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Germany Never Intended For Greece To Stay In The Euro

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No Deal - Public DomainThere never was going to be any deal.  All along, Germany has been seeking to establish conditions that would never be met so that they could force Greece out of the eurozone.  But the Germans had to do this subtly so that they would end up looking “reasonable” and would not turn the rest of the eurozone against them.  So why does Germany want to get rid of Greece?  Well, to be honest, it is because the Germans are sick and tired of paying for Greek mistakes.  In Germany, there is an obsession with having a balanced budget.  They even have a term for it – “the black zero“.  So it absolutely infuriates the Germans that the Greeks can never seem to get their act together and that German citizens have to keep paying for it.  At this point, the amount of money that Germany has already poured into Greece breaks down to more than 700 euros per citizen, and now Greece is going to need a new bailout of somewhere between 82 billion and 86 billion euros over the next three years.  Needless to say, the Germans are fed up with pouring money down a financial black hole, and they know that if they keep bailing Greece out that it is only a matter of time before they will have to bail out Italy, Spain, Portugal, France, etc.

So, no, it hasn’t been the Greeks holding up a deal all this time.

It has been the Germans.

And now that we have reached the endgame, the Germans are pushing for what they have always wanted from the very beginning

The German government has begun preparations for Greece to be ejected from the eurozone, as the European Union faces 24 hours to rescue the single currency project from the brink of collapse.

Finance ministers failed to break the deadlock with Greece over a new bail-out package, after nine hours of acrimonious talks as creditors accused Athens of destroying their trust…

Should no deal be forthcoming, the German government has made preparations to negotiate a temporary five-year euro exit, providing Greece with humanitarian aid while it makes the transition….

The Germans are sick and tired of having the Greeks be so financially dependent on them.  So the Germans would really like to cut them off and have them go fend for themselves.

So that is why the EU laid out such draconian conditions for the Greeks over the weekend.  The following is how Zero Hedge summarized where things currently stand…

For those who missed today’s festivities in Brussels, here is the 30,000 foot summary: Europe has given Greece a “choice”: hand over sovereignty to Europe or undergo a 5 year Grexit “time out”, which is a polite euphemism for get the hell out.

As noted earlier, here are the 12 conditions laid out as a result of the latest Eurogroup meeting, which are far more draconian than anything presented to Greece yet and which effectively require that Greece cede sovereignty to Europe, this time even without the implementation of a technocratic government.

  1. Streamlining VAT
  2. Broadening the tax base
  3. Sustainability of pension system
  4. Adopt a code of civil procedure
  5. Safeguarding of legal independence for Greece ELSTAT – the statistics office
  6. Full implementation of autmatic spending cuts
  7. Meet bank recovery and resolution directive
  8. Privatize electricity transmission grid
  9. Take decisive action on non-performing loans
  10. Ensure independence of privatization body TAIPED
  11. De-Politicize the Greek administration
  12. Return of the Troika to Athens (the paper calls them the institutions… for now)

Greece has been given until Wednesday to pass all of the legislation necessary to implement all of those conditions.

And if Greece does somehow get all that done, it still won’t get them a deal.  All it will do is allow them to come back and restart negotiations.

Needless to say, the Greeks are steaming mad at this point.  This new “deal” is being called “very bad” and “insulting” by Greek politicians.

But what they may not understand is that Germany does not actually want any deal to happen.  Instead, they are working very, very hard to get the Greeks booted out of the euro.  The following comes from the Washington Post

The simple story is that Germany and the other hardline countries don’t trust Greece’s anti-austerity Syriza party to actually implement, well, austerity. And so rather than coughing up another 60 or 70 or 80 billion euros, they seem to want to push to kick Greece out of the common currency instead. That, at least, was the plan that leaked on Saturday. And now it’s part of the actual plan on Sunday. Indeed, it’s tentatively been included in the European finance ministers’ latest joint statement. This isn’t just what Germany is considering. It’s what Germany is trying to get the rest of Europe to go along with.

