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The Financial Collapse Of Greece: The Canary In The Coal Mine For The Global Economy?

The rest of the world needs to sit up and take notice of what is going on in Greece right now.  This is what can happen when you allow government debt to spiral out of control.  Once it becomes clear that you can't pay your debts, a financial collapse can happen very suddenly and you start losing your sovereignty to those that you must turn to for financial help.  So is the financial collapse of Greece the "canary in the coal mine" for the global economy?  EU finance ministers have given the Greek government two weeks from Monday to approve another round of brutal austerity measures.  If the austerity measures are not approved, Greece will not receive the next bailout installment of 12 billion euros.  If that happens, the whole globe better buckle up because it is going to get crazy.

July 3rd is the deadline.  Basically the EU has put a gun to the head of the Greek government.  Without this bailout money, Greece will default and economic hell will break loose all across the country.

It is important to keep in mind that this is just the first Greek bailout that we are talking about.  Last year, the EU and the IMF agreed to provide the Greek government with a 110 billion euro bailout. The current 12 billion euro installment is part of that package.

Sadly, it has become apparent that the first bailout is not going to be nearly enough for Greece.  A second bailout, which will be the same size or even larger, is already being discussed.  This is going to put the Greek people even more under the heel of the money powers in Europe.

Keep in mind that all of these "bailouts" are just more loans.  There is no way that the Greeks are ever going to be able to repay all of this money.

But this is what happens when a nation lets debt get out of control.  For years and years it can seem like all of that debt does not have any consequences, but then the day of reckoning comes and it is a complete and total nightmare.

In order to get the next installment of 12 billion euros, European finance ministers are insisting that the Greek Parliament approves a package of austerity measures that will be worth approximately 28 billion euros.

At this point, it is uncertain whether those austerity measures will pass.

However, the pressure on the Greek government to get them pushed through is immense.

These austerity measures include tax increases, budget cuts and a "large-scale privatization program".

This is often what happens to third world nations that cannot pay their debts.  Organizations such as the IMF or the World Bank will come in and insist that they tax their people more, cut back on their spending and sell some of their public assets to big corporations.

As we can see from the wild protests that have been taking place in Greece, a significant percentage of the Greek population is not happy with all of these austerity measures.

Unfortunately, the EU and the IMF are able to put a lot more pressure on the Greek government than the Greek people are.

Greek Prime Minister George Papandreou recently gave the following warning to the Greek people about what could happen if this debt crisis ends badly....

The consequences of a violent bankruptcy or exit from the euro would be immediately catastrophic for households, the banks, and the country's credibility.

Not only would a Greek default be a total disaster for Greece, it would potentially be a total disaster for the entire global financial system.

Sung Won Sohn, an economics professor at California State University, recently made the following statement about the seriousness of the debt crisis in Europe....

"The European debt crisis has the potential to have as big an impact as the subprime mortgage crisis did in the United States"

So will these bailouts solve the problem?

No, giving Greece more loans is only going to kick the can down the road for a little while longer.

The truth is that Greece is bankrupt.  Unless huge amounts of Greek debt are forgiven, Greece is going to default sooner or later.

When confidence in the finances of a nation is lost, borrowing costs can go up very quickly.  Today, the yield on two year Greek bonds is up to 28.6%.

Anyone that has ever been late on paying their credit cards knows how painful an interest rate like that can be.

So why doesn't Greece just slash government spending to the bone and get their financial house in order?

Well, it is not that easy.  Harsh austerity measures have already been implemented.  As a result, unemployment is rampant and there is rioting in the streets.

The truth is that, as an article in The Guardian recently explained, austerity has taken a brutal toll on the Greek economy....

A year of wage and pension cuts, benefit losses and tax increases has taken its toll: almost a quarter of the population now live below the poverty line, unemployment is at a record 16% and, as the economy contracts for a third year, economists estimate that about 100,000 businesses have closed.

As the economy crumbles, Greece has descended into an almost permanent state of civil unrest.

The fact that the EU and the IMF want even more austerity measures has sparked some wild rioting In Greece in recent days.  You can see video of the stunning violence going on in Greece right here.

Not all protesters are being violent.  Some of them are showing their displeasure in non-violent ways.  For example, workers for Greece's state-owned electric utility are staging 48 hours of rolling strikes that are designed to create blackouts over large areas.

The frightening thing is that Greece is not alone.  Ireland has already received a bailout and they are probably going to need another one at some point.

Portugal is a financial basket case and they are probably next in line for a bailout.

The employment situation in Spain is absolutely nightmarish.  Spain will probably be able to squeak by without a bailout if the global economy stays stable, but if the dominoes start to fall Spain could be in a massive amount of trouble very quickly.

Not that many people are talking about Italy, but the truth is that Italy has a huge debt problem.  On Friday, Moody's warned that it may downgrade Italy's Aa2 debt rating at some point within the next 90 days.

Belgium and France also have very substantial debt problems.  They probably would not be the first dominoes to fall, but if the "contagion" starts to spread they could certainly have massive problems.

The truth is that Europe's entire financial system is extremely vulnerable right now.  Big banks all over Europe (and especially in Germany) are leveraged to the hilt.  All it would take to topple many of them is a stiff breeze.

When Lehman Brothers collapsed, it was leveraged 31 to 1.

Today, German banks are leveraged 32 to 1.

German banks are also holding a massive amount of Greek debt.

That is why there is so much fear that the crisis in Greece could spread across the rest of Europe and start toppling dominoes.

