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Greece Votes NO – Let The Chaos Begin…

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No - Public DomainThe result of the referendum in Greece is a great victory for freedom, but it is also threatens to unleash unprecedented economic chaos all across Europe.  With almost all of the votes counted, it is being reported that approximately 61 percent of Greeks have voted “no” and only about 39 percent of Greeks have voted “yes”.  This is a much larger margin of victory for the “no” side than almost everyone was anticipating, and it represents a stunning rejection of European austerity.  Massive celebrations have erupted on the streets of Athens and other major Greek cities, but the euphoria may not last long.  Greek Prime Minister Alexis Tsipras is promising that Greece will be able to stay in the euro, but that gives EU bureaucrats and the IMF a tremendous amount of power, because at this point the Greek government is flat broke.  Without more money from the EU and the IMF, the Greek government will not be able to pay its bills and virtually all Greek banks will inevitably collapse.  Meanwhile, the rest of Europe is about to experience a tremendous amount of pain as financial markets respond to the results of this referendum.  The euro is already plummeting, and most analysts expect European bond yields to soar and European stocks to drop substantially when trading opens on Monday morning.

Personally, I love the fact that the Greek people decided not to buckle under the pressure being imposed on them by the EU and the IMF.  But amidst all of the celebration, the cold, hard reality of the matter is that your options are extremely limited when you are out of money.

How is the Greek government going to pay its bills without any money?

How are the insolvent Greek banks going to operate without any money?

How is the Greek economy going to function without any money?

Now that the Greek people have overwhelmingly rejected the demands of the creditors, it will be very interesting to see what the EU and the IMF do.  Prior to the referendum, European leaders were insisting that a “no” vote would put an end to negotiations and would force Greece to leave the euro.

Now that the results are in, are they going to change their tune?  Because the ball is definitely in their court

“This does two things: it legitimises the stance of the Greek government and it leaves the ball in Europe’s court,” ANZ Bank analysts said in a note.

Europe either folds or Greece goes bankrupt; over to you Merkel.”

So would they actually let Greece go bankrupt?

It is going to be fascinating to watch what happens over the next few days.  Right now, Greek banks are on life support.  If the European Central Bank decides to pull the plug, they would essentially destroy the entire Greek banking system.  The only thing that can keep Greek banks alive and kicking is more intervention from the ECB.  The following comes from the New York Times

Now that Greek voters have said no to the economic demands of its international creditors, the fate of the country’s struggling banks is in the hands of the European Central Bank.

Greece’s banks, closed since last Monday because they are perilously low on cash, have been kept alive in recent weeks by emergency loans from the European Central Bank. On Monday, the central bank’s policy makers plan to convene to determine how much longer they are willing to prop up the Greek banks, now that the country has essentially said no to the unpopular dictates of the other eurozone countries.

Of much greater concern to the rest of the world is how financial markets are going to respond to all of this.  As I write this article, things already appear to be unraveling.  The following comes from CNBC

Germany’s Dax is indicated sharply lower from Friday’s close at around 4 percent, while the euro was down 2 percent against the yen as the news emerged. U.S. stocks are expected to open around 1 percent lower Monday, according to recent stock futures data.

What could be most important for those worried about contagion from the Greek crisis is how Portuguese, Spanish and Italian government bonds perform in Monday morning trade.

If these peripheral euro zone countries, often lumped in with Greece, suffer a sharp spike in yields, this could cause alarm about whether Greece leaving the currency might cause further contagion to other weaker euro zone economies.

This could potentially become a “trigger event” that unleashes a wave of financial panic all over Europe.  And once financial panic begins, it is very difficult to end.

If the EU and the IMF want to avoid a crisis, they could just give in to the new Greek government.  But that would be politically risky for certain high profile European leaders.  For instance, Angela Merkel would face a huge backlash back home if she conceded to the new Greek government now.  And other German leaders are already calling the referendum result a “disaster”

German politicians branded the result a ‘disaster’, with the country’s economy minister Sigmar Gabriel Sigmar accusing Tsipras of ‘tearing down the last bridges on which Greece and Europe could have moved towards a compromise’.

He added: ‘Tsipras and his government are leading the Greek people on a path of bitter abandonment and hopelessness.’

And the president of the European Parliament, a German, told a German radio station over the weekend that a “no” vote would almost certainly mean that the Greeks will be forced out of the euro

If after the referendum, the majority is a ‘no,’ they will have to introduce another currency because the euro will no longer be available for a means of payment,” Martin Schulz, European Parliament president, said on German radio.

That is pretty strong language, eh?

Here is yet another quote from Schulz

Without new money, salaries won’t be paid, the health system will stop functioning, the power network and public transport will break down, and they won’t be able to import vital goods because nobody can pay,” he said.

So at this point it is all up to the EU and the IMF, and in particular the focus will be on the Germans.

What will they decide to do?

Will they give in, or will they force the Greeks to leave the euro?

If the Greeks do transition from the euro to a new currency, it will be a process that takes months (if not longer).  You just can’t change ATMs, computer systems, cash registers, etc. overnight.  So a move to the drachma  would not be as simple as many are suggesting…

British firms like De La Rue, which prints 150 currencies worldwide, are believed to have been contacted with a view to providing such services.

It’s done in great secrecy to prevent currency speculation. The other big problem is the logistical challenges of switching a currency. All ATMs, computers and other machinery of commerce that bears the euro symbol will have to be adjusted. It could, and would, take months.

And if Greece does leave, it will be a massive shock for global financial markets.  Faith in the European project will be shattered, the euro will drop like a rock, bond yields all over the continent will rise to unsustainable levels and major banks all over Europe will fail.

I think that the following quote from Romano Prodi sums things up quite well

Romano Prodi, former chief of the European Commission and Italy’s ex-premier, said it is the EU’s own survival that is now at stake as the botched handling of the Greek crisis escalates into a catastrophe. “If the EU cannot resolve a small problem the size of Greece, what is the point of Europe?

Meanwhile, we should all keep in mind that a financial crisis has already erupted over in Asia as well.  Chinese stocks have lost 30 percent of their value in just the last three weeks.  In fact, the amount of “paper wealth” wiped out in China over the past three weeks is approximately equivalent to “10 times Greece’s gross domestic product”

A dizzying three-week plunge in Chinese equities has wiped out $2.36 trillion in market value — equivalent to about 10 times Greece’s gross domestic product last year.

The great financial collapse of 2015 is well underway, and it should be a very interesting week for global markets.

But no matter what happens this week, we all need to keep in mind that this is just the tip of the iceberg.

A “perfect storm” is on the way, and we all need to get prepared for it while we still can.

  • Enrique R. DéZuardí

    Bring it motherfuckers…

  • K

    The Greek people have made the correct decision for themselves. But as far as the EU working anything out. Do not hold your breath. I suspect they will make an example out of Greece. To keep others in line.

    • MichaelfromTheEconomicCollapse

      I agree with you K.

  • gfmucci

    Yes, I know, I know. It was a “liberal”, “socialist” government that pulled off the “NO” (OXI) vote in Greece. And pulled it off with more than 60% of the voters saying “no.” ( I also know that the terms “liberal” and “conservative” are often reversed between Europe and the US. See footnote at the end of this post.)

    But still, Greece’s quest for independence from what they consider the
    fiscally oppressive thumb of the European Central Bank (ECB) is
    inspirational.

    What Greece has done relative the the European Union reminds me of what many US states would like to do relative to the US Federal government. The only difference in the US is that the states most desirous of greater independence from an oppressive Federal government comprise the most fiscally responsible and financially well off. But the overall spirit of independence in the two scenarios is very similar.

    The size of Greece relative to the size of Europe is similar to the size of
    the average US state compared to the entire United States. The means
    of governance between the individual European nations is different than
    in the US, but the fiscal ties that bind, their monetary and taxing
    systems are equally all-encompassing and oppressive. The demands of the Eurozone on the fiscal constraints on Greece had become as onerous as the Federal tax system in the US.

