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A Day Of Reckoning For The Euro Has Arrived – 26 TRILLION In Currency Derivatives At Risk

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Yanis Varoufakis - posted to Twitter by Utopian FiremanThis is the month when the future of the eurozone will be decided.  This week, Greek leaders will meet with European officials to discuss what comes next for Greece.  The new prime minister of Greece, Alexis Tsipras, has already stated that he will not accept an extension of the current bailout.  Officials from other eurozone countries have already said that they expect Greece to fully honor the terms of the current agreement.  So basically we are watching a giant game of financial “chicken” play out over in Europe, and a showdown is looming.  Adding to the drama is the fact that the Greek government is rapidly running out of money.  According to the Wall Street Journal, Greece is “on course to run out of money within weeks if it doesn’t gain access to additional funds, effectively daring Germany and its other European creditors to let it fail and stumble out of the euro.”  We have witnessed other moments of crisis for Greece before, but things are very different this time because the new Greek government is being run by radical leftists that based their entire campaign on ending the austerity that has been imposed on Greece by the rest of Europe.  If they buckle under the demands of the European financial lords, their credibility will be gone and Syriza will essentially be finished in Greek politics.  But if they don’t compromise, Greece could be forced to leave the eurozone and we could potentially be facing the equivalent of “financial armageddon” in Europe.  If nobody flinches, the eurozone will fall to pieces, the euro will collapse and trillions upon trillions of dollars in derivatives will be in jeopardy.

According to the Bank for International Settlements, 26.45 trillion dollars in currency derivatives are directly tied to the value of the euro.

Let that number sink in for a moment.

To give you some perspective, keep in mind that the U.S. government spends a total of less than 4 trillion dollars a year.

The entire U.S. national debt is just a bit above 18 trillion dollars.

So 26 trillion dollars is an amount of money that is almost unimaginable.  And of course those are just the derivatives that are directly tied to the euro.  Overall, the total global derivatives bubble is more than 700 trillion dollars in size.

Over the past couple of decades, the global financial system has been transformed into the biggest casino in the history of the planet.  And when things are stable, the computer algorithms used by the big banks work quite well and they make enormous amounts of money.  But when unexpected things happen and markets go haywire, the financial institutions that gamble on derivatives can lose massive quantities of money very rapidly.  We saw this in 2008, and we could be on the verge of seeing this happen again.

If no agreement can be reached and Greece does leave the eurozone, the euro is going to fall off a cliff.

When that happens, someone out there is going to lose an extraordinary amount of money.

And just like in 2008, when the big financial institutions start to fail that will plunge the entire planet into another major financial crisis.

So at the moment, it is absolutely imperative that Greece and the rest of the eurozone find some common ground.

Unfortunately, that may not happen.  The new prime minister of Greece certainly does not sound like he is in a compromising mood

Greece’s new leftist prime minister, Alexis Tsipras, said on Sunday he would not accept an extension to Greece’s current bailout, setting up a clash with EU leaders – who want him to do just that – at a summit on Thursday.

Tsipras also pledged his government would heal the “wounds” of austerity, sticking to campaign pledges of giving free food and electricity to those who had suffered, and reinstating civil servants who had been fired as part of bailout austerity conditions.

Prior to the summit on Thursday, eurozone finance ministers are going to get together on Wednesday to discuss what they should do.  If these two meetings don’t go well this week, we could be looking at big trouble right around the corner.  In fact, Greece is being warned that they only have until February 16th to apply for an extension of the current bailout…

Euro zone finance ministers will discuss how to proceed with financial support for Athens at a special session next Wednesday ahead of the first summit of EU leaders with the new Greek prime minister, Alexis Tsipras, the following day.

However, the chairman of the finance ministers said the following meeting of the Eurogroup on Feb. 16 would be Greece’s last chance to apply for a bailout extension because some euro zone countries would need to consult their parliaments.

“Time will become very short if they (Greece) don’t ask for an extension (by then),” said Jeroen Dijsselbloem.

The current bailout for Greece expires on Feb 28. Without it the country will not get financing or debt relief from its lenders and has little hope of financing itself in the markets.

And as I mentioned above, the Greek government is quickly running out of money.

Most analysts believe that because of the enormous stakes that one side or the other will give in at some point.

But what if that does not happen?

Personally, I believe that the eurozone is doomed in the configuration that we see it today, and that it is just a matter of time before it breaks up.

And I am far from alone.  For example, just check out what former Fed chairman Alan Greenspan is saying

Mr Greenspan, chairman of the Federal Reserve from 1987 to 2006, said: “I believe [Greece] will eventually leave. I don’t think it helps them or the rest of the eurozone – it is just a matter of time before everyone recognizes that parting is the best strategy.

The problem is that there there is no way that I can conceive of the euro of continuing, unless and until all of the members of eurozone become politically integrated – actually even just fiscally integrated won’t do it.”

