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Radical Leftists Win Election In Greece – Future Of Eurozone In Serious Jeopardy

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Euro Sign - Public DomainRadical leftists have been catapulted to power in Greece, and that means that the European financial crisis has just entered a dangerous new phase.  Syriza, which is actually an acronym for “Coalition of the Radical Left” in Greek, has 36 percent of the total vote with approximately 80 percent of the polling stations reporting.  The current governing party, New Democracy, only has 28 percent of the vote.  Syriza leader Alexis Tsipras is promising to roll back a whole host of austerity measures that were imposed on Greece by the EU, and his primary campaign slogan was “hope is on the way”.  Hmmm – that sounds a bit familiar.  Clearly, the Greek population is fed up with the EU after years of austerity and depression-like conditions.  At this point, the unemployment rate in Greece is sitting at 25.8 percent, and the Greek economy is approximately 25 percent smaller than it was just six years ago.  The people of Greece are desperate for things to get better, and so they have turned to the radical leftists.  Unfortunately, things may be about to get a whole lot worse.

Once they formally have control of the government, Syriza plans to call for a European debt conference during which they plan to demand that the repayment terms of their debts be renegotiated.  But the rest of Europe appears to be highly resistant to any renegotiation – especially Germany.

Syriza says that it does not plan to unilaterally pull Greece out of the eurozone, and that it also intends for Greece to continue to use the euro.

But what happens if Germany will not budge?

Syriza’s entire campaign was based on promises to end austerity.  If international creditors refuse to negotiate and continue to insist that Greece abide by the austerity measures that were previously put in place, what will Syriza do?

Will Syriza back down and lose all future credibility with Greek voters?

Since 2010, the Greek people have endured a seemingly endless parade of wage reductions, pension cuts, tax increases and government budget cutbacks.

The Greek people just want things to go back to the way that they used to be, and they are counting on Syriza to deliver.

Unfortunately for Syriza, delivering on those promises is not going to be easy.  They may be faced with a choice of either submitting to the demands of their international creditors or choosing to leave the eurozone altogether.

And if Greece does leave the eurozone, the consequences for all of Europe could be catastrophic

Syriza risks overplaying its hand, said International Capital Strategies’ Rediker. “Given that the ECB controls the liquidity of the Greek banking system, and also serves as its regulator through the SSM (Single Supervisory Mechanism), going toe-to-toe with the ECB is one battle that could end very badly for the Greek government.”

If the ECB were to stop funding the liquidity of the Greek banks, the banks could collapse—an event that could lead to Greece abandoning the euro and printing its own money once more.

Milios didn’t believe it would come to that, saying, “No one wants a collapse of banks in the euro zone. This is going to be Lehman squared or to the tenth. No one wants to jeopardize the future of the euro zone.”

Hopefully cooler heads will prevail, because one bad move could set off a meltdown of the entire European financial system.

Even before the Greek election, the euro was already falling like a rock and economic conditions all over Europe were already getting worse.

So why would the Greeks risk pushing Europe to the brink of utter disaster?

Well, it is because economic conditions in Greece have been absolutely hellish for years and they are sick and tired of it.

For example, the BBC is reporting that many married women have become so desperate to find work in Greece that they are literally begging to work in brothels…

Some who have children and are struggling to support them have turned to sex work, to put food on the table.

Further north, in Larissa, Soula Alevridou, who owns a legal brothel, says the number of married women coming to her looking for work has doubled in the last five years.

They plead and plead but as a legal brothel we cannot employ married women,” she says. “It’s illegal. So eventually they end up as prostitutes on the streets.”

When people get this desperate, they do desperate things – like voting radical leftists into power.

But Greece might just be the beginning.  Surveys show that the popularity of the EU is plummeting all over Europe.  Just check out the following excerpt from a recent Telegraph article

Europe is being swept by a wave of popular disenchantment and revolt against mainstream political parties and the European Union.

In 2007, a majority of Europeans – 52 per cent – trusted the EU. That level of trust has now fallen to a third.

Once, Britain’s Euroscepticism was the exception, and was seen as the biggest threat to the future of the EU.

Now, other countries pose a far bigger danger thanks to the political discontents unleashed by the euro.

At this point, the future of the eurozone is in serious jeopardy.

I have a feeling that major changes in Europe are on the way which are going to shock the planet.

Meanwhile, the rest of the globe continues to slide toward another major financial crisis as well.

So many of the things that preceded the last financial crisis are happening once again.  This includes a massive crash in the price of oil.  Most people have absolutely no idea how critical the price of oil is to global financial markets.  I like how Gerald Celente put it during an interview the other day…

I began getting recognition as a trend forecaster in 1987. The Wall Street Journal covered my forecast. I said, ‘1987 would be the year it all collapses.’ I said, ‘There will be a stock market crash.’ One of the fundamentals I was looking at were the crashing oil prices in 1986.

Well, we see crashing oil prices today and the banks are much more concentrated and levered up in the oil patch than they were in 1987. From Goldman Sachs to Morgan Stanley banks have been involved in major debt financing, derivatives and energy transactions. But much of this debt has not been sold to investors and now we are going to start seeing some big defaults.

By itself, the Greek election would be a significant crisis.

But combined with all of the other economic and geopolitical problems that are erupting all over the planet, it looks like the conditions for a “perfect storm” are rapidly coming together.

Unfortunately, the overall global economy is in far worse shape today than it was just prior to the last major financial crisis.

This time around, the consequences might just be far more dramatic than most people would ever dare to imagine.

  • Ian Beattie

    First!

