The Conservative Cave
Current Events => Breaking News => Topic started by: BlueStateSaint on May 29, 2012, 07:24:23 AM
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Get your stuff together, people . . . ! :o
Greece to Leave Euro Zone on June 18: Wealth Manager
(http://media.cnbc.com/i/CNBC/Sections/News_And_Analysis/__Story_Inserts/graphics/__CITIES_STATES_COUNTRIES/EUROPE/GREECE/Greece%20Image%20Six.jpg)
Published: Monday, 28 May 2012 | 7:19 AM ET
By: Shai Ahmed
CNBC Associate Editor
Greece will leave the euro zone on June 18 if the populist government wins the country’s elections on the 17 as the rest of the euro zone rounds on "cheaters," Nick Dewhirst, director at wealth management firm Integral Asset Management, told CNBC.com Monday.
“The euro zone is a club but you get cheaters who get away with it until everyone finds out and at that point you need to remove them otherwise everyone will cheat. It’s better for Greece to leave,†Dewhirst said.
He added that Greek society was built on cheating and scheming, saying “everyone does it†but that voters elsewhere in the euro zone were now calling Greece to account.
“The basic question is that a German has to increase working from 65 to 67 and that is to pay for Greeks retiring at 50. The 17th of June is the perfect opportunity to say either 'we’ll behave' or 'we’ll carry on cheating,'" he said.
Christine Lagarde, the head of the International Monetary Fund (IMF) sparked criticism in Greece after saying that Greeks needed to start paying their taxes, with Socialist leader Evangelos Venizelos accusing her of "insulting the Greek people." Greece was forced to call for a new round of elections, which will take place on June 17 after the country failed to pick a decisive winner in elections earlier this month.
The rest is here: http://www.cnbc.com/id/47587509
:popcorn: It's going to be "interesting." :popcorn:
To wit:
European Firms Plan for Greek Unrest and Euro Exit
(http://media.cnbc.com/i/CNBC/Sections/News_And_Analysis/__Story_Inserts/graphics/__EVENTS_PROTESTS/GREEK_PROTESTS/062211/greece_protest_062211_3_200.jpg)
Published: Monday, 28 May 2012 | 7:26 AM ET
By: Reuters
British electrical retailer Dixons has spent the last few weeks stockpiling security shutters to protect its nearly 100 stores across Greece in case of riot.
The planning, says Dixons chief Sebastian James, may look alarmist but it's good to be prepared.
Company bosses around Europe agree.
As the financial crisis in Greece worsens, companies are getting ready for everything from social unrest to a complete meltdown of the financial system.
Those preparations include sweeping cash out of Greece every night, cutting debts, weeding out badly paying customers and readying for a switch to a new Greek drachma if the country is forced to abandon the euro.
The rest of that is here: http://www.cnbc.com/id/47588146
Yes--we live in "interesting" times.
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WOW
:popcorn:
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Ok...so who is next on deck?
Spain, Italy, Portugal, France?
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Ok...so who is next on deck?
Spain, Italy, Portugal, France?
Probably in pretty close to that order, though the earthquakes in Parma over the weekend might move Italy to the head of the line.
Ain't it a bitch when you run out of other people's money to waste? :thatsright:
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Interesting? Try an unmitigated disaster, not only for the Eurozone but for us as well.
We'll be in another recession by the end of the year.
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I have no background in economics at all. How exactly would we be affected? I've heard and read about this very thing happening, but can't quite understand it all yet. Or I just refuse to understand it because the results are bad.
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Interesting? Try an unmitigated disaster, not only for the Eurozone but for us as well.
We'll be in another recession by the end of the year.
Yup. Barry and little Timmy Geitner propping up the euro by swapping that - soon to be - worthless paper for our just as soon to be worthless dollars on a 1:1 rate really seems like a winning move now, don't it.
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Yup. Barry and little Timmy Geitner propping up the euro by swapping that - soon to be - worthless paper for our just as soon to be worthless dollars on a 1:1 rate really seems like a winning move now, don't it.
I won't go so far as to say we should invest heavily in canned food and shotguns, but with this recession is going to come some God-awful inflation. And I'm not normally one to get into hysterics, but something also tells me gold and other precious metals are gonna take another nice little jump too.
November can't get here fast enough.
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I won't go so far as to say we should invest heavily in canned food and shotguns, but with this recession is going to come some God-awful inflation. And I'm not normally one to get into hysterics, but something also tells me gold and other precious metals are gonna take another nice little jump too.
November can't get here fast enough.