The Greeks are using all of this to their advantage.  They know that if they leave it could break apart the entire monetary union.  So this gives them a tremendous amount of leverage.  Greek Finance Minister Yanis Varoufakis has even gone so far as to compare the eurozone to a house of cards

The euro is fragile, it’s like building a castle of cards, if you take out the Greek card the others will collapse.” Varoufakis said according to an Italian transcript of the interview released by RAI ahead of broadcast.

The euro zone faces a risk of fragmentation and “de-construction” unless it faces up to the fact that Greece, and not only Greece, is unable to pay back its debt under the current terms, Varoufakis said.

“I would warn anyone who is considering strategically amputating Greece from Europe because this is very dangerous,” he said. “Who will be next after us? Portugal? What will happen when Italy discovers it is impossible to remain inside the straitjacket of austerity?”

After all this time and after so many bailouts, we have finally reached a day of reckoning.

There is a very real possibility that Greece could leave the eurozone in just a matter of months, and the elite know this.

That is why they are getting prepared for that eventuality.  The following is from a recent Wall Street Journal report

The U.K. government is stepping up contingency planning to prepare for a possible Greek exit from the eurozone and the market instability such a move would create, U.K. Treasury chief George Osborne said on Sunday.

A spokeswoman for the Treasury declined comment on the details of the contingency planning.

The U.K. government has said the standoff between Greece’s new anti-austerity government and the eurozone is increasing the risks to the global and U.K. economy.

“That’s why I’m going tomorrow to the G-20 [Group of 20] to encourage our partners to resolve this crisis. It’s why we’re stepping up the contingency planning here at home,” Mr. Osborne told the BBC in an interview. “We have got to make sure we don’t, at this critical time when Britain is also facing a critical choice, add to the instability abroad with instability at home.”

And if Greece does leave, it will cause panic throughout global financial markets as everyone wonders who is next.

Italy, Spain and Portugal are all in a similar position.  Every one of them could rapidly become “the next Greece”.

But of even greater concern is what a “Grexit” would do to the euro.  If the euro falls below parity with the U.S. dollar, the derivatives losses are going to be absolutely mind blowing.  And coupled with the collapse of the price of oil, we could be looking at some extreme financial instability in the not too distant future.

When big banks collapse, they don’t do it overnight.  But we often learn about it in a single moment.

Just remember Lehman Brothers.  Their problems developed over an extended period of time, but we only learned the full extent of their difficulties on one very disturbing day in 2008, and that day changed the world.

As you read this, big financial troubles are brewing in the background.  At some point, they are going to come to the surface.  When they do, the entire planet is going to be shocked.

 

  • DDDDD

    There are nothing that anyone can do about it. It is just a matter of time soon or later. It is better soon than later because everyone will be dealing with it anyway. Just get it over with the sooner the better.

    • seth datta

      I prefer sooner and short, but we could be like this for a few decades yet, so what i like or want does not matter. It is important to recognise things will get worse for a long while, and so prepare accordingly.

      • Kate D

        agree. i prefer sooner too.
        but now what? once greek gets deal by thursday…..this all blows over for 2 more years and we keep reading this blog about collapse of 2021?
        there are so many things wrong now, but yet it keeps going and going and going and going. sadly the fraudsters may know what they are doing

        • seth datta

          I won’t be living in the UK in future.
          Spain has a better chance of making it, though its current paper money (false mammon) situation isn’t good.
          Whites there will make it.
          Nonwhites there will make it.
          I can help make it and a few other countries like it a better place – it has a future in the long run.

          Yes, it is pointless to keep reading blogs as things get worse – some personal action needs to be taken.

          Have your own back (preparing for harsher times, and financially if possible too). Your savings if large enough will be stolen/nationalised. Most of all, get others of a similar outlook around you to have your back too, because no one is an island unto ourselves and we need others when times get bad to survive – community is Godly. Of course we need God, and he will direct you much better than I if you keep praying for an answer; keep asking questions, because those who run this place hate inquisitive minds who will see through their scams.

      • Evil_shadow

        it wont take decades to unravel entire crisis.Euro collapses(as hard as it will be, many countries in EU doesnt bennefit from overpriced €), && crashes, british pound goes down the drain…best solution? global war. decdes? i say we will belucky if we wont get ww3 before 2020.

    • T.

      Yes, The Euro will Collapse sooner rather than later – Like in the next 7 months – But the rest of the World will come down with it. The world Currencies are interconnected by the global Derivatives market. When one pulls on a thread (Grexit) – The whole Thing starts to unravel. The Euro currency was created in 1999 by the Banksters as a means of Plundering the wealth of the Eurozone.

      • krinks

        The next currency will be digital and be by implant, that will only be turned on if you worship the leader as God.