If anyone still doubts what the Germans are trying to do, here it is in black and white…

And this is not an idea that is new.  In fact, some hardliners in Germany have been pushing for a “temporary Greek exit” since at least 2012

This weekend’s events in Europe have clarified who is really running the show across the ‘union’. Hans-Werner Sinn, Chairman of the Ifo Institute for Economic Research, vehemnt euroskeptic, and head of the so-called ‘five wise men’ advising the German government and specifically Angela Merkel, confirmed his call from 2012 for a “temporary grexit from the euro.” The right wing economist previously explained “Greece and Portugal have to become 30-40% less expensive to be competitive again. This is being attempted through excessive austerity measures within the euro zone, but it won’t work. It will drive these countries to the brink of civil war before it succeeds. Temporary exits would very quickly stabilize these countries, create new jobs and free the population from the yoke of the euro.”

The Germans absolutely hate having to open up their wallets for someone else’s mess.  And they know that if they endlessly bail out Greece that it won’t end there.  Eventually, much of the rest of the continent will come to them for bailouts too.  I think that Nigel Farage nailed it when he summed up what Germany is thinking this way…

“The German thinking is: ‘Let’s get rid of this mess,'” Farage said. Expressing what he thought Germany was thinking about other troubled peripheral euro zone economies, he added: “‘let’s send a message to Italy, France, Spain and Portugal that actually, if you’re members of this club, you got to abide by our rules.'”

But I believe that Germany is greatly, greatly underestimating the damage that a “Grexit” is going to do to Greece and to the rest of the members of the EU.

In Greece, the banking system is already on the verge of total collapse.  We are being told that capital controls will remain in place “for at least six months”, and now Greek politicians are even talking about “a possible forced ‘bail-in’ of depositors”

Capital controls will stay in place at Greek banks for at least six months, senior officials in Athens warned yesterday, as the government fights to keep lenders afloat.

Leaders of the four main banks and finance ministry officials will meet tomorrow to discuss how to save the banking system from collapse after a run on deposits.

Options under consideration include a consolidation of four main banks down to two, creation of a “bad bank” to house toxic loans, and a possible forced “bail-in” of depositors.

Hmmm – I seem to recall someone warning about this exact scenario nearly two months ago: “Are They About To Confiscate Money From Bank Accounts In Greece Just Like They Did In Cyprus?

The economic depression in Greece is about to accelerate.  But things are also going to get hairy for the rest of the continent as well.  As I have warned about so many times, the euro is going to plunge like a rock, European stocks are going to crater, European bond yields are going to soar, and eventually we are actually going to see “too big to fail” banks all over Europe start to fail.

This is the big flaw in the German plan.  They truly believe that they can remove the “cancer” of Greece without causing any lasting damage to the rest of the eurozone.

Sadly, they are dead wrong.

  • Bill

    Frog Bulletin: The Greek frog is in the pot and about to experience water that is quickly coming to a boil. The Chinese frog is desperately trying to find the pond and not get tossed in the about to boil pot. The American frog is totally confused with so much manipulated mews.

    • Orac4Prez

      The Chinese will reeducate the frogs. If you are owed money by the Chinese government, you will of course have the option of going to labour camps at your own cost.

  • Patrick Williams

    You can’t blame the Germans for not wanting to continue to throw more money into a black hole.

    Greece could not pay back the 1+ billion it owed and now it says, “can I have more money that I cannot pay back?”

    I do not think it is anything nefarious on Germany’s part but just good fiscal lending practices…who would continue to loan a crack-addict money to continue his addiction?

    Will there be problems? Yes, but for the Greeks – with minimal damage to the EU, IMO.

    • jaxon64

      Agreed–imagine if our North American Union–or if the TPP required US citizens to be taxed and pay into an IMF type body so that the Philippines or Singapore or whomever could continue to live in socialist utopia of short work weeks, high standard of living, tropical paradise with pensions, cushy retirement and free health care—the American citizens ( at least the ones who actually pay taxes) would also be yelling our disapproval!
      Go Germany !! The Greeks are not your liability ! The Greeks have borrowed and spent their way into the typical socialist dilemma–now let them sleep in the bed they made–it will be lumpy but it won’t be forever….

      • retired22

        How did you guess?
        I just read an article which claimed that the IMF was considering giving Greece a break on it’s debt to the IMF.The IMF is partially funded by the US government so this possible debt relief would be paid in part with American tax money!

    • Orac4Prez

      Totally agree. If Germany supports this reckless behaviour then they will be bankrupt themselves. If you want to support Greece, why don’t you advocate for the US pour in tons of their phoney money, or for that matter push the UK to do something as an EU member! After all, they claim to have the finest banking system in the world?

