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Are They About To Confiscate Money From Bank Accounts In Greece Just Like They Did In Cyprus?

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Euros - Public DomainDo you remember what happened when Cyprus decided to defy the EU?  In the end, the entire banking system of the nation collapsed and money was confiscated from private bank accounts.  Well, the nation of Greece is now approaching a similar endgame.  At this point, the Greek government has not received any money from the EU or the IMF since August 2014.  As you can imagine, that means that Greek government accounts are just about bone dry.  The new Greek government continues to insist that it will never “violate its anti-austerity mandate”, but the screws are tightening.  Right now the unemployment rate in Greece is over 25 percent and the banking system is on the verge of collapse.  It isn’t going to take much to set off a panic, and when it does happen there are already rumors that the EU plans to confiscate money from private bank accounts just like they did in Cyprus.

Throughout this entire multi-year crisis, things have never been this dire for the Greek government.  In fact, Greece came thisclose to defaulting on a loan payment to the IMF back on May 12th.  And with essentially no money remaining at all, the Greek government is supposed to make several large payments in the weeks ahead

Athens barely made its latest payment (May 12) to the International Monetary Fund (IMF), and it managed to do so only when the government discovered that it could use a reserve account it wasn’t aware of, according to the Greek media.

Kathimerini, a Greek daily newspaper, reports that Prime Minister Alexis Tsipras wrote to the IMF’s Christine Lagarde warning that Greece would not be able to make that May payment, worth €762 million ($871 million, £554.2 million).

Pension and civil-servant pay packets are due at the end of the month, and based on this news Athens may struggle to pay them. Even if it does manage that, on June 5 the country owes another €305 million to the IMF.

In the two weeks following June 5 there are another three payments, bringing the June total to the IMF to over €1.5 billion.

The Germans and the other financial hawks in the EU are counting on these looming payment deadlines to force Greece into a deal.

Meanwhile, Greek banks also find themselves in very hot water.  Many of them are almost totally out of collateral, and without outside intervention some of them could start collapsing within weeks.  The following comes from Bloomberg

Greek banks are running short on the collateral they need to stay alive, a crisis that could help force Prime Minister Alexis Tsipras’s hand after weeks of brinkmanship with creditors.

As deposits flee the financial system, lenders use collateral parked at the Greek central bank to tap more and more emergency liquidity every week. In a worst-case scenario, that lifeline will be maxed out within three weeks, pushing banks toward insolvency, some economists say.

“The point where collateral is exhausted is likely to be near,” JPMorgan Chase Bank analysts Malcolm Barr and David Mackie wrote in a note to clients May 15. “Pressures on central government cash flow, pressures on the banking system, and the political timetable are all converging on late May-early June.”

If no agreement is reached, by this time next month Greece could be plunging into a Cyprus-style crisis or worse.

And if that does happen, there are already rumblings that a “Cyprus-style solution” will be imposed.  Just consider what James Turk recently told King World News

The troika of the EU, ECB and IMF have not yet pulled the plug on the Greek banks, but the following quote in the Financial Times from this weekend should be a warning to anyone who still has money on deposit in that country: “The idea of a “Cyprus-like” presentation to Greek authorities has gained traction among some eurozone finance ministers, according to one official involved in the talks.”

The ECB is up to its eyeballs swimming in unpayable Greek debt that it holds. The ECB is not going to take a loss on this Greek paper on its books. Because Greece does not have the financial capacity to repay what is now about €112 billion of credit exposure to Greece on the ECB’s books, the ECB has only two alternatives.

It can push the €112 billion of Greek debt it holds to the national central banks of the Eurozone and on to the backs of the taxpayers in those countries, which it politically untenable. Or it can confiscate depositor money in Greek banks, like it did in Cyprus and as the FT has now reported.

Needless to say, such a move would be likely to set off financial panic all over Europe.

Could we actually see such a thing?

Well, let’s recall that back in April we already saw the Greek government forcibly grab “idle” cash from the bank accounts of regional governments and pension funds.  The following is from a Bloomberg report about that event…

Running out of other options, Greek Prime Minister Alexis Tsipras ordered local governments and central government entities to move their cash balances to the central bank for investment in short-term state debt.

The decree to confiscate reserves held in commercial banks and transfer them to the Bank of Greece could raise as much as 2 billion euros ($2.15 billion), according to two people familiar with the decision. The money is needed to pay salaries and pensions at the end of the month, the people said.

“It is a politically and institutionally unacceptable decision,” Giorgos Patoulis, mayor of the city of Marousi and president of the Central Union of Municipalities and Communities of Greece, said in a statement on Monday.“No government to date has dared to touch the money of municipalities.”

Grabbing cash from the bank accounts of private citizens is just one step farther.

And what happened in Cyprus just a couple of years ago is still fresh in the minds of most Greeks.  That is why so many of them have been pulling money out of the banks in recent weeks.  The following comes from Wolf Richter

Greeks remember very well what happened in Cyprus in 2013, when local banks were given a big thumbs-up from Europe to help themselves to their depositors’ accounts. Cyprus and Greece are very closely tied, and many Greeks consider the island a “sister-nation.”