    The consequences of the Greek “declaration of independence” will be painful to the Greek people for months. But what quest for independence doesn’t come with some pain and extra effort?

    This action might very well be the stimulus, the motivation, the inspiration that the people, businesses and government of Greece need to revive an
    entrepreneurial and hard working spirit – the absence of which created
    their fiscal downward spiral to begin with.

    The Greeks were tired of the paternalism of Europe’s fiscal constraints. I
    am happy for them that they have taken steps to break free and try to
    make it on their own. I wish them the best.

    Footnote:

    Differences between the meaning of “Left” and “Right”, “Liberal” and “Conservative” between Europe and the US:

    In Europe, Right/or Conservative most often refers to neo-fascist,
    authoritarian, or dictatorial regimes promoting ultra-nationalistic
    agendas.

    In the US, Right/ or Conservative most often refers to greater individual liberties and smaller government.

    In Europe, Left/or Liberal most often refers to greater liberties and
    democratic policies while in the US it most often refers to fewer
    liberties and more socialistic and bigger governments.

  • jm

    OXI!

    • df NJ

      OXI Federal Reserve!

  • MIchael in Chicago

    They need food. The grocery stores in Greece look just like Venezuela. Add a lack of currency and jobs to the mix and we just might be looking at a full blown riot by the end of the week.

    • smoke57

      I say by Wednesday.

    • Nosuchthingasrightorwrong

      All is going according to plan.

      • Palcau Ioan

        yes & yes…all better now,the plan must go on,its in their schedules…llong live the freemasonery,long live the illuminati,come on guys,u have a lot of work to do on…u guys are soooo damn close!! dont stop now!up!up!up!

        • Nemnor

          Palcau Ioan, Is it somehow “comforting” for you to think (believe) that the serious financial issues facing Greece, the USA, the EU, Japan, etc. are all mainly due to the machinations fo some elite group?

          However, it is better to face the reality. The main root cause of the major socioeconomic issues facing Greece, the USA, the EU and virtually every country in the world is the decadent world-wide Capitalist economic system itself. The main reason for the worsening economic woes in the USA, Greece and “everywhere” is the inability of the now decadent Capitalist system to generate long-term recovery by economic means alone.

          A year or 2 form now, the economic issues in Greece, the USA and virtually everywhere will likely be worse than now as the world-wide Capitalist system continue it’s relentless decline towards total collapse/chaos.

          The real permanent solution begins with a fundamental change away from Capitalism to a superior and sustainable alternative system.

          • Robert (qslv)

            Nemnor, you have it completely backwards. Greece ran out of “Other People’s Money” This Socialist state has failed, as all Socialist states must eventually fail when “Other People’s Money” runs out.

          • Nemnor

            Robert (qslv), virtually ALL wealth was created by the “sweat and blood” (labor) of the Working Class. However, MUCH of the wealth created by the Working Class go into the hands of a FEW (“the 1%”) in the form of profits (surplus value).

            So it is the unfair and unjust Capitalist economic system that has a FEW (“the 1%”) people PRETENDING that this “Other People’s Money” is theirs – when in fact it is value (profits) created through the exploitation of the Working Class.

            Anyway, the likes of Margaret Thatcher (and Ronald Reagan) who would make such PRETENTIOUS statements about “other people’s money”, ultimately could NOT and did NOT succeed in fixing the UK and the US. They were BOTH failures by the fact that the UK and the USA are worse of today than in their days.

            Finally, what you perceive as “Socialism” is (and was) really a decadent form of Capitalism. It is Capitalism that has FAILED – as it is the the ONLY economic system the World knew for the past 500 years or so (there was NEVER any genuine “socialist” system in any country from which we can draw accurate reference from and know what works and what does not work. It was really ALL Capitalism in it’s various DECADENT forms but erroneously labeled as “socialism”).

          • Peter

            Sorry but you don’t understand capitalism.
            What you describe is corporate fascism, not capitalism. We haven’t had any capitalism in over a hundred years. Do you think a rigged stock market. Or a private bank that prints money out of thin air. To the point where the country goes bankrupt, has anything to do with capitalism?.

          • MrBoland

            Again well said

          • GSOB

            LOL LOLllllloLOLllllLoL

          • reve888

            Good, you create the communist society where all the money is given to everyone, regardless of the contribution or risk. Then see how many people contribute or face risk for improvement. Communism doesn’t work because people ARE NOT going to work for YOU. Socialism doesn’t work because not enough people work, and all their money is given to everyone else. I’m a poor laborer, and even I get that. If someone has the capital and the guts to start a company, then they deserve the profit. If they want to give me a tiny bit, too, then fine. If I don’t like it, in the U.S., we’re ALL rich enough that we can start our own company if we want. Most of us are just too lazy, so we feed off of those that do. You are joking if you think that the capitalism that ran this country for years and made EVERYONE in this country richer than anytime in history is making us poor. What a joke. What’s making us poor isn’t capitalism. It’s what Peter said below.

          • MrBoland

            Well said. This should be on every Conspiracy web sites

          • steve

            The problem is the Jewish bankers get us to pay them interest on our own money and then they get derelicts to get 30 year mortgages. Quit buying things like homes with a 30 year mortgage and all the land taxes associated with it. IF you can’t pay for the home in ten years you can’t afford the home. Quit financing all this stuff. I never had debt until I started charging on credit cards. Pay with cash or don’t get it. Quit paying all that interest on credit cards.

          • SunnyFlaSnotress

            Yes, quit paying interest on credit cards.. I agree.

          • steve

            People get thirty year mortgages and they pay 2/3 of the cost of the home is nothing but interest.

          • Infidel51

            He’s a full blown communist nut bag. No point in arguing with him. He will never listen and he will ignore all evidence that it is the hijackers of the system that are to blame not the system itself. If someone steals a car you don’t blame automobiles in general for the crime. But communist nut bags do.

          • Evil_shadow

            who’s money? Doesnt govt take your money(taxes) and spend it as they wish? what has happened here in Europe was biggest scam and heist of money i have ever seen.Do you really think, that greece spent that money for themself, to back up industry and agriculture/turism? most of money went back to tohse lenders that gave greece money in first place8some to US, much to germany and france and to some extend to spain too).Sure socialism isnt best political system there is, but its damn better than cold capitalism, where you’re nothing more than a cog in entire system.So tell me, how does capitalism promote compasion to others, friendship and better cultural relationships? at least you can ask those 50 millions of americans who are on state/country wellfare support, and those who have lost job recently or in last 7 years…like it or not, capitalism DOESNT work, as socialism/comunism didnt.

          • MrBoland

            Well said. Other peoples money

          • Palcau Ioan

            ty Nemnor,i really appreaciated wot uv said,i really thank you!…YES i believe theres a bunch of scumbags who really control everything,but absolutely everything in this world,and im sorry to say its not the capitalism whoz not working…its too much to say about it…u can believe this ,or not ,up to u…but u already called elite sooo…YES they been calling themselves THE ELITE! nice to meet you Nemnor! thx again 4 ur comment!

          • John Gundersen

            Communist bullcrap!

          • Nemnor

            John Gundersen, you say “Communist bullcrap”, while it was (and is) the Capitalists that have been running the now DECADENT and DECLINING world-wide economic system, for the past 500 years or so!

            Despite all the “advancements” one may attribute to Capitalism, it is the SAME system that has NATURALLY decayed, and is now at a “dead end”, and is now NOT able to generate long-term recovery by economic means alone. It is the SAME system, because it has reached a stage of general over-production (a stage is was always “destined” to reach at), that is now the main root cause of ALL the major socioeconomic issues facing the USA and the rest of the World.