        • Matt thomas

          Will this leader free us from all the victimless christian laws? If so whats tgis mysterious leaders name and ill worship them daily

    • K2

      There are still things that can be done to prevent greece from exiting the euro.

      • Evil_shadow

        like what? you cant force them with sanctions like they do to russia.You cant force them to obey the “troika” if they feel that they were cheated.IF EU arent willing to re-negotiate some deals with greece…well its not just fault of greece, but EU (and us to some extend) too.Do you really think, that Eu parliament(division for monetary cases) ) didnt knew about falsifying records of greece? They did, and now they are trying to cover up their guilt for current finnacial turmoil in europe under disguise of austerity measures and threats to all those countries which are already deep in doo doo.

  • jsmith

    Well, I understood that the way the Greeks were convinced to join the Eurozone was that they would enjoy the benefits of a common currency, but alas, the one for all and all for one did not apply with the small type at the bottom of the contract. I shudder to think what’s in store for the Greeks, as they have already suffered enough at the austerity measures forced on them by the banksters. I wish them well at the liberation from ECB termites. We are next!

  • DesertPaine

    Greeks. The people who insisted that retirement at 50, and that it was the rest of Europe’s job to fund it. One pie-in-the-sky social spending fantasy after another. They made their bed, and now must lay in it….once again comfortable taking down the rest of EUR with them.

    Too very many parts of their fantasy sound strangely familiar.

    • none

      You forgot to mention the most important part of the great article!
      President Obama will not have his golf games in Hawaii interrupted!
      Hawaii is far enough away from the Europe to avoid this!

    • seth datta

      If you were born in Greece, you would be encultured the same as they are – it is not their fault their country is like that, for if you judge them like that, who is to say you would be judged even worse? The real problem is unGodly greedy bankers and the masses’ human ignorance/apathy leading to evil people misleading and controlling others’.

      • DesertPaine

        Only the weakest of cultures make 2 + 2 = 5. Or 6, or 7, or whatever they want. Relegating human beings helpless non-thinkers beholden to such stupidities far, far undervalues the human experience. We celebrate when the human spirit breaks through utopian pipe dreams. It is no less important to have those who succumb to the weakness of vanities be no less responsible for their choices.

        • IjustneedtosAy

          Is this guy I anyone else’s nerves? Your constant complicated words make you sound desperate for attention. “Look at me, look at me! Here I am, here I am! I’m so smart!”

          • DesertPaine

            Sorry, Ijustneed. I’ll try to keep it at a lower grade level. In the meantime, do you have something to say about the subject matter?

          • ijustneedtosAy

            How does it feel to be judged?

          • DesertPaine

            Your observations are always welcome, and I am the better for it, thanks. I’m guessing from your NRG that you disagree with my view of Greek policy? Maybe you have experience in a difference part of the country than I did. If so, I’d love to listen carefully to your own experience.

          • IjustneedtosAy

            It is not that I disagree. you stated that Grace has made their bed and now they must lie in it . Well, I did not vote for Obama And I do not agree with any of his policies. Yet when the depression hits I will be affected not the elite which have caused the destruction. No matter how much I prepare this coming collapse of the US will hurt my family. There are 11 million Greek citizens and I am sure many of them like ourselves are not the cause of their governments troubles or reckless decisions yet they will suffer anyway. Your comments just sounded to me as if you feel like they deserve it. Just remember the ones that deserve it usually aren’t those that suffer the most. That is why we should reserve judgement.

          • IjustneedtosAt

            However if I miss read you I am sorry

      • Genada

        It’s not just a problem for Greece and it’s not just a Greek culture problem.

        The entire world has a problem with credit. People use to avoid debt because debt was viewed as something that was wrong and only to be taken apon in dire cases. Now everything is payed with debit and debit is taken on without a thought.

        Those that extended debt were expected to take on risks and were expected to be aware enough to not lend more then a person could repay or support. Both lender and borrower are at fault for the current problems. The lender should of stopped lending money to a borrower that was unable to pay it’s current debts.

        In 2008 the reason the system broke down was because the debts didn’t just stay with the lender, they were sold off and they went everywhere. Greek debt is the same. If they default, they are going to end up doing damage all over the world because the debt is all over the world.

        • DesertPaine

          Genada, there isn’t much we as individuals can do about the lender policies — except be forced to bail them out. But the borrower — I think most of us know people who evaluated their own capacity and refused to borrow too much in the credit game. Doesn’t it seem like those people will be penalized for having made responsible decisions? Its a tough problem.

          • Genada

            That would be the basic nature of the problem. That the culture of debt not being bad is a world wide problem. The idea of debt as a vice and saving being a virtue is gone.

            Who will be penalized? I think in the end the person who can not live within their means will suffer more because they are going to need to learn to do so. The person saving now will be further ahead because they are not living beyond their means nearly as much as the person that is in debt.