What little trust remained in banks in Greece died that day. People have been nervously looking for signs something similar may happen again in their home country. And they resolved to act at the first sign of danger: banks cannot confiscate money you have under your mattress. Cash can be hidden away.

Let’s certainly hope that what happened in Cyprus does not happen in Greece.

But right now, both sides are counting on the other side to fold.

The Germans believe that at some point the economic and financial pain will become so immense that it will force the new Greek government to give in to their demands.

The Greeks believe that the threat of a full blown European financial crisis will cause the Germans to back down at the last moment.

So what if they are both wrong?

What if both sides are fully prepared to stand their ground and take us over the cliff and into disaster?

For a long time I have been warning that a great financial crisis is coming to Europe.

This could be the spark that sets it off.

  • watchmanonthetower

    Aye, laddie! The Barbers of Brussels are at it again…
    …haircuts, everyone?!

    • Mondobeyondo

      Make mine a mohawk…

  • Robert

    War is coming and it will be a humdinger.

    • GSOB

      In case you don’t know,…
      America is already involved in war on several fronts,

      • Philip Arlington

        ALL the wars that America is involved in are attributable to belief in the same non-existent god. Religion is the problem, not the solution

        • Guest

          Wow Philly real deep thought there; interesting hypothesis…/sarc.

        • GSOB

          Your life is short. God is the eternal one.
          You will return to the dust from where you were formed.
          Now you are just dust in the wind. All you are is dust in the wind.
          All we do crumbles to the ground yet we refuse to see.
          Dust in the wind.
          All we are is dust in the wind.
          Everything is dust in the wind.

  • Bill

    Sounds like the spark has already ignited a giant blow torch and and the tank farm is about to explode and take out what is left of the world financial system. Panic will spread faster than fire.

    • alan

      Probably never.
      If the game is a paper game and we have a lot of paper will we always win.

      • Bill

        When the fire gets hot the paper will turn to ash.

  • HeyAHuman

    Greece is either about to become a cheap labor pool, or there will be great unrest; even war. Either way, this is about to get really bad.

    • El Pollo de Oro

      “When the money stops flowing down to the man on the street, the blood begins to flow in the streets.”—Gerald Celente

  • Cranky

    Viva le Bitcoin…again! Cyprus saw BTC rise ~500%. Imagine how much all of the EU in a meltdown could push up the crypto-currencies. :)

    • alan

      A lot until the power goes out.

      • df NJ

        A flash memory key will become like a gold coin.

  • Peter

    I believe that both sides are prepared to stand
    their ground. What will happen I believe no one knows, but it doesn’t look good
    no matter what decision they are going to find. Greece will never be able to
    pay their debt and only a blind can’t see that. The situation is unsustainable
    and time is running out.

    Greek is in an awful mess, with no money, high
    levels of unemployment and people living in poverty and they cannot go much
    lower than this. They have already little to lose and that’s very dangerous.
    They are a proud nation who is tired of austerity and humiliation. They have a
    huge debt. That is true. But most countries have the same problem.

    Germans believe that they will bend Greeks to
    his knees and they will accept their terms. In case they don’t, Germans believe
    they have the problem under control and it will not spread across Europe and
    the world. They have money and power and believe they can do anything with that
    (which is true most of the time, but things are now all connected). German tax
    payers are also tired of this situation and they don’t want their money spend
    to support other nations.

    I believe no one is going to come out wining
    and it will be very bad for EU and for the rest of the world. We are all in the
    same boat, and unfortunately the boat is full of holes and water coming in, and
    even with pumps running at full throttle that is not enough to bring the water
    level down.

    • Evil_shadow

      Its not a greece that is a problem, but other, bigger Euro countries(spain, Italy, portugal).As vile as it seems, this foul play, made by Eu parliament, backed by Germans wasnt made to punish greeks, but spaniards.Eu wont fall apart if greece left union(monetary or political), but if there are others to follow them (spain, italy, portugal…)…You can get the picture.EU will fall apart, but before that it will turn to Fully tyranical, corruption ridden and corporation backed union, held together only through intimidation and punishment.And that is not something we would want right?

    • Nemnor

      Peter, you stated (above) – “…Greece will never be able to pay their debt and only a blind can’t see that. The situation is unsustainable and time is running out… …Greek is in an awful mess, with no money, high levels of unemployment and people living in poverty and they cannot go much lower than this…”.

      Actually, this is the eventual fate of the entire DECADENT world-wide Capitalist system – which is now at a “dead end” and is NOT able to generate long-term recovery BY ECONOMIC MEANS ALONE.

      Even Germany, China, the USA and every other Country that SEEM “strong” today, will eventually sink towards total economic collapse/chaos (worse than Greece is currently – May 2015). Such is the INEVITABLE fate of the entire world-wide Capitalist system – as it is now faced with a situation of general OVER-PRODUCTION and a tendency towards diminishing profits for the Capitalists.