            Capitalism (in any form, “free market’ or not) is now outdated and is overdue for “demolition” and replacement by a superior and sustainable alternative system. An alternative system that really address the abundant needs of the “rational” individual (and not just of “the 1%”).

            I can not call this alternative system “communist” (and I also can not exactly say it is not “communist”), as the World NEVER experienced a GENUINE “socialist” or “communist” society, from which we can draw accurate reference to KNOW what works and what does not work. What you label as “communist” is really a decadent form of Capitalism.

            Initially, the alternative system will necessarily be experimental and exploratory, and even be with some contradictions as it goes through a transitory period in which we fundamentally move away from Capitalism, and using the knowledge of the TRUE history of Capitalism and every system before Capitalism, to help guide us into the distant future.

          • GSOB

            LOL

          • Infidel51

            Hilarious. Just hilarious.

          • reve888

            You enjoy that exploration, because unless you’re planning to be in heaven, it’s not going to go very well for you.
            The closest you’re going to get is communism, and THAT historically worked so well that people died for it.

          • John Gundersen

            Free marked capitalism is the only “ism” that works! Crony capitalism we see most of these days does not!

          • MrBoland

            I’m actually impressed by how many sensible people this web site attract.

          • Gay Veteran

            brilliant rebuttal /sarc/

          • GSOB

            LOL

          • reve888

            Lets simplify this. I have a job, but I spent way too much, and now I can’t pay my bills. Most people would say that spending too much was the problem. But you say that having a job is the problem. The U.S. was capitalistic, AND wealthy. Now it is becoming increasingly socialistic, and POORER. It couldn’t be more obvious if it hit you in the face. Capitalism can create other problems for sure, but it doesn’t create poverty.

          • steve

            Force the Jewish bankers to give us all the money the collected from us in interest. Close all the military bases and cut the military in half and that gives us 100 trillion in the coffers. We can save 1.5 trillion a year by eliminating the federal reserve and closing the military bases. The Jews are controlling the world through the CIIA and FBI and it is the Jews who want to control all these other countries.

          • Padraigin Eagle

            Machiavellian Nation: Indeed

            Try Bolshevik and you would be getting warm, until then, sleep on RIP van Winkle.

        • SunnyFlaSnotress

          Did you forget the /s?

    • algol2000

      These people have land. Let them farm for food. Oh, I forgot about the invasion of “terminator seeds”.

    • MeMadMax

      What if they switch to the dollar???

      Now that would be interesting…

      ^.^

    • Priszilla

      We eat food imported from Greece.

      • SunnyFlaSnotress

        Probably not much other than olive products and certain cheese types.

        • none

          And of course, the Mafia!
          One of Grease’s most popular exports.
          Side note, the Chinese do have something called the “triad”?

          • SunnyFlaSnotress

            Are you referring to Italian Mafia? I don’t know of Greek connections.. and what Chinese triad are you referring to?

        • Priszilla

          Dinner, lunch and dessert. Feta, olive oil, garlic, wine, melons, tomatoes, fruits.

          • SunnyFlaSnotress

            Yeah, but we use other sources for those things too.. except maybe Feta.

          • Priszilla

            The supermarket shows me where produce was grown.

            Anyway. What Europe wants is the privatization of Greece. Greece has a lot of islands. Great for building a nice hideaway not easily accessible by the poor and angry in Europe.

      • none

        The Greek Gods have spoken!
        Has anyone asked if they could borrow some gold from china. In order to back up there new currency?
        And with a little assistance from the Russians it might turn out pretty good for the Greeks.

      • nohomehere

        Yeah , Goat and

        sheeps milk , but that was before they Got ‘FLEEEEEEEEEEEEEECED”!

  • GSOB

    For one will hardly die for a righteous man; though perhaps for the good man someone would dare even to die. But God demonstrates His own love toward us, in that while we were yet sinners, Christ died for us.…

    • df NJ

      I think Christ died because someone crucified him. Since you cannot kill God then Jesus did not die. The Bible was written 300 years after Christ’s death by 30 or so authors pretending to speak for God. The truth is in the Bible but that’s not where you will find it. Salvation is more than just words.

      • Jerry C

        Your ignorance amuses me. Let me explain it to you. The book of Job is considered the oldest book of the Holy Bible and estimated to be written in 1440 B.C. or 950 B.C. depending upon who you trust. The New Testament was written within a generation of Yeshua (Jesus Christ) by His disciples who were eye witnesses to His Majesty. For example, the book of Revelation was written by the apostle John on the island of Patmos no later than 95 A.D. There’s so much more I can educate you on concerning the accuracy (see the Dead Sea Scrolls found in 1947) and it’s dependability/trustworthiness, but it actually takes an honest & willing participant. The Truth is in the Holy Bible and it’s exactly there that you will find the Truth. Now, take the blue pill, go back sleep and when you wake up, you can believe whatever you want. But as far as the Holy Bible, it is the inspired Word of God (in its original ancient manuscripts; all modern translations are perversions).

        • Gay Veteran

          “…The Truth is in the Holy Bible….”

          well, at least the part the priests wanted to include

  • Bill

    Wouldn’t be surprised to see a vindictive attitude coming from the Europeans, especially Germany, over the next few days.

    • df NJ

      Seig Heil!

    • Mike Smithy

      The IMF will declare that Greece is a safe haven for ISIS terrorists and an invasion is warranted in 3..2.1…..

  • Robert

    The Greeks like many European countries loaded themselves down with bureaucrats who were over paid and who retired on overly generous pensions. The people were over taxed and thus did everything possible to to avoid taxes. The same is occurring in the US. The buffer we have is a large population and a larger economy. But same problems. It will be interesting if Greece is kicked out of the EU or leave on their own. If they do they will not have free access to the rest of Europe. Look for a huge and quick migration of their best and brightest to other parts of Europe. I read where Greek physicians are leaving and have been for sometime. We will see if a modern Greece descends into third world status. Personally, I think the US might intervene in some way or other.

  • Jorma

    A major concern here is when the IMF/ECB actually declare Greece in default, as opposed to being 30-60 days late. There are roughly 3 trillion Euros in derivatives tied to this mess which could blow up once Greece is officially declared in default.

    • MichaelfromTheEconomicCollapse

      Very good point Jorma.

    • Not Sure

      The news and the banks gave been avoiding the “D” word, to date.

    • SunnyFlaSnotress

      Yeah it IS a good point, but so far we’re not even getting much of stock reaction.. ::yawn:: much todo about nothing here.

      • Josh Kierstead

        It would be hilarious (and sad) if nations were held to the same standard as homeowners. Foreclose Greece, kick everyone out or make them pay rent for properties they once owned and sell public and historical monuments to private business. I’m glad this isn’t the case, but it would be an interesting precedent. I guess America could buy up Greece’s debt and make it the 51st state!

    • Pete

      “….. 3 trillion Euros in derivatives tied to this mess ..”

      Where did you get that number?

      And don’t you think that within the last 5 months, the EU has taken positions to minimize the fallout of a Greek default? I do.

      • Evil_shadow

        with what? more worthless euros? they did NOTHING to adress core of the problem with greece or any other country tied to euro.All they did was printing more money, so that “too big to fail” wont suffer right away.They CANT bail out euro this time.Good riddance to euro.

        • Pete

          “Good riddance to euro.”

          Agreed!

  • Patriot Alice

    I don’t understand the celebration at all. To me it’s equivalent to one of our States blackmailing the rest and threatening to seek Russian or Chinese cooperation against us, or a family member extorting, blackmailing it’s own family. Freedom from whom? Your family? Your country? No celebration! It’s shameful! I’d blockade Greece and take over their internal affairs. That’s what I’d do! Let them go hungry for a while, that will encourage them to think deeply and be ashamed of their actions.

    • boyo

      Now you sound like the Troika!

    • df NJ

      Obviously, being defiant against authority is not part of your character.