  • James

    This article is full or accuracy. Yes the leftist party will have great impact on the Greeks and the eurozone in general. Already leftists are trying to get elected and may win in Spain where the unemployment is about the same as Greece. Even if only a few are elected from each eurozone country that damage could be terrible.

    • Guest

      “This article is full or accuracy.”

      What?

      • PeterLalic

        He obviously meant “This article is full of accuracy”.
        The letter “R” is just above the letter “F” on the QWERTY keyboard, in case you misunderstood.

        • James

          Thanks you yes I meant of not or.

    • JustanOguy

      The Greeks have been leftists for decades….

  • Bill

    I wonder if we Americans will act any different when desperation overcomes us. Will we allow our wives to resort to prostitution? Can it get that bad?

    • Guest

      I would never allow someone I love to resort to something like prostitution regardless of how bad things got. As a Christian I would be at peace knowing that if I and my loved ones starved to death we would just go to be with the Lord.

      • GSOB

        If Christ is in you, you will endure and he will take care of you.

        • Makati1

          Hahahahahaha…and the Muslims (who share the Christian’s god) believe that the same god is with them. Religion is the devil in disguise. Keep supporting that lazy guy you call a minister or bishop or whatever. He likes your tithes and your servitude. THAT is all that religion is about. Power and cash. And only those who are too weak minded or lazy want someone to take care of them, to provide for them, or to ‘protect’ them from the bogy man.

          • guest

            arguing that religion is the root cause of all that is bad is so typical anymore. pretending God doesnt exist is like pretending gravity doesn’t exist; you can’t escape neither of them no matter what your opinion is!

          • northernconservative

            Shame on you. My pastor works a full time job and is so much a servant he is often seen vacuuming after potluck and delivering meals to sick people. Religion is meaningless without the relationship we have with Jesus. Jesus Christ in us is meant to shine and shed light into dark lives giving hope and peace. Jesus Christ in our lives brings the servant out of our hearts. I’m so sorry you’re so cynical and disenchanted. May you find peace that enables you to lift the bitterness out of your life.

          • Malcolm Reynolds

            Muslims (who share the Christian’s god)
            Ummm, no they don’t.

          • GSOB

            Jesus Lord
            I’m captured by thy beauty

            All my heart to thee
            I open wide

            Now set free from all
            religious duty

            Only let me in thyself abide

            Lord, when first
            I saw thee in thy splendor

            All self love and glory
            sank in shame

            Now my heart
            with open praises rendered

            Tasting all the sweetness of thy Name.

          • Mike Smithy

            I thought all Filipino’s were religious?

          • howmuchforyourwings

            Funny Mak, I was just speaking with a Muslim friend of mine the other day and he said the same thing. Allah, the god of the Jews, and the god of the Christians are one and the same. Furthermore we discussed the roles of the Virgin Mary and Jesus Christ of Nazareth in Islam. Those of you who want to slam Makati1 need to do some more research and quit listening to you local low information preacher. If you seek, you will find all three religions worship the same god. I’m done.

      • Richard

        I see… so it would be OK for someone who was not “Christian” to resort to that, would it? Or perhaps it’s equally atrocious that people aren’t “Christians’, right? Better to be “Christian” and starve to death than not be “Christian” and survive, right?

        • John Byde

          Wow, the anger!

        • Guest

          Your comment makes no sense, Richard.

      • alan

        Looks like there will be food around after the apocalypse after all…long pork!

      • Mr pimp

        I would not care as long she givse me 50%

      • Bill

        Amen

    • JustanOguy

      News flash for you… Several Americans such as the Kardashians are already prostitutes.

  • K

    What comes next? Greeks will try to renegotiate their debt. Germany will not go along. Greece will pull out of the European Union. And then repudiate their debt. E.U. hits the skids. Germany by now has had enough, and also pulls out of the E.U. E.U. dissolves into history. Of course, that is just my opinion.

    • FortuneSeek3rz

      U.S. dollar will surge as the “dollar is dying” crowd will be wrong and America will once again lead the global economy in natural resources, intellectual property, innovation, capital investment and of course, the Forex markets. The future is looking so bright Americans may have to ditch the shades and don the welding masks.

      • Cluez Jones

        Well, you’re forgetting about the $18.1 trillion that we owe and which can never be repaid. And you’re also forgetting about the fact that we can’t/won’t balance our budget (at least until the world forces us to by not buying treasuries).

        • FortuneSeek3rz

          We don’t have to pay back the entire sovereign debt, it just has to remain serviceable. And the world does think it is serviceable given that rates on the 10 yr bond are now less than 2% and falling.

          Also, the total dollar value of U.S. national assets are around 110 trillion dollars, well above the value of the debt.

          • Douglas M. Green

            When the assets deflate, the debt won’t.

          • chilller

            Putting national assets up for collateral huh…spoken like a true progressive…

          • evanw6

            Unfortunately, US treasury bonds held in foreign lands (china) are buying these assets up at an amazing rate

          • Evil_shadow

            i wonder how many americans would agree to put their own country as collateral for govt spending…Something, that their forefathers were dying for, bleeding for ,fighting for.Noone should be victim of corrupted govt.

        • Makati1

          That over 50% of Americans are getting some form of government checks every month, not to mention the corporate subsidies that keep things like roads and bridges usable, is why the US is a 3rd world country hiding under a pile of Charmin (worthless) dollars. It is a Socialist country with a war economy that could not survive without the terrorism it is spreading around the world in the name of “democracy”. Time for it to crash and burn. Maybe it will arise form the ashes, but, I doubt it.

        • JustanOguy

          What’s going to happen if the $18.1 Trillion is not paid back?