      Over-production makes it more and more difficult to sell your products/services and make a “profit” on your investments. Hence, the reason the Capitalists feel “compelled” to engage in massive amounts of Share Repurchase (or Stock Buyback) to ARTIFICIALLY raise the value of a stock, and/or (IRRATIONALLY) invest in all kinds of financial “bubbles”, “derivatives” and other exotic “financial instruments” – with many such “investments” having NO relations to the real economy!!

      • kfilly

        You mean fascist system of debt based money. Every single dollar created is a new debt owed. Welcome to socialism.

        • Nemnor

          kfilly, actually, it WAS the SAME “pure”/”real”/”free market” Capitalist system, that NATURALLY decayed into the various forms we observe today, but labeled as – “corporatism” or “socialism” or “communism” or “crony capitalism” or “fascism” or “state capitalism”, etc..

          What many people failed to realize is that, the “real”/”free market” Capitalism they imagined existed in the past, was bound to transform into the decayed forms we see today, and that this was due to the very INTRINSIC nature of the Capitalist system (“pure”/”real”, “free market” or not).

          The ESSENTIAL and INTRINSIC nature of Capitalism (“real”/”pure”, “free market” or not) remains the SAME – i.e. a relatively SHRINKING minority Ruling Class (i.e. an elite “1%”), get richer and richer and (seem to) live the ABUNDANT live, at the expense of the EXPANDING mass of people (i.e. “the 99%”), who exist at a SUB-STANDARD (i.e. less than abundant) level, and in this MODERN TIMES, with more and more people sinking below the “poverty line”, with increasing numbers living in abject poverty.

          The foregoing IS the Capitalist system in its essential form, but which you might label as “socialism”, “crony capitalism”, etc., and not realizing that for the past 500 years or so, the ONLY economic system the World experienced was (essentially) CAPITALISM in it’s varying forms.

          • GSOB

            You err tremendously.
            The essential nature of capitalism is social harmony through the pursuit of self-interest.

            Each individual allowing each other individual to act unhampered by government regulations. Capitalism means that the rich become richer and the poor become richer.

            It serves the economic self interest of us all, including the non capitalist like yourself

            Its the only moral (meaning pro human life) social system because it safeguards a human’s primary means of survival:
            his mind.

            Each and every human being must use his own mind to grasp reality and act accordingly to better his own life.

            The only purpose of government would be to protect its citizens from force or fraud…. through the use of a police force to protect the rights of citizens at home; a military, to protect the rights of citizens from foreign aggression; and a court system to enforce contracts and settle disputes between citizens.

            Since rights can only be violated by initiating force, the government would only use force in retaliation of those who initiated it.

          • Priszilla

            Which is why businesses employ the most lobbyists, right?

          • GSOB

            “The dirty little secret of our “free” market system is that it would simply not exist as we know it without the presence of an active government that creates and maintains the rules and conditions that allow it to operate efficiently. “

          • airedale

            Lobbyists are a symptom of a corrupt government that We the People put into place every time we go to the polls or stay home from the poll. We have become a people that votes our self interest and not for the betterment of our future.

          • Nemnor

            GSOB, you have been miss-educated. You have a fantastic and unrealistic notion of what Capitalism is in the real World. I guess you would also see “social harmony” during the centuries of “raw” Slavery in Capitalist USA? Back then, it WAS indeed Capitalism in the USA, as Capitalist PROFIT was ALWAYS based on a form of Slavery – from “raw” Slavery to “Wage Slavery”.

            NO form of slave system (which Capitalism essentially IS) can have genuine social harmony.

            IF the essential nature of Capitalism was “social harmony” (as you erroneously stated), we do NOT see indication of that for the past 100 years under Capitalism (“real”/”pure”, “free market” or not). Instead, what the World experienced under Capitalism (“real”/”pure”, “free market” or not) was, TWO world wars, genocides, holocausts, ethnic cleansing over 65 major (regional) wars, the bombing of whole nations (back to the “stone age”), and major labor unrest from time to time in much of the world-wide Capitalist system.

            ‘GSOB’, what YOU mistake for “social harmony” within any particular country, was/is really the use of the violet arm of the Capitalist system (i.e. the Army, the Police, etc.) to “keep the peace”, and hence, give the APPEARANCE of “social harmony”.

          • GSOB

            Capitalism, as I demonstrated, is the best social economic system.

            All you do is hold capitalism in derision and now ignorance, disguised in racial rhetoric.

            You are seeking revenge in all the wrong places.

            Your policy is no policy but you point fingers at what your paradigm has convinced you to believe.

            The way of peace you have not known.

          • Nemnor

            One might not “initiate (visible) force” upon another. BUT, you might KNOWINGLY do things (“invisible” to others) that result in impoverishing someone or “robbing them blind”. i.e. the kind of insidious “initiation of force”, that violate the rights of others, while your hands appear clean.

            Hence, when a Capitalist pay a “minimum wage” that is less then acceptable (livable), and especially when the Capitalist can reasonably pay a better wage. This IS a (invisible) form of “initiating force” – which violates the right of the Worker to a “fair/living wage” (i.e. “fair/living wage” – even according to the Capitalist logic)

          • GSOB

            Your arguments are groundless. Stop guessing about what I think or believe. I’d be more than happy to tell you.