      • Avner

        To some people, patriotism means “just do what you’re told.” You know… how if you go to college and run up debt you are “guaranteed” a job.

        Lefty or Righty, I agree with the Greeks saying no. Good job on them.

    • Nosuchthingasrightorwrong

      I’m not defending reckless spending but the bankers are mostly to blame. Their modus operandi is to loan out ridiculous amounts of money in order to subjugate the people of the country. The IMF is a good example of what they’ve done to many African countries. Instead of war, just lend countries money to can never repay in order to take control of resources. This is all going according to plan.

      • Jerry C

        “The Economic Hitman”

    • Avner

      You know what…. they had the guts to say no. Something most of us Americans don’t.

      Considering that the FedRes is destroying our country, I’d say that the route SC took in 1861 is actually justified today. It wasn’t then, but it definitely is now.

    • Gay Veteran

      “…I’d blockade Greece and take over their internal affairs….”

      like a good little imperialist. guess you don’t understand the irony of your screen name

    • Gay Veteran

      “…I’d blockade Greece and take over their internal affairs….”

      why don’t you go full fascist and put them in labor camps?

  • Alwaystomorrow

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

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

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

    • Avner

      Will you apologize to Michael for peeing on his carpet when this goes down? It’s already unraveling, and quite frankly the deals are in place to undermine the dollar completely. When the dollar loses world reserve currency status….. we’ll be Venezuela or Greece.

      • Mike Smithy

        Nah, when SHTF the deniers and media shill enablers will scurry underground like cockroaches.

  • Dea

    Total chaos?
    You said that many times before. Oil,derivitaves,etc
    Comical

  • http://www.iplantosurvive.info drbuzzsaw

    Just wait until the derivatives start popping, banks all over Europe will start closing right and left and then banks in the U.S. will quickly follow suite. And while that is going down these banks will freeze and confiscate everyone’s accounts to pay the derivatives bill. Which they will NOT be able to do. It will end up a bloody mess, LITERALLY.
    Hell on Earth is at the VERY DOOR…

    • df NJ

      I’m not sure the central bankers want total economic collapse. I think what they want is to preserve their power at all costs. The central bankers would forgive ALL the Greek debt if it meant they keep their trillions of dollars of wealth and privilege.

      • CharlesH

        ONLY and ONLY if that were the last possible choice left to them. Actually the central banks don’t give two sh**s about Greece or it’s people – it’s always about the almighty euro with them. Likewise in the U.S. – the Fed – it’s all about the almighty dollar and absolute control.

      • Nemnor

        Governments and Central banks all over the World have been VAINLY trying to save the current decadent world-wide economic system from total collapse, since the late-60s/early-70s (that is when the on-going economic crisis actually began).

        Regardless to what they do (or NOT do), ultimately, they will be blamed for the worsening economic situation. That is because the decadent system is NOT fixable by economic means alone.

        Only a fundamental change away from the current world-wide economic system can bring lasting progress. Under the current system, the future is continuous decline towards total collapse/chaos (through wars, environmental collapse, and financial collapse).

    • TheCountess

      That is why all banks were forced to ‘opt in’ and this was planned months ago. Yet not all countries complied.
      The real answer is world war. And it is coming.

  • Patriot Alice

    This worse case scenario will happen if more countries pull a “Greece”. Hopefully they’ll be more loyal to the European Union than Greece has been.

  • smoke57

    As I write this post, the Chinese plunge protection team is in motion. The SSE index is up (5.91%) 3,904.79 217.88.

  • SunnyFlaSnotress

    Sure tomorrow’s stock market will look trashy.. it’s what happens after tomorrow that will be interesting.

    • SunnyFlaSnotress

      Wow.. not even the standard knee-jerk market reaction today

  • Patriot Alice

    The Greeks keep making bad decisions. If they can’t run their country someone else will.

    • egrheaultjr

      Super Obama will fly there and save them, everybody knows that US ( Uncle Stupid ) Will arrive with a Plane load of Free Dollars for them.

      • Bob332

        “What me worry, Obozo” will make it the 52nd state , after PR.

    • Not Sure

      Enter Putin, stage right. First, he’ll lay down gas/oil pipelines and then he’ll roll in tanks to “maintain those pipelines”.

    • Gay Veteran

      The Americans keep making bad decisions. If they can’t run their country someone else will.

  • RobertFallin

    Can you say, “BRICS”? Russia and China refuse to pay tribute to the thieving IMF. However, Russia offered Greece immediate FULL membership in BRICS and Greece can borrow the money to stay afloat as long as they do not pass it on to the IMF. Also, they can get their food from Russia. Meanwhile, the worthless Eurozone and the US go down the tubes. Checkmate.

    • df NJ

      How dare the Russians and Chinese not support the European monarchy.

    • Nemnor

      If it becomes very clear to the USA and the rest of the western Capitalist economies that they are losing on every ‘front”, then they will likely trigger WW-III against the leading opposing Capitalist economies, in a desperate (last-ditch) attempt to re-divide the World’s limited market and limited resource.

      • RobertFallin

        Of course; that is their intent. Fortunately for us, they are cowards and will hesitate until the last possible moment. Unlike them, when the threat becomes imminent, we will not hesitate.

  • df NJ

    With no currency the Greeks will be forced to pay exorbitant amounts for gasoline. This will bankrupt the country, collapse the economy, cause riots and starvation. Unless the Greeks can be completely self reliant they are not going to win in the long term.

    • Avner

      Or the Russians step in and shove it up NATO’s a**. Ivan wants to put pipelines through there, and they are already making deals with Turkey. Look at Turkey and Greece on a map in relation to the black sea, Crimea, and the Mediterrienan.

  • rat28

    EU central bankers and Fed have been preparing for this crisis. The impact on Global financial markets will be contained within week. The only chaos will be the collapse of Greece for defaulting its debt. Good opportunity to enter the market and profit from this Greece crisis!!

  • Nosuchthingasrightorwrong

    The ECB could care less about about bailing out Greece. The real crux of the matter is that Deutsche Bank is on the hook for the majority of Greek Bank loans. A default would wipe out the German bank. The loans that Greece has received was meant to pay back DB. With a no vote, the ECB has painted itself into a corner and now must figure out another way to deal with bad Greek loans.

    • Piglet

      I believe you meant to write, “The ECB could NOT care less about bailing out Greece.” If the ECB COULD care less, it would.

  • Lao Tzu

    This is not really a victory of freedom. This is a victory of democracy over freedom, free market and free enterprise.

    • df NJ

      I think the Greeks are having an FDR moment:

      “An old English judge once said: ‘Necessitous men are not free men.’ Liberty requires opportunity to make a living – a living decent according to the standard of the time, a living which gives man not only enough to live by, but something to live for.

      For too many of us the political equality we once had won was meaningless in the face of economic inequality. A small group had concentrated into their own hands an almost complete control over other people’s property, other people’s money, other people’s labor – other people’s lives. For too many of us life was no longer free; liberty no longer real; men could no longer follow the pursuit of happiness.

      Against economic tyranny such as this, the American citizen could appeal only to the organized power of government. The collapse of 1929 showed up the despotism for what it was. The election of 1932 was the people’s mandate to end it. Under that mandate it is being ended.”

      • Lao Tzu

        Freedom means economic inequality. You cannot have a free society and economically equal society at the same time. The collapse of 1929 can always be interpreted in your favourable ways, if you want to appeal to the politicians’ intervention in private citizens’ lives.

        Greece had already been a retarded socialist nation, a fact that screwed them completely, destroyed their economy. SYRIZA is just using the grievance to come and stick to the power. Policywise whatever they are doing is not much different.

        • df NJ

          As long as you are part of the monarchy everything is great! Freedom for the billionaires, slavery for everyone else. Freedom is not having to spend millions of dollars for the costs of rioting.