          • DesertPaine

            Good point. If it doesn’t work this way, we’ll probably risk moral hazard. Let’s all hope you are right!!!

          • Genada

            We have already hit moral hazard and that’s why we have a problem. The west refuses to identity truth and it accepts immorality as being fine.

            The truth about a Greek default is, in the end it requires a return to truth and requires one to admit that some things can not go on.

            The United States and every other western country is going to need to face this themselves. Can half the nation support the other half? Is it really ok for someone to have lots of children and expect to be supported by the state? Can we really afford to pay ex government workers the pensions we promised?

            There are all questions that every western country is going to have to ask and many many more because we can not afford to pay the for the promises we made. We ourselves are insolvent. We are insolvent because we acted in wicked and immoral ways to sustain a standard of living we could not afford.

            We sold the future for today and sadly for us that future is here now.

      • gfmucci

        If we don’t judge them, we acknowledge they are stupid and I know they are not. If we don’t judge wrong behavior, we, personally, will fall into the same trap. This “don’t judge” is just an excuse to stick ones head in the sand. If you get “don’t judge” from the Bible, it pertains to being a hypocrite or not. “Do not judge” does not apply to any and all perverse behaviors; especially not fiscal or economic or spending behaviors of nations. I will judge our nation – it is doing the same darn thing as Greece – maybe worse.

      • K2

        Banks and loans are a necessary evil. When people breed like p*gs, a country has to produce jobs to provide employment to those extra people. So it has to sometimes take on extra loans from banks to ‘expand’ the economy. And as population grows, more and more, loans grow too.

      • Rick

        I know Greeks who knew all along their entitlement society could not stand forever. They are the ones who didn’t allow themselves to be “encultured” into the Greek socialistic fantasyland.

  • seth datta

    These scare stories year after year are pointless – the collapse has begun and is a slow economic, moral and political collapse. We are fed false numbers whilst we continue to be swindled by banksters, paralysed by it all and numbed down with tweaking and meaningless, pithy entertainments as the West, like Rome before it slowly burns. Christians are killed due to US warmongering foreign policy abroad, whilst the left and right parties increasingly resemble each other. People are suffering – their collapse is the loss of their job, or an expensive illness…

    It already is bad for many and will continue to get worse for a decade or two at the very most. By this point, all will be enslaved by their taxes and the high cost of living merged with high unemployment and a failed state. The mark of the beast is here, but most will find it difficult to care as they are so focussed on their own financial survival ,whilst being brainwashed by false prophets and evil leaders who are but puppets themselves.

    It is time to form prayer groups and to repent to God. It is a time to forgive, yet condemn evil doers. It is a time of great strife and need for leadership, by following the holy Spirit of God – we cannot hope to win this battle alone.

    • boss man humbled

      I was one of the top twenty percent in America I am an honest ethical and moral person and age 47! thanks to Obamacare my job is gone selling insurance because I refuse to lie cheat and steal. the honest ins men are gone and to peddle the crap you are being sold yall need to wake up and realise that the insurance companies greed and selling out to the government has left you screwed. I know you think your covered with that high deductable and government funded price that the tax payer is flipping the bill for but currently 6 million high tax paying insurance people are unemployed paying no taxes due to we can’t find jobs worth a crap. we are not counted in the phony unemployment numbers so let’s make a long story short. do not get sick. the government numbers are all lies and today Greece and tomorrow it’s the rest of us. I am not a taker I am prepared for what is upon us so please take it from a real American and wake up we are all GREEKS we just don’t know it YET

      • Rocketman

        You mean the government selling out to the insurance companies. This whole charade was designed by, and for the insurance companies. More corporate welfare.

      • howmchbscnutak

        Time to lock and load and hold the liars and cheats accountable for the treason they have committed against this country and the world.

    • Mike

      Christians are killed because the battle is not against flesh and blood. They hated Christ first. Christianity started in the regions that the muslims are killing off some of the oldest Christian populations. They would be killing them (us) off whether or not the west was warmongering or not.

    • oh yeah, praying. that will solve several issues. like before.

      • GSOB

        Prayer is communicating with the Lord, the Spirit.
        You should try it.

        Prayer is the vehicle for renewed faith, peace, love, wisdom, strength, preparation, knowledge and forgiveness.

    • kate D

      agree…i shud have posted this here instead of above.

      agree. i prefer sooner too.
      but now what? once greek gets deal by
      thursday…..this all blows over for 2 more years and we keep reading
      this blog about collapse of 2021?
      there are so many things wrong now,
      but yet it keeps going and going and going and going. sadly the
      fraudsters may know what they are doing

      • sean

        i know. blog after blog after expert after expert say collapse year after year after year

        • Windrunner56

          Come on, loolk up. The sky is falling. It takes time, but eventually upper air will suffocate lower air. The sooner the banksters are jailed the better for society. Does anyone think that all these dead bankers are accidental? I mean come on. Ever try shooting yourself in the head just once with a nail gun? 8 times?