  • XSANDIEGOCA

    Can Greece ever repay these debts? The answer is No. Creative Default is the answer allowing Greece to withdraw from the EU. Otherwise, there will be an inevitable run on the banks as workers cash their checks and buy CHF.

    • Avner

      Strategic default on a national scale

      • XSANDIEGOCA

        Sometime in Cankle’s second term, the US will be right there.

    • Evil_shadow

      I dont think that there is ANY country, that can repay its own debts…if so, why squeezing some while let others still spending money that they dont have?

  • Horiboyable .

    Once bond yields start moving up; it is game over for many countries in Europe. Small moves of 3 to 4 % will be all it takes to wipe out most of Europe and as we have observed in the last few weeks a move of 1% in a week is possible..

    • df NJ

      If interest rates go up doesn’t that make house prices drop?

      • Horiboyable .

        Yes and no. I think when the bond bubble bursts you will see average homes lose half their value. Choice real estate in London & NY could go up because big money needs big parks to park. There is already strange movements in the bond market now and you already see London prices are up like a rocket. I think this will all kick off this year after the summer and it will be an historic event to live through. The west has destroyed itself with debt which I think is very funny, since Rome did exactly the same thing. Politicians should read some history books. America is in the process of collapse and I am surprised that the average US citizen has not woken up to his/her declining standard of living. People wont believe it is over until they crash and burn and it has all gone. It took the UK ten years of discussions to get a extra run way at Heathrow, while China had built 3 or 4 international airports and were trading in that same time frame. Too much government chokes business and consumes wealth.

  • alan

    I would suspect the EU would get at most a few dollars. People are catching on quick to the banker scam and soon no one will keep their money in banks.

    The trend is… Greece always gets a bailout and Greece never leaves the EU. So who needs who?

    • retired22

      The problem reminds me of a passage I read in a book years ago.It went like this:….”Was a very clever guy,a real schemer,but what finished him off was a fault that all the clever guys have,they think that everyone else is stupid”,
      The bankers & the establishment elites are very clever people but they believe the rest of the world is populated by nitwits! All of this time they have believed that the general public was chained to the banks,..now they are starting to realize that it is they,the financial elites,who are chained to the public.If Greece,& the rest of the EU, go down they will drag the financial sector down with them! Even if they managed to patch something together temporarily,it will still be a question of when & not if it all comes apart!
      P.S.Both the Public & the Financiers will die under a great tsunami of extremely leveraged debt,no Keynesian tricks can change that!

  • Richard

    Very nicely presented, Michael. Can I begin to hope….?

    • kfilly

      Yes, it will come with the government chains, I meant change, that Obama said would come to Amerika.

  • Black

    why don’t they borrow one of Mr. Yellens printing presses?

    • df NJ

      If they did that, then our country would be Greece!

  • df NJ

    I saw in a news article saying most Greeks simply will not pay their taxes is part of the problem.

    “Greece Struggles to Get Citizens to Pay Their Taxes”

    “ATHENS—Of all the challenges Greece has faced in recent years, prodding its citizens to pay their taxes has been one of the most difficult.

    At the end of 2014, Greeks owed their government about €76 billion ($86 billion) in unpaid taxes accrued over decades, though mostly since 2009. The government says most of that has been lost to insolvency and only €9 billion can be recovered.

    Billions more in taxes are owed on never-reported revenue from Greece’s vast underground economy, which was estimated before the crisis to equal more than a quarter of the country’s gross domestic product.”

  • df NJ

    Oregon 28th Amendment:

    WE THE PEOPLE proposed 28th Amendment to the Constitution – HJR29

    Section 1 [A corporation is not a person and can be regulated]

    The rights protected by the Constitution of the United States are the rights of natural persons only.

    Artificial entities, such as corporations, limited liability companies, and other entities, established by the laws of any State, the United States, or any foreign state shall have no rights under this Constitution and are subject to regulation by the People, through Federal, State, or local law.

    The privileges of artificial entities shall be determined by the People, through Federal, State, or local law, and shall not be construed to be inherent or inalienable.

    Section 2 [Money is not speech and can be regulated]

    Federal, State and local government shall regulate, limit, or prohibit contributions and expenditures, including a candidate’s own contributions and expenditures, for the purpose of influencing in any way the election of any candidate for public office or any ballot measure.

    Federal, State and local government shall require that any permissible contributions and expenditures be publicly disclosed.

    The judiciary shall not construe the spending of money to influence elections to be speech under the First Amendment.

    Section 3

    Nothing contained in this amendment shall be construed to abridge the freedom of the press.

  • DJohn1

    I think they are likely to be selling the furniture.
    By that I mean anything that is not fastened down will be sold to pay off their debts in a virtual bankruptcy sale of the entire country.
    That will include the land underneath their feet.
    What can be done?
    Nothing. The people have to wake up first.
    What we have here is an intolerable situation.
    Greece like every other country I know does have some fairly astute business owners.
    What they are going to have to do is get those business owners to lend their talents to put their financial house in order.
    That means the top leaders in industry will have to take over the government and bring things back to reality.
    It will be very unpopular. It means a line item veto of every social service provided by the government right now.
    It means living within their means.
    But we face the same situation. Wonder how we will handle it.