The sovereign debt crisis in Europe did not happen overnight and it is going to be with us for a long, long time even if the global economy remains relatively stable.

At the moment, the best that officials in Europe can seem to come up with is to put off the pain for another day.  Pimco's Mohamed El-Erian told CNBC the following on Monday....

"This problem is not going to go away. It's going to weigh on markets here and we're going to see the same set of headlines over and over again. We simply cannot continue to kick the can down the road, because we're coming to the end of the road in Greece."

So if Europe starts having major problems will the U.S. step in and help?

Yes, if the crisis in Europe gets worse, the Federal Reserve will probably step in just like they did back in 2008.

But the U.S. is rapidly approaching a day of reckoning like the one that Greece is going through.  The U.S. government has piled up the biggest mountain of debt in the history of the world and faith in the U.S. dollar is dying.

The economic crisis in the United States gets worse with each passing year.  Yes, the Federal Reserve can print up stacks of money and send it over to Europe, but that isn't going to solve anything in the long run.  The truth is that the U.S. is not even going to be able to keep itself from drowning.

The world financial system is far more vulnerable today than it was back in 2008.  The next wave of the financial collapse is going to hit at some point, and when it does it is going to probably be even more painful than the last wave.

Our world is becoming an incredibly unstable place.

You better get ready.

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  • Kevin

    The people wanted the good life with medical benefits and an early pension while the work was “farmed out” to the developing world. Greed across the board may be the stone but fiat currency and fractional reserve banking is the cement that make it all possible.

    “No one’s right when everybody’s wrong”. It’s time to pay the piper.

  • gordon gekko

    the only option for greece if they want to stay a sovergn nation is default.if they take a bailout, the bankers move in and slice that country into little pieces and sell it to the highest bidder (china)aka people’s republic of greece

  • Saladin

    the west will die, and the Caliphate shall reign supreme. Europe will be conquered en destroyed. America shall be nuked throug the mighty Caliphate. ISLAM shall PREVAIL

    • the Beast

      I doubt that you are a Muslim. Even if you do, you must be not a smart one. You spread false claims on Islam. No religion of God, be it Judaism, Christianity, or Islam is targeting a destruction of any civilization.
      Maybe you should read the Qur’an more and stop listening and obeying that preacher of yours that is claiming to be the inheritor of Prophet Muhammad (Peace be upon him).
      The religions that worship the One True God will prevail both in the East and the West. No one will be annihilated.

      • Freeman Drake

        Please remember, dear brothers and sisters of all creeds and colours, of religions and beliefs – one thing the illuminati want us to do very much is fight amongst ourselves. Devide and conquer. Don’t walk into their trap! We must stand together as united human beings on planet Earth. Love one another and raise the consciousness so we can end the evil of divison and ignorance once and for all.

    • San Diego sk8er

      Islam is evil. Mohammed is Satan’s prophet. In the latter days you will go into the valley to rage against Jesus, and you will see his might. His garments will be stained red from the blood of the wicked. Woe to you.

      • L8er sk8er

        Really? Yeah, gonna get my theology on from a sk8er. Bet your biblical ignorance would fill a…a Bible!

        • Sk8er is right

          Sk8er is right. Read all the countries Jesus fights when he returns. Can you find one that is not Muslim?

      • Paul

        So the world will end as an episode of the Transformers franchise? Thanks dumb as ******* American christians and infantile Muslim whatsit for your razor sharp insights. Now can the adults resume the conversation please?

        • San Diego sk8er

          Have you even considered the evidence for Christianity? Or are you just making a blanket statement out of ignorance? There is an overwhelming amount of evidence for creation, and for the resurrection of Jesus. Go do your homework and then tell me that spiritual matters are fictitious and irrelevant. I’m telling you, my friend, there are things going on behind the scenes. There is a war, and the battle is raging.

    • Ben Dover

      Even if the whole world was given to the Islamo-nazis, in less than 50 years the whole world would be like Afghanistan.

      What has Islam given the world in the last 1000 years (besides the car bomb and suicide vest)?

    • Bob

      Hey Saladin – when the world is thrown back into the seventh century due to radical Islam, and all your enemies are dead, who will you focus your cult religion’s hate on then?

      It is a pity I won’t be around to see you radical Islamists tear each other to pieces, calling each other “infidels”.

    • KB

      uh-huh…(eyes rollin’)

    • Peter

      Dream on. Islam is doomed to be destroyed by Jesus of Nazareth~ not your false jesus.

    • Crusader

      Saladin, why don’t you go detonate your suicide vest and we’ll be done with you. The West, Israel, Christianity, Judaism, freedom and liberty will conquer the evils of Islam as they have throughout history.

    • Euro-Cassandra

      Do you know the difference between Israelis and Arabs? Put some Israelis into the desert and ten years later it will look like Tuscany. Send a couple of Arabs to Tuscany and ten years later it will look like a desert.

  • http://www.anticarpolicestate.blogspot.com SmokeDogg

    I think you’re asking the wrong question. You mean the Canary in the coal mine for the US Economy, right?

    There’s a lot of Canarys in America, Ill Explain.

    Socially:

    1. The Prison industrial complex in America was allowed by God to imprison Blacks, and if we responded by ending this incarceration and setting those Blacks free for mostly non-violent drug offenses, then God would spare American Christians from the same fate, and bless America even more. Did we end the incarceraton….? Humm…? NOT!!