          Not much…

          • Cluez Jones

            That’s such a ridiculous statement that I can’t imagine it is serious.

        • evanw6

          You did not mention 134 T4 in unfunded liabilities; 600T$ to 1Quadrillion in free air Derivatives; 34.6 % unemployment; over a 1006 US military bases; Financial interference in many other countries in Billions and much more that I and you have no idea of.

      • Cluez Jones

        Oh yeah, and you’re also forgetting about the fact that we don’t really have a manufacturing base any longer. Plus we have over 50 million on food stamps and other government assistance. And social security is unsustainable . . . . I could go on, but I think I’ve made my point. I hope you were being sarcastic.

        • FortuneSeek3rz

          We are now a net exporter of energy thanks to the fracking movement. Again, this is a dynamic situation, sometimes things change for the better and they certainly are headed upwards for the U.S. The other economies of the world are having a tough time finding traction.

          • Infidel51

            That energy production you are talking about can not survive oil at the current price. The wells are closing down at a blistering pace across North America and thousands will be laid off next month.

          • FortuneSeek3rz

            The narrative used to be that gas prices were too high and Americans were going bankrupt trying to fill up their vehicles. Now the narrative is that the price is too low and it will kill American jobs. There is NO GOOD OIL PRICE FOR THE DOOMSDAYERS.

          • Infidel51

            Show me an example of a serious author who wrote anything about high gas prices being a catalyst for systemic economic crisis. The fact is that the price of oil has crashed before nearly every major economic downturn in our history. It happened before 1929 and again in 2007. High gasoline prices have never been the leading indicator of a coming correction. Your argument is ridiculous. Also contrary to what you false recovery types keep spouting the extra money we all have from cheap gasoline has NOT been spent in retail establishments. Get your head out of your exit hole and smell the fresh lies coming from your government.

          • John Barney

            You are kidding, yes. If not, people like you really scare the hell out of me.

          • smallergovnow

            Nebbish…

          • nekksys

            Net exporter??? How??? I live just north of what was once one of the largest oil fields in America. First wells were drilled there in the 1930s using the stationary tower rigs.

            The company that runs the field now started ramping up production in July when oil was $100+/bbl. Now with oil under $50/bbl, the majority of the wells are idle. Out of 30 wells laid out along a 1 1/2 mile stretch of road, I saw THREE that were active this morning. If the US were a net exporter, these wells would still be going because demand would be high enough to keep them going. Since global demand for oil has dropped but production hasn’t been reduced in the OPEC nations and because of fracking here in the US, there’s a massive excess.

            But you hold on to that misconception because, apparently, when you pick a losing proposition, you really commit!!!

          • none

            GOOD NEWS nekksys:
            .
            All of those wells may soon be pumping? again!
            .
            Read Michael’s article again. It shows another new manufacturing base ramping, up?
            .
            The number of Trojan brand products are set to explode!
            ,
            Notice how a new market is developing in the “brothel”, business? Back in the 1930’s this happened in the U.S.

          • evanw6

            True indeed. There is also the 2T$ in sub prime loans guaranteed bt derivatives the only source for well paid jobs drying up. Will oil prices go up? Only if demand goes up. They are selling air drive motor cars now with a 300 km range/ We do need hydrocarbons to make pesticides and other poisons for Monsanto.

          • SodThat

            Do you have any idea what your debt is, including unfunded liabilities? The US is a basket case, it has no future, the future is to the east.

          • Do you seriously believe the nonsense that you spout? The US dollar is a debt-backed currency which requires perpetual growth in order to maintain anything; in other words, about 70% of dollars in circulation are not issued by the “government” broadly defined (most of the remaining 30% is implicitly debt-backed Federal Reserve Notes).

            Only about $50 billion of real, debt-free Treasury-issued money exists. As the public and private debt grow to unsustainable levels the private banks will be forced to take haircuts massive on their debt (but are still profiting because they created the loan out of thin air). Even so, the consequent deflationary spiral will be devastating to the economy as a whole. The US will collapse into a second-rate power.

      • Infidel51

        Keep drinking the kook aide. I bet you think global warming is going to flood the coastlines any day now as well.

        • FortuneSeek3rz

          Slurp, slurp. Mmmmmm….good!

        • Dajjie

          Arctic Ice Caps don’t disappear from nature in 5 years eliminating species Infidel51. Greedy unsustainable human activity burning fossil fuels will however. Get your head out of the tar sand.

          • Mike Smithy

            Wrong. you have bought into Al “The sky is falling” Gore’s convenient lie, fabricated to enrich the NWO elite. Climatologist’s have scientific evidence that indicates that the planet is now entering a mini ice age. Satellite imagery as of August, 2014 shows that the Antarctic ice cap is thicker and now covers more than 1.7 million square kilometers.

          • K

            And yet Congress just voted climate change is real. Even on something that is obviously wrong, they lie. The saddest part, most citizens will believe them.

          • sharonsj

            The Pentagon, in 2006, released a report saying that global warming was a threat greater than terrorism. Are you saying the Pentagon is a shill? P.S. The Ice cap is not thicker; it is bigger but extremely shallow because the underwater ice has melted. Quoting some conservative assholes doesn’t make it fact.

          • K

            You might want to quote a better source than the Pentagon. They have approved more weapon systems that don’t work, than you can imagine.They are just politicians, that wear uniforms.

          • Mike Smithy

            Oh I see, parroting liberal assholes and junk science is factually based.

          • Climate change is happening, and is useful to the NWO as a means of forcing the world’s population into destitution. Alternative energy sources exist but they haven’t been pushed for because the US is in bed with Saudi Arabia, China with Russia, etc.