          • Lao Tzu

            Total non-sense, again. Look at the hedge fund managers, venture capitalists, start up entrepreneurs, real estate agents. None of them are monarchs. They rose via their capability.

            I am not a billionaire either (although I have some confidence that I may get there). You are just talking about subsidising a bunch of losers and moochers, precisely what Greece did for the better part of this century. It ranks near the bottom of the chart in index of economic freedom. So if you think that Greece has been a playground for entrepreneurs or free market capitalists, you are terribly misinformed. I am sorry kiddo, your argument does not stand.

          • df NJ

            When you start on third base and hit a single it’s not a home run. There 8 billion people on the planet. Most of them are not going to be CEOs of an international corporation. Obviously you are at the top of the food chain. A lion among sheep. You have an elitist view that is not really understood by the minimum wage worker. The worker making the median wage is very angry. At some point, the rioting is going to be an issue. Keeping billions of people peaceful is not going to be cheap. You are free to create monopolies and cartels. You are free to depress your workers wages are overcharge for products and services. But at some point, the rioting is going to cost you lots of money. Since I don’t think the CEOs are going to start raising worker’s wages, I imagine at some point productivity will go negative.

          • Lao Tzu

            No, I am not at the top, but I strive to get to it. And that is why I don’t earn much of my income from salary or wage. What I can say is I strive to be a winner, and admire the same trait in others. Greece, in fact, is a bloody example what happens when you subsidise the losers, or reward mediocrity. Look at Silicon valley and look at Detroit, you will know better what I mean. Look at Greece, then look at Singapore or Hong Kong. Then also you will know what is a winner and what is a loser.

          • df NJ

            So you blame the Greek people. I think the system is rigged and the Greek people are just braver than everyone else because they are willing to say OXI.

            “Give me control of a nation’s money and I care not who makes it’s laws” — Mayer Amschel Bauer Rothschild

            We all work for the central bankers. The fractional reserve banking system is a racket.

            All government is boondoggle for billionaires. Government by the rich, for the rich, screw the workers!

            Try not to choke on your cigar.

          • Lao Tzu

            LoL, in your mind, apparently being a loser is brave. But yes, I agree with the fact that central banking is a curse. I would probably remove all central banks if I was the president of the world or something like that.

            But you know what? Since the central banks are too powerful to fight for me, I try to take advantage of them, instead of protesting on the street, which you call being brave. Hope you are just as brave and so are your kids.

            Greece is the Detroit of Europe and you seem very sympathetic.

          • df NJ

            In my mind, I don’t see people as “winners” and “losers”. I see people as people with some shred of inherent value. Take Detroit for instance. It’s not that the people are lazy. But Wall Street shysters took advantage of Detroit with exotic pension fund instruments and bankrupted the city.

            Google “Looting the Pension Funds”

            I can sit here and go through the actual facts but I doubt anything I would say would change your way of thinking. Freedom is having a government that allows shysters on Wall Street to destroy an American city. God save the Queen! Just eff the people! That’s what this country is good at.

          • Lao Tzu

            Well, even if you don’t see people as winner or loser, they are there. Some are just lazy, unmotivated, mediocre, complaining, depressed. Some others are motivated, ambitious, innovative, knows how to negotiate, leverage their skills and market themselves. Now, there are the people in between sore losers and true winners.

            So no matter what you say, yes, that will sound to me like subsidising the losers. There are countries or places that do that more, some countries do it less. Hence, the division of people into winners and losers extend to countries, cities or states. I think we are done.

          • df NJ

            RE: “Some are just lazy, unmotivated, mediocre, complaining, depressed. ”

            Pay higher wages and people will be motivated.

          • Lao Tzu

            That is where you are mistaken. I don’t owe them motivation, LoL. In fact, I don’t earn my money by wage because I have known that a peanuts’ wage at the end of the month is for losers. There is much more in the world than earning wages.

          • df NJ

            I did not say you owe them motivation. I said payer higher wages is motivating. Greed is good.

          • df NJ

            RE: Google “Looting the Pension Funds”

            I was just reading some of the articles. Wall Street really raped the public pension system. Holy cow!

          • Lao Tzu

            Actually, more motivating is not to have to earn a wage. Okay, I will read about how the wall street smartasses pulled one over the losers at Detroit.

          • Gay Veteran

            “…I don’t earn my money by wage because I have known that a peanuts’ wage at the end of the month is for losers….”

            spoken like a truly arrogant p.o.s.

          • afchief

            You can’t reason with socialists. The socialist agenda has as its center piece the twin noble goals of compassion and fairness. But the dirty little secret of socialism is that behind this respectable front, socialist policies actually lead to the opposite! What socialists/liberals really want is the destruction of institutions that promote true compassion and fairness—including the Constitution, the Bill of Rights, the Rule of Law, natural law, Biblical Christianity, and traditional western values. Their unstated goals are tyranny and cronyism—ultimately the obliteration of anything that gets in their way of their lust of power.

          • df NJ

            Replace “socialists” with “corporatists” and I think it is more meaningful. We do not have socialism in this country. Google “Wealth Inequality in America” and look at the graph for dreaded socialism. We are not even close to socialism. This is what we really have:

            “Fascism should more appropriately be called Corporatism because it is a merger of state and corporate power.” Benito Mussolini

            I think government is not the problem. I think the billionaire corporatists pulling the levels of government is the problem.

          • Gay Veteran

            don’t cast pearls before swine

          • Gay Veteran

            sorry Einstein, but in AmeriKa we have fascism (the merger of state and korporate powers)

          • afchief

            Ahhh….the rump ranger!!! More proof that liberalism and homosexuality is a mental disorder!

          • Gay Veteran

            are you and the dog in your photo getting married soon?

          • afchief

            We open Pandora’s box of evil!! Beastiality is coming!!! Homosexuality is a sin and more sin is to follow!!!

          • Gay Veteran

            Beastiality, eh
            guess you hit the jackpot, now you can marry the dog in your photo

          • Gay Veteran

            “…What socialists/liberals really want is the destruction of institutions that promote true compassion and fairness—including the Constitution, the Bill of Rights, the Rule of Law, natural law, Biblical Christianity, and traditional western values….”

            true compassion and fairness like slavery? or near slave labor conditions for workers during the Age of the Robber Barons? Jim Crow?

          • Priszilla

            It’s important for the losers to detect the lies of those who can “market themselves”.

          • Gay Veteran

            hope you’re comfortable licking the boots of the banksters

          • Lao Tzu

            You don’t know what I do, and your hope is not relevant here. I was hoping maybe you would die soon, but that does not make it true, does it?

          • Lao Tzu

            Your hope is irrelevant here. I hope you would die soon as well, so that again, I don’t have to read your stinky and wrong comments. But just because I hope, it is not gonna happen, right? Keep your hope to yourself.

          • Gay Veteran

            keep on licking the boots of the banksters, Lao Poop

          • Gay Veteran

            “…Look at Silicon valley….”

            and the cell phones and computers are made in countries with slave labor wages and NO environmental regulations

          • nobody

            No, the productivity will increase, it’s just that the object to be produced will change to physically eliminating CEO’s and the like.

          • Avner

            The productivity is already negative. How many people do you know are motivated in their jobs to succeed just so guys like Lao Tzu can drive beemers around and not even acknowledge you?

          • Gay Veteran

            I fixed your sentence: They rose via their capability to BUY the politicians

          • Avner

            Freedom means you can mint your own debt free currency. Neither our country, or Greece can do that now can they?

            Gold is the money of kings.
            Silver is the money of gentlemen.
            Barter is the money of the poor.
            Debt is the money of slaves.

        • Gay Veteran

          “Freedom means economic inequality….”

          yeah! those banksters stole that money fair and square

      • Dave

        and then he stole everyone’s gold. another liar and central banker’s stooge.

