free will and without any reason. Germany was the insider who “captured” Europe on behalf of the Jews. In order to get free from its debt, Germany levelled an unseen corruption assault against Europe. There is no corruption affecting one European country that Germany is not behind it. Why is that? So that the Germany-corrupted European leaders would over-indebt their countries for Germany to be able to “sell” its products to them and therefore to be able to settle its debts.
…Germany betrayed Europe once again. Germany handed all the European countries over to the Jewish loan sharks, by naively believing that this way they would let Germany free. Germany put the European family at the “target” of the “markets” and it is collecting profits every time one of its members gets “executed”. The loan sharks who pretend to be the “hunters” are shooting safely in the European “hen house” because Germany has managed to “raise walls around” Europe. One after the other, Europeans are destroyed so that Merkel can pay the stupid and artificial German debts to the loan sharks.
So you are saying you will only pay your taxes at the point of a gun?
Please tell us, which social programs should Greece keep?
So then....BULLISH I'm sure! What are the fukin futures heading up +5% by morning?
Was already priced in anyway!
Yep, full Western Economic implosion already priced-in, marked it right up to all-time record highs on it! Fukin amazing huh.
Algos don't violate trend lines, it's not in their nature. Look at an index with ruler in hand and you will see how high they can move things tomorrow (not 5%).
They who?
I mean the software or the person running the software?
The only explanation I can think of for going ahead with a bailout of Greece is that someone somewhere is actually hoping for an entire Eurozone collapse. Because that's the only logical outcome of doing this.
There's a LOT of stubborn people living on this continent. So when they are mortally afraid (and even the widescreen tv is cut off) they'll be a lot easier to "manage" walking on that path into an NWO garden paradise. Which will have full control over food (seeds), will have criminalisation of using natural resources (those selfish bastards, how dare they!), and it will be a happy glorious experience for all (freed from the deathknell of having to make descisions, other than the type of if to pull one's pants down before defecating or after (to clean up of course).
Oh this is going to be such a mess. And will have exactly the opposite reaction than intended: Who's going to listen to a bunch of corporation-captured jerks, when they can't even keep their own game of ponzi alive?
"opposite reaction"?? huh the plan is to kill off the population... i think they are very much on the right path. peak oil was ushering in the die off (as opposed to KILL OFF) independent of what dimon does... all they did was effect the timing to collapse the world's largest bubble (Housing) just as oil was peaking through the use of ARMs. think about it.
I agree with you, they're on the right track. I've spent some hours trying to convince japanese to even look at data proving low level radiation for prolonged periods will have detrimental effects on those exposed. Normalcy Bias is a POWERFUL thing.
But they (the ones in "control") are pushing it. It seems they're in a rush now. Too many unknowns, even for the AI to figure out.
Every action has an equal reaction? I don't claim to see the future, but a slow takedown would've had more chance of success.
I guess quarantine is out of the question at this point...nurse, another round of sedatives for the patient, I'm off for my final round of golf!
It is Firewall 2.0
It's ok they have been upgraded. Party on.
maybe if the greeks agree not to start any more fires they could command enuf carbon credits to smoke some slewie weed, risk-free!
can't hurt!
That is quite nasty. Bad boy.
>>This in a country of 10.8 million where just 36% of the population works <b>for the banksters</b> <<
guys you are missing the real talk of the town............... billions of euros stolen by pension and other funds by public sector employees.... you are missing the real point here.... the whole Greek public sector is Mafia run organization...
Theyll soon steal all the pensions and other funds in the US too. And what will anyone do about it when it happens? Nothin.
'Oooo look theyre ramping up stocks so people will love Obamao!'
What a damn joke....people cant see theyre ramping it up for free to steal the top for the central banksters? They will see for themselves soon enough.
That would be union's funds. I got no problem with that.
Unions and private equity started well intentioned and have become extortionists.
well, that's good!
they can lay some more debt on the poeple that aren't yet totally vaporized!
both of them!
people check out the kinds of houses Greek government employees can aford to build with their salaries
http://www.newsit.gr/default.php?pname=Article&art_id=127520&catid=4
I see some smart people on this post!
The only thing I see this being is...well...umm...gee whiz...
...BULLISH!
You just want to borrow some SUGAR!
Damn straight it bullish! It means more bailouts are certainly coming!
Those aren't pennies from heaven raining down on your head.
Global Debt Crisis
The greatest private fraud of human history.
Who are the great fraudsters who are becoming the murderers of the human kind? How does the economy "illness" threaten Democracy and the freedom of people?
http://eamb-ydrohoos.blogspot.com/2012/01/global-debt-crisis.html
----------------------------
By knowing what happened in indebted Greece, where loan sharks created “bubbles” and the current inhuman debt, one can understand the inhuman plan in total ...understand where this plan started just to bring all states at the same end ...understand how this type of plans are established...