          • Nope

            Oh, are there humans on Mars?

            Global laming is nothing but another “elite” scam.

          • Infidel51

            Global warming is a scam. Wake up.

          • Evil_shadow

            Are you saying that, foolish as we are, we are capable to divert natural flow of oceanic and hot air currents? Dman, im sure those poor people in africa would sell you all of their kids for few longer periods of raining…WAKE UP.Sure, we’re destroying our own planet, killing OUR FUTURE and future of our kids,but to clam, that it is OUR FAULT for natural occurances….You know, that we’re late for next ice age right? like some 10.000 years late or so…

      • mgrandma

        fortune, I like your satire.

      • Seen2013

        FourtuneSeeker3rz,
        You’re overlooking multiple factors:
        1). Russo-Sino’s latest trade and military treaty only expands their dropping of the US Dollar in trade.
        2). BRICS is decoupling. Russo-Sino is simply a few steps ahead largely spurred further by the Russo sanctions by the US and EU.
        3). China has trade agreements now expanding beyond BRICS to include Germany, Qatar, and Canada. China also put money into Greece, Portugal, Spain, and like two other European nations but forgot their names.
        4). China dumped US debt ‘US Surplus’ into oil imports from Saudi Arabia if China successfully adds Saudi Arabia onto dropping the US Dollar in denominated trade as chair of OPEC the floodgates open making the US Dollar utterly worthless in foreign demand beyond US militarily compelled usage.
        Without those nations buying US Treasuries and exporting US Dollar inflation, it must be monetized. While the US Dollar surpluses are forced to chase the same limited resources as well, this is why making owners shareholders in cooperatives and then some is important to establishing utter control.
        Think not? Most of those programs the cash is seized and replaced with Treasury bonds that must be sold or monetized to recreate the cash seized. Then, there’s wages that will likely increase justifying the 3-4% mandatory inflation rate being called for cupped with wage increases for minimum wage amounting to 1-2 quarters worth of increased purchasing power the inflation destroyed to spurn demand for increasing minimum wage from the word go.

        The Dollar is effectively done. If only, there was a cashless-paperless system with enough confidence to offer as a solution to a destroyed currency that was paper in a similar fashion the Greenback replaced Gold and Silver as actual currency when the Greenback competed against multiple paper-back currencies on top of it. Can you think of a strongly confident currency and better yet cashless? Start with Local Alternative Currency, Local Alternative Exchanges, and Chatham House…

        • K2

          Brics will never decouple from the dollar.

          • evanw6

            The sole and only goal of BRICS is the destruction of the USD threat to all countries and their economies. Better that than a US driven WW3. We had all better hope that Putin keeps his cool in the face of these silly antagonistic and irritating attacks by fear driven greedy elitists trying to hold on to their power and place.

          • K2

            Yeah keep telling that to yourself. Brics mean all five countries, brics is not russia alone.

      • Priszilla

        The dollar will surge, making American products more expensive.
        The euro will fall to 1990s levels, making European products more affordable.
        No change in Euro related trade within Europe, the majority of trade of European countries.

      • Kerux

        USD is surging only because other currencies are collapsing. The final fiat currency to collapse will the USD. When it does, it will be a worldwide doozy

      • SRVES339

        The dollar is rising as the terrified super elite rush to the safety of the LIQUID (’cause they print so much of it) dollar.

        It is not a sign of economic strength… in fact, it is quite the opposite… tic toc, tic toc…

      • Gay Veteran

        hey Einstein, high dollar makes our exports more expensive, and foreign profits of our companies less valuable.

      • concertgebouw

        You don’t acknowledge the huge issue of automation, the Obama – Boehner – McConnell amnesty of 5 – 12 million illegal aliens, and 92 – 102 million unemployed Americans aged 16 – 65 years of age. Next is the fact that the U.S. Congress admits 1,000,000 legal immigrants yearly, about 60 – 70% from Third World countries, which means adding to the $1.08 TRILLION dollars being spent on 81 – 83 federal social welfare plans, excluding SS and Medicare. Suggest you get caught up to speed on the USA of today, not 4 decades ago.

    • JustanOguy

      In the big scheme of things… Greece is as important as Iceland.

      • jox

        Or as Detroit.

      • evanw6

        Good point about Iceland. They did what all countries in trouble including Greece should do. Cancel the debt and throw central bankers in jail for their crimes against the state. That is Treason is it not?

      • Gay Veteran

        at least Iceland refused to bail out their banksters and sent them to jail

    • jox

      I think it’s more probable one solution ‘a la US’. I mean printing another trillion to artificially ‘solve’ all the problems of debt.

    • Nick Smegg

      Greece does not need to pull out of the European Union in order to repudiate its debt. I would have thought that even those who write for mainstream publications would know this.

      The Germans had their debt to the Allies largely written off in 1953 at an international debt conference, so why are they so unwilling to reciprocate? If the Eurozone (distinct from the EU) implodes it will be as much the fault of Merkel and Shauble, the driver of the Panzer Mark-IV wheelchair.

      • K

        Of course they do not have to pull out of the EU. I just do not see any advantage to them staying.

        • Nick Smegg

          No advantage to EU membership? How about free access to a single market consisting of 27 other nations, plus those which have free trade agreements with the EU, like Switzerland?

          • Evil_shadow

            That’s it?! Quite a lousy benefits, especially if you consider what you loose , when joining Eu.I know, we’ve been there 10 years ago, and im so so so sorry to cast my vote FOR joing Eu. Its all great for richer countries, but living hell for those on fringe of Eu.