    Instead, White American Christians responded by listening to their Racist Wall St Illuminati/Trilateral/Rothschilds Funded Pastors telling them to be tough on those “Black Thugs.” The White Christians got trapped in the Race Trap calling for “tough on Crime” measures by their Lying Conservative leaders which resulted in:

    - The Collapse of the Black Family
    - The virtually permanent impoverishment of the Black Inner City and rural Classes through the badge of a “Felony” on their record.
    - Draconian Sentencing imprisoning 20 year old Black males until the age of 60 for carrying bags of crack. Thus, contributing to the population control agenda of the elite by keeping as many Black males off of the street and out of the Vagina as possible.

    Which will result in these Consequences, because God loves to teach people a lesson:

    - The White Christian Family will be broken up in the same manner the Black Family was broken up.
    - White Christian Males will be targeted by the Police State as “terrorists” and be incarecerated in the same manner Blacks were targeted as “Thugs” and imprisoned.
    - Whiet Christian Males will be discriminated from getting a Job in the same Manner Black Males were discriminated against from getting a job.
    - White Christian Males will be imprisoned with draconian sentencing that will see 20 year olds go to prison until they are 60. Thus, keeping them out of the Vagina and in the cell- Population Control.

    2. The “Daddification” of Women in the Black Community resulted in a group of women who may be physically attractive, but their Funky Overbearing Attitudes arent attractive to the point that it serves the needs of the population control masters. It detracts men from rasing the family along with the other economic forces against them, and they “fly the coup.” This serves the needs of the elite, because 2 incomes in a home makes a home for the most part more prosperous. 1 female income in a home keeps the family, and successive generations trapped in a cycle of poverty making them weak enough to become victims of the Elitist Eugenics Pogroms.

    Next Stop= White Women.

    GET OVER IT, MEN HATE AGGRESSIVE WOMEN, AND IT GOES AGAINST NATURE. WOMEN ARENT SUPPOSED TO BE IN BURQAS, BUT THEY ARENT SUPPOSED TO OVERSTEP THEIR BOUNDS AND PLAY IN THE MAN’S YARD EITHER. IT ALSO GOES AGAINST NATURE FOR A WOMAN TO HAVE HER HAIR CUT ABOVE THE BACK OF HER NECK- This makes women Look like Men, and serves the need of population control advocates by making women look less attractive hence less sex.

    Women are supposed to help mates, and cover the areas where men are weak- NOT THE AREAS WHERE MEN ARE STRONG.

    THE MAIN GOAL OF THE POPULATION CONTROL ADVOCATES IS TO HAVE MEN GONE FROM THE HOME AND MEN OBSOLETE- AS MEN WILL NATURALLY QUESTION AUTHORITY, WHILE A WOMAN WILL FOLLOW AN AGENDA ALL THE WAY TO A FEMA CAMP.

    Morally:

    1. God has been taken out of the schools, and as this has happened God the Father is spanking America, and until we change he will continue to spank this country.

    2. More and More Americans are renouncing their faith. 20 years ago 90% of Americans identified themselves as Christians, now some estimates put it to as low as 68%. America barely has a Muslim population compared to say Europe, so it has to be people turning to- Athieism, Paganism, Church of Satan, etc.. worship.

    3. The Brainwashed Wall St Church in America thinks it’s ok to place young Black men economically forced to sell dope into jail until they are 70 years old, while at the same time supports homosexuality, and in some extreme cases encourages it.

    4. America’s Wall St Church supports Israel Killing Palestinians, and therefore this will be their fate with Oshkosh Military Trcuks outside of their homes scooping them up at night.

    5. America’s Wall St Church supports Capitalism and Corporatism, when both economic systems not only go against God, but also goes against the Eocnomic system outlined in many parts of the Bible that we should follow.

    Economically:

    Did any of you forget about the 106 Trillion in unfunded Libabilities in part of the US?

    Did any of you forget about the $1.5 Quadrillion (1500 Tillion) Dollars in Credit Default Swaps still floating around?

    Simply put America is cooked, and my statement may be long, but it’s a lot less than what it could be.

    • jack nichols

      Hey Smokedogg. I am a white retired male. As unreal as this will sound, I for the most part of your statement agree with it. It is true that the government/justice/prison/military/industrial complex AKA the Fascist government is taking advantage of the nation’s black men. These men are being incarcerated in a neo-slave system. I am a Christian, and I find Islam the antichrist. But your observations are spot on. Until the true Americans put race and the foolish left right paradigm behind us and come together as a unified force the elitists will control our country. I might be a honky cracker, you might be an ********** but together we make an awesome force to be dealt with. Here’s to a united brotherhood of American Patriots interested in a free America that was originally given to us the people.

      • Paul

        I free America (or anything else) seems to be the last thing on your minds. Seems to be a feature of christians.

    • McKinley Morganfield

      You’ve swallowed W.E.B. Du Bois and Malcom X whole hog, but you should’ve been getting hip to George Washington Carver.

  • mondobeyondo

    We need to pay VERY close attention to what is happening in Greece right now. Because this is what our future will look like.

    The only reason the U.S. isn’t feeling the same austerity pain and protests (yet), is because we can keep running the printing presses. It’s one of the priviledges of having the world’s reserve currency. The U.S. can keep printing more dollars and kick the can down the road a bit farther. Greece cannot print more euros to keep itself afloat. So they have to kneel and grovel for another bailout, make further cuts to social services, etc.

    We aren’t doing any better though. We’re printing dollars to infinity and beyond. I don’t know what’s worse – having no money at all, or having a truckload of money that’s worth nothing.