    • Gay Veteran

      bilge, there are no free markets because the multinational corporations are taking over

  • Rainwaterrunningdog

    ” I suspect they will make an example out of Greece. To keep others in line.” I don’t think so, Austria wants out of EU, Germany’s people don’t want to pay out anymore, UK wants out, the debit of Italy, Poland, Spain and many others want out and cannot pay their debit. The list can go on, Pandora’s box has been opened…look out!

  • Phil from Germany

    Now, who was laughing at preppers again ?. If this hasnt hit home that the crash is here to the last sheeple on the street, then I feel sorry for them.

    • Avner

      I wouldn’t. In this day and age of almost unlimited info about anything at the fingertips… ignorance isn’t a condition, it’s a choice. I’d even offer that most aren’t ignorant, they have made a choice to back the system no matter what as long as they can go buy some crappy food from Wal Mart (Here in the US anyway.. you Germans kicked Wally World out of your country!)

  • nobody

    You forget one tiny detail – there isn’t enough gold in the entire Europe to monetize just Greece, let alone the rest of the EU.
    The time when gold and silver could be used as currency is long gone.

    • Evil_shadow

      you’re right to some extend; even germany cant get access to their gold, stored in NY vaults LOL. as for gold/silver backed currency, why not? all they have to do is to revalue the system and them remove excess money from market.but then again, they wouldnt be able to “print” more money if they spend too much…if you look that way, you are right, times for gold/silver are long gone…

      • nobody

        Think for a little: if we would have had to use only precious metals as currency how would you pay for your daily groceries? The amount of metal needed for that would be literally microscopical, so small you couldn’t even handle it.
        If only for a practical reason the use of precious metals as currency is over.

        • Gay Veteran

          no, pre-1965 dimes contain 0.0723 ounce of silver

          • nobody

            The silver in the Mercury dime wasn’t there for monetary value but as a pork for silver mines operators that at that time had an excess production and were facing a severe price crash. The actual value of silver in them was at that time on average 5 times the nominal value.
            But that was then. Now, at the prices we have today, a silver dime worth 10 cents would be roughly the size of a pinhead, not very user friendly, don’t you think?

  • Ivor Biggin

    Another Frankfurt School success story.

  • Priya Chatterjee

    How could Greece splurge so much ? Hairdresser, musicians are classified as Hazardous and get full pension from government if they retire at 50. This is ridiculous. Why should rest of the world pay for their retirement and vacations. Slamming MSM is ok… but every person and country should live within their means and squander thinking government will support them. Governments can at the most transfer money.

    • Priszilla

      Early retirement was an advice from imf/ecb .

    • Nemnor

      Well… I do not agree with your misguided attitude towards the Greeks. But look at it this way… The mass of the Working people in the World produce virtually ALL the wealth in the World. BUT, MUCH of the wealth produced by the mass of Working people goes into the hands of a FEW (“the 1%”).

      So the issue is NOT the Greek people “living beyond their means” or “retiring at 50″. The Greeks are simply seeking the ABUNDANT life that the HARD work of the mass of Workers everywhere are making more and more possible, but DENIED to the mass of people in a SYSTEM that allows abundance mainly for “the 1%”.

      The problem is obviously NOT the Greek people, but rather it is the unfair and outdated Capitalist economic system that is overdue for “demolition”.

      • True Grit

        I think it just needs correction.
        A “wealth” tax. Net worth over 100 million 10% per year for individuals. over 1 billion 10% per year for corporations. This could shake a lot of money loose and maybe cause small business to have an advantage over corporate oligopolies. Might even cause a correction in the stock values. If the 1% have most of the money, that’s where you need to tax.

  • liberalmenlickobamacock

    dow down 1.5% today, up 1% tomorrow, whatever

    • df NJ

      And 2% growth for the next 50 years.

      • Gay Veteran

        while the real inflation rate is well over 2%

  • Palcau Ioan

    we are tired of this EU,tired of this euro,tired of this austerity,tired of this crisis,tired of the dictate of the banks,tired of the politicians,tired of this corrupt system… tired of being manipulated,tired of being humiliated,tired of being lied,tired of the real peoples who control this world and pulling the strings how they want and how they like it,tired of these all whoz playing with our lives and destiny…we are tired of this criminal world! is anybody outhere who we can really really trust??is there someone who really really cares??…i dont think so…yall have a great day/life!

    • gary hillerich

      I trust in but one entity..my lord & savior Jesus Christ & he has NEVER let me down in nearly 60 years..
      never lied once either on the other hand,Bathhouse Barry has never told the truth once in 7..have had 5 near death experiences & should have died in all..my take is a 100% probability of intelligente creation & 100% the Darwin was part of the esblishment & just another propagandist as are the MSM TV presstitutues..hard to believe that MSM TV has ANY viewership..anyone with a IQ over 100 has no business listening to such horse crap,except to monitor the enemies propaganda
      and..

      “their” God? that would be Beelzebub..Baphomet..Lucifur..Satan.
      a pure unadulterated evil,suffering,misery,starvation,poverty & death to all goy & Christian NWO agenda is unfortunately still right on track..” a new world order out of chaos”

      • df NJ

        Faith in an omnipotent being is easy. Faith in the people around you is much harder.

      • underaged

        … and so goes another public schools graduate.

      • Palcau Ioan

        there is no human we can trust,Gary,i know that but i do believe only Jesus can save us the only one who can ,,fix,,this world…and He will do that,sooner as we can imagine! …for now thats all i wanted to say,hagd Gary!

    • DANA

      The people are just as guilty as the politicians and bankers, they wanted to believe you could live beyond your means and never have to pay the bill. Some made out better than others, but it’s corrupt from top to bottom!

  • Priszilla

    What chaos? The IMF won’t go bankrupt over night.

    • df NJ

      IMF will never go bankrupt. They are the ones who will have all the money when the currencies collapse. What they have is monarchy. The question is will the 8 billion people of the world decide to do something extraordinary.

      • TheCountess

        Exactly. My point was just that when looking at the numbers of voters and those who agreed but didn’t vote. 61% is not the true vote, but a represented vote. Not everyone votes. So, if one could guess, could the true percentages of those who oppose be closer to 80% of the Greek populace? Now compare that to America. The Supreme Court is not the ‘ruler’ of this land. WE the people are. And I did not vote one single law that has been passed in this government for the last 6 1/2 years. Not one. So much for my freedoms. Yet WE out number them. How much more are WE going to put up with?

  • Rufus T Firefly

    The Greeks are vermin for trying to get out of paying their debts. They should be treated as such. Civilized nations should use all means at their disposal to collect every last euro from this nation of lotus eaters

    • Avner

      The debt is mostly a bunch of bull they were signed onto. Good job on the Greeks for not complying and saying no. They have some cojones at least. Unlike the “land of the free.”

      • df NJ

        There’s more to this story. But people love to hate people: “Greeks are vermin”. Wow, it’s just amazing the level of hate in the world.

    • A spartan woman

      Really? What civilized nations should do to Germans to make them pay for all the disaster they caused to Greece during the ww2?

      Your ignorance, jealousy and hate makes me proud of being Greek!

    • Gay Veteran

      yeah! the banksters weren’t at fault for lending money to people they KNEW could NOT pay it back.
      just like our mortage companies in 2005

  • Priszilla

    Europe will give them money as soon as the Greek let all the refugees from Syria travel to Europe.

  • JailBanksters

    I just want to see Lagardes face when she found out
    A picture is worth a thousand pieces of paper with numbers printed on them.
    She obviously works on commision for the Rothchilds

  • Mike Smithy

    Hey banksters, pray they put you behind bars before the angry mobs pull you from your limo and rip you apart on the street. The cops and the military will turn on you as well. Alternatively, the open viewing platform for banksters is on the 75th floor. Enjoy your view on the way down. That first step is a doozy.

    • df NJ

      I keep thinking Tsipras will be killed by secret IMF agents.