    • K2

      Actually both have to be blamed. Germany is the main country in the eurozone so it shouldnt have let greece in the eurozone in the first place when it knew greece economy had no way of paying the loans back properly.

      Germany is the biggest gainer of the eurozone idea, it is a kind of captive market for germany’s goods and services.

      This doesnt excuse greece though. They are no better. They made the situation worse. (Bloated pensions to

      rich people etc)

      • K2

        and some other things they both did all these years.

    • MichaelfromTheEconomicCollapse

      I can’t blame the Germans for being sick and tired of bailing out the Greeks.

      But I do believe that Germany GREATLY underestimates the chaos that this is going to cause for the rest of Europe.

    • SunnyFlaSnotress

      Moot for now, a deal is in the works.

  • Jorma

    I recall reading a year or two ago that Germany and China had a special relationship, something that isn’t in the news that would be obvious, where China really believes that it can do long term business with Germany. Do you think Germany has a back door in all of this if the Euro collapses? A controlled collapse from the Germans because they know it’s doomed. The U.S. screwed Germany with their gold, everyone else is screwing them one way or another. If China is going to rule, and treat Germany better than everyone else has, certainly there must be something there, an out for Germany?

    • Evil_shadow

      Germany always had a backup plan for their politics and industry.50-60% of debt write off after ww2 was crown jewl in their strategy though.And yet 67 years later they arent willing to do the same to country in problems.sure greeks need to put together tax collection and pension system, but it was germany who is having benefits from weak countries in Eu…

  • Jake

    Coming to the U.S sooner rather than later.

    • FortuneSeek3rz

      Actually it will be much later. The U.S. economy is very robust.

      • Orac4Prez

        Good to see you have a sense of humour!

      • Robert L.

        Yes, the US economy is so robust that almost 50,000,000 people are on Food Stamps, over 1/3 of American households are on welfare, 93,000,000 people have given up trying to find a job and the Fed can’t raise interest rates because they’d crash the economy.
        I guess if you’re a communist, that’s robust!

        • FortuneSeek3rz

          Yet immigrants are still pouring into the country and the global demand for U.S. bonds is very high. Things aren’t perfect, but they are quite robust.

          • Goldfinger

            How about illegal immigrants are pouring over the border to leach off our welfare system and the only sizable buyer of US debt is the Fed itself. The Chinese and our Arab friends stopped showing up at the debt auctions several years ago.

          • http://www.coroflot.com/joelpeeters/portfolio Joel Peeters

            There is absolutely NO correlation between the pouring of immigrants into a country and a robust economy… where did you get that idea?

            Immigrants move to another country on their BELIEF that the pasture is greener than theirs, not because they know anything real about that country’s economy. Many still BELIEF in the “American Dream” in third world country, not because of any reality but because of what they heard about it, and the image they created for themselves about it.

          • Robert L.

            If robust=on the verge of collapse, you’re 100% correct.

          • krinks

            You mean open borders to the point that most people pouring in are criminals and nothing is done nor will ever be lest the oligarchy lose their cheap labour? If you don’t see this you’re a fool.

          • Robert L.

            Headline link on Drudge:
            “US Food Stamp Beneficiaries Have Exceeded 45 Million for 48 Straight Months”
            Oh yeah, we’re doin’ just fine!

        • jsmith

          Yes! This is something that when I point out to people about almost 50 million on food stamps, it doesn’t register in their brains. It goes in one ear and it comes out the other, but then I suppose while they are personally okay it matters little.

        • FortuneSeek3rz

          In Syria and North Korea, there are no food stamps to fall back on. You simply starve to death. Food stamps are an excellent tool for the poor to subsist on.

      • Jake

        This message is brought to you by president Obama.

        • MichaelfromTheEconomicCollapse

          LOL – that one made me smile.

      • AzDi

        Robust???? The only thing in the USA that is robust is the casino called the “stock market”. It is fake and it is about to go down with everything now happening. Michael is correct…. you are wrong.

      • MichaelfromTheEconomicCollapse

        Really?

        “Very robust?”

        Really?

