- advertisements -
Greece would be smart to stop paying their existing debt before this gets put in place!
NOW it's getting interesting ...
Before you walk out of the bar for good, you run up your tab as high as possible!
Yeah, and who is going to save Germany? Mass default bitchez!!
Who saves Germany?
Who saves the US?
Then the BIS makes everyone loan their gold to them, and they institute a global currencie, backed with all Central Bank gold reserves; the kicker is how debt owed would come into play, because there is no way China will let the US et al stiff them on repayment of debt.
That is, unless WWIII happens.....
maybe russia will save france and germany because they have such fond memories of those countries?
Don't forget Sweden under Charles XII.
They invaded Russia in 1708-09, with the same results as France and Germany.
Then again, maybe Afghanistan might bail out the world with its trillion dollars or more of mineral wealth.
Pretty much every major power from antiquity to now has invaded that country. Holding it has been problematic for its occupiers though.
Maybe a minor quibble, maybe more: why is the cable dated February 2020?
Don't forget Finland
Mr great musicians, I cry BS! The hole is too deep. They can print till the cows come home and it won't make a difference.
US is bankrupt. Who bails out US?
1) US destroys EUR by rigging European countries with US garbage paper
2) US attacks Iran and Korea
3) US shafts China by making USD worthless
Wikileaks: Convenient, as needed to be released disinfo (always a little good info mixed in) but nothing too bad.
of Leaking wikis and true lies
I am still undecided on this. You have the highly suspicious rape charges against him in which he just lost his appeal against extradition. Many members have left the org. (maybe coerced by threats?) . Financial blockade by BoA, Visa, Mastercard, Paypal, and Western Union which constitutes 95% of Wiki's income. Much of the BoA secret files were destroyed. Many companies will not do business with him. Now Assange and Wikileaks seem to be rendered impotent. Maybe he will be a U.S. puppet when they get done with him. Whose interests were served?
KEVIN PHILLIPS: Well, the plutocracy ... and I think we have one now and we didn't, 12 years ago when I wrote THE POLITICS OF RICH AND POOR is when money has ceased just entertaining itself with leveraged buyouts and all the stuff they did in the '80s, and really takes over politics, and takes it over on both sides when money not only talks, money screams. When you start developing philosophies in which giving a check is a First Amendment right. That's incredible. But what you've got is that this is what money has done. It's produced the fusion of money and government. And that is plutocracy.
BILL MOYERS: But hasn't money always held politics hostage?
KEVIN PHILLIPS: Well, it's usually been very influential. And sometimes it really hasn't been too influential,
But what we've seen in the '80s and '90s is that it's taken control of both parties, pretty much taken control of the culture, and controls the whole dynamics of politics. And that is ...
BILL MOYERS: But the si- ...
KEVIN PHILLIPS: ... a plutocracy in a way that we haven't had before, since the gilded age.
he has enough street credibility to buy him an audience. but where's the substance? according to wiki we are supposed to believe that the state department is run by sophomore idiots who don't know afghanistan from yoghurt.
"there is no way China will let the US et al stiff them on repayment of debt."
I've often wondered how exactly China would ever be able to enforce collections from the US....what are they going to do, start hacking and stealing our technology?
Germany about to go full retard & Merkel to use playbook à la Adolf Hitler: radical financial control! Reich will rise from the ashes.
Deutsche Mark bitchez!
It'll rain brain tommorrow, biatch ... Get out and enjoy.
Es regnet Hirn morgen, du Penner. Geniesse es.
Sonnst kannst du mich am Arsch lecken mit deinem Scheiß, klaro ?
Aye-aye, Herr Pofalla!
the douche mark may leave a stain
Dewd, you're an idiot. You got it backwards. The EuroZone was created using Hitler's playbook. The EuroZone is what Hitler wanted all along. The people in the Euro have given up their sovereignty. They let a bunch of pinhead, unelected, unaccountable twits pass laws that they must obey. What's the benefit to the people of belonging to the Euro? None, because other nations will still trade with them anyway. It's just another scam to promote the furtherance of One World government. But it's failed in the marketplace; so it's just a question of a slow painful ending, or they admit no more euro and go back to each country's sovereignty.
It came about because the europeans had shortman syndrome and were envious of the freebies that accrued to the usa ( deficits without tears) and its stature in the world by the grace of its reserve currency.
I remember all the arguments for the euro and this was a common one. However it usually wasnt put so baldly.
The Europeans used to say things like "becoming more relevant in the world" and "have more control of our financial destiny."
Hahaha! This is one thing over the last two hundred years of europe imitating the united states that they shouldnt have done. The other thing is imitating our immigration policy thinking it would help them, but I digress. They even followed us on cigarette policy after first harumphing that starbucks and the united states had gone mad...but i digress again. Concealed carry is just around the corner for them if history is a guide....please somebody stop me...hose me down....