    Make No Mistake (copyright Barack Obama, 2008) – both Greece and the U.S., as well as several other European countries, are all on the same road. We all missed the exit that said “Path to Fiscal Responsibility”, and there are no more detours. Hope you have your seat belts fastened, it’s gonna be a very bumpy ride.

  • http://everything-survival.blogspot.com/ Jäger

    The last 2 sentences of this article;

    “Our world is becoming an incredibly unstable place.

    You better get ready.”

    Yep, I couldn’t agree more. If you have not started to get yourself and your family ready and prepared then now is the time. Not only for some type of economic decline or collapse but there are a number of events that could happen that if you are prepared you will be way ahead of the game and more prepped then 98% of the people out there now.
    If you have been prepping then go back over your plans, double check everything, make lists of what you need and things you want to accomplish, stock up on what you think you may be missing. Also research more on getting ready, study and learn. If you are new to the prepping field or have been doing it for awhile here is a site that may help you out.
    I’m not selling anything, to busy working as a police sergeant, my desire is to help people and this is one of the ways I can help people out.
    http://everything-survival.blogspot.com/

  • DownWithLibs

    So you are saying to watch Greece very closely because this could be a harbinger of things to come?

    • http://infowars.com Forte

      if you are smart, you will keep a very close eye on Greece. I know I will.

  • mondobeyondo

    Greece: “Um… ECB, we’re gonna need another loan”
    ECB: “What happened to the bailout we gave you last year?”
    Greece: “Um, er.. we spent that. We’re gonna need more cash”.
    ECB: “Hmmm, this is going to be painful for the Eurozone”
    Greece: “I know, I know! But we’re really in debt right now”
    (Riots and protests in Athens)
    ECB: “OK, we’ll see what we can do. But there are conditions…”
    Greece: “OK, OK!! Whatever! Just give us some money!”
    ECB: “You’ll have to lay off more government employees, raise prices in the stores, cut all government spending… oh by the way, when will you pay us back this loan?
    Greece: “Huh?”
    ECB: “When will you pay back our loan to you? You haven’t even begun to pay back the FIRST loan we made last year.”
    Greece: “Oh *%(@*!!! Umm, we’ll pay everything back in let’s say…2024?”
    ECB: “Alright… we’ll talk to Germany and see if they can approve it…but remember the conditions we set”
    Greece: “The people will not like this one bit”

    (The loan is approved, austerity measures implemented. Greece explodes in flames)

  • http://erectuswalksamongst.us/ Maximus Hardwoodius

    Ah, the magic of leverage. I understand the
    Federal Reserve (which is a private cabal of
    bankers who’s sole purpose in life is to live
    of off money they extract from YOU) is leveraged
    53 to 1. Greed, pure and simple. Try to get
    as much for nothing as you can. Glass-Steagal
    put limits on the ability to increase leverage.
    The bankers lobbied to have it repealed. Look
    at them NOW: FDIC has ZERO(0) money left.
    How will they rescue depositor’s bank accounts?
    Talk about leverage….

  • Maria

    THE DEBT IS A COMPLETE FRAUD! IT WAS CREATED BY THE BANKS!

    And who do we find at the heart of this mess? GOLDMAN SACHS!

    The Greek website below is in English.

    http://stopspeculators.gr/

    Stopping the bailouts will be difficult, but it can be done. It must be done in order to bring down the destructive banking apparatus that is in place.

    The people of Greece are at the tip of the spear. Next it will be Ireland, Portugal and Spain. Soon it will be us, America!

    Support the people of Greece in their fight against the corrupt banking system. Help them help us. People of the world must unite against the corruption.

    To the ancient and noble people of beautiful Greece!

    Fight back against this banking takeover of the world! Have courage in your battle, and set the example for people of all nations! The whole world is praying for your victory! You do not have to accept this corporate banking takeover of your country. Stand up against them. Do not accept their austerity measures. The people of Greece do not deserve to be enslaved to the banks who created all of the fake debt! Help each other to fight!
    Take back what they are stealing from you!
    Hold the criminals accountable, and put them in prison where they belong!

    • Johnny Paycheck

      Finally, someone with a brain.

      The Greek People are not “asking for a bailout”. It is being FORCED upon them so they will be in the bankers’ control.

      Greece is Ground Zero. If Greece caves into the International Banking Cabal, Spain, Portugal, Ireland and Italy are next.

      Endgame: United States.

      I support and applaud the Greek Rebels who are fighting back.

    • Skittles

      Maria, you are so right on with absolutely everything you said. I know so many people who think I’m crazy for saying what you just did. How can they be so blind?

    • Euro-Cassandra

      Thanks for your comment. As a matter of fact, a couple of big banks were helping Greece to gain access to the eurozone – which it was never fit for. Now the same banks are the first ones to buy the most precious assets of Greece for a handful of dollars, i.e. just some more worthless paper. It seems however, that the Greek protestors are going to thwart these plans. Let´s just hope that they will scare the sh…t out of their government…

  • Maria
  • Steve

    See, we’ve got stuff that Greece has never seen:

    The Bloods, Crips and the MS-13! :(

    Be very afraid!