    • Evil_shadow

      quite a real possibility, but if Germeny pull the plug on €, they’ll loose every trade partner in Eu.No more cheap labor force in southern Eu members…That would be disaster even for econmicaly sound germany.Most of south and southeastern countries are already in major sh!tty position with negative growth, strict fiscal laws, cutting down expenses but still unable to afloat…Without those countries even richer EU members wont be able to survive alone.

  • Bosnian Serb

    One dollar=1.75 KM, or Bosnian marks. How nice!! Please God let this go up to 2.2 KM :)
    Anyways, lets pray for the peace in Ukraine. There is a very brutal civil war there. Slavic brothers there are the victims of Russia vs Nato and Orthodox vs Catholic Church fighting for dominance.

    • JustanOguy

      Brutal?

      Seriously???

      • Gay Veteran

        1000s have died.
        is that is brutal enough for you?

  • Mike Smithy

    Q: How do they separate the men from the boys in Greece?

    A: With a crowbar.

    • Richard

      Er.. they don’t.

    • Religion=Plague

      Same way they separate catholic priests from little boys maybe?

  • AbingdonLady

    This year has started off so volatile. I told my husband yesterday that it’s my gut feeling this may be the last income tax refund we will ever see. I hope everyone will spend every dollar wisely and pray that God will guide you and give you wisdom to know how to prepare for what is to come.

    • seth datta

      The canaanites are getting the white man dead through abortion and staged wars against others. The bankers true religion is not what is claimed by Goldman Sachs but they are from Canaan and are not from Judah as Christ pointed out. Time to get good with God.

    • JustanOguy

      Keep living in fear….

      • ItIsWell

        Well, I can honestly say I have no fear of what is to come. Unfortunately, it is those people with their head in the sand that will experience real fear. I have enough for my family in the future and now Im just preparing to help those the Lord may send my way. It’s my prayer that God will keep the scoffers who will not turn to Jesus away and I have faith He will answer that prayer as He has never failed me yet. Prayer is our greatest resource so I hope everyone remembers that “If there be iniquity in our Heart He will not hear us”. May God be with you this year if our world falls apart.

  • jhowell882

    this is the same sort of thing that brought Hitler to power. the treaty of Versaille that enforced poverty, destitution and misery on the Germans after WW1, they were so desperate they brought Hitler to power because he said he could bring relief, and he did for about 2 years, and the rest we know.. history all over again

    • JustanOguy

      Yeah… but back then there wasn’t this thing called the internet where people could research and get information and not rely on propaganda.

      • John Byde

        I agree. A greek man whose parents search through bins every day and whose wife is on the game just has to look up the ECB, IMF economic figures to learn how well off he is. Laugh

        • JustanOguy

          My comment was about the rise of Hitler, not some dumb Greeks digging through trash cans.

          • ProgressivesSuck

            “Dumb Greeks digging through trash cans”?! Spoken like a true little sniveling progressive piece of trash..

      • kfilly

        Explain Democratic and Republican voters in the USSA then. Since there is so much information about the “two party” system here, why do people still vote for either party “knowing” that both parties suck?

        • Gay Veteran

          because they treat their political party almost like a religion. facts don’t matter, plus tribalism

  • Richard

    Excellent article, Michael. Well researched and proportioned, sober, informative, full of interesting and useful quotes… a real gem. Keep it up.. and thank you!

  • Makati1

    So, let the EU blow up and the Euro crash. Best thing that could happen to Europe and the world. Take down the TBTF banks and the Charmin dollar. Then pick up the pieces and start again at a lower, and much more level, standard of living for all 7+ billion of us.

    • Priszilla

      Picking up the pieces after such a crash and the subsequent right wing fighting for lost territories will only take about 100 or 200 years.

      • K2

        He/she seems to be kidding. Atleast i hope so…

  • Ray

    This is nothing but good for USA. Heck we have more oil than we know what to do with, markets are at all-time highs, and king dollar will only be stronger and with the strongest military in the world it’s a great time to be an American.

    • That is exactly what people were thinking the last time before the Crisis hit the US and the rest of the world.

      “We are the kings, nothing can happen to us. It’s all good for us!” …. and then BAAM!… we still have to recover from that one

    • Gay Veteran

      fracking was practical only with access to cheap credit. a lot of those junk bonds will default

    • Gay Veteran

      and when was the last time our mighty military actually won a war?

  • Matt M.

    Greece should have never joined the Euro Currency, they did not have the balance sheet to do so from the get go, and were only allowed in through a massive loan scheme from Germany. The Chickens are coming home to roost.

    • JustanOguy

      The Euro should have never allowed the Greek idiots in…

      • John Byde

        The Greeks should never have allowed the Euro idiots in.

        • Priszilla

          China is buying a Greek harbour to save travelling to Hamburg. China is also using trains to Hungary to circumvent the pirates near Malaysia and Somalia.

    • dougdiggler

      Gee, maybe the EU shouldn’t have hired Goldman Sachs to “fix” their balance sheet in order to get fleeced by the ECB?

  • Paul

    The E.U is a failed experiment. Sadly, the U.S with incompetent and corrupt leadership is turning into a failed state.

    • It would be better for everyone that the E.U. be a successful experiment. It was meant – in its origin – to avoid a third world war beginning on the Old Continent.

      Beside the Economy meant to unite the continent, the main problem in Europe is the unwillingness to go further in integrating nations into a full Federation of Nations (Political Integration), a little bit like America was able to do for their own profit…

      27 sovereign nations makes the EU, 11 of them using the Euro – each of those nations using different Financial rules, taxations… etc. Not withstanding the fact that each of those nations have their own History and Culture for centuries, and some grudge coming from the past wars against each other.