While i agree that the popular propaganda used to push the euro introduction was "being a big tradeblock like the other big boys, especially the usa", "freebies" were almost never mentioned..... and at least in germany, there is a reason for this: At that time, the "social net" in germany, was vastly bigger than in the USA at the time.... actually, precisely because of the euro, and to transform germany into an export-addicted nation, those "freebies" were axed significantly.
While one may argue, that the socialist safety net in germany before the introduction of the euro was overblown, the degree to which it was axed (in practice, below existencial legal limit) and the speed, had nothing to do with budget, and everything to do with wagedumping to make germany a pusher inside the EMU.
So yeah, sorry to say it despite of your frontal hate of anything even remotely socialistic for the lower-class.... freebies and the wellfare state had absolutely nothing to do with how the euro introduction was pushed. It in popular massmedia quite simply was "oh, then we're gonna be one big europe... and in terms of size can be like the other big boys, including the USA". So yeah, according to MSM, the euro was introduced for pure eco-penis envy, and nothing else.
Some facts before YOU go full retard: Most German corporations and banks (receiving the greek bailout money in the end) are owned by foreigners. Gold reserves are in the US. 50.000 US troops. No constitution, no peace treaty, it is not a sorveign country.
Everything is the world is owned by foreigners, it's called stocks.
My Plan for Greece: I am available for consulting work.
Step 1. Use next bailout check to issue every adult greek an assault rifle and bandolier of ammo. Cost: ~7 Billion Euros.
Step 2. Insist debt payment check is in the mail. Stop answering your phone; chortle at the angry messages with heavy German or French accent.
Step 3. Strike trade deals with China. Offer them an easy, duty-free port of entry into the soft underbelly of Europe.
Step 4. Translate 'Come get some' into German and French, distribute pamphlets EuroWide.
Step 5. Reissue the Drachma
Enjoy good laugh while at the beach over how you ever got a credit card denominated in Euros at the preferred German interest rate.
Cool idea - just one little problem: It doesn't solve anything about greece's (and the other PIIGS') import-bias.... but actually increases it via the trade deal with china.
On the other hand, china is much further away than germany, so shipping costs may offset the lack of tariffs a bit. In any case, greece and other PIIGS would not be done with their work, just via such an arrangement. Unless they can repair their domestic market and local production, and employ tariffs on unfair exporters, they will still not have a balanced economy.
So, while exiting the eurozone is one important premise, leaving it is just an enabler - you still have to apply those opportunities which an EZ-exit grants.
Greece was able to do much to modernize its infrastructure with projects that simply would not have been financed without the fantasyland that is the EuroZone; if they simply reissue the Drachma at a level of devaluation that makes sense, they are again competitive. All the money they owe, default. This is the lesson to the bankster class - sometimes you cannot use threats and force to have taxpayers bail out your bad descisions...and ya don't like it? Grab a rifle and come on down!
And by no means leave the EuroZone. Make them PAY you to leave. Remember, there is no mechanism to force a member out. You want the drunked up, wild-spending Asia canoodling Uncle out of the house? Pay him, silly bankers.
With a set of balls, Greece could be booming in 1 year while the Eurozone derelict lists hard to port, still taking on water.
For any consulting work, I must be clear I need to be paid in advance, in gold or silver. Nothing personal, you understand.
Okay, you go and try to win the bankster-game according to the set rules of the banksters...... if i were greece.... and actually, also if i were germany (which is where i live)..... i'd rather leave the casino, and built on being autonomous, balanced and souvereign. And that requires the ability to set up barriers against parasites.... something that is not possible while one is in the eurozone, because the whole point of the EZ, is to neutralize all such barriers.
That's not to say that i "know" that your proposal is impossible to work. I do not know that. But if i had to make a bet on the odds, i'd rather go with the "autonomous"-path, even if it may require more work, because there I'M in control of my destiny, instead of trying to win some boardgame designed by others.
By the way, i'm available for "uncommon sense" work. Paid not fully in advance, but in intervals - you aren't satisfied, you don't pay me. You don't pay me, i stop delivering to you - permanently. Don't really care about the currency for now, because i can convert however i want anyways at the moment - plus, i enjoy chatting with my local metal dealer.
In international law, odious debt is a legal theory that holds that the national debt incurred by a regime for purposes that do not serve the best interests of the nation, should not be enforceable. Such debts are, thus, considered by this doctrine to be personal debts of the regime that incurred them and not debts of the state.
When you have politicians acting in their own interest while the banks and corporations profit at the peoples expense then this should qualify as odiuos debt.
PARIS - France and Germany, while publicly urging Greece to make harsh public spending cuts, bullied its government to confirm billions of euros in arms deals, a leading Euro-MP alleged Friday.
In 2008, allegations of bribery against Siemens surfaced after it was found that the company had paid substantial sums to government officials and other companies to win deals, including security contracts for the 2004 Athens Olympics and a contract for the Athens subway. Close to 100 million Euros in bribe money was involved in the case.