    • GSOB

      “we cannot be forgiven by God if we judge others”
      Not true. We ‘judge others’ every single day. Saved or not.
      Everyone does. And rightly so. The question is, are we ‘judging ‘ with a judgment that we apply to ourselves equally.
      If we do the same things we ‘judge’ in others as being wrong or evil, then that is what the Lord condemns.

  • Rainwaterrunningdog

    The “EURO” ideology started 15 years ago. A little testing program for a mass “One World Order”. Well it has not worked out so well. There is fault and abuse of living high on other peoples money from government to local people. This will collapse and the sooner the people of Greece deal with the great depression and rebuild their world under true reality (not retiring at 50 ideology aka socialism) the better for them. Interestingly, how this is effecting Greece first like the old history. I suppose historically they will again make their mark in this world.

    • seth datta

      If 80 people in the world own half its wealth, the same as the other 7.3 billion people (google it, it’s true!), then the ideology of this ‘ruling class’ who enforce a global communism upon others is to blame. The UN in 1980 said we could sustain 33 billion on earth, and now that is revised down to 9 billion, as we need to get rid of all the useless eaters so the ‘elite’ can live lavishly. So since like Bill Gates said CO2 is due to people, and we need to lower the CO2 to prevent global warming, some insane genocidal maniacs have decided that caucasians must die off and much of the otherwise remaining human race culled. I’m personally a big fan of depopulating the elite instead.

  • Kim

    Greece can’t stay in the euro zone and it can’teave it. What will it do. Either way, the euro collapses. That said, I feel bad for the Greek people, tossed and thrown about like sheep without a shepherd. I hope they stick to what they believe is right.

    • Genada

      They default and leave. It’s the only real choice they have. They can not pay back the debts.

      Then we move on to the next stage which is picking out the next country and watching it get wrecked. In 2008 the crisis moved from bank to bank, one would fall then people turned to the next one and it would fall. The problem is everyone is insolvent and there’s no one to bail anyone out.

      The last time it was a banking crisis. The governments of the world stepped in and bailed out the banks. Now it’s a sovereign problem. There’s no one out there to bail out all the sovereigns because they are all insolvent themselves.

      • XSANDIEGOCA

        Default is the only course of action.

        • GSOB

          Right. Problem is, it won’t be agreeable to all.

  • Genada

    In the end we will end up with a one world currency. All the currency in the world today is insolvent. The only solution to the current problems is going to be to do away with them all and replace them with a different one.

    It will be sold to the people of the world as something that is good for the entire world because it will take away the ability of any one single country to dictate monetary policy.

    The question for the average citizen is going to be how they value your current debts and how your current money is translated into the new currency.

  • Bob332

    Let the global meltdown begin

  • Kent Harris

    The Greeks are idiots and they are lazy. Combined with the fact they want someone else to pay for it and you have disaster that will turn that country into a waste land. Whatever you sow, you will reap.

    • Kim

      That’s not true. The Greeks are not lazy. This happened not because of laziness but greed. Greece never should have need admitted to the EU. If the IMF is going to bail out the bond holders, it will not benefit the Greek people but only the greedy bankers. Your comment that the Greek people are idiots and lazy is offensive and shows your lack of knowledge surrounding this situation.

      • Mike Smithy

        Kim, it’s undeniable that the Greek pension system was way to generous and unsustainable. The banksters were enablers and all too willing to prop up the pension program with loans. Just like a drug dealer, they want you dependent on what they are pushing. Greed is a double edged sword and cuts both ways. The pensioners, politicians and banksters are all culpable in the demise of Greece. More importantly, will the world take notice or continue down the same path that Greece has taken?

      • Kent Harris

        Kim
        I stand by my assessment because most of the jobs are either related to leisure/vacation or government. Neither one over the long haul can sustain a country. A country must produce a product. They have natural resources but they are not using it.

    • A spartan woman

      As a Greek i could also say that all Americans are idiots because they believed their goverment’s terrorism bull…. and have destroyed already 2 countries (Iraq and Afghanistan). But I will never say it because i realise that you were traped by your governors(see Bush and now Obama). If Greeks were the only nation on this planet with debts i would admit that we are idiots but the point is that ALL nations have debts. That means that all mankind is stupid? You say that someone else has to pay for us and i’m telling you that we also pay for them (other Europeans), because Greece also contributes money to the ECB as a member of the eurozone (but nobody is mentioning that)

      • Avner

        Your country, like many, fell victim to a pretty sophisticated con game. Like Iceland, you guys are at least standing up in some fashion, unlike people here in the USA who go and let themselves be sexually assaulted to go on airplanes or watch football games.