        • FortuneSeek3rz

          Yes, look at the treasure trove of natural gas that fracking has allowed us to access. The U.S. is ripe in what Chris Martenson calls the most fundamental aspect of an economy – access to cheap energy.

          • Gayle Anderson

            FortuneSeek, tell the truth. You’re a disinfo agent and troll, aren’t you?

          • FortuneSeek3rz

            What disinformation? I’m dying to know…

    • Orac4Prez

      Yep, soon, the Chinese and all others who have been “carrying” the US dollar will be hollering the same as the Germans. An austerity program for the US until it pays its debts and gets its budgets in order. Under Carter the US had to buy bonds in Swiss Francs and that didnt go well. Wait until new debts are renegotiated. They wont be in US dollars, they could well be in gold, silver or land (They already have that in a way with access to buying property, but soon I guess they will want the voting rights of a landholder as well!)

      You claim to be the breadbasket of the world so you are safe! The drought is making a mockery of that isnt it!

    • SunnyFlaSnotress

      You should have seen the HOT young Greek that messaged me yesterday.
      Don’t make this all seem like a bad thing.

      • John Byde

        And Greek girls aren’t too bad either :)

        • SunnyFlaSnotress

          Yes,indeed :)

          • nekksys

            Me? I’m just waiting for it to all fall down so I can head off to the hills to hunt and fish every day.

  • HeyAHuman

    Perhaps I should feel sorry for all of those who don’t see this debacle as a warning of things to come… but it’s their choice to live in blissful ignorance. Get ready, folks. It’s going to be a very bumpy ride…

    • Avner

      Don’t feel sorry for them. In this day and age of almost unlimited information at your fingertips, those people make the choice to be more informed about football and Bruce Jenner than on things that are important. Screw them.

  • http://socialrebirth.org ChallengedSpecies

    If the German government is so obsessed with a balanced budget or “the black zero” then how do you explain the almost 2 trillion dollars of German National Debt?
    That is 68.9% of GDP.
    There is no balance in this system, anywhere, and there never will be.

    • MichaelfromTheEconomicCollapse

      They have a sizable national debt, but after the last financial crisis they passed a constitutional amendment which requires them to have a yearly budget which is very, very close to being balanced. They can only run a deficit of something like 0.35 percent of GDP.

  • http://karmaeconomics.blogspot.com/ lavista4u

    1. Why not point out the money printing machine that Germany has in franfurt. Here is the address

    European Central Bank
    Sonnemannstrasse 20
    60314 Frankfurt am Main, Germany

    ohh by the way Rothchilds ancestral home is just few miles away from Money Printing headquerters in frankfurt lol….How convinient

    2. Germany can print trillions of Euros at will never asking any questions from Greeks.

    3. Greeks have a much older history than Germany and they have lived without Euro for 1000s of years.

    Its like without my wife and job I cannot survive fear p*rn.

    What sustains us? Surely not food and water, because it has been proven, we spend way more energy than we consume.

    Its all a Psy-Op game to make us believe in Money System and that without money we be dead.

    To all greeks…Just walk away from the rigged casino, where you always loose.

    Join us…Join the crazy “conspiracy nutter” community, atleast we won’t ditch you when it matters the most.

  • Sergio Ivan Solorzano

    I thought the Germans wanted to keep Greece in to keep the derivatives held by their banks in Greece debt “stable”.

  • Alwaystomorrow

    The Economic Collapse Blog Has Issued A RED ALERT For The Last Six Months Of 2015

    Published 6/25/2015
    173 days until 12/31/2015.

    For fun, lets do a count down every day until the end of 2015 and see just what happens.

    • The losers name is

      Loser

      • http://www.mindbodygreen.com Kim

        Lol

    • MichaelfromTheEconomicCollapse

      And you expect that I will be wrong?

      • SunnyFlaSnotress

        Yes

      • Alwaystomorrow

        The timing probably, but the constant move towards disaster, no.

  • LWZRGHT

    I guess the Germans are concerned that should the Greeks cash the new bailout check they would just elect an even newer, more inexperienced government that would renege on those deals too. Greeks don’t care about Greece – they cheat their own government out of as much money as possible. It doesn’t come as a surprise to me that other countries would stop lending them money. Greece needs a purge.

  • K

    Look back a couple posts Michael. We both knew this was coming. New elections might sweep Golden Dawn into power in Greece.