    • df NJ

      They should provide the Greek people reasonable incentives that will allow them to pay off their debt through work. I think the World is suffering from a lack of motivation caused by years of wage deflation. Why work when it makes absolutely no difference in your life’s misery?

    • CharlesH

      The U.S. won’t handle it at all. There are no governments big enough to bail us out. When we fail it will make the Great Depression look like a mere pebble on a super highway.

      • DJohn1

        The phrase “rats leaving a sinking ship,” comes to mind.

    • Randy Townsend

      Ours will be slower than most think, simply because of the fiat currency and the relative wealth of the public. Remember, the older generations have saved and invested to the tune of trillions of dollars (I’m 54 and my generation has not). Government covets that wealth and is looking for ways to take it as it is transferred to their survivors, meaning when (not if) the government dole comes to a halt, there will be many who will not be destitute. Those that rely on government will be taken care of for a while (no zombie apocalypse scenario). It will eventually get very bad, but not overnight. IMHO. The Bible already tells you what you need to know.

  • chilller

    Greece would have never been let in the EU if Goldman Sacks hadn’t cooked their books. So why doesn’t the EU go after GS? You know the EU will just print up more euros to make up for Greece’s non-payment. This is all about power.

    • df NJ

      Government by the rich, for the rich, screw the worker.

      • Mondobeyondo

        A plutocracy – which by the way, only works on Pluto.

  • CharlesH

    This whole thing is insane. What’s the actual end game here? Greece will be left totally destitute with not even the proverbial “pot to piss in” if they have to pay back every penny to the IMF, ECB, whoever. While Greece isn’t totally innocent in this whole thing and does have to make strong reforms – the powers to be are behaving as if they’re at the circus and enjoying all the rides. Greece really needs to rethink their position and all consequences. Personally – while this is easy for me – but I’d declare bankruptcy and let the chips fall where they may. This game can literally go on forever.

    • df NJ

      People will be forced to riot. There will be blood in the streets. I think the governments simply do not care if people die.

  • Onassis…

    Greece must lubricate old Dracmas printers, print out new money and make a parity to USD in order not to have hyperinflation, provide credt with this strong money to business and market and as I read fm the biggest of the biggest shipowners in history Onassis…his saying …a liar well told sounds better than a truth badly told….

    • df NJ

      Without the Greeks moving to interest free currency they will never escape economic tyranny.

      “Capitalism is Usury. Its defining belief is ‘return on investment’. This is an extension of the ‘time value’ of money, which is the central tenet of modern economics. Capitalism is unthinkable without banking and banking is institutionalized Usury.

      Usury is Plutocracy. Compound interest makes it unavoidable that the very richest own everything in generations.

      And this is indeed what happened: Capitalism is one huge global monopoly. All the major banks own each other and most Transnationals plus a huge chunk of land. This juggernaut was built with the plunder of Usury.

      We have all seen that Rothschild was worth 50 billion in 1850. At 5% per year, this fortune would now be a trillion, at 8% per year Rothschild would now be worth hundreds of trillions.

      This is why it has been said that ‘compound interest is the strongest force in the Universe’.

      This is Usurious Usurpation.”

      • Nemnor

        df NJ, Essentially, I agree with you. What you stated (above) is generally true (more or less) to the reality of the world-wide Capitalist system – in it’s “pure”/”true”/”free market” form, and in EVERY variation/form of the Capitalist economy for the past 500 years or so.

        REGARDLESS to the label some apply to Capitalism, be it “free market”, “corporatism” or “socialism” or “communism” or “crony capitalism” or “fascism”, etc., the ESSENTIAL nature of Capitalism (“real”/”pure”, “free market” or not) remains the SAME – i.e. a relatively SHRINKING minority Ruling Class (i.e. an elite “1%”), get richer and richer and (seem to) live the ABUNDANT live, at the expense of the EXPANDING mass of people (i.e. “the 99%”), who exist at a SUB-STANDARD (i.e. less than abundant) level, and in this MODERN TIMES, with more and more people sinking below the “poverty line”, with increasing numbers living in abject poverty.

        • GSOB

          Capitalism is implicitly based upon a world view which upholds that man’s mind is competent in dealing with reality,… that it is morally good for each person to strive for his own happiness and that the only proper, social arrangement for men to live under is one in which the initiation of physical force is banished.

          That’s the ideological basis upon which the USA was implicitly founded.

          Capitalism is the only system in which freedom and liberty can really exist.

          Ours is not a pure democracy and capitalism would eventually cease to exist if under such.

      • GSOB

        Wrong. Capitalism is the complete embodiment of social justice. In social or political context, justice means that every person gets no more, and no less, than what he gains through VOLUNTARY association with other men.
        A capitalist society is a just society because all individuals are considered equal under the law.
        All other forms of government, such as the welfare state, institutionalize injustice by legally expropriating the property of some men and giving it to others.