As to the bolded, I'd say that it's always a nice idea to be prepared. Go for #1 Buck--shot size is only .03 of an inch less than #00 Buck, and you get almost double the number of pellets in the load.
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I won't go so far as to say we should invest heavily in canned food and shotguns, but with this recession is going to come some God-awful inflation. And I'm not normally one to get into hysterics, but something also tells me gold and other precious metals are gonna take another nice little jump too.
November can't get here fast enough.
I dunno: somehow I see us saying Barry Soetoro's name in company with the likes of Robert Mugabe and "Waimar Republic" before November gets here.
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CNBC has more wack-jobs and Leftists than MSNBC, it's just that even fewer people watch it. I wouldn't put too much on this, from what I've been following the Greeks seem to be far less inclined than they were a couple of weeks ago to give up the Euro and have to use wheel-barrows full of freshly-printed drachmas to buy their wine. The prospects of trying to prolong and cheat on austerity seems to have become much more appealing to them than suddenly having to switch to drachma in the immediate future with no recourse to leaning on harder-working peoples to their north.
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And so it begins. I remember my liberal history professor in college bragging about how the EU was gonna kick our asses. I told him it wouldn't last 20 years. Looks like I am right pretty much as other countries will be following suit over the next few months to years.
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It is a shame that the Euro Zone isn't shaping as good as they would have hoped. I been hearing that Germany is planning on leaving it. If they do, then it pretty much done.
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CNBC has more wack-jobs and Leftists than MSNBC, it's just that even fewer people watch it. I wouldn't put too much on this, from what I've been following the Greeks seem to be far less inclined than they were a couple of weeks ago to give up the Euro and have to use wheel-barrows full of freshly-printed drachmas to buy their wine. The prospects of trying to prolong and cheat on austerity seems to have become much more appealing to them than suddenly having to switch to drachma in the immediate future with no recourse to leaning on harder-working peoples to their north.
And looks like Spain is going the same way as Greece, but the markets don't care--YET.
http://finance.yahoo.com/blogs/daily-ticker/stocks-rise-even-spain-starts-greek-script-132629180.html
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Add Ireland to that list of countries with "problems."
The ruling Labour Party (who else?) held its conference last month and the anti-austerity shitbirds rioted.
Too much Guinness and not enough common sense (http://www.irishexaminer.com/breakingnews/ireland/protesters-break-through-garda-lines-at-labour-conference-547506.html)
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Add Ireland to that list of countries with "problems."
The ruling Labour Party (who else?) held its conference last month and the anti-austerity shitbirds rioted.
Too much Guinness and not enough common sense (http://www.irishexaminer.com/breakingnews/ireland/protesters-break-through-garda-lines-at-labour-conference-547506.html)
These idiots have to realize that austerity is coming one way or another. They can choose sensible, controlled austerity in increments, or their system can collapse and harsh austerity will be forced by reality.
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These idiots have to realize that austerity is coming one way or another. They can choose sensible, controlled austerity in increments, or their system can collapse and harsh austerity will be forced by reality.
Unfortunately, Greeks seem to have a lot in common with DUmmies. They all lay the blame on the banks and the government.
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The countries in the Eurozone that are in big trouble can be summed up in the acronym PIIGS--Portugal, Ireland, Italy, Greece, and Spain. Getting there is France.
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Greeks retiring at 50 and Germany picks up the tab. Where's the downside ? If this thing works, I'm off the tribal role campaign, and onto converting to Greek American.
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Greeks retiring at 50 and Germany picks up the tab. Where's the downside ? If this thing works, I'm off the tribal role campaign, and onto converting to Greek American.
The Germans have work till they are 67 to pay for the Greeks early retirement.
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The Germans have work till they are 67 to pay for the Greeks early retirement.
Still, not seeing the downside.
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Still, not seeing the downside.
:lmao: Hi5
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These idiots have to realize that austerity is coming one way or another. They can choose sensible, controlled austerity in increments, or their system can collapse and harsh austerity will be forced by reality.
Something tells me they'd prefer the latter over the former. In their minds, it's either 100 percent of what they want, or nothing.
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The Germans have work till they are 67 to pay for the Greeks early retirement.
How long do the Chinese have to wait so the DUmmies get their free shit from Obama?
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How long do the Chinese have to wait so the DUmmies get their free shit from Obama?
Well, if we hit hyperinflation, those bonds they're holding will be pretty close to worthless.
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Before everyone gets carried away with funerary rites for the Euro, remember that 'half of our kids are below average' - i.e. half the trade the thing is based on is always going tp underperform the average. Half the economic activity there is always going to underperform the average, that's what 'average' means.