  • Mike

    I always thought that Schneider was German since my German grandmother called me Schneider. One thing I am certain of is that Christianity is Jewish and us Gentiles are “wild olive shoots” that have been grafted into the family of God (part of the Abrahamic covenant).

  • VigilanteCaregiver

    The majority of Americans feel the same way about the far left usurpers’ screw-ups and having to constantly pay for their messes.

  • Cot Sabaca

    Why can’t Greece follow Iceland?

  • the truth

    “Greek mistakes”? No mention of the fraud committed by the EU along with Goldman Sucks and Germany to get Greece in the Euro for their pilferage? No mention that the Greek debt more than doubled during the fraudulent conversion to the Euro. Go back to your handlers Michael and see if they will let you come back with the truth.

  • Avner

    So, now what Greek people? You said no, your leader gave you the finger basically.

    • John Byde

      Avner, Tsipras has been told by his EU masters that they don’t dig referendums. If the plebs vote against them, they just ask them to keep on voting till they get it right.

  • Priszilla

    Nah. The banks want to get the assets. That’s why they push for privatisation.
    It’s like mortgages. The banks prefer customers who pay interest for many years but not the mortgage in full so that they can seize the asset. So the bank gets 90% of the price of the mortgage paid + the interest + the asset.

  • Metal

    The huge technology corporations are the ‘too big too fail’ companies of today, whom are ready to take over the banks job. They know almost everything about most of the population.

    They are the ones developing:
    – self driving cars
    – collaboration of books
    – wireless security devices etc

    It is not looking pretty, though is exactly what is wanted.

    According to the Hegelian dialectic, thesis plus antithesis equals synthesis. In other words, first you foment a crisis. Then there is an enormous public outcry that something must be done about the problem. So you offer a solution that brings about the changes you really wanted all along, but which people would have been unwilling to accept initially.

    • Metal

      Wanted by the powers to be*

  • Metal

    The huge technology corporations are the ‘too big too fail’ companies
    of today, whom are ready to take over the banks job. They know almost
    everything about most of the population.

    They are the ones developing:
    – self driving cars
    – collaboration of books
    – wireless security devices etc
    – RFID

    – electronic payment/cashless society

    It is not looking good for the future of humanity, although is exactly what is wanted by the powers to be.

    According
    to the Hegelian dialectic, thesis plus antithesis equals synthesis. In
    other words, first you foment a crisis. Then there is an enormous public
    outcry that something must be done about the problem. So you offer a
    solution that brings about the changes you really wanted all along, but
    which people would have been unwilling to accept initially.

    Enjoy this period of time. It’s only going to get worse..

    • jaxon64

      Nailed it—in fact this is textbook Hegelian dialectic.
      In fact, this should be added to all textbooks as a primary example—“Class, do you think that Greek citizens would allow an outside body or group of countries to take authority of all banks, seize control of the country’s finances, occupy and seize control of all airports, airlines etc etc etc…and yet not a single shot fired? Not only that, many Greeks would be supportive of this invasion/takeover after being feared into a capitulate or starve to death scenario?”
      This scenario of greek citizens essentially bending over could never have occurred without first creating the crisis through trickery and easy money loans ( although living beyond one’s means in a socialistic system always ends like this also.)

  • Ace

    A deal has been reached, therefore this article is irrelevant.

    • df NJ

      German banksters to Greece, “Give us all your retirement money.” Greek people to German, “OXI”.

    • Not Sure

      Not even close. Even if the Greek’s implement all of the demands by Wednesday, all that it buys them is the “possibility” of going back to the negotiating table. I think Tsipras just cut his own throat by doing a 180 and agreeing to such ludicrous demands.

      • MichaelfromTheEconomicCollapse

        Very well said Not Sure. This deal just provides a legal framework for finally getting Greece out of the euro.

        • Not Sure

          Someone either threatened him, bribed him, or both to cave like that.

  • df NJ

    Corporations are people (at least on paper).

  • http://www.chartword.com/ ChartWord

    newsflash – a person can be german and jewish at the same time, ever heard of the rothschild family?