  • McKinley Morganfield

    Well written article spelling out the inter-conncection of the big private and central banks. I also like that you don’t point fingers and anyone single culprit, nearly everyone is responsible in one way or another. IMO the contraction has to occur, its just a question of how orderly the problem is handled. The more money throw into the endless debt hole, the more painful and long lasting the contraction will be. Stop bailing out the too big to fail banks, insurance companies, and corporations. Take the hit and begin the slow process of rebuilding an economy that is not build upon easy credit, high levels of consumption, and financial shenanigans by the likes of Goldman-Sachs, JP Morgan, and all the other fraud artists; including quasi-governmental organizations like Fannie Mae.

  • Ben Dover

    It is strange how seemingly intelligent people think you can solve a debt problem with more borrowing. That strategy will work as well as fighting a house fire with kerosene.

    Three observations:

    The Greek economy has been falsly propped up for a long time. The reality is that Greece has little industry other than tourism. I can understand them wanting a good standard of living, but it must be earned.

    The EU is actually bailing out German banksters. Let them fail. They only made these lopans because of a bailout was always expeced. They knew these deals would go bad at some point.

    The USA will look like Greece.

    That said, I hope the Greeks (and soon Americans) tell the IMF and World Bank to f**k off. This will be painful, but accepting their “help” will be worse.

    • mondobeyondo

      I can’t see how Greece is going to recover anytime soon. You are right, tourism is their main industry. They have no real manufacturing base. Greece doesn’t make autos, electronics or furniture. You can’t base your economy on the sale of gyros and olive oil and expect a quick recovery. Nevertheless, I hope they make it, somehow…

      • Waldo

        A quick recovery from WHAT? The whole World is polluted with instruments of debt which are erroneously referred to as ‘money’ – if we are to regard a true definition of money as being true reflections of the goods and services it’s supposed to represent.

        There’s nothing inherently wrong with Capitalism. When the integrity of it’s methodology is honored a fair system of economic justice is reflected. Needless to say this is, and has not been the case for a very long time. At the very outset of it’s invention the malevolent wheels started turning inside the heads of elite bankers, best symbolized by that famous quote from Nathan Rothschild, “Give me control of a nation’s money and I care not who makes it’s laws”. What we call money has been weaponized ever since as Atlas continues to shrug.

  • http://www.youtube.com/safearmsreview SafearmsReview

    “Our world is becoming an incredibly unstable place. You better get ready.”

    Well said – the more debt one takes on the worse it becomes when the crash hits. If ppl are not prepared with emergency water, food, medicine, guns, ammo, etc it could get real ugly.

    I wish I could believe that there is hope for the U.S. but with the majority of politicians being & doing stupid (going aginst the constitution & the rights of its citizens) I see only more heartache & pain.

    Despite this grave & sometimes depressing news, never forget to love your family, have fun & get prepared.

    :)

  • Bobcat

    Why doesn’t Greece do the same thing Argentina and Iceland did?

    Even if Greece sell off it’s public assets, it will still default. Greece can’t service that debt. It is therefore a bad debt. Imposing austerity will not result in this debt being paid. Austerity makes it less likely the debt will ever be paid or even serviced very long.

    This is all about making bankers whole who gambled in highly speculative ventures, lost their shirts and now want working people to cover their losses.

  • Patriot Alice

    Greece can solve it’s financial problems by: Building a Collusseum like Rome did, and entertain the public with Gladiators and Lions like the Romans did…WORLD TV and MOVIE ratings will go through the roof… Who will fight??? The same people who’ve destroyed their country…….

    • DownWithLibs

      Remind me not to get on your bad side!

  • Paddy

    One will be judged by the deeds that they did in this life. Unfortunately for some the winner will not be the one who leave this world with the most money. So chin up and put your faith in God as this is all part of his great plan.

  • Paul

    What’s the point of increasing tax, if the Greek government is not collecting taxes?

  • Ian Lucas

    Michael, may I suggest that you acquaint yourself with Modern Monetary Theory. It has quite a different take on the significance of public debt.

    In a nutshell: public debt is indeed very bad for Greece because it has signed over its currency sovereignty to the EU (read: France and Germany). Currency-wise they’re in a similar position to US States. But: countries which control their own currencies can never be insolvent. Hence the Greek case is not directly translatable to other sovereigns.

    Try Bill Mitchell’s blog (bilbo.economicoutlook.net/blog/ )

    • Michael

      Ian:

      The United States government does not control our currency.

      The Federal Reserve does.

      Michael

      • DownWithLibs

        Which makes our position all the more frightening. Who is this “Fed” anyway?

    • McKinley Morganfield

      Michael is right, the Federal Reserve is a private bank, and every single $ printed/digitalized is debt owed by the people. However, even if the federal government actually issued its own currency (which it has done on 5 or 6 short lived periods in the past) it can still ‘default’ via hyperinflation. Currency is nothing more than an agreed upon method of facilitating trade. Once faith in the value of a currency (in real terms… can I buy a loaf of bread with $2 or does it take $200,000,000,000) evaporates the nation is insolvent.

  • Kw

    Saladin:
    islam is a false and evil religion based on conquering and murder.
    God will never allow you to prevail.

  • DIPAK

    It is evident that 1% of people own most of the wealth and power.It is a worldwide phenomenon and these rich and powerfull are more united and organised then the middle class and labour class.It is clear that rich are getting richer at an alarming rate,and inversly opportunities for middle class and poor is evaporating due to inequal distribution of wealth.Power and wealth is in control of these 1% people,and we people have lost sight and are not able to question our rights of transperancy in asking these people in power,how they are spending public property and taxes collected to satisfy their own greed and in multiplying their wealth.Now the time has come,as it is evident in many parts of the world,people are realising that how a elected representative get unlimited power to loot the nation.In last few years no major calamities and famines have struck,then what has happen so big that everyday people in half of the world are living in distress.It clearly indicates that the problems are man made and due to few peoples greed.