        • Gay Veteran

          wow, guess you never heard of the Gilded Age and Robber Barons

          • GSOB

            guess what

  • T.

    The Bankersters Creed: What’s Mine is Mine and What’s thine is Mine – Til They Own it All.

    • Mike Lupica

      Yep no more needs to be said.

  • Daystrom2012

    Woe,woe,woe to the inhabiters of the earth…..Revelation 8:13

  • guest

    With Greece having reached a debt to GDP ratio that means they will never be able to repay the debt why on earth did banks keep lending them money. I know that our typical highly educated intellectuals, economists, financial experts, talking heads etc. would laugh out loud at such a simple question while they try desperately to see the forest through the trees.. I have yet to hear a single ” journalist ” ask that question. I predict the European Union taxpayer will be forced into funding a bailout. A precedent will be set for California or Illinois.

  • greanfinisher .

    It would be foolish to maintain any sizable amount whether it be in a bank or credit union account even/especially in this country. A Greek default could easily spur banks around the globe to collapse like dominos. Believe you me, if it came between the survival of the big banks or the depositors in the United States, it wouldn’t take another Einstein to figure out which entity would be served first.

  • tacoma

    A country’s wealth is what the people can produce. Greece will return to a state, after sovereign default, of painful reality. This is not the end of their world – many countries are in the same situation. Check Egypt, Iran, the Stans. Greece will exit EU and Eurozone after default. Then it will be in full control of itself. It will adopt a different economic model – certainly not capitalism. It will invite foreign investments – China and Russia being likely. Greece will still be a heck of a lot better than Syria or Libya. And if I were Russian, I love to move my naval base out of war-torn Syria into Greece. Greece will love the income from that. And if the EU and American governments have a problem with that, Greece and Russia will sing a song in harmony called ‘You can Fu** Off’.

  • krinks

    Throw out the bankers and re-nationalize assets stolen by creditors. Issue a new debt free currency. Problem solved.

  • Annette Smith

    I often wish for a crystal ball….I just can’t stand the suspense of what is going to happen, or when it all will go off…

    • df NJ

      Probably before the next election in order to determine the outcome.

      • Mike Smithy

        Agreed. Despite GW Bush carrying the water for the bankster mafia, they either would not or could not stop the dam from breaking in September, 2008. When the market imploded, I am not so sure that the timing wasn’t a controlled and contrived demolition. For what ever reason, the puppet masters decided Zero was their guy and not McStain.

        • T.

          “W”‘s two stints in the “Outhouse” were bookended by 9-11 and the collapse of ’08 (in which “Everything Broke”). What a great job.

          • df NJ

            Government by the rich, for the rich, screw the worker.

          • Nemnor

            True!!

            And while one might say that “government by the rich and for the rich” had always been the case for thousands of years now, what many people seem to not understand is… that type of “Government” was/is ALWAYS a NECESSARY condition for the existence of CAPITALISM in ALL it’s forms (i.e. “pure”/”real”, “free enterprise” or not).

            Hence, many failed to understand why it was the SAME “real”/”pure”/”free enterprise” Capitalism they imagined existed, that NATURALLY transformed into some form of “State Capitalism” – in which the Government more directly “intervene” and try to “manage”/’regulate” Capitalism. It was/is really an attempt by the Government (which was ALWAYS for the rich, for the Capitalist) to “save” the Capitalist system – as it became DECADENT.

          • Nemnor

            And “government by the rich and form the rich” continue to exist mainly by keeping the Workers and Unemployed DIVIDED, using religion, race, nationalism, etc..

    • Priszilla

      It doesn’t matter when it will happen. Important is how life will change and whether you are prepared. Coukd you change now?
      When I lived on benefits I didn’t have much income. When I got my first job after uni I continued to live as if I were on benefits. Next time I was without job I lived where I wouldn’t get benefits. And still survived.

      When I was a manager I employed new people when others were firing them. We didn’t have many orders then but time to train the newcomers. When orders picked up I didn’t need to waste time for interviews and training. My guys were ready to go. Qe could take new orders while others were at capacity.

  • Antonio Ossa

    NOW IS THE TIME FOR GREECE TO CUT IT’S LOSSES, WHY WAIT UNTIL THEY ARE COMPLETELY OUT OF MONEY?

    • CharlesH

      That’s my thought. Just say fu**em and call it a day. Sit back and watch how the “big boys” react. No more money – what they do have they need for their own country/people.