  • Steve

    Looks like a “deal” was cut after all. So this piece is DOA, at least for now. But who knows what this theatrical crime scene will evolve into? For this is what it is–theater.
    You might look at the financial journalist German Harald Schumann’s recent video, The Secret Bank Bailout, for some honesty here. The PUBLIC’s money is being used to basil out the PRIVATE banks for their mistakes. The Greeks are NOT getting and spending this money. Just like the mortgage and other frauds in the US. The whole lending operation was a fraud for starters, and now so are the bailouts, but the Greeks and other “lazy” people are easy scapegoats. We need to understand that the EU in its inception was a totalitarian power grab on the way to world government. Enough with the trivial scapegoating on any nation’s people, even if they reasonably bear part of the blame. This is a sideshow.

  • jakartaman

    The last gasp of a dying country.
    This “deal”is only a charade – for political feel good PC
    Greece will be out of the Euro before years end

    • MichaelfromTheEconomicCollapse

      Or possibly a lot sooner than that.

  • SunnyFlaSnotress

    There was a deal afterall.
    Mike is wrong, wrong, wrong, again.
    Now you can all bring your tinfoil hats for recycling.

    • df NJ

      It’s hard to claim Mike is wrong just because he was talking about the wrong hand basket. Hell is coming, unless you live in NJ, which it’s already here.

      • SunnyFlaSnotress

        No, it’s easy to claim Mike is wrong.. because he is blatantly wrong.

    • MichaelfromTheEconomicCollapse
      • SunnyFlaSnotress

        Today’s article doesn’t change yesterday’s truth.
        A deal was reached. Period. which was the antithesis of what you said. Period.
        It’s ok to be wrong Mike.. nobody’s perfect.
        Your articles still bring me merriment..

  • Steve

    As a postscript, note this just in at Zero Hedge:

    With the provocative and dramatic Greek “time out” language pulled from the final finmin and summit draft language, the two most humiliating aspects of the latest extend and pretend “deal” for the Greek people will be the return of the Troika’s (surely we can call it the Troika again as part of the Greek capitulation) IMF mission to Athens, and the escrowing of some €50 billion in Greek assets in a liquidation fund.

    Granted said fund will not be domiciled in Luxembourg as was originally envisioned, but Europe will still have control and first refusal rights over what are technically Greek properties, in the process Athens handing over about 25% of Greek GDP (and sovereignty) over the Brussels.

    What are these assets? For the answer we go to the horse’s mouth, Jeroen Dijsselbloem, who laid out the holdings of the proposed Greek privatization that would be sold off as follows: “it still is going to be an independent fund, valued at €50 billion which can be airplanes, airports, infrastructure and most certainly banks.”

    Let the looting begin, or, rather, re-begin. Some years back at the start of the Greek mess, Max Keiser met Steve Forbes in Athens, where he was told that Da Boyz were there to pick the Greek carcass, I.e., strip assets. So now we can really get down to business. You print the money out of thin air (fiat monopoly money) and then foreclose on the hapless debtor and grab the real wealth. But I forgot, it’s the lazy Greeks who deserve what they get. Don’t forget that Greece was fraudulently admitted into the Euro Union under the Bilderberger Papandreou courtesy of the Goldman Sachs derivative frauds. Ya think Brussels didn’t know?

  • df NJ

    The very last place on Earth you ever want to wake up in is a Chinese prison bar none.

    “Authorities accused securities firms of manipulating stock prices during China’s market plunge and launched a crackdown Monday against unlicensed companies that financed speculative trading.”

    • MichaelfromTheEconomicCollapse

      You make a very good point. Chinese prisons are not pleasant places to be.

    • SunnyFlaSnotress

      They do tend to have a much swifter penalty system.. not that I always agree, but do you remember the business men that were executed over the tainted baby formula? Do you think that would ever happen in America? No.. they would’ve gotten a few years in a posher-than-most facility.

  • gfmucci

    Bad timing for this article, at least for today.

  • krinks

    Right. One can never create money out of thin air, owe it to a private cartel at full face value plus interest, and ever be in the black. Anyone who thinks they can doesn’t understand what money is and how it is created.