        What’s going on in Greece, Spain, Italy, the USA should be a very powerful lesson as to why you don’t let private monied corporations mint your currency. Sadly, you know when most will get it? When they go through what you guys are going through there… women selling themselves, babies being dumped on the street, people committing suicide because they can’t make ends meet.

        • A spartan woman

          European Union was supposed to rely on democracy, equality, etc,etc. But Germany acts as if EU is a german empire and all other members should listen to whatever Merkel says. All we are asking from our partners is to discuss all together how to solve the problems that austerity has caused, first to Greece,and then to rest of Europe. Merkel doesn’t listen at all. She gets all the other leaders by her side using the good or the bad way. We are the only nation in Europe that opposed to german policy. Every single person here knows what is about to happen if we have a “Grexit”. But i’m optimistic, and ready to face whatever comes.

          • Mike Smithy

            Don’t be too hard on Merkel. From my perspective, she is an advocate of fiscal responsibility. Imagine a situation where a group of people agree to live in the same house. Initially, they all agree to share the chores and grocery bill. One of the residents (Germany) works hard and eats frugally. Yet others, (Greece, Portugal, Spain etc) decide that they don’t want to really help out with the chores and decide that they deserve to eat steak and lobster while (Germany) should have to subsidize it.

          • A spartan woman

            Germany due to its (dirty) policy has convinced the whole world,(creating stereotypes) that is a country of hard working,responsible people,who have the right to subdue all other nations. (See even you got in their trap of stereotypes). The truth is that Greece was supervised all these austerity years by Germans who ruled my country the way they wanted, in order to get money from that. Germany has earned million and million of euro on Greece’s debt. As long as we were doing whatever they want, we were a good hard working nation,now that we rebel we are bad, lazy, idiots, planet’s (maybe galaxy’s) disaster. I hope one day all people be able to realise what is realiy going on inGreeceand that Merkel “drags” US to a war with Russia

          • Mike Smithy

            Undoubtedly, German banks among others are now profiting from the previous fiscal misgivings Greece. More importantly, the Greek people must now be intellectually honest and ask themselves how and why they managed to to fall into the debt trap. It’s sort of like the case of an alcoholic who must first acknowledge that he has an alcohol problem and want to change before recovery can begin. The bottom line is that Greece has a structural spending problem and there is no such thing as a “free lunch”. I don’t fault the Greek people from wanting a fresh start and perhaps walking away from the EU by joining in an alliance with Russia. Certainly, Greece could benefit by being a terminal petroleum hub for the south stream pipeline. However, I will assure you that Russia will want some assurances that Greece won’t fall back into it’s old ways of fiscal irresponsibility in the future.

          • K

            Spartan women. The greatest problem in the U.S. is people refuse to deal with reality. In many ways as Germany once was, we are becoming.It also seems Germany is heading back down that path as well. I hope your Country will get as far away from the E.U. as possible.

    • jox

      If one have to judge from your comment, americans are stupid.

      • Rick

        51% of us are.

  • chilller

    The people who deal in the derivatives sham deserve to die with their derivatives sham. How can an entire country suddenly turn to a leftist group of communists? By getting their butts handed to them by the EU…that’s how. Who’s the bad guy here?

  • alan

    In the end this will be papered over, heck the Fed might loan them a dollar printer and ink.

    Remember… Cat is the chicken of the rail yard!

  • Cal Wayback

    It’s time for the biblical anti-christ to show up. Jesus said ye receive me not but him (anti-christ) ye shall receive. An economic disaster brings on the dictators.

  • sigTRUTH

    Perhaps a dumb question but what is to stop the US from bailing out Greece? I ask because I am thinking Putin is whispering in their ear. The U.S. must suspect Russia has a role in this

    • XSANDIEGOCA

      Now, that will be the Day! There is a precedent. After the 2008 debacle and QE, a lot of that new money was sent to Europe to prevent further meltdown. What’s 500MMM among friends?!

  • XSANDIEGOCA

    I predict some mighty cheap vacations in Greece in the near future.

    • Rafael

      hehe….i also predict some mighty cheap vacations in us too in a not soo distante future! xD

      • XSANDIEGOCA

        You got a point there, Rafael.

  • Richard

    Yet another fine article, Michael. None of the stuff we’ve talked about before. Just an excellent, sober, fact-filled account of the horrors awaiting us. Immensely effective. Devastatingly to-the-point… Keep up the good work and thank you.

  • Ivor Biggin

    The Euro is just another Socialist utopian dream.

    It will fail like all Socialist ideas.

    • jox

      Can you argue why do you associate Euro and socialism? Perhaps your logic is: you hate the euro and europeans, you hate socialism, so, the euro has to be socialist.

      Let me tell you your logic is flawed.

      • Rafael

        Typical socialist nuts changing the subject….They are spending more than their earn in “services” for the people to gain more votes!Do you understand now why they will fail?