    • Gary2

      good insight, you are 100% correct.

  • ScoutMotto

    This is a wakeup call. Greece was not some third-world nation. But they will end up this way soon. Unless we abolish the Federal Reserve, we will end up the same way.

  • http://Www.no2foreclosures.info DaVid

    Let the financial and economic collapse happen sooner than later. Look to Argentina in 2001 as the model of how a country can pull itself up when it tells the IMF and the World Bank to Fu*k itself.

    More financial heroin will only lead to bigger financial crashes.

  • justamom

    Why is it that politicians won’t step up to the plate and initiate large cuts to their own salaries, benefits, and pension plans???? Perhaps if they could suffer the most austere and severe cuts, the people would see that they (the politicians) are serious about saving the sovereignty of the nation.
    Seems like America ought to be considering the same plan….

  • Johnny Paycheck

    Also, what are the chances that the “violent protesters” are plainclothes policemen and foreign intelligence agents? It’s probably around 99.8%.

    And if you think I’m a “Conspiracy Theorist”, well, sorry I interrupted your daily dose of FOX / MSNBC / TIME / NEWSWEEK / RUSH DILDO / SEAN INSANNITY / CNN / GLENN BECK / RACHEL MADDOW / etc.

  • Covington

    Jim Rogers was on CNN International’s “World Business Today” this morning. He does not mince words. He said Greece will default. There is no way they can pay down the debt. Furthermore they should default, leave the Euro and go back to the drachma. Thats really what the people want. Same thing with the Germans. This should be a wake up call for the USA. Great article.

  • karen

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  • tyrusray367

    The truth is that, as an article in The Guardian recently explained, austerity has taken a brutal toll on the Greek economy….

    A year of wage and pension cuts, benefit losses and tax increases has taken its toll: almost a quarter of the population now live below the poverty line, unemployment is at a record 16% and, as the economy contracts for a third year, economists estimate that about 100,000 businesses have closed.

    Please can we stop accepting the Keynesian premise of “austerity” or cuts in government as a CAUSE of economic slowdowns. It’s a symptom not a cause. The massive government spending is the reason all those pensioners and public workers CANT be paid outlandish salaries or receive massive benefits anymore.

    Instead, we just merrily go along with the fiction that cutting government is akin to slitting our own economic throat. Who benefits from this? Statists that’s who.

    Change the word “austerity” in the opening graph of this post to the word “socialism”. See that was simple and accurate.

  • Steve

    In a related story, Obama, the GOP and the Wall Street banksters are setting up another economic train wreck and looting of the public treasury, i.e. you and me…Please check out the ideas of the economist Martin Hutchinson (“Alchemists of Loss) for the SEC regulations necessary for a transparent stable financial market that will not crater again due to Wall Street banksters. (Bring back Glass Steagall, outlaw derivatives no one understands while setting up an exchange for the others, outlaw “naked shorting” of equities, require buyers of credit default swaps have a direct insurance need as the counterparty, treat CDS’s like insurance and require reserves to be set aside like every other insurance firm, require banks to continue to have a financial interest in any MBS or CDO products they sell).

  • Maria

    Michael,

    You mentioned Germany is holding a massive amount of Greek debt, but you didn’t mention that American banks wrote 129 billion worth of Greek credit default swaps. We guaranteed 129 billion of the Greek debt. If Greece defaults, our banks will owe 129 billion dollars to the German and French banks.

    How many more of these credit default swaps have “our” banks bought…Ireland, Italy, Portugal Spain? 129 billion may not seem like much, but how far did this gambling game go? Ask yourself…do the American people really owe this money, or is it the banks who made the obligation in our name?

    It is poker money! These banks have been playing highly risky investment games for decades thinking governments will just keep bailing them out. Thus far that scheme has worked.

    It needs to stop now. Greece needs to default, and we need to default.

    Yes, it is going to be very painful. But if we do not stop it now, it will be much worse.

  • DeathSpiral

    Don’t worry folks. Even if other countries don’t want more dollars or euros there are still a couple other places for worldwide governments to borrow as shown below:

    http://www.federaltimes.com/article/20110516/BENEFITS03/105160302/

    http://washingtonexaminer.com/blogs/beltway-confidential/2011/01/europe-starts-confiscating-private-pension-funds

  • http://www.facebook.com/itsallone Fez Miester

    THIS IS A SMEAR OF THE CURRENT ARTICLES ONLINE FROM MY SURFING. – i put it up as a argument supporting the above sentiment. – I lived in Greece from 04 to 2010 and I am glad I did, but I dunno if i’d rather be in a small country when it collapses, or a big mother like the USA, -currently in FL. – hard to judge.