Just a few examples of politicians using and abusing the taxpayers then lining their pockets all the while preaching austerity. Audit the debt to determine what is owed and what is odious.
Lots of luck getting that enforced....most of the sovereign debt on the planet qualifies as odious these days.
Which is the reason for the whole problem, isn't it? All the unservicable debt they're talking about, is bogus.
It HAS to be addressed one way another - and it being addressed has nothing to do with consent. It simply cannot work, and the whole showdown right now, is about some degree of sacrifice for the sake of illusions, vs. saying "fuckit!". Mind you, the "fuckit!" part MUST happen anyways... the question is just how much of the "sacrifice"-part happens beforehand.
Phrased another way: The debt CANNOT be called in anyways. All the current game is about, is how much of it can be reigned in.
Any if you think that this implies any "loss" to them, remember: They never lended anything significant. They're just printing debt, and hoping that as much of it as possible is taken seriously - as opposed to getting the treatment it deserves: laughter.
True, but it has been done.
On December 12, Correa said that an interest payment due on Ecuador's national debt would not be made. He declared the country in default: "We are ready to accept the consequences". He described the debt as "immoral", saying the government would take its findings that past debt sales were tainted by graft and bribes to international courts
On June 11, 2009, Ecuador announced that it had successfully bought 91% of the bonds at a cost of 30-35 cents to the dollar. The Finance Minister said that the remaining bond holders will have another opportunity to sell their bonds at the same price of 35%. This move will nominally reduce the total foreign debt by $2 billion dollars (although it might lead to losing access to private financial markets in the future).
Raise the Drachma from the Dead and pull out of the Eurozone and pay all those Banks with Drachmas ( that the Greeks will be able to print with abandon using the Fed as their playbook).
Had dinner with a Morgan trader and the middle market blowhard that was footing the bill on Saturday night. The trader (just promoted to md as his boss jumped to Merrill) asked me what I thought of morgan stock. I told him "I think you guys have 39 billion in unhedged exposure to French banks". He laughed and said "me too.".
germany has much bigger problems than greece
€ = Farce x Idiocy ^ n
Sorry - wrong operators in that expressionl. CORRECTION:-
€ = (Farce!) ^ (Idiocy!) ^ (n!)
When problems become non-polynomial they are a bitch to solve in real time.
€ = (Farce!) ^ (Idiocy!) ^ (n!) + $USD
is the ! just for exlamation or is it actually ! for factorial, because factorial would make more sense
Corzine, mi corazón
Corzine’s Sach’s ex-parson, specialized in rape and arson
With few matches and kerosene, shows what’s behind the scene
Your M.O. is asset coercing, leaving clients crying, cursing
Markets in state of phosphene You too claimed “all’s fine”
Seeing all the stars and light, they assumed the Futures bright
Even though you broker-dealer, you managed to break the dollar
First, you went Zenga Zenga, betting on the Bunga Bunga
You proclaimed: “Have no fear Look, all our hedge is here!”
Then they came the margin calls, Trichet, Merkel but no miracles
Peeked at accounts after-hours You said VOSTRO is now ours
Let’s fake the sign and number lest we fall before November
Had a crush for symbol.PK like Shakira on Gerard Piqué
Ticker’s now domain Pakistani trusting theorem of Modigliani
Claiming this was just an error same as Bush’s war on terror
While nailing M.F.’s coffin everybody heard you laughing
Knew you agent under cover No principal left to recover
Doing God’s work is no easy Ask N. Jersey ‘bout the sleazy
Yet you truly seem so Zen Your heart must be frozen
“Jon, me gustas mi corazón You’re a Goldmanite garçon
Time to sacrifice the minion for our enterprise dominion”
Clients said we want no haircuts someone oughta be in handcuffs
Rub your a** with this wasabi and give us some Hammurabi
Cramer came to their defence “Selling is a capital offense
Fringe Blogs and Tyler Durden over’em lays the entire burden”
Obama’s their poster child Banksters, always on their side
“TOTUS, TOTUS on the wall Am I da best in recent poll?”
“No, there is bolder than y’all His name is Congressman Paul”
“Can’t we just mark to unicorn and avoid the orange uniform?”
“The Indian guy with diabetes takes the fall for what this is”
“We need something mo’ formal just to get us back to normal”
“Tell SEC I need you Gonzo investigating lines of Ponzo
Whose stick is really bigger Sarkozy’s or Justin Bieber?”
get a beat behind that and you'll sell a million copies baby!
"collapse" by akashik ancestorz, a new favorite tune:
Tips: tips [ at ] zerohedge.com
General: info [ at ] zerohedge.com
Legal: legal [ at ] zerohedge.com
Advertising: ads [ at ] zerohedge.com
Abuse/Complaints: abuse [ at ] zerohedge.com
Advertise With Us
Make sure to read our "How To [Read/Tip Off] Zero Hedge Without Attracting The Interest Of [Human Resources/The Treasury/Black Helicopters]" Guide
How to report offensive comments
Notice on Racial Discrimination.