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Ground Beetle Join Date: Nov 2011
Posts: 971
Liked: 554 times | RUMOR: Greece out of Eurozone? http://www.examiner.com/internationa...f-the-eurozone See this as you like it fit ![]() On my part, I've heard some birds twittering about similar preparations going on here in Ireland. Better late than never, IMHO, and should be done together with letting the "too big to fail" fail, spectacularly. And maybe hang some of the most irresponsible ones to make a proper example. cheers |
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Golden Cockroach Join Date: Oct 2011 Location: In Scrooge McDuck's vault
Posts: 7,103
Liked: 2456 times | They should have followed Iceland's example a long time ago.
__________________ The journey of a thousand miles begins with a single step. - Lao Tzu Important stuff: PMBug 101 * Forum Guidelines * Support PMBug |
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Yellow Jacket Join Date: Nov 2011 Location: Waaay south
Posts: 3,370
Liked: 2046 times | I agree Bug, Iceland told the bankers to go pound sand, and they did. They said that furthermore, since the general population of Iceland had absolutely nothing to do with the deals that went on inside their banks, and that the banks were private business enterprises, not national banks, that they held no duty to repay a private debt with public money. I feel the same way about the banks right here in the USA. Why the hell should I backstop bad decisions made by private, for profit institutions with my hard earned tax money. What the fuck is that??? Oh...../that's right......it's corporate fascism.....the new normal.
__________________ All things being equal, the simplest answer is quite often the correct answer - Occam |
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PM Bug Supporter ![]() Join Date: Oct 2011 Location: SE USA
Posts: 1,275
Liked: 691 times | Hear, hear guys! I am sick of seeing the taxpayers pick up the tab for bad bank decisions. Iceland did the right thing. I wonder though... When Greece defaults, I think more will go wrong. And probably it will be very messy. Maybe Ireland could pull it off "a la Iceland." Greece? I have my doubts. |
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Ground Beetle Join Date: Nov 2011
Posts: 971
Liked: 554 times | I think they would very much try to avoid letting a precedence (they - you know whos), in that, the REAL TPTB, a.k.a. Moneychangers, would be in for a nasty dissapointment, if someone would pull Iceland on them ( ![]() ![]() Although, I still think, it will happened (if they manage their abrakadabra and kick the greek can down the road, it will be just some other country - probably Portugal is on the cardsnext, and maybe even France), and when it happens, it is going to be very nasty, indeed... Last edited by bushi; 01-30-2012 at 03:07 PM. |
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Yellow Jacket ![]() Join Date: Nov 2011 Location: Floyd, Virginia
Posts: 1,682
Liked: 1233 times | Greece is toast, and unless someone declares a general debt jubilee, so are the dominoes - so of course, that's what they will scramble to do in some form. Remember that interactive graphic about who owns whose debt? Total cluster fsk. At some point, even the ECB isn't going to take total toilet paper as collateral for their cheap 3 year money. In related news, this ZH article title says it all. landmark-case-greek-court-writes-employed-bank-customers-debt http://www.zerohedge.com/news/landma...customers-debt They're pushing the failure attitude right up to the very wall - it's over, they're not repenting, just wait for the plop sound. Portugal, Spain, Italy - France not likely, but in that order. Ireland will get special treatment. You heard it here first. Japan in there somewhere - ask Kyle Bass, he's right - again. Who would have thought that all you need to do is keep awake while reading endless boring financial reports so you know the actual numbers to have a huge information asymmetry advantage? Go Kyle. Hopefully most of us have seen "Come undone", right? He's not talking trash, or his book there. Just the real numbers, honestly researched, that most don't know. Yeah, "pulling an Iceland" is a good one. When your private banking system runs up some huge 2 digit multiple of your GDP in "bad financial engineering" and you're a tiny country with "no" productivity and everyone knows it - it's a no brainer. And no one is going to blame you - they'll be doing business with you again in a week. If some larger, more productive country pulled that - they'd be world pariahs for quite awhile. Except for one thing - Iceland didn't "pull" anything - they did nothing. That's it - they just didn't do anything, and let the chips fall. UK....laxer finance rules (rehypothection is nothing compared to what they do), worse situation if you follow the numbers - but they have us at their back BB will print for them if required. Note how they refused to join in that last batch of EU junk because it would require them to uniformalize their bank regs with the rest of EU? They had some real good reasons to refuse, despite it costing them a lot of prestige and friendship. I'd suggest people looking into the frauds and just stupid financial engineering going on there - it's much worse than it ever was here. Please include mark to unicorn in that work. They even "fix" the price of gold right out in public (and yes, I know that's a joke - or is it?). |
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n00b Join Date: Dec 2011
Posts: 11
Liked: 7 times | Bushi, I heard a while back that our Irish government was printing the Punt again in secret but there is of course no concrete proof of that. In all honesty I'd be very surprised if they had thought that far ahead and were considering leaving the Euro at all. Given Kennys (and others) desire to kiss European ass all the time, it seems they'd pretty much do anything they can to please their IMF/EU/ECB over lords and stay in the Euro no matter how much austerity that forces on us citizens. |
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Ground Beetle Join Date: Nov 2011
Posts: 971
Liked: 554 times |