    I really have NO IDEA, HOW TO PREPARE FOR THIS, – with out a back to the farm movement. – which isn’t possible for me- (to buy the land etc) so when do you start worrying about basics, – natural water source, etc. ??
    - I know I am glad not to be living in Athens anymore even though it’s damn exciting now ;z))
    and The Greeks should give the IMF the finger, — damn right, -00 it’s way better then being china.inc-greekland, – they already sold their PORTS, THEIR PHONE COMPANIES, THEIR TOLL ROADS, THEIR AIRPORTS, WHAT THE EFFFING HELL DO YOU EXPECT TO SELL OF BESIDES ISLANDS NEXT??
    ———-
    Athens and the collapse of negotiations to form a coalition government triggered a sell-off in global financial markets. Investors are deeply worried that a default in Greece could hurt banks elsewhere and set off a financial chain reaction that experts predict would be catastrophic./==

    (as someone put it: – the IMF CAN’T default (or if it does because Greece doesn’t repay it’s loans {originally to a cross venture between GoldenSacks haha) and Swiss banks-imf} the whoever that they sold those loans to, will be defaulting, the IMf won’t be able to cover it, and you have a domino like no other seen in the last couple hundred years, (which means…

    Fears that a messy Greek default may be in the offing has sent the euro down nearly four cents over the past couple of days to below $1.41, triggered widespread selling in stock markets and pushed the Greek yield on its ten-year bonds up to a record over 18 percent. But fears of a second Greek bailout drove the yield on Greece’s two-year bonds above 30 percent for the first time ever Thursday.

    QUESTION: How do you evaluate the possibility of EU member states’ abandoning the euro and returning to their own currencies? Do you foresee a PIIGS crisis in the eurozone?

    PAUL KRUGMAN: As a technical matter, it’s almost impossible to leave the euro—any country that even began the process would face the mother of all bank runs. You’d really have to have financial collapse first. I don’t think there’s been an orderly breakup of a currency zone since the partition of the Austro-Hungarian empire, and if I remember this required things like closing borders for extended periods.

    And on the Irish question it’s a similar matter of time before they realise that their government has no money because they are paying to prop up foreign banks.

    An ECB official on Thursday said that the size of Europe’s bail-out fund for Greece, Ireland and Portugal should be doubled to $2.15 trillion to calm markets.

    http://forum.davidicke.com/showthread.php?t=169049

    Violent protests show many Greeks prefer a default to austerity. That could trigger a domino effect, orderly or otherwise. Portugal could strategically default while Ireland could walk away from the debts of its banking system. Fears about Spain are quietly mounting: Its 10-year yield hit an 11-year high on Thursday.

    Fun Fact. This is all Goldman Sachs fault as well.

    A year of wage and pension cuts, benefit losses and tax increases has taken its toll: almost a quarter of the population now live below the poverty line, unemployment is at a record 16% and, as the economy contracts for a third year, economists estimate that about 100,000 businesses have closed.

    good thread pg1&2 http://forums.penny-arcade.com/showthread.php?t=143624

    IN CONTRAST, – http://www.usdebtclock.org/ — AHAHA – THIS SITE SHOWS HOW WERE DOING IN COMPARISON TO their DEBT.

    the only option for greece if they want to stay a sovergn nation is default.if they take a bailout, the bankers move in and slice that country into little pieces and sell it to the highest bidder (china)aka people’s republic of greece

    USA’ s Canary in the Coal Mine?

    We need to pay VERY close attention to what is happening in Greece right now. Because this is what our future will look like.

    The only reason the U.S. isn’t feeling the same austerity pain and protests (yet), is because we can keep running the printing presses. It’s one of the priviledges of having the world’s reserve currency. The U.S. can keep printing more dollars and kick the can down the road a bit farther. Greece cannot print more euros to keep itself afloat. So they have to kneel and grovel for another bailout, make further cuts to social services, etc.

    We aren’t doing any better though. We’re printing dollars to infinity and beyond. I don’t know what’s worse – having no money at all, or having a truckload of money that’s worth nothing.

    Make No Mistake (copyright Barack Obama, 2008) – both Greece and the U.S., as well as several other European countries, are all on the same road. We all missed the exit that said “Path to Fiscal Responsibility”, and there are no more detours. Hope you have your seat belts fastened, it’s gonna be a very bumpy ride.

    SUMMARY AGAIN: THE ONLY good choice for Greece is to default, – really because otherwise it’s true that it’s going to be sold like a crack hoe, and then face the rest of the world after, – it’s still effing beautiful, and got great natural resources… so, it’ll make it, but, – to stick with the EU is insanity at this point,

    But, that would mean… Spain, Ireland Portugal, – hahaha- GET IT? so no EU zone. and what of our friendly competitors for the US? we are like no better of financially, we have 5 +? States in BK, we just don’t have to worry about them braking off and forming their own countries because …. (*been waiting for CA to do this)

    So- Um, – strategy – You and me and a plan and a action deadline F=Z

  • William

    “Hey, you got two mortgages, take another one!”
    What kind of stupid solution is that? It’s exactly what they’re doing to Greece.

    The Ponzi scheme will collapse. There’s no way to avoid it.

  • Covington

    And by the way. For all of you that think a collapse is coming you should be thinking along the lines that the collapse allready took place in 2007. Kind of like the “Big Bang”. The universe continues to expand as a result. Same thing with the current crisis. We are living in the collapse.

  • Mike

    Relax folks! This will all blow over in due time. It’s just a bump in the road!

  • Okie Dan

    How many of our wars since 2000 have had something to do with protecting the dollar as the Global Reserve Currency? In normal situations with competing currencies, producers desire to be paid with the currency that does not lose value. Our system is based on continual increasing of volumes of currency based on being able to spend them on goods and services worldwide. When Saddam chose to go to the Euro over the dollar, he was gone. When Qhadaffi talked of creating a gold dinar, he threatened both Europe’s and the American monetary systems. So the Europeans led the way into making war on Libya. How long will our production of debt instruments pretending to be money be accepted by our third world colonies dependent on the Western economic system? The end game draws near. China, Russia, South Africa, and some Muslim nations will turn to gold. Then we either swallow hard or start WWIII.