      The EU is a good idea on paper, but in reality it has to cope with a lot of unresolved problem back from the past.

      • John Byde

        Joel, I’m not even sure it’s a good idea on paper – a 1970s solution to a 1940s problem. However, I’m assuming your are Belgian or Dutch (forgive me if I am wrong!) and I admit that the EU seems a much better idea from where you are. For us Brits and PIIGS, it’s not so rosy. Regards!

        • Right on the spot hehehe :-)
          I’m from Belgium.

          True, it is understandable that viewed from Brits it’s not seen the same way. In a sense it is a demonstration of the complexity of such a project… such different culture either on the Continent or the British Islands.

          As for the idea, the original idea is an idea from the late 40’s, but it was not the EU we have today – it was the ECC. Today it’s more like a huge cold machine without any feeling, a perfect illustration of what Bureaucracy is.

      • The EU also needs to become more democratic. The European Commission of oligarchs, politicians and bureaucrats needs to be replaced by a Senate chosen by the national parliaments of each EU nation with an equal number of senators for each country by a multi-seat election within the parliaments, not a straight vote (to allow minority candidates to be elected).

        The European Council needs to be replaced by a European Presidium of one directly elected member from each country who will choose among themselves a President and Vice-President of the European Union (purely titular positions). This Presidium should function as a genuine executive.

        The European Parliament should be able to elect and dismiss ministers. Any MP with approval of more than 1/6 of the European Parliament will be able to become ministers, with portfolios assigned by the European Presidium. This would end the partisan, corporate oligarchic system of governance and give individual MPs the right to choose.

  • guest

    optomism is a great attribute, however, don’t forget about realism! Try to understand how the markets work, population/gdp, and then when you realize where we should be versus where we are you may have a different opinion of how great things are. Don’t buy into everything the media feeds you! Think for yourself! I recommend a book called “aftershock” by Robert Wiedemer. Read that and than lets see what you think after informing yourself and not letting the media spoon feed you!

  • Genada

    If they default no one knows what that will lead to. The banks that are owed that money may go under and it’s not just banks in Greece or the EU. Much of the debt is backed by credit default swaps coming from American banks.

    Greece really can hold the rest of the world hostage by just the threat of no longer playing the game. The entire world economy is built on fantasy, a fantasy that requires everyone to pretend they will be payed back when everyone knows they can not. If a player admits it’s all fantasy, it all will come crashing down.

    • alan

      I have a feeling someone will get a big fat bribe and then a nice bailout.

  • uknowme

    idk.. maybe Greece should learn from Hitler’s secret. Hitler came into power when Germany economy in great slump after WWI. but fuhrer manage to restore german economy & make german as most advance country in europe in just 12 years.

    • JustanOguy

      Weimar Republic…. I suggest you study up on it.

      • uknowme

        i also suggest you study about Third Reich, better if you study it from german point of view about third reich, hitler economic policy & what really happen in WWII. winner always lies when it comes to history. and its somehow have connection to our economic problem today.

      • David

        Do you think we will have Hyper inflation? For some reason a lot of economists are talking about deflation. Im not sure not that smart. I do know bad things are going to happen soon. I have prepared the best I can. the rest is in Gods hands

      • Always this example is trotted out. The reason for our slow and steady destructive inflation now is the fact that banks make currency out of thin air. We need a sovereign money system issued by an independent board to avoid Weimar concerns, but spent into circulation by Congress in accordance with the Constitution. To fulfill its roles as a payment processor for banks, determining interest rates, etc. the Fed should receive an appropriation from Congress.

    • K2

      He made it advanced by looting from the countries and people he occupied.

  • Bill

    “Too many events to keep track of” is like “all roads lead to Rome”. Remember what happened to Rome? Yes it fell just like the world economy is about to do. Greece is just another spoke in the wheel leading to the hub. As the spokes break the wheel is soon destroyed.

  • alan

    Ha Ha double screwed. The communist won’t have any money to pilfer for any free programs, so that should lead now where quick.

    I suspect the new leader will accept a nice payout from the Germans to stay in the EU and accept some more loans!

    Other option revolt and default. I think the bankers will win this one.

  • JustanOguy

    Big deal… the Greeks have been dumb for decades and they deserve what’s coming to them.

    Radical Leftists… LOL.

    Greece can burn to the ground and it’s not going to affect the U.S. one Iota.

    • John Byde

      Ah, the voice of humanity speaketh! One day it will happen to you, Justin, and your family. I hope you get more sympathy than you dish out!

      • JustanOguy

        If I’m ever as dumb as the average Greek that votes for idiots to waste my money away…. then I certainly deserve it.

        Until then… I have little to zero sympathy for stupidity.

        I have compassion for people down on their luck but I have little for people who did it to themselves.

        Thanks so much for your wishes you want for me and my family…….

        • John Byde

          You’re a hard man, Mr O guy!

        • David

          If your an Amerikan like me we are in for a world of hurt coming soon. I hate to see people suffer as well

        • brimp

          If Americans are so smart, How could we have voted for Obama, Bush, Clinton, Carter, Nixon, or Johnson? Who are you going to blame when the bankers and politicians can’t hide the American bankruptcy that is coming?

    • Genada

      It will effect us and everyone else. Everyone is connected now.

      That money they owe is owed to someone else and if they default it will cause major problems. Them defaulting could lead to banks then going under and create a credit event where credit default swaps are then triggered. If that were to happen we would see problems arise in many different places and some of those would be in the United States.

      The real fear of a Greek default is that then leads to all liquidity leaving the markets. It would be like it was for Lehman but involve countries. If Greece defaults it’s going to make people wonder about, Spain, Ireland, Italy. What’s the risk to banks in the EU, what’s the risk of US banks, what’s the risk of banks around the world?