World War III - The First Private War in History
Those who won all battles shall lose the war.
Bilderberg Group and the crimes against humanity.
http://eamb-ydrohoos.blogspot.com/2012/02/world-war-iii.html
.
Authored by PANAGIOTIS TRAIANOU
Albert Pike predicted the 2 world wars and the reasons for them, and the outcomes exactly. He predicted WW3 would also happen right about now, actual date he had was 2005 I think but thats irrelevant, 'elites' just running a bit behind schedule, but the reasons are right in line with reality today.
Albert Pike's 3 World Wars - YouTube
BTW Max Keiser said about Greece than when it defaults, the US will be next. What else can you do but prepare best you can?
I don't think he was early, or that the elites were late.
I think it began on 9/11/01.
Whether you believe the official line or not, that's when the NWO plan went in to full swing.
That's when WWIII began.
It will be a long, long drawn-out affair.
A lot of guys like David Icke saying the 'NWO' itself is in turmoil, a lot of 'looked good on paper, but now we're kinda screwed' type stuff....I dont know we'll surely see though.
If the NWO is indeed "in turmoil", then I'd say it stems from their inability to find a viable place to live in space, whether it be another planet or a large ship of some sorts.
I'm one of those who believe that "science fiction" is more science than fiction.
http://en.wikipedia.org/wiki/Virgin_Galactic
SheepDog. TP is exactly how it smells. Don't waste your time! You have far better things to do!
Like cooking " Pinto Beans"!
i made rainy-day beans today, Y/C!
well, split peas & ham
i am now on my second liter of iced tea and lemon, so i don't think it needed any more sodium...
Given these ridiculous kinds of "false flag" projects sprouting up like mushrooms (see link below), I'd say he's probably right. See you can't run a ponzi on honorable, efficiënt people. You GOT to have scum, pretending to be machismos, and everyone that tries to be. So.. it'll be less efficiënt than even the present turd flavoured punchbowl. And perhaps that's the intention... that we're unintended consequences of earlier plans, that we're eehm so to speak, are occupying someone else's parking space? That we need to man up, and take our bum asses elsewhere?
http://www.foxnews.com/scitech/2012/03/08/worlds-largest-telescope-to-detect-threats-from-outer-space/
David Icke I never trusted. But it's always good to listen to what the prime confusinator has to tell his/it's flock of post-new-age sheeple. Just to fish some truth from it. See the best lies are always those with a semblance of truth in it. Or at least an inverted image, vaguely recognisable. And listening to "Project Camelot" is the perfect antidote to insomnia, I CAN TELL YOU THAT! B-)
What I do percieve as being true, is that we're not alone. http://video.google.com/videoplay?docid=-3611205436090721403
I do have some questions: It's hard to keep the armchair pose, when being abducted? Will there be cookies in the processing plant? What part of me will mutate first? Please let it be my di... ehhm I think it's great that life is diverse, and always finds a way. So why the forceful effort to stamp out biodiversity? It's not going to have the desired effect. Is the goal to breed mega-intelligent cockroaches that can set up a home entertainment system, and finally program that remote of the DVD combo? That'll be the day!
And maybe they can bail us out? I dunno.. buy some bonds? Space-bonds hmm sounds gooood. Also they like gold. Very much actually it's been rumoured.
So maybe I can make it to the shuttle to the NWO starcruiser after all? questions questions
</ramble>
In 1991, when George Bush senior attacked Iraq and tried to establish the New World Order, has actually provoked a World War. A war the human kind has never seen before; a world war that may not have had the provocative blood-letting of the previous wars, nevertheless its consequences were equally bad for all the peoples. A financial world war, the consequences of which may not have been dead or amputated men and ruins, but in any case they were equally disastrous for both the peoples and the environment.
The war started with Bush Sr. and Clinton –both members of this Club- rotating in the role of “Hitler”. The first private war in the human history. The fact that Iraq was attacked by USA and Serbia by NATO, has no importance. The war in Iraq was not a USA war; it was the war of those conducting it for their personal profit and it happens they controlled the USA army. The war in Serbia was not a war the NATO allies conducted; it was the war of the same people conducting it for the same reasons and who happened to control the alliance army. It was a war of the Bilderberg Group members and all the “vessels” close to it...
World War III ...The first private war in history
Now we understand why History should be respected, and not repeated!
You and Slewie are quite skilled at writing. I can't get even close.
What's your educational background?
No way. This world war has been goin' on since the end of the last one.