  • Name

    Oh Lucifer be PRAISED!! The time is near.

    • Cal Wayback

      You’re on the right track. When the Holy Spirit is removed Lucifer will gain full control of the planet. Liberals will have their utopia, Christians gone and all financial life under the control of the devil’s henchman. Either you bow before this evil man or lose your head.

      • Gay Veteran

        I have a feeling a lot of conservatives will be left in that “utopia”

  • Patriot Alice

    Greece should stay in the Euro Zone. They just won’t live at the same
    standard as some other countries. I imagine every country in the world
    has some areas wealthier than others. The Euro Zone is not a Country
    Club where only the rich need apply. Europe is a family that needs to
    stick together regardless of their financial status. We all love the
    Greek people. What I don’t like is Tsipra playing Europe against Russia etc..

  • CharlesH

    I have to wonder if there are any actual preppers in Greece and how they’re doing in this chaos. It’s bound to get much worse.

  • XSANDIEGOCA

    The Greeks had to hit the Reset Button. Their position was untenable. I liken it to those halycyon daze before the housing bust when you could qualify for 1% mortgage but it would “adjust” to 7% just six months to a year later! Hello Jingle Mail as you sent the keys back to the mortgage company. As I understand it, entire extended families were living off of Grandpa’s “social security” check. The stated unemployment rate for young people was 50%, which probably means it was really over 80%. Many a Greek matron was selling her “favors” on the street for a few Euros more to put food on the table. Let us be blunt. There is plenty of blame to go around but what the heck were the Germans thinking when they brought Greece on board?! If I were a jury, I would assign 20% of the blame to Greece but 80% to Deuschland. The Greek PM has called Merkel’s bluff. My guess is there will be a discreet “workout” if only to save the banks across Europe that hold Greece’s short term paper. The can will be kicked firmly down the road…. If this sounds familiar to American Readers, it should.

  • The Wiseman

    With the EU gone, Europe is back to1913. Within a year, the armies will begin to march as Germany takes over France (because Germany needs more farmland), England intervenes, Italy links up with Spain and Portugal to create a triad of interlinking military forces, etc. etc. All we need are kaki leggings and flat steel helmets and we’re back to WWI….

  • Pic889

    “How is the Greek government going to pay its bills without any money?”

    With IOUs

    “How are the insolvent Greek banks going to operate without any money?”

    With IOUs

    “How is the Greek economy going to function without any money?”

    With IOUs

    Most people forget that banknotes where originally IOUs, when the banks didn’t have enough gold to pay off depositors. All the greek government has to do it pass a law that says their IOUs are legal tender, and keep Euros only for imported stuff.

    And that’s how the long road to drachma starts.

    • Black

      With IOU’s-just like the USA

      • ?

        EXACTLY and the rest of the world as well!

      • Priszilla

        On the Hong Kong Dollar 100 bill is written: the bank promises to pay the bearer of this bill 100 Hong Kong Dollars

  • TheCountess

    61% of the total who could vote would indicate many more agreed. Here is a very important issue to look at. Even Greeks oppose their current government much like the US. The ‘powers that be’, meaning the elite are not the true wishes of the world, but only their own. It appears that throughout the world the ‘bilderbergs’ and their ‘cronies’-‘puppets’ (O and others) are only a tiny fragment of the populace. So, why are we putting up with them? Why are we putting up with the bankers of the world? The leaders? Our Supreme government? Leaders throughout the world are also trying to push the gay agenda on their citizenry like the US. Come on. We don’t have to take this ‘AGENDA’ if we don’t want to. Because it is coming to our shores in the very near future just like Cyprus, Greece and Puerto Rico….. soon.

  • Cal Wayback

    For all non-religious types God’s plan for HIS return is underway. A removal followed by a massive financial collapse and then an emergence of a man with a plan, a financial guru who will solve all of our financial worries for a little time anyway.

    • df NJ

      I wish I was able to communicate with God so He would tell me His plan. But when I pray all I hear is crickets.

      I heard about a great bumper sticker the other day:

      CAUTION: In case of rapture this car may swerve as my mother-in-law takes over the wheel.

      • watchmanonthetower

        “But when I pray all I hear is crickets.”

        Maybe you should learn to speak ‘cricket’…or pray in the daytime.

        Just kidding, df NJ, you’re a good egg. We’re told that as far as praying goes; no answer can be an answer. And prayers granted often are not noticeable till after the fact. And as with ‘wishes’, be cautious what you pray for; you just might get it…

        As usual, faith (defined as belief that is not based on proof) is the fuel that runs this particular engine. Praying is easy – endurance is the difficult part. Praying for strength is the safest bet, we’re told; it comes in many forms.

        Anyway, just our observations; your perceptions may vary.

        Good day.
        ~Watchman

  • underaged

    I don’t know what it looks like out your window Michael. But outside of mine, things looks pretty darn calm. I’m more afraid of being hit by an asteroid than being impacted by anything Greek. Lending money to Greece is like lending money to a lazy brother-in-law. Did anyone really expect to be paid back in whole? As for God – I think God (even Zeus) has much more important things to do that to worry about overpriced Greek debt.

  • df NJ

    Funny quote:

    “There are two powers in the world; one is the sword and the other is the pen. There is a great competition and rivalry between the two. There is a third power stronger than both, that of the women.” Muhammad Ali Jinnah

    • ?

      That is a great quote and very true. I have always said women rule the world, they just aren’t smart enough to realize it LOL!

      • df NJ

        They realize it but they just can’t decide what to do next.

  • Oliver_K_Manuel

    Greeks laid the foundation of western philosophy, science and self-rule (democracy), and I hope they will led society back to contact with reality.

    AGW is one of four, unassailable Nobel Prize-winning falsehoods disguised as consensus scientific facts after Joseph Stalin emerged victorious from WWII and united nations (UN) and national academies of science (NAS) into a giant, worldwide Orwellian Ministry of Consensus Scientific (UN)Truths!

  • Jose Orlooki

    Smart people are prepping, you should too, while you still have time.
    Stock up on FOOD ( 3 to 6 months ), Portable WATER FILTER, FIRST AID KIT, SLEEPING BAGS, CAMP GEAR and
    GUNS & AMMO to protect your family.
    If you do this, you will be better off then 90% of Americans when SHTF or TEOTWAWKI comes!!!

    • liberalmenlickobamacock

      we should all get sleeping bags and then bug out to the first house on the left.

  • RageHard84

    Not to mention that here in America, we’ve the Puerto Rico issue. Given our current situation, I don’t think the Feds have enough cash to bail out the Territory.

  • DJohn1

    It now all depends on the foreclosure terms of the Greek Bankruptcy with the Germans holding the cards to devastate Greece.
    I owe, I owe, to the bank I go!
    What assets are at stake?
    What collateral do the Germans hold for the loans they have made to Greece?
    When the Germans call in the loan, what are the penalties in the loans that the Germans then collect?
    Those are the hard questions.
    Can the Euro collect?
    If the answer is “yes” then everything will stabilize.
    If the answer is “no” then the entire financial system of the Euro is in jeopardy. No collateral for the loans? Seems very unstable to me.
    I am just a little person who has worked their entire life and I have little to show for it in the end.
    In this country we have communism in charge. That communism penalizes the working person and gives the welfare person the advantage in health care and everything else.
    No they are poor also. But they are not as penalized as a person that earns his living is. One major illness and we are all in the same boat.
    Burial expenses guarantee a person remains broke.
    Insurance companies rule. They have the house cut down to a science.
    Obamacare? Well the insurance companies raised the deductable on everyone from about 600 to 6,000 dollars.
    Deny claims? What will you do about it when you are broken financially?
    Even the VA is communist. Under Bush, anyone making a decent living is no longer eligible for benefits with the VA Medical.
    The VA is struggling even doing that because it is not funded well enough to handle Veterans returning from foreign wars.
    The subject here is what all of us will do when our government pulls a Greek Bankruptcy on us? Well I suggest they will go totally communist with laws that favor the broke over the working person.