      The United States is not going to be able to ride out a depression that hits world wide. The United States has credit exposure to every market in the world. If those markets run into trouble, it’s going to effect the United States.

    • David

      I dont think the bad derivatives sold to them by Morgan Stanley or Goldman Sachs helped. All of us under the central banks are in the same position. I dont have any answers but I can see the problems

    • Nick

      The cradle of democracy “dumb”, yeah that’s it. If the Greeks are dumb Americans are idiots because we are letting the same elitists screw us even worse.

  • John Byde

    How long can we afford to continue with the EU? What is it for? What does it bring us? It promised economic prosperity and peace in Europe. In reality, it brings the opposite. Here in Switzerland, we just uncoupled ourselves from the hapless Euro. Perhaps our bankers know something!

  • Swiss guy

    Europe want make you believe that if you leave it s going to be hell for you. it s not at all the case, you have countries that are not in the eurozone and their situation is much much better. Switzerland is OK. and Norway is OK too.
    so what the f… they are talking about.?
    what they want is suck you dry.. these guys in Belgium don’t give a jackshit about people. all they care about is how much the big European and USA managers in China can make.

  • Preparequickly

    Even if the ECB writes off 100% of Greece’s debt they would have to begin borrowing again immediately to have the same lifestyle as before austerity. Debt fueled prosperity does not work you cannot barrow your way to prosperity.

    • A spartan woman

      Dear preparequickly! Yes! We Greeks will continue to have the same lifestyle as before because all these great things we’ve got are paid (double and triple back to banks) by money that comes from our hard work. We are not the only nation on this planet that borrows money to do so.

  • jakartaman

    Maybe Greece is the point of the spear.
    A WORLD economic collapse is coming soon – There will be no escape for any country. Of course some countries will suffer more than others. If it gets real bad expect war for resources.
    What will emerge from the chaos is anyones guess – I pray it will be a world of compassion and love of our fellow man – not the greed.

  • dougdiggler

    Good going Greek voters for kicking out the banker stooges! Maybe they’ll ask Germany to pay back that massive indemnity they took from Greece at gunpoint in 1943?
    Watch out for the inevitable coup attempt…

  • Bill

    Fear of the approaching NE blizzard has cleaned out grocery shelves according to Drudge. Can you imagine what an economic calamity would do?

    • FortuneSeek3rz

      We already had a calamity in 2008, and the US has emerged as the strongest economy in the world, once again. So the evidence is there the US will always be the last man standing. I think it’s time to relax and enjoy life in the US of A.

      • Gay Veteran

        sniffing glue again, eh

  • anna miller

    George Soros funded Syriza The same oligarchs who set up central banks are now funding the rebellion. That sounds a bit familiar as well.

    • The only ones I’ve seen make this allegation are Golden Dawn-connected anti-Semites who would rather us go against the “Jews” (most of whom have nothing to do with finance) rather than the bankers themselves (who, admittedly, are disproportionately Jewish although not exclusively). Best of luck to Syriza and I hope that it works towards ending the debt-backed money system that characterizes all major banker currencies (USD, EUR, INR, CNY, JPY, RUB, etc.)

  • Malcolm Reynolds

    instead of intelligent, rational observations

    Said the imbecile that brought us this lil gem

    Religion is the devil in disguise. Keep supporting that lazy guy you call a minister or bishop or whatever. He likes your tithes and your servitude. THAT is all that religion is about. Power and cash

    • Gay Veteran

      instead of throwing around words like “imbecile” maybe you can actually explain why he is wrong

      • Malcolm Reynolds

        Ummm, If you really need it to be explained, then you’re probably an imbecile.

        But then, I know you and you’re most definitely an imbecile.

        • Gay Veteran

          LBJ after signing the 1964 Civil Rights Act supposedly said “We have lost the South for a generation”.

          but hey, you just go ahead and pretend all those racist southern Democratic voters just disappeared

          • Malcolm Reynolds

            LBJ stopped the Civil Rights Act and the left locked it up in committee and filibustered it, but you go ahead and pretend the left are somehow champions of civil rights. And then of course, there’s that whole problem that Jimmy Carter SWEPT the south after they all magically became republicans, but, meh, you’re an imbecile repeating the same bull shyte you’ve always spouted. Thanks for proving me right, imbecile.

          • Gay Veteran

            don’t you ever run out of straw to build your strawmen?
            did I say the South changed overnight?
            now where did those racist southern democratic voters from 1964 go? did they just disappear?

          • Malcolm Reynolds

            Lol, whatever you do, don’t keep paraphrasing the same garbage imbecile!
            Remember, I’ve posted all I can post and the info just didn’t stick with you. Maybe you’re just too much of an imbecile, stuck in your imbecile indoctrination.

          • Gay Veteran

            imbecile, imbecile, imbecile….
            you’re like a parrot who pretends to have never heard of Nixon, Republicans, and the southern strategy

          • Malcolm Reynolds

            See, there you go again parroting the same ol leftist lies that I’ve explained to you and linked for you. Amazing how that seems to do no good. Imbecile.

            should I say it three times?

            Explain how Nixon was the raging racist and wanted to attract racists, and yet immediately turned around and did MUCH to protect black people from democrats, like affirmative action funding, etc. Seems he was re-elected wasn’t he. Yikes, democrat racists must be dumber than I thought.

          • Gay Veteran

            did I say Nixon was a racist?
            NO, yet another strawman you built.
            But he certainly campaigned for the racist vote.