I do not think for a single minute, that our puppet governments do ANYTHING without coming to a heel of their financial overlords at the request. If you think about it: politicians know one thing, and one thing ONLY: how to get & then cling to power, by kissing all the arses above their heads, and looking & talking smart in the telly. They do not have a CLUE about ANYTHING else. That is their profession. Quite often, passed through generations, nowadays. So, you don't even need the conspiracy theory; when faced with an enormous difficulty, "who you gonna call", Ghostbusters? Nah, they will do meetings, commissions, committees - and order REPORTS to be made for them. But made by whom? Me, you, or some other shmock? Nah... by PROFESSIONALS, who live & breathe the stuff, ie Banksters themselves. Bunch of spineless, brainless retards. Last edited by bushi; 01-31-2012 at 09:15 AM. | |
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n00b Join Date: Dec 2011
Posts: 11
Liked: 7 times | Couldn't agree more, and hopefully you're right about them wanting to ditch us. As bad as it would be in some levels to be out of the Euro, I'd still rather go back to the Punt and ideally out of the EU altogether.. |
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Yellow Jacket ![]() Join Date: Nov 2011 Location: Floyd, Virginia
Posts: 1,682
Liked: 1233 times | They should probably just "pull an Iceland" and go back to being a nice tax haven for high tech business. But I kinda doubt they'll do it, due to the influence of money on the pols. That disease seems to be worldwide. |
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Ground Beetle Join Date: Nov 2011
Posts: 971
Liked: 554 times | I do not even know, if it is not too late to unwind all the crap that has been taken on: roughly €80bn has been borrowed by the govt to just recapitalize banks (which, as of today, are still limping and are at the brink of collapse, disease spreading to banks that were previously quite sound and solid - ie "people bank" AIB - moral hazard, anyone?), so even if they pull the brakes now - what about all that money, that has been borrowed in the name of Irish taxpayer? Just tell them creditors to take a hike? That is much worse, than just say in 2008: "these are private, not state-owned banks, Irish people are not responsible for the loses nor mismanagement of any company, that happens to have a headquarters here, why are you coming to us and wail, if you were stupid enough to recklessly lend your money to recklessly lending companies, well, go and take a hike!" Last edited by bushi; 02-01-2012 at 12:55 PM. |
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Golden Cockroach Join Date: Oct 2011 Location: In Scrooge McDuck's vault
Posts: 7,103
Liked: 2456 times | Originally Posted by FT :
__________________ The journey of a thousand miles begins with a single step. - Lao Tzu Important stuff: PMBug 101 * Forum Guidelines * Support PMBug | |
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Yellow Jacket Join Date: Nov 2011 Location: Waaay south
Posts: 3,370
Liked: 2046 times | Expect them to try and last out the week, then default anyway.
__________________ All things being equal, the simplest answer is quite often the correct answer - Occam |
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PM Bug Supporter ![]() Join Date: Oct 2011 Location: SE USA
Posts: 1,275
Liked: 691 times | My GUESS? Same old, same old for a few more weeks. Greece has been dragging this out a year now. Seems every other weekend is "make or break". I expect more can kicking, which will work barely OK. Until it doesn't. We have two friends in Italy, a mother and daughter. They have money, but they are scared... |
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Yellow Jacket Join Date: Nov 2011 Location: Waaay south
Posts: 3,370
Liked: 2046 times | The rumor mill is running hot this morning, with a ZH article now talking openly about a Greek default. If they simply step out of the union and revert to the Drachma, that is technically not a default, but it will have the same effect. Sovereign CDS may not trigger, but faith in those instruments will certainly take a giant hit. In addition, as goes Greece, so goes Portugal, Spain, Ireland and Italy. It's all just a matter of time really. The banksters will finally get their comeuppance.
__________________ All things being equal, the simplest answer is quite often the correct answer - Occam |
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Yellow Jacket Join Date: Nov 2011 Location: Waaay south
Posts: 3,370
Liked: 2046 times | Germany is now planning for the eventual Greek 'pull-out'. If the Greeks have any cojones whatsoever, they would tell the IMF and ECB to take a flying fuck at a rolling donut, and to get teh hell out of our sovereign nation. They should tell them to take their banker puppet boy with them and don't let teh door hit you in the ass on the way out. Got Drachmas?
__________________ All things being equal, the simplest answer is quite often the correct answer - Occam |
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Yellow Jacket Join Date: Nov 2011 Location: off world
Posts: 2,000
Liked: 883 times | I expect a bail out regardless, as its now dawned on the pols and banksters that its all or nothing. With the Fed supporting the EBC with 'swaps' they really cannot let any part of the house of cards fail. Everything we see regarding the greek bailout, is politics for the various voting populations Reckon on a genuine black swan event to generate the final collapse, as anything we might discuss will have been thought about and 'covered' from - http://www.zerohedge.com/news/schaeu...escue-portugal In an incredibly candid 'informal' discussion caught on video by Portugal's TVi24 television crew, German finance minister Wolfgang Schaeuble gives Portuguese finance minister Vitor Gaspar 'the nod' that after the Greek deal is done, Germany will relax the conditions of the financial assistance program for Portugal.
__________________ if it cant be done with a digger .... it cant be done Last edited by rblong2us; 02-09-2012 at 07:19 PM. Reason: article on zh supports my view |
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