I do think it has been seriously overvalued and the fact it's above parity with the dollar can only be accounted for by the reputation of German engineering, the popularity of French and Italian style, and the steady flow of tourism from outside the Eurozone. The whole thing may fall apart ultimately, but I don't think it's going to be within the next three weeks by any stretch. I give it at least a year of endless summits and crises first.
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How long do the Chinese have to wait so the DUmmies get their free shit from Obama?
The Chinese are nothing, if not patient. Generationally patient. Millennially patient.
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I know that the uncertainty over the euro is playing havoc in the stock market.... Well, not havoc actually, but it sure is causing a bit of a roller coaster.
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Spain and Italy are worse as they are larger than Greece. The Euro is not turning out as expected.
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Spain and Italy are worse as they are larger than Greece. The Euro is not turning out as expected.
I dunno. It's turning out pretty much how I expected.
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I dunno. It's turning out pretty much how I expected.
Did you currency trade in the direction you expected the euro to go ?
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I don't understand why this would cause issues here in the US. If the Greeks are retiring fresh out of High School on the dime of the rest of the EU, wouldn't it make sense to ship them off on an ice flue and cut off the support? Let them sink or swim on their own, and the Euro will become stronger without the dead weight.
What am I missing?
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QuietEvening, there is a unified EU currency, but not a unified debt or fiscal structure, so the weaker countries have paid comparatively high bond yields, and therefore the big banks in the stronger countries hold a shitload of Greek (And Spanish, Irish, etc.) bond debt on their books as assets. Conversion back to the drachma in Greece means default (Or something just about as bad, when the debt is converted at an official exchange rate and the value of the drachma immediately plummets to parity with the Zimbabwe dollar), dragging the finances of the healthy countries down with the bad.
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And when you consider just how heavily we're invested in EU banks, it also affects us.
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And when you consider just how heavily we're invested in EU banks, it also affects us.
I'll bet that when the bottom falls out of the foreign bond market the banksters will walk away with their wealth intact. There should be some economic retribution to economic disasters, the heads of those entities and their boards and top officers should go down with the ship economically. Otherwise it looks like a legal or illegal scam.
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QuietEvening, there is a unified EU currency, but not a unified debt or fiscal structure, so the weaker countries have paid comparatively high bond yields, and therefore the big banks in the stronger countries hold a shitload of Greek (And Spanish, Irish, etc.) bond debt on their books as assets. Conversion back to the drachma in Greece means default (Or something just about as bad, when the debt is converted at an official exchange rate and the value of the drachma immediately plummets to parity with the Zimbabwe dollar), dragging the finances of the healthy countries down with the bad.
Yeah, that makes sense. I thought they had unloaded Greek exposure some time back when all the riots were going on. Should have paid closer attention.
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I don't think the others will go. Greece will be it, the others will do what it takes to not become Greece.
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I don't think the others will go. Greece will be it, the others will do what it takes to not become Greece.
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Unfortunately for those European countries right behind Greece, they're too far along on that road to perdition to be able to save themselves by stopping in place now. The US isn't as far along, but it'll take radical (not in the Obama sense of the word) changes in government spending to prevent us from following right along behind Europe.
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I don't think the others will go. Greece will be it, the others will do what it takes to not become Greece.
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Spain may be sooner than we think. (http://www.npr.org/2012/05/31/154074005/battered-spanish-economy-nears-tipping-point?ft=1&f=1001)
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Spain may be sooner than we think. (http://www.npr.org/2012/05/31/154074005/battered-spanish-economy-nears-tipping-point?ft=1&f=1001)
They can't possibly keep up what they are paying for bond yields now over any protracted period, if they stay in a monetary system where they have no direct control of the money supply.
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They can't possibly keep up what they are paying for bond yields now over any protracted period, if they stay in a monetary system where they have no direct control of the money supply.
Think "payday loans" on a national scale.
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Think "payday loans" on a national scale.
All the customers are "Wimpy" characters.
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Here's a side effect:
The Prisons in Greece are Running out of Food
by John Galt
May 29, 2012 07:00 ET
In another sign that the nation of Greece is failing to function at every level, another story appears in the Greek newspaper Protothema which gives the average person some degree of awareness as to how severe the crisis truly is:
Prisons are running out of food
The rest of the blog post is here: http://johngaltfla.com/wordpress/2012/05/29/the-prisons-in-greece-are-running-out-of-food/
It lists the response of the citizens of Corinth . . . I do believe St. Paul established a Church there . . .