Keiser says Germany is having trouble getting their gold from NY Fed. Says they had to use Greece's gold as stop gap measure. Maybe US and Europe has not been integrated enough - not preped enough for new global currency. Currency swap algos still in beta.
I plan on commiting suicide in public the day the NY Fed. sends them anything on pallets in a ship. What a dream.
I forgot Sheep Fukker! Always eat the Liver! Long live SheepFukker!
Argentina is doing ok now. Iceland told bankers to take a flying eff. Iceland is doing ok. Greece, well, what about the story of Greece's Fannie and Freddie. Oh, wait, Greece doesn't have a Fannie and Freddie. So we must be missing a story. So Greece doesn't have a Fannie and Freddie so Greece must be doing ok. No, they aren't. Greece has no Fannie and Freddie and is not doing ok. No, Greece will be doing ok the same magic way Argentina and Iceland is doing ok now.
It's only Wednesday. Hmmm? Let's get some!
Maybe the Greeks could try this!
UK government is considering issuing a new long-term bond.
The new plan is looking at issuing bonds with a 100-year repayment date, or even longer!!!
http://www.bbc.co.uk/news/business-17361330
"Troika Finds Greece Already Likely To Miss Bailout Budget Targets"
Priced in. Greece upgraded by Fitch - more to come. No kidding.
http://trololololololololololo.com/
I'm simply right.
Nah you are caught in the headlights. That is cool. Say you bought a position before the JPM ramp, all the power to you. See, look at your charts, USD is bid. Ok, that was the FED trying, in a crappy way to get the oil price down. It failed. Why? Because Jamie pumped the market just as the FED finished it's statement. So the spec trade lit up. If you missed it and jump on now you are going to get fleeced.
As for Europe. It's done and dusted. Smoke has cleared and yields are jumping all over the place. good sign? No f*cking omen on the premise that the Europeans hate high oil price and inflation - and their economies are wrecked. Your butboys at the ECB have failed in trying to calm markets, rather they have just pushed inflation further up.
This market is due for the correction from hell. When? I dunno maybe soon. Once the JPM bs clears...
I'll back that comment UP!
If it's from hell, why do you call it just a "correction"?
EUR is looking like breaking the 1.30...again, as the PIIGS/Greece blow out...again.
Sorry bulls but the 13000 break on the DJIA won't last. It was JPM that juiced it, not the FED. But Lenin would still be turning in his grave.
I'm in poster paradise! we got 666 in the thread! I LOVE IT! All my favorites!
NMEWN? Did you think I would forget you?
lol...when you dangle a hook over the side you never know what you'll pull up ;-)
One Big Fat Greek Money Pit.
The damn thing is the size of Illinois for crying out loud.
At the request of CME Clearing Europe Limited (CMECEL), pursuant to Section 7 of the Commodity Exchange Act, the Commodity Futures Trading Commission issued an Order on March 13, 2012, vacating the registration of CMECEL as a derivatives clearing organization
http://www.cftc.gov/PressRoom/PressReleases/pr6208-12
This is a brilliant post! No bitch retired a-holes! Real traders, getting it done!
No ( old manipulating A-Holes), counting their Fiat! Real Men and Women raising Families, and running companies!
This post is BOOK FUCKING MARKED! Invites are going out!
The EURO solution? Plug the leak...
psst...Hey Ty - greece is sooooo 2011 - no one gives a shit
who cares!
Shit is going up tomorrow anyways!!
I'll catch you in London!
Greece is the Ghost of Christmas Future. Despite the current Wall Street party, Greece exists to remind those who want to look what is the inevitable result of debt-fueled growth. When that future arrives is a point of debate. Those who gravitate to Zerohedge and its ilk think that future is nearly upon us. Those who tune in to CNBC either believe that future will never come, or else will come at a time so distant that it is irrelevant to those now investing. Who is correct?
The 110% rise in the S&P since the March 2009 lows, with only minor and forgettable downside blips, says the Pollyannas have been right. That this boom in the supposed arenas of capitalistic battle has been achieved by means that are anything but capitalistic is ignored. Nothing succeeds like excess, and government excess---adding massive new debt in an attempt to solve a problem caused by too much debt---has been successful. ZIRPetuity has been successful, too.
The fruits of success, however, contain the seeds of its own destruction. The system becomes wedded to what sustains it. Massive government debt filters through the system just as neo-Keynesianism says it should, boosting corporate profits, which in turn boosts equity prices. ZIRP has allowed the corporate world to load up on cheap debt, lowering the hurdle rate on investment that in one way or another benefits from debt-fueled government spending. Banks recapitalize by riding the yield curve with what seems to be a low risk book, which means borrowing short term from the Fed and lending the money to the Treasury. That, however, is merely debt monetization with a middleman who takes a cut.