        • jox

          Those americans are funny: everything they doesn’t like is ‘socialist’! :)

          I’m not changing the subject. I’m challenging the assertion “The Euro is just another Socialist utopian dream”, simply because it’s not true. I don’t think american founders were socialists when they united several estates with only one currency.

          If a government spending more than it earns is ‘socialist’, I’m afraid every country in the world is socialist, even the USA (even with Bush!). What a nighmare for you!

  • Black

    Greece is running out of money? How’s about fabricating a couple billion out of thin air, just like us? Problem solved

    • jox

      Actually the ECB is going to print a billion euros. BUT they say Greece is not going to receive any of this money. Is not wonderful to have the control of the printing presses? This a lesson of how to get a country into submission using the power of money creation.

  • Great Scott!

    Communities of people need to pull their heads out of the television sets, and start investing in themselves to become as energy independent and socially independent as possible. Our education system also needs to be highly watched by the people of communities. Our children can barely read and write. How can there be a change if they can’t even do this? Small communities need to start investing in gardens, alternative electricity production means, healthy drinking water, and an education system based upon experience from older people. Lets get back to basic and get rid of this technological zombification of everyone.

    • SodThat

      Excellent post.

  • HELL ON EARTH IS COMING
    with a vengeance!

  • jakartaman

    This is not a Greece problem alone – They are just the first.
    This is a world problem. The entire world is going to see an econ omit collapse. I don’t think I need to speculate what the ramifications of that are. Your imagination is as good as mine.
    I weep for the young innocence.

    • Mike Smithy

      Undoubtedly, sovereign defaults are on the horizon and the banksters know it. However, the global QE contagion has temporarily bought time for the elite to convert their fiat and digital wealth into tangibles such as gold, silver, private jets, luxury vehicles, private islands etc. The road to recovery is impossible without a global reset. Out of the ashes and smoldering ruins the anti-Christ will emerge.

      • jakartaman

        I wish we were wrong – unfortunately I am not smart enough to see any other outcome.

      • nohomehere

        “Out of the ashes and smoldering ruins the anti-Christ will emerge.” 1st John 4 ver 3 “but every spirit that does not acknowledge Jesus is not from God. This
        is the spirit of the antichrist, which you have heard is coming and even
        now is already in the world.” You see That this crisis might get solved but by a super man of this world , he will come in as hitler did with great words and unexplainable karisma, this is what I expect soon as to gain the whole worlds confidence and much more that I lack tine to explain ~But He In my humble opinion will be of europe !

      • David

        SHEMAITAH

  • DJohn1

    When I go to a store, the cashier behind the register adds up the bill, adds in the sales tax where applicable, then asks me for money before I can take the retail goods out of the store. If I don’t pay, the goods go back on the shelf and I am asked to leave.
    Someone took the cashier out of the process of buying things for government in Greece. Leftist? How about thief? How about to the tune of all that debt with no end in sight?
    So Greece is basically being asked to leave the store and the goods are being placed back on the shelf. Please do not come back anywhere soon. You are not welcome here.
    That means basically that Greece cannot do business on the international exchange in the Euro because they owe, they owe, to the bank we must go. Only the bank wants none of it. Too many unpaid loans!
    The bank being the members that Greece owes the money to.
    I think it would be nice to have all kinds of social services like medical for everyone. Can we afford the bill? No!
    And that is basically what I see happening in Greece. They can not afford to pay the bill for the services they receive paying the taxes that they do.
    SO NOW THE BILL HAS TO BE NEGOTIATED. It has to come due sometime. That means austerity and other means that Greece is going to have to do to make the money work.
    Britain also has gone through this in the 70s. And it was not nice what happened there. Socialism of any kind without paying the bills steals from everyone.
    I suggest that any country including our own has to figure out how to pay their cashier before taking the goods to do what needs to be done to make things work.
    If something is not feasible financially then it has to be put back on the shelf both here and abroad in Greece.
    Counterfeiting more money does not work in the long run. Sometime down the road the money has to be backed up with something besides a printing press.
    Counterfeiting is stealing. The money is basically stolen from everyone. It is stolen from the wealthy just as much as it is stolen from the poor. Legally stealing is printing money with nothing to back it up.
    Obviously the Greeks have gone bankrupt. Now we see if bankruptcy means anything. Because once you have bad credit it is incredibly hard to shake.
    Would you bail them out if it came out of your wages?
    I wouldn’t bail them out. But that means they have to live with the results of their financial behavior.
    The obvious answer here is that someone must bell the cat. In this case the cat is an irresponsible government willing to put everyone else in a jam to maintain their standard of living.
    If that sounds familiar it should. We are right in line either ahead or behind them.
    Only our thieves are in the legislatures of every government from the county all the way up to the highest Federal law in the country.
    Balance the books? I see them delaying the results of their irresponsible behavior down the road until they can put their money in a currency worth something and abandon the rest of us to bankruptcy right along with the Euro. They call it PIGS. The G stands for Greece. The other members of PIGS will follow shortly into the same disaster as we see in Greece.