  • moses737

    Of course Greece is the canary in the cold mine. Now the Internatinal Bankers/Illuminati can go from nation to nation and rob and destroy their economies. That way; they can bring about their new economic order.

    But though they will have almost everybody taking their mark of the beast chip in their foreheads or hands; that is being talked about in Revelation 13 and 14; they will be totally defeated by the coming of Jesus Christ and His heavenly armies of angels. And their tormentings will be extremely great.

    As their mouths will be spitting out fire and brimstone. And those who take their Mark (chip)will be tormented 24/7, night and day; because it will mean that they have sided with and joined Satan and his antichrist beast leader; and their wicked leaders who ruled the whole world.

  • Mr Carpenter

    Yes, Okie Dan, you hit the nail on the head.

    The Goldman Sucks types of the world are in total Kontrol (they think). They want total Kontrol so that they can make a One World Gummint (with them in charge, natch). The rest of us (99%) are already for all intents and purposes, their slaves.

    But they haven’t reckoned on something because they have absolutely no understanding of it.

    There is a creator God who loves justice and loves the people who follow His son, Jesus Christ of Nazareth.

    Simply put, on this earth, the evil may triumph for awhile. But wow, do they pay later…. forever.

    You readers don’t have to believe it, but there is Real Truth ‘out there’ if you choose to look for it.

    Of course, for the most part, the Christian church is not growing but it shrinking in the fascist police banana republik of goldman sucks, previously known as the USA; I believe the figures are 78% of Americans considered themselves Christian in the 2000 census, and in 2010, 48%. This process has already happened in Canada, and more so in Europe and the UK.

    The Christian church grows where the Holy Spirit deigns to have it happen.

    China. Vietnam. Islamic nations. Africa.

    When God “allows” people to live the life they wish to, it is called giving us free will. When a people do turn away from Him, he eventually takes his Holy Spirit away from that group of people.

    After all, the creator of the universe it nothing if not a gentleman. Nobody stays as a ‘guest’ in your home if you ignore them, refuse to acknowledge them, insult them and ridicule them.

    The only time I have ever been entirely and totally ignored, I found it the most insulting thing that had ever happened to me. I was (an American) in Banff on vacation in the Canadian Rockies. Stopped to look at a view, just made a friendly comment to two other people there. Totally ignored me. (Turns out they were Quebecois – and this happened twice more in our two weeks). Not surprisingly, everyone else BUT the Quebecois seemed to be happy and smiling – whether Americans, non-frog Canadians, Europeans, Brits, Japanese – everyone else got along just fine.

    Get the picture?

  • Covington

    Oh yes and by the way its “TRANSITORY”

  • Morpheus

    Just one of the many things and or countris that will bring the ponzi scheme to the end, global collapse.

    FIGHT THE CAUSE – NOT THE SYMPTOM
    OsiXs (Revolution 2.0 – The Smart Revolution)

  • bobbobbobbob

    the greeks still have medical and dental ins. do you???? the bra is a failed state thanks to the tax credit to export us jobs. (outsoursing)all republican terrorist and blue dog dem terrorists support that law. what will they do when the soldiers come home and cannot feed their famlies. according to a recent 60 min broadcast the chinese stole everything from the pentagon computers teragigabytes. the us will get poorer and poorer CHINA RULES !!!!!

  • unpopularSolution

    There is a solution.. give Greece its drachma back, give Germany its mark back,give France its franc back,Spain its peseta, Italy its lira. nuff said. oh no wait…. that’s against the globalists plans for world government.. never mind, just keep accepting austerity measures

  • manny

    Funny you don´t mention Argentina here. What happened to them 2001 was exactly the same. If they did not accept the draconian conditions of the IMF, the world as they (and we) know it would seize to exist, the IMF said. As it turned out, they did the opposite and their economy started to flourish and 3 years later they payed back IMF and told them to pack their bags and leave. Russia did the same right after Yeltzin.

  • magic bus

    Economic collapse? Who has that much money? That it gives to countries to further sink? World financial elite, who cooked this crisis. And because of his gluttony and the policy of complete domination over the planet. Where this is going? The Apocalypse!

  • henrik

    Welcome you ignorant fools to the Money-Planet where there is just One God namely The Money.

  • http://nil SICOFTHBS

    We all hold the pyrimid up , its time to tell them no more , looking at a site the other day that said if UK debt of 4.8 trillion pounds was laid out in 50 pound notes [ on top of each other ] it would reach 650 miles into space , if every house & flat [dwelling] was sold it would not cover it , this money does not exist , we need to get real regards telling these thieving bastards to piss off like Iceland did ….Dave in ozz

  • Philip

    the only solution is to avoid banks…completely…dont make any loans to buy stuff…. just get by with the few things of everyday life…make your life simpler.. and remember this… greed is where all root of evil begins!

  • charles

    A “Fish” when it goes bad, always stinks, from the head first.
    Crooked Politicians, (that means all of them)
    Use “Any Money” they can get their hands on to get re-elected… and those people who support them, take it. Two wrongs never make a right….
    I lived on a Greek island for 20 yrs. from 1980-2000 with the Greek drachma, yes it was devalued during that whole time, but “NO BANKRUPTCY”.
    The second world war couldn’t conquer Greece but the “euro trap” is….
    You don’t loan money to a person, or country, you know dam well cannot repay it, unless, unless you have ” larger intentions,” Lets look beyond our noses…

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