  • http://www.facebook.com/jack.harper.520562 Jack Harper

    They will bounce back faster than most people think.

    • df NJ

      The Iceland miracle:

      The Icelandic króna had declined more than 35% against the euro from January to September 2008.[9] Inflation of consumer prices was running at 14%,[10] and Iceland’s interest rates had been raised to 15.5% to deal with the high inflation.[11]

      On the night of Wednesday, 8 October 2008, the Central Bank of Iceland abandoned its attempt to peg the Icelandic króna at 131 krónur to the euro after trying to set this peg on 6 October.[12] By 9 October, the Icelandic króna was trading at 340 to the euro when trading in the currency collapsed due to the FME’s takeover of the last major Icelandic bank, and thus the loss of all króna trade ‘clearing houses’.[13] The next day, the central bank introduced restrictions on the purchase of foreign currency within Iceland.[14] From 9 October to 5 November, the European Central Bank quoted a reference rate of 305 krónur to the euro.[15]

      By mid-2012 Iceland was regarded as one of Europe’s recovery success stories. It has had two years of economic growth. Unemployment was down to 6.3% and Iceland was attracting immigrants to fill jobs. Currency devaluation effectively reduced wages by 50% making exports more competitive and imports more expensive. Ten-year government bonds were issued below 6%, lower than some of the PIIGS nations in the EU (Portugal, Italy, Ireland, Greece, and Spain).

  • GSOB

    LOL

  • piccadillybabe

    Propping up Greece has done nothing but perpetuate their need to live the way they feel entitled. Austerity is not a word the Greeks understand. Let them go out on the limb by themselves. This is what the people want (60/40) in favor of leaving the ECB/IMF. There are other countries who want to do business with Greece, Russia is one. Their leaving the ECB may be rough going at first but in the long run, it could prove lucrative.

  • larrythelogger

    It’ll be interesting to see what the other PIIGS will do when the smoke starts to clear from the hair lighting on fire. The OXI sure surprised me.

  • liberalmenlickobamacock

    chaos? my left foot

  • tacoma

    My answers to the 3 questions:
    How is the Greek government going to pay its bills without any money?

    Greece has no more money in Euros. So it has to default all debts in Euro. The creditors will take a massive loss.

    How are the insolvent Greek banks going to operate without any money?
    Greece must form a central bank to issue own currency. It is the new money.

    How is the Greek economy going to function without any money?
    Money is just a measure. Greece, people and economy still exist. Look no further than Germany of 1930’s when hyperinflation wiped out the value of the Mark. But Germany still exist, good enough to take up arms to take over half of Europe in a mere few years. The situation is eerily similar. After WW1 Germany was flat broke but winning war powers imposed draconian austerity measures on it. The goal is to force Germany repay war debts, no matter how impossible it was, no matter how dangerous. Germany then chose Hitler to reject the austerity measures, and tell France & UK go to hell. Today Greece can’t start a war in EU, but it can decide to reject sovereign strangulation by the Troika.

  • GSOB

    For freedom we must pay.

  • Sandbagger

    Excellent job! The debtor is slave to the lender. You’re a slave no longer. :)

  • http://www.facebook.com/melvin.polatnick Melvin Polatnick

    Poison gassing of anti-austerity rioters would partially solve Greece’s economic woes. Ten buck bordellos can uplift the tourism business and give unemployed youngsters jobs.

  • Cornelius

    Hard working people who try and grow their businesses , take a chance and hire people to grow. The new hires don’t have to accept the job, but the business makes an offer to hire people. No one is forced to accept.
    Free Market Capitalism creates more wealth and opportunities than any socialist or communist schemes. It is okay if other people have more or less than what I have. At the end of the day, all that matters is what you are doing to be a contributor and creator in society. There is always going to be un-equal. You dont want somebody that fails in school and biology to become your heart surgeon, you would not want the high school drop out to be your surgeon. There will always be unequal, we must teach people to do their best and be happy and find contentment in the choices they make, it is just to easy to blame everyone else and say your the victim.

    Equality is a joke because all people do not have the same IQ or the same weight or the same in abilities.. Every country in the world have : hard working people, lazy people and people who have no education. Then some people have education. You cannot make every issue on inequality.

    I feel for the Greek people who are so misled by their Government. No one should ever put so much faith in a government to take care of them.

    I hope greece can become a free market zone allowing opportunity for those able to work hard to create jobs and businesses so they can provide for themselves and family rather than rely on government to provide the meal or free ride.
    Stop the insanity.
    Lol

    • Gay Veteran

      “…Free Market Capitalism creates more wealth and opportunities than any socialist or communist schemes….”

      so long as you have government regulations (like anti-trust) and labor unions to counter the power of korporations

  • Cal Wayback

    Imagine this, a tiny insignificant country brings the entire global financial system to its knees. Who would have thunk it.

  • thokhan

    Love how “inter dependent” nations and globalization wrecks the western economics, what’s the point of smashing one’s head repeatedly against the wall? Which country/companies operate in the black?
    After awhile if your car costs more to maintain than to go out and get a new one…. what is the logical conclusion?
    When did this system ever work and why?
    Elites will do pump and dumps forever or until their new world order is achieved.
    Build up nations … parasite them into the ground … buy it up for uber cheap. Repeat.
    Throw money into new fields of technology. .. pull the plug … watch the bubble burst… buy up the companies and have control over it.
    At some point the citizens of their respected nations will have to push for their own world order just to have a seat at the rotten feast table.

  • Georg Dirr

    All good. Do what Americas foreign bankers do. Print print print. And launder lots of drug money. Ask England and usa and Italy, they are experts.

  • tovlogos

    Who will come along to offer a solution that pleases everyone? The world has set itself up for this debacle — at the same time apostasy is happening just as aggressively. It is the perfect set up for the antichrist. 2 Thessalonians 2:1-7.

  • MrBoland

    Victory for freedom! Haha what freedom is can be discussed in length and is so by Philosophers. what I see here is one nation that did hide from the beginning how bad economy they had acquired together as a nation. They have borrowed a lot from other nations peoples as for instance Finland.We didn’t hear any complains from the Greek population when that was completed You can see this as you like but I see this more of a lack of self esteem and creativity. A sense that you can take care of yourself and be proud of this. The governments have become to big and want to interfere to much in peoples lives instead of encourage them from early stage that it’s fantastic of much they can do on their own. This is a tend that can be seen around western world not only Greece

    • Gay Veteran

      “…what I see here is one nation that did hide from the beginning how bad economy they had acquired together as a nation….”

      with the help of evil banksters like Goldman Sachs.
      who was head of the European division of GS at the time?
      Mario Draghi, the current head of the European Central Bank.

      understand now?

  • nobody

    There is no difference between money backed by gold and normal currency – they are still pieces of paper over which you have no control whatsoever.

  • steve

    What people don’t understand is you grow a garden and raise some chickens and preserve your food and your wife stays home with the kids and home schools the kids and takes care of the home and this stuff means nothing to you, but you go out and buy all the processed food and buy the new cars and the 30 year mortgage and you stay broke. Get rid of the credit cards and get you a woman who wants to take care of your home.

  • steve

    Face it the Jews having been sucking the USA dry with the federal reserve. They sucked Europe dry with the Euro. They have sucked the world dry with their endless wars. Now the earth can’t take anymore pollution. So they have decided to kill billions of us.

  • steve

    The wars are financed by the Jews. Hitler tried to push them out of Europe and you see what they did to Germany. Your enemy is the Jewish banker. They have sucked 100 trillion out of the US taxpayers pocket and they sucked trillions out of Europe with their Euro. You people have a Jewish problem.

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