  • El Pollo de Oro

    When the bail-in went down in Cyprus, libertarian Nigel Farage (head of the UK Independence Party) said that the banksters and the EU had sunk to a new low by looting bank accounts. The Cyprus bail-in showed that the banksters were every bit as evil and treacherous as Farage, Alex Jones, Max Keiser and Gerald Celente had been saying. It was only a matter of time before they looted bank accounts in other counties as well, and don’t think that the banksters won’t be pulling a similar move in The Banana Republic of America (formerly Los Estados Unidos). The banksters are every bit as treacherous and vile as Farage, Celente, Keiser and Jones have been saying, and when they inevitably loot savings and retirement accounts in the BRA, they will use their usual cutesy White Shoe Boys language and call it a “haircut.” Naturally, millions of Americans are going to be absolutely furious when the banksters confiscate 20% or 25% of their savings or IRAs with the blessing of Democraps and Republi-Cons. So get ready for civil unrest that will make the recent riots in Baltimore look like a couple of frat boys having an arm wrestle. The banksters know that millions of Americans won’t like the bail-in, which is why the junta that controls the BRA is armed to the teeth and is getting ready to get the FEMA death camps up and running. FEMA = Fascisti Eagerly Murdering Americans.

    Or in the words of Gerald Celente, “Next train to Auschwitz, all aboard! Forget about those calories, you’re not going to need them.”

  • Mondobeyondo

    Don’t be the least bit surprised if it eventually happens in the United States. We’ve been heading for a cashless society for quite a while now.

    • Mike Lupica

      It will.

  • Aeffesstoo

    As longs as this has been going on, why would anyone in Greece have money in a bank?

  • http://stevevandervelde.wordpress.com/ Steven Vandervelde

    South Park was prescient, “and it’s gone!”

    • df NJ

      “Hey, I am trying to teach my son the importance of saving money.”

      “And…it’s gone. This line is for only people who have money with the bank, please step aside.”

  • DJohn1

    The problem is reputation. Once you have the name it is difficult to get rid of it. The name here is Thief!
    I suspect the bankers in Cyprus are constantly looking over their shoulders. I suspect they are waiting for the bullets with their names on it.
    Sooner or later. Someone will pull the trigger. It is that simple.
    In a place like Cyprus it is not necessarily that quick. It can just as easily be a knife.
    The banking system that tried this theft is dead. People will no longer use that bank ever again.
    So what did they gain? A temporary relief by theft. Long term they got nothing but trouble.

  • PoorBoy2

    One step closer to a cashless society. Effectively world slavery.

    • df NJ

      When you say “cashless” do you mean we do not have physical cash or do you mean everyone is completely broke without any cash?

      • john

        you are cashless and debtfull
        is that English enough?

        or can I say we are all f…. d?

  • GetReal4U2

    This could be the spark that sets it off…
    God’s timing is perfectly being fulfilled…the economic collapse will usher in the one world government…one world currency (a mark on the forehead or hand…and of course…Israel will be a major flash point, so the 7 year peace treaty will be created…this September the UN is laying out the new foundation to a complete one world government in charge of every aspect of your life with the pope speaking and agreeing…September is also God’s timing for a major economic reset…September also ushers in the year of jubilee…the only thing preventing the complete takeover…is the holy spirit on the earth…that will be removed in an event called the rapture…and yes…It completely lines up with the word of God…events in September will not only change America…but also change the world in the “twinkling of an eye”…TIME IS VERY SHORT…read the article “the most important thing” above…I don’t know about you…but I plan on taking the flight to my true home…may God’s Word open all of our eyes…

    • Philip Arlington

      The world’s most economically successful country is the LEAST religious. Ponder that.

      • df NJ

        It depends on how you measure success. If you measure success as having the least moral public policies for workers on the verge of slavery then yes our government is economically successful. We could have slavery and child labor. That’s probably next. Government by the rich, for the rich, screw the worker.

      • sam

        what country? How did that country get economically successful? could it be thru corporate corruption how about thru wars?

        if your taking about a Christian nation such as America than would it not be the average every day Christians who also helped make it successful through their innovations and hard work.

        Also now when evil and unGodlessness has taken over the world especially and mainly in the last few decades. I don’t see economic success but sadly economic disaster. Godlessness leads to spiritually,moral and even economic disaster.

    • Lorungee

      And when September comes and goes, in October it will look like it did in July.

      • df NJ

        I think August/October 2016 will be the big event that causes people not to vote for Democrats.

      • Jerry C

        And when the New York Stock Exchange crashes on the eve of Feast of Trumpets (like it has every last 7 years), will you stop doubting and believe? My guess tells me no amount of evidence will persuade you.

  • Philip Arlington

    Bring it on. Economic disaster is the only hope of ending the Ever Closer Union Project, and if it isn’t terminated there will be no more true democracy in Europe.

    Here in the UK we desperately need to EU to suffer serious blows before we have a referendum on membership to prevent the establishment bullying and deceiving the electorate into voting to stay in.

    • df NJ

      It is so much cheaper and more efficient just having one world government. Why would people want otherwise?

  • selaretus

    There is no point keeping cash in your bank. The FDIC will not save you when Oboob and his bankster criminals confiscate it. Take it out and put it in a safety box. Even then, the criminal banks and your Gestapo Gov. want to outlaw cash to try to force us into the Wall Street casino where it will be lost anyway.

    • df NJ

      Do you think keeping gold in a safety deposit box at the bank is actually safe? And the people who tally the votes do not decide election results also!

  • tom thumb

    Capital controls? Confiscation? come on! these people don’t even pay taxes for Christ sakes what makes you think they have money in a Bank to control.