  • DJohn1

    I feel like being entertained. What does Presidential Candidate Donald Trump have to say about the Greek Crisis?
    My own feelings are that everywhere the books have to balance.
    You do not go into a store anywhere that I know of and pay nothing yet walk out of the store with a fortune in goods. Even if you have a credit card, that is bad, very bad. You are paying for things with roughly a dollar that you put a dollar of credit in and pay back a dollar and 25 cents.
    Well news flash. Every country on Earth is playing the credit card game.
    The Greeks just got caught.
    We got caught in the Vietnamese conflict in 1970 with an outstanding debt of roughly 400 billion pre-1970 dollars. Translated by finance and appraisal principles that is 400 trillion dollars in today’s world.
    Richard Nixon was faced with a bankrupted currency when he took office.
    He “solved” the problem by making the currency worthless.
    He then went to China and sold our laboring people down the river for cheap goods from China instead of expensive goods from Europe.
    That means in order to save money you would have to put in 10 times more to break even.
    But back then we had interest on the money.
    Selling the average person down the river was pretty easy.
    Congress has been doing it for a good number of years.
    At one point, tangible assets like property could keep you afloat.
    That too went bad when the majority of our people were working low wage jobs and being foreclosed on when those jobs were exported overseas. No one now qualifies for a mortgage so housing goes down in value past the point where people can afford a mortgage on a home.
    No wages, on welfare, on food stamps, medicine from care source, get the picture? The entire plan is to put everyone in debt for the rest of natural lives At the end, any savings are grabbed by the medical profession as they keep you alive a little bit longer. Then you are cremated as you have no money for a resting place.
    The problem is the gig is up. The banks know this. And now they are trying to spread the bad debt over as many people as possible.
    Cyprus and Greece are just the beginning.

  • Roman Solar

    I think you are wrong, greece will get as much as they will ask for. EU (US) never let greece go, greece is geopolitically important. After leaving EU, greece will exit nato soon after. f*cking sick geopolitical games of elites.

  • http://www.iplantosurvive.info drbuzzsaw

    May they all live out of cardboard boxes down by the river (the bankers & politicians that started this mess)
    But I am afraid it will be US who will be living out of cardboard boxes.

    • MichaelfromTheEconomicCollapse

      When I was a kid, we thought it was cool to make forts out of cardboard boxes.

  • SunnyFlaSnotress

    I think it’s an either-or name, but we can all guess which way Mike goes.

  • Richard O. Mann

    This roller coaster ride is getting rather scary. I would ask to get off, but don’t think it will stop long enough. I see really bad track ahead.

    • MichaelfromTheEconomicCollapse

      Yes, this roller coaster ride is just getting started.

    • SunnyFlaSnotress

      A great philosopher once said, “Life is a highway,.. I want to ride it all nite long..”
      Oh wait.. that was Tom Cochrane.

  • piccadillybabe

    It seems that the only way Greece can even come close to the “12 conditions” necessary to stay in the EURO would be employ a “bail in” of Greek banks at this point. It’s probably the only money the Greeks have left. I can see why the Germans are so mad. They are practical people who for the most who part live within their means and make sacrifices to remain so. The Greeks on the other hand like to play hard and work less. This situation has gotten beyond manageable.
    They could always print more money like we do in America and play make-believe monopoly forever (sarcasm).

    • GSOB

      Well, we know how Germans are.

  • AZFan

    I heard a scary stat that many of the immigrants coming from the south come here to game the welfare system. 60% of korean immigrants coming in have a degree and its almost always in a profitable field. 50 % of the immigrants coming from the south havent even taken a high school class. The future of this country doesnt look good at all

  • Michael Dubin

    Wrong Michael, Greece just capitulated.

  • jaxon64

    Hegelian dialectic is not a label—it is a philosophy. In particular, it is a philosophy/technique used by the elite to create a distraction event and then the only workable solution leaves the overall condition that the elite would want in the first place.
    By creating the chaos or “false flag” event, they practically get those affected to beg for a solution that they would not have accepted in the first place…..

  • MichaelfromTheEconomicCollapse

    It is exactly as I said.

    This is not a “deal to save Greece”. This is a deal that establishes conditions that will never be met so that Germany can force Greece out of the eurozone.

    Thank you for proving my point.

  • SunnyFlaSnotress

    We see that Mike was wrong, Always.
    The way he averts that truth is interesting.
    It’s not like I think Mike will always be wrong, as I think his timing and intensity perceptors are out of tune.

  • RageHard84

    Germany doesn’t want a repeat of the Weimar Republic, which could very well happen if they need to bail out the rest of Europe.

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