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About the Greece and the Euro issue - Page 2
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Thread: About the Greece and the Euro issue

  1. #11
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    Default Reply IX

    Deleted...
    Last edited by goldsilber; 2nd July 2010 at 12:42. Reason: wrong forum...

  2. #12
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    Default Reply X

    Hello Goldsilber,

    I just reread my pm to you and I have an additional comment regarding derivatives and the Greek bailout situation....some of the money that Greece has been guaranteed....to avoid default....will be used to pay off the derivative holders. This money will be pocketed by the financial institutions will go on their books as a trading profit. In other words billions of dollars targeted to the bailout will not go towards resolving Greece's debt problem.

    The Greek bailout is once again an attempt to save the banking system. While not yet so obvious, it is essentially what the Fed did in 2008 with Bear Stearns and AIG. 300 billion taxpayers dollars went to pay off the holders of the derivatives which went bad. AIG is estimated to still be holding another $200 billion in derivatives gone bad.

    Whereas Bear Stearns was not saved, AIG had written so many derivative contracts that allowing it to fail would have been devastating to the banking system. Thus the term too big to fail. Of course the bankers did not want THAT to happen and Congress was panicked into giving the bankers 700 billion dollars to save their system. And that was just the beginning of the many "public" bailouts to come. The Fed has taken other actions which remain secret. All of these things public and secret do one thing.....create money out of nothing. Debt problems cannot and will not be solved by creating/issuing more debt.

  3. #13
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    Default

    To be continued...

  4. #14
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    Default Reply XI

    ---------------THE EURO WILL COLLAPSE AS WITH ALL FIAT CURRENCIES. THE HOUSE OF DIGITALLY TRANSFERED DEBT/LOANS BETWEEN COUNTRIES IS CRUMBLING UP THE LADDER. WE HERE(US) WILL BE THE LAST DUE TO KNOWN FACTORS(RESERVE CURRENCY/MILITARY ETC.)

    REGARDLESS, POPULATION REDUCTION APPROACHES. NATURALLY OR OTHERWISE 20%//80% Germany should abandon the Euro and start the beginning of the end. It is all paper bullshit as you well know. I wish you and the people of your country well.

  5. #15
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    Default Reply XII

    For your reading pleasure. Not to be read before bed.

    If you want REAL reporting, you have to go outside the US MSM.

    http://www.telegraph.co.uk/finance/c...t-is-dead.html

  6. #16
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    Default Reply XIII

    I haven't been following the latest financial news as much as I have done in recent years so I am not as up on the Greece situation as I would like to be. In general I would say it is wise to view anything coming from the central bankers or the media with much skepticism and caution. They have many various pressures being exerted on them and are often constrained in what they can say in public.

  7. #17
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    Default Reply XIV

    Argentina had the benefit of generally good times worldwide when they repeatedly screwed up their finances, but the situation is different now and who will bail America out when eventually we have to face the consequences of our profligate ways ?

    Europe may be glad to let Greece go but still must deal with the rest of the PIIGS. It is soothing and comfortable to just sit back and say that it is those irresponsible Southern European and Latin America types who can't handle their money, but the reality is that America, Britian, and even Japan are in just as bad shape and may being the world down with them if or when the TSHTF.

  8. #18
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    Default Reply XVI

    I think that living here in the U.S. it is really none of my business. But since you asked me and you are from Germany then I think Germany ought to pull out of the EU while it still can.

  9. #19
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    Default Reply XVII

    I think EVERYONE should just default and start over. Better to just get it over with than continue with the slow controlled boil. I don't think anyone should be bailed out anywhere for any reason. Iceland has it right. They voted to NOT bail out the banks. Whether their government actually does what they want remains to be seen.

  10. #20
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    Feb 2009
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    Default Reply XVIII

    Hey sorry I just saw this PM. I am not used to getting and checking PM's. I will have to pay attention to that more often.

    1. I know this is late but default would be very painful. It wouldn't be the end of the world for them, and just may be a better solution than trying to dig out of the hole they are in. Just starting over.

    2. A default would be worse for the creditors and the EU. If Greece clears the field, they would of course not be available for loans or much at all for a long time if ever. TBH though that may be a good thing for Greece so they are forced to learn how to live within their means, and the society can adjust to become more self sufficient and independent.

    3. The euro may lose much top heaviness in terms of debt to assets but Greece defaulting may just start a chain reaction which crumbles this quicker than it already will. I believe this type of system will fall anyway, so asking me it is better to go through hard pain and get it over with and start building the right way now rather than later.

    There are too many monetary systems which creates money out of nothing, and you can not do that with out consequences. I think we are seeing just how this is unstable because they are running out of ways to hide it. Similar to the paper gold/silver deal. I believe last October GATA published an article talking about there is 160,000 tonnes of gold in the world but including ETFs there is 210,000 tonnes. That is 50,000 tonnes that is not physical, only paper, but is satisfying demand.

    I think the time of illusions are coming to an end relatively shortly, and only real things will be left standing. It just be very painful because of how the world is tied together and just how many "assets" or "wealth" is really illusion.

    I went off topic and sorry, but in short, the game is up and so it is more just a question to take it on the chin now or later? Greece is a focal point of attention, but most nations are facing this relatively shortly. Only so many of these "cards" can fall before the whole house comes down.

    Again sorry so late, I will check more often for my PM's. Also with this new site, I know now to go over my name at the top when logged in and it will show me.

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