          • Malcolm Reynolds

            Oh look, denying your direct implication and the lie again. Imbecile.

            It seems that every time you comment, you keep proving you’re an imbecile.

        • Gay Veteran

          AGAIN: instead of throwing around words like “imbecile” maybe you can actually explain why he is wrong

          • Malcolm Reynolds

            AGAIN: if you really need it explained, then you’re probably an imbecile or a hater and no matter how hard I explain, it’ll make no difference to the crap you spout. See yourself for a prime example.

          • Gay Veteran

            project much?
            if you’re looking for an imbecile then you need only look into a mirror

          • Malcolm Reynolds

            Oh look, the ‘I know you are but what am I’ retort. Bravo!!! Bravo!!! Imbecile.

          • Malcolm Reynolds

            www dot twitchy dot com/2015/01/29/how-low-can-you-go-heres-how-cosmos-empowering-women-this-valentines-day-photo/

            Hey, so is this the kind of thing you and your fellow coprophiliacs enjoy?

          • Gay Veteran

            coprophiliacs?
            awwwwww, it’s just so cute when a troll like you learns a new word

          • Malcolm Reynolds

            Awwww that’s what you said the last time I referred you as a lover of man poop. You’re either an imbecile or I just keep learning the same things over and over.
            Chocolate buttholes for everyone!

          • Gay Veteran

            looks like you’re obsessed with poop.
            that’s appropriate considering the “intellectual” dung you poop out

          • Malcolm Reynolds

            looks like you’re obsessed with poop.

            …said the guy that has intimate relations with it. Imbecile.

          • Gay Veteran

            and yet YOU are STILL going on about it, pathetic troll.
            and sorry, I don’t have intimate relations with inanimate objects, you on the other hand……………..

  • Jack

    Follow the Gs Guns, gold, a garden, good water, a generator, gasoline, generic medicine, and GOD for wisdom

  • tacoma

    Greece as EU member, and as Eurozone member, is coming to a close. Only the mechanics need to the worked out. This election says Greeks will accept whatever comes as independent state, not as financial slave to Germany.

    But don’t count the Greeks as blind or stupid in this election. They have also seen an alternative. That alternative consists of strengthening ties with China, with Russia, with Turkey, and perhaps joining the Eurasian Economic Zone.

    China has invested in Greece and is prepared to do more. Greece has signed on to become a hub of Russia oil/gas to the EU. Turkey has signed on to be the terminal of new Russian pipeline under the Black Sea, which will extend to Greece. Greece has a long history of seafaring and want to become a major container terminal linking the EU market to China, which has a much shorter route. And the Chinese and Russians love to vacation in Greece historic islands, especially when the currency is very attractive.

    So all these present a different and attractive alternative to Greece, This is why the electorates now dare to ask the EU to take a hike.

    • A spartan woman

      Tacoma your analysis is right. Things in Greece are SO BAD, that voting something radical as syriza party seemed to be the only way. Many people who traditionally voted New democracy (the right wing) voted syriza! Our country is a EU member and euro is our currecy but that means nothing to us any more. Greece according to ” stability program” (supervised by mr Raihenbach a German officer here in Greece ) is doing great while 60% of young people are jobless and some lucky ones who still have a job must live their intire family and pay “mountain” of taxes with an average salary of 586 euro. I really don’t know if syriza will manage to strengthen ties with these countries you mension above (Turkey traditionally is not a good neighbour) but we keep our fingers crossed, hoping an alternative way if other Europeans (see Merkel) don’t want to see the real problem. It’s all or nothing. And don’t worry. Nothing is going to happen to America or rest of Europe if Greece (a small country) default

  • Matt thomas

    Good for them . Greece thinks that they can go against the banksters, good for them

  • Matt thomas

    But we can all agree if this brings down america we will all prosper

  • Rufus T Firefly

    Syriza needs to change the law and allow married women to become prostitutes.

    • A spartan woman

      why not? You will be my first client that i’ll sc–w

  • Nick

    The “fix” is in. This is starting to make more sense now.

  • chilller

    Telling the big oligarch banks to buzz off in order to save a floundering nation doesn’t sound radical or leftist to me. Besides…if the EU is so fragile it’s smallest contributing and debt laden country can take it down, it’s certainly not stable and would collapse anyway. The EU, like the US, is just looking for a patsy to blame their failed experiment on.

  • dis

    A cursory review of recent critical studies of history would bring home
    to you the fact that the Western governments’ insincere and
    hypocritical treatment of other nations and cultures has been censured
    in new historiographies.
    #letter4u

  • Christoph Weise

    Don’t worry Berlin and Bruxelles will do everything to keep Greece in the EU just opposite to what they openly say. Imagine Greece cutting all debts, issuing a Drachme2 and walking successfully the way of Island. What a horror if Spain and Italy find out and try to do the same. The EU would face, in the nice words of Elon Musk, a RUD.

    • Hopefully Greece finds a way to make the Euro a non-debt-backed currency and a model for the world, rather than the financialized morass it is now.

  • K2

    Would you bet on your life that they will? They wont decouple because they no longer can buy oil from OPEC if they do that. Maybe russia dont need to, but others need to. And they also cannot survive without the US since they need the US more than the US needs them.

  • RageHard84

    What would one do if things got this bad in America? There probably aren’t enough wild animals for everyone to hunt, and gardening is only an option for those who have the land for it.

  • charles

    The answers very simple, what do the banks say when you cant keep up the payments on your loan? Yes they say we will extend your length of time to repay the loan which lowers the yearly amount. This is what will eventually happen with Greece and the EU. The alternative is to leave the EU which they dont want to do.

    This is the best solution from both sides point of view.

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