    The smart money left in 2010, all thats left is peasants and steerage.

    • df NJ

      The Greeks not paying any taxes may be the reason for the confiscations. And the media headlines are just sensationalism.

  • tresmegistus

    the syriza gov is only delaying the inevitable – grexit and default. the greeks should forget about wanting to be part of Europe they never have been.

    • df NJ

      There was a time when killing poverty did not include the people living poverty.

  • df NJ

    Is it me or does it feel like something really big is about to happen. It may be good, it may be bad, but it’s going to be big. Something that is going to change everyone’s daily focus. Maybe the magnetic poles will shift or some craziness.

  • Michael

    This Greek Tragedy is not a new ‘thing’, Some forty years ago, I lived in Greece and the retirement debacle was alive and well then as it is today.

    Let’s face facts, the Greek economy is doomed, as is the majority of EU players, and you can forget America, we are as bad off or worse. It is all about time and time is running short.

    My advise, but you must act quickly. Look at your living expenses for the past year, set aside the amount of the highest cost for six of those months. Work rapidly to store 6 months of food, remember, you need 1 million calories of food for 1 year x the number of people to be fed. You must be willing to protect your people and their food. The question that remains are you physiologically prepared to do what may be demanded of you.
    If you have the ‘juice’ buy silver and gold, 1 ounce sizings. Purchase about 140 + ounces of silver and several 1 ounce gold bars.
    The silver will work to buy what you need, the Gold will help to keep you out of the ‘camps’.

    Pay off your home or property, buy some alternative currencies, such as Canadian dollars, Singapore dollars, they may work when the US dollar is exhausted. Go liquid, think dollars, yes, you think, what a hypocrite. First I say the dollar is going down and now I tell you to buy dollars. Look you will need something to help get past the first days and months, it may as well be the then hyper-inflated US dollar.

    So use those US dollars first, then your alternative currencies, use the Silver sparingly, remember the Gold is your ticket out of the ‘camps’ or out of this country. Think Singapore.

    Good Night and Good Luck America…What comes tomorrow will depend on what lies today in the heart of man. Will he rise up and take what is rightfully his or shall he offer up all to this new tyranny. The pages of history await you’re decision.

  • GSOB

    Exploitation is inherent to the nature of socialism because individuals can not live for their own sake, rather they exist merely as means to whatever the socialist rulers – the self proclaimed spokesman of ‘society’, may have in mind.

    Since the socialist state holds a universal monopoly on labor and production, no economic incentive exists for the socialist state to provide anything more than minimum physical subsistence for the workers, except to perhaps prevent riots and revolutions.

    • df NJ

      How can you possible think we have a socialist state in this country? The level of propaganda and indoctrination is breathtaking. We are as about as far away from a socialist state as you can get and still have a government currency with any value at all.

      google “Wealth Inequality in America”

      In the video, notice what the curve would be if we were living in socialist state. Notice what the curve actually is!

      The problems with our country are not rocket science. The lobbyists force the politicians to pass laws creating cartels and monopolies in exchange for campaign financing. It doesn’t matter what you pay in taxes. What does matter is the purchasing power of your take home pay. So if we abolish the IRS tomorrow and all state taxes we will still have the same level of poverty and misery. The monopolies and cartels would simply raise their pricing on goods and services to absorb any slack in the system.

      But do not worry my comrades. I have good news. Marx said laissez faire capitalism is always followed by communism. This is because unfettered greed would result in the government’s currency collapsing. Once the currency collapses people in the bread lines will demand MORE government not less. See you in the break lines comrades!

      Our only consolation comrades is once the Yuan is allowed to freely float against the dollar ALL our CEO jobs will be outsourced. The Chinese have a pejorative N word for white people: “gwai-lo”. Once all the CEO jobs are outsourced the gwai-lo sons and daughters of the CEOs will have to grovel at the feet of the communist Chinese. Oh well, too bad.

      • GSOB

        “We are as about as far away from a socialist state as you can get and still have a government currency with any value at all.”
        You are delusional.

    • Gay Veteran

      much of that is true for capitalism too

  • John

    Michael is right, Jerome kerviel, French trader accused of stealing 5 billions, has said on the Swiss TV that nothing has changed since 2008.he said that all his friends in banks say the same.

    get ready for the big crash….!

  • EgbertThrockmorton1

    I think “Cypriot Haircuts” are coming to ALL of us here in the USA soon.

  • GSOB

    Remind me next month.

  • Jason

    The mobile phones and offices of the Greek negotiators are likely bugged. The Troika knows the Greeks are bluffing. It will come down to the last minute and the Greeks will cave in and agree to a bad deal.

  • http://www.arizonamilitia.com/ ArizonaMilitiaDotCom

    Our family’s investments have been put heavily into the other “precious metals”: brass, copper, steel, and lead.

    Buy More Λmmo. Doing so is the only viable treatment for ODDD (Obamunist Douchebag Distrust Disorder). Support your local Militia and/or your local Oath Keepers. This won’t end pretty, Λmerica.

  • GSOB

    You should CYA

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