  • Rick

    You know, my sons, America has become the state of capitalism for a 100 percent. Even if Obama wanted to, he couldn’t rise social standards, because politician nowadays get bought or convinced by lobbyists. So they keep pushing down the social standards, as well as the employment and Nutrition safety standards (don’t you realise that they’re selling you just junk instead of healthy food? Is there still cheese in the “cheese” you buy?). So as long as you can: emmigrate to Europe! Some of their countries give you better chances on getting employed, they even pay better and speak English as well. And theyre worried about not having enough specialised labor force, so if you got an university grade or lots of experience in a job- why are you still waiting here?? America no longer exists the way you knew it, it is becoming food for the rich dogs, get out of here! Buy a ticket, book some room for two weeks and try to get employed there!

  • Priszilla

    why should i worry or care about derivatives?

    • David

      I hope you are being sarcastic? If not you will find out. Derivatives are much larger than what money or debt (which ever way you want to look at it) exists. When they implode, which they will. You will understand why you should care

      • Priszilla

        So they are important because they are important? That’s what I thought. I really don’t care about black jack or tictactoe.

  • Dude

    SACK THE BANKS

  • El Pollo de Oro

    Neoliberal bankster Ponzi schemes are doomed to failure. The euro is every bit the failure that Nigel Farage, head of the libertarian UK Independence Party, says it is. Bankism has failed the Eurozone and failed The Banana Republic of America.

    Conversation in the BRA in the year 2050:

    Foreign Tourist #1: “Looking at the dirt roads, crappy infrastructure, anemic currency, and rampant Third World squalor, you might have a hard time believing this, but The Banana Republic of America was once the mightiest economic engine in the world.”

    Foreign Tourist #2: “Ha ha ha ha ha ha ha ha ha ha ha! Good one!”

    Foreign Tourist #1: “No, I’m serious. I know you’re only 19, but read your history books, and you’ll see what I mean.”

    Foreign Tourist #2: “I do know this much: Spring Break in the BRA sure is cheap, assuming the hungry peasants don’t knife you in the street.”

  • El Pollo de Oro

    If Greece exits the Eurozone, it will be a rough transition at first. But eventually, they will be much better off. If they return to the drachma, it might be time for another visit to Athens (walk around Syntagma Square, have some uzzo and some moussaka in Monastiraki, dodge the pickpockets and the hookers in Omonia). EU neoliberalism is a dead end that offers Greece nothing but misery.

    “I’ve argued loudly and clearly inside the European Parliament that the case of Iceland proves that to be independent, to have your own currency, as well as control of your interest
    rates and public spending, is a better place to be. How they all laughed at me in 2009. They said Iceland was on its own. Well, take a look at Iceland today. Steady growth of three per cent, and stable interest and inflation rates.”—Nigel Farage, leader of
    the UK Independence Party

    “What we thought we’ve been watching for seven years now is the devaluation of the Greek economy. In fact, we’ve been watching Greece, before our eyes, becoming a third world
    country.”—Nigel Farage, leader of
    the UK Independence Party

    You have over 50% youth unemployed in places like Spain. We’re in a global depression, and they’re papering it over.”—Alex Jones

    “Exiting the EU and the euro is the best thing that can
    happen to Greece. A country without its own currency is not a sovereign country. “—Dr. Paul Craig Roberts

    “The lesson is Basic Libertarianism 101: government
    attracts the worst of the worst.”—Justin Raimondo of Antiwar dot com

    “2015 is going to be a very difficult year for a lot of people.”—Jeff Rense

    “The Greek people have accepted enormous hardship for the benefit of a few bankers.”—Dr. Paul Craig Roberts

    • RageHard84

      It seems like Greece would have more control over its own economic policy if they left EU.

  • Rick

    “Hard working” until retirement at age 50. I shed no tears for the Greek people. Socialism has consequences.

  • Matt thomas

    Yay!!! Mad max time!!!

  • Erin Anderson

    The derivatives were invented to crash the U.S economy.

  • alexaisback

    Problem Solved – don’t worry

    Starting in 2020 when each child is born

    they will be given a credit card, at 5 % interest (very generous)

    with $ 120,000 balance owed on it.

    They can pay it off however they like over their lifetime.
    .
    Problem solved.
    It is easy.
    .
    Why pay today when your children will pay for it.
    .
    .
    .

  • Rufus T Firefly

    What needs to be done is to send in the Wehrmacht and made the Greeks pay back every euro they borrowed, in full, with interest. No Mr Nice Guy, like 1941. Use any means necessary to teach these lowlifes that the most sacred and important thing in life is to obey their banking overlords. Give them enough motivation and they’ll pay in full. Queen Gorgo is not sailing over the horizon to rescue the deadbeats

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