Lost in the euphoria of rising accounting profits and rising equity markets is the fact that ZIRP is addictive. After a point, it becomes impossible to go without. Some bankers seem to know this instinctively, which is why they are not lending. They cannot afford to be saddled with tons of long term, low yielding assets funded via short term and fickle methods, such as artifically low interest rates and freely movable deposits. Not everybody can match book at the same time if rates some day rise.
This desire to avoid latter funding problems is one reason, albeit not the only one, housing is not recovering. If housing fails to recover, not only is the wealth effect lost (probably a good thing), but also there is the increased possibility more homeowners will walk away from underwater property, leaving banks with a steady stream of new bad assets, which then necessitates more ZIRP. ZIRP creates its own negative feedback loop. ZIRP is great for the equity market, but not good for economic growth over the longer term. It is also not an encouragement for fiscal prudence, as it masks the impact of increased levels of debt.
Another thing lost in the euphoria of rising markets is that bills come due. Debt becomes unsustainable when its growth exceeds economic growth. That is basic mathematics.
The bulls and the Pollyannas have been winning for three years. The Cassandras have lost. Even gold-owning Cassandras have lost if one measures the cost of angst and worry over what might be but has yet to materialize. Of course, Cassandras wouldn’t have it any other way.
Greece, now chided as being a non-producer, is there to remind all what the future brings. Whether or not Greece is a slacker is a moot point. What is undeniable is that their debt increased faster than their economic production, and it eventually caught up with them.
The US---and the rest of the world---might be more productive than the Greeks. It doesn't matter. What does matter is whether debt is increasing faster than economic production. In every major economy of the world, save for the most resource rich exporters, that is now the case. Debt growth exceeds economic growth.
It caught up with Greece. It will catch up with the US, the EU, Japan, China, Brazil and India. It is only a matter of time. For Greece that time is now. For the rest of us, we whistle past the graveyard and hope we never end up there. Of course we will end up there, but the best we can hope for is that we will be either too drunk from celebration or too senile from age to know when it happens.
Exactly. Lucid and correct.
There are also a few other actions by the Global Central Planners™ that are "not good for economic growth over the longer term". See if you think any of these are occurring in parallel with the ZIRP-fuelled consumer credit binge:
If I were a conspiracy theorist, I'd be inclined to think that the central planners are actively trying to stop economic growth -- or even attempting to foster economic decline! -- in certain countries/zones. A global redistribution of wealth that should gladden the hearts of western liberals....
"I'd be inclined to think that the central planners are actively trying to stop economic growth -- or even attempting to foster economic decline!"
bingo - the blue ribbon goes to you.
power down the west and elevate the east - cut oil consumption in the west by 75% - increase oil consumption in the east by 25% and the whole issue of peak oil goes away...for a moment.
peak oil is temporary ...only temporarily -
if anyone thinks "american oil and wheat" is for americans...think again...
Banks aren't lending for two reasons:
1) cheap unlimited energy is gone...no growth - no debt servicing - pretty simple math
2) those they would lend to will be dead along with 90% of the rest of the human project - it's called keeping their powder dry.
As a cassandra - i would GLADLY like to be wrong - then i am just silly - i fear i am not
"Large fiscal gaps"---Don't you just hate it when there are large fiscal gaps?
Whadaya think the odds are that the market's reaction is going to be the usual "SO WHAT"?
We are Troika! Greece, hand over that gold!!
Imperialism and loansharking are perfectly identified ...identified, exactly as imperialism used to be identified with war conflicts. This is why we believe that the consequences of some “mistakes” easily reveal the “motives” of those who planned them.
In reality, there is a permanent “recycling” of the same tactics that lead to the mistake and then to disaster. The method used in the case of Greece is a version of the practice that started from the imperialistic centers to expand all over the world. Simply, in Greece, that is a “terminal”, banking illegal superprofits were produced so that loan sharks “spoil” the Greek public assets, while at the “center” of the planning banking superprofits were created so that loan sharks “spoil” the "Greeces”. Exactly the same illegal things were planned to bring profit to their loan sharking inspirators ...illegal profits.
More info about Global Debt Crisis here:
http://eamb-ydrohoos.blogspot.com/2012/01/global-debt-crisis.html
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Re: the state of affairs for the youth of Greece: "...stray dogs run through buildings and students take lessons in Swedish with the aim of emigrating..." :(((((((((((((((((((((( http://www.bloomberg.com/news/2012-03-11/greece-s-students-fighting-stray-dogs-and-despair-amid-college-budget-cuts.html