Max Keiser: Mass Rioting In Greece As Economists Warn Of Global ‘Armageddon Scenarios’ 1/3

Max Keiser: Mass Rioting In Greece As Economists Warn Of Global ‘Armageddon Scenarios’ 1/3

www.projectw orldawareness.com

As protesters continue to run riot in the streets, economists are warning that the whole of Europe and by extension, the rest of the world could face financial armageddon should Greece default on its debt, in the absence of a second bailout.

Financial experts are warning of a ‘Lehman Moment’ as the European markets are beginning to show signs of unraveling in the wake of the Greek crisis.

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Mod Edit: Review This Link: Breaking Alternative News Guidelines -- Copy the Exact Headline

I am not a fan of Alex Jones but it this interview a former parliamentarian says Greek Prime Minister papandreou will only last a few more days. It looks like this Greece saga is nearing it's apex. I hope they suceed in breaking the banksters trying to take everything they have.

Go to about the 13:20 mark in the video




Link with parts I, II and III
HERE
www.projectw orldawareness.com
(visit the link for the full news article)

edit on 19-6-2011 by Skerrako because: link fix

One problem: Will the Situation be like the French Revolution or the Russian Civil War?

I think there is a bunch of fear mongering going on. The real danger is for the banking elite. What happens if the Greeks overthrow their government, and in doing so stiff the bankers. It will show the world that the people can remove the burden of financial servitude, and the banks can be challenged.

Of course I strongly doubt this will happen. A military coup that would install another ruler sympathetic to the banking cartels is more likely.

If the Greeks do show the World that a people can free themselves the World will literally change overnight.

Originally posted by stephinrazin
I think there is a bunch of fear mongering going on. The real danger is for the banking elite. What happens if the Greeks overthrow their government, and in doing so stiff the bankers. It will show the world that the people can remove the burden of financial servitude, and the banks can be challenged.

Of course I strongly doubt this will happen. A military coup that would install another ruler sympathetic to the banking cartels is more likely.

If the Greeks do show the World that a people can free themselves the World will literally change overnight.

I hope for all our sakes they do the icelandic heave and that they show the world the banks and criminal politicians they own can fall. They gave us true democracy for all its flaws was better than the fascist regiems we've fallen under.

On the third vid now OP SnF this deserves a listen taking goldman sachs to court would be epic and a good start to the fall of the bankers and the crooked politicians!

Next 2-3 days? The report is already 3-4 days old depending on your time zone.However,I think for the first time in Jones's career he may have hit the mark and got his story.I feel there are some terrible developments coming by the end of the month,with very serious ramiforcations for all.Time will tell in the near future on Greece.Assume the position!Thanks OP s&f 4 U

The global civil unrest began in Iceland, spread to Europe and finally reached the Middle East ("ME"). The media would have us believe that somehow the unrest in the ME is independent of or unrelated to the financial upheaval taking place in other regions.

In Tunisia where the riots began, police had confiscated a man's vegetable cart because he did not have a "license". In protest, he set himself on fire...

While the ME is ruled by monarchies, the majority of these leaders are puppets of Western governments. Because commodities worldwide are priced in dollars, the devaluation of the US currency is causing inflation worldwide.

And so it comes full circle with Greece. The Rothschilds and the elite banking institutions are rescued while the people are left fighting for their lives against their own governments who are controlled by the big money interests.

As much as I am against the banksters and the notion of "austerity", I heard some reports on Greece that were quite shocking. The retirement age is 54 and 7 out of 10 retire on more than 700 euros a month, just under $1000 dollars a month. Corruption is wide spread and tax avoidance on all levels is rife. I mean we would all like to retire at 54 on such a pension, but it is just not sustainable.

news.bbc.co.uk...
www.bbc.co.uk...

Good. Can't wait for this globalized BS paradigm to crash and burn..

Get the ball rolling already!

German Chancellor Merkel went against some of her political advisors and called for what sounded like a bailout a few days ago, something new happen in the mean time?

Being honest how can the EU allow this to happen? My perspective is that while Greece and others remain broke and in need of bailouts... and while the austerity measures cause strife it ensure the Euro remains at it's current low rate which in turn aids German economic output...

Economically the whole situation suits the German economy as long as the profits from a maintaining the Euro at it's current rate exceeds the costs of maintaining the status quo..

OK, while I like to think sometimes that I know everything, I'm big enough to admit that I don't. Can someone here tell my why Greece matters? Are they relevant in some esoteric way that I'm missing? Is there a shortage of extra-virgin olive oil or something? European economics is not my strong point.

/TOA

reply to post by The Old American


I guess my answer would be how big does the first domino have to be to start a crash? Our markets are way to tied together to not escape the contagion once started from spreading...

Or how about using the current references in the MSM to Greece in that she is another Lehman Brothers but on a national scale.

reply to post by The Old American


Well for starters, Greece is a country of people. I know people don't matter to some economists, politicians and bankers. Secondly is the contagion factor. Greece is not a large economy but if they default, there is some exposure to the country that could well see domino like adverse effects on other Euro countries and repercussions extend to other countries' financial markets and banks.

Originally posted by The Old American
OK, while I like to think sometimes that I know everything, I'm big enough to admit that I don't. Can someone here tell my why Greece matters? Are they relevant in some esoteric way that I'm missing? Is there a shortage of extra-virgin olive oil or something? European economics is not my strong point.

/TOA

Greece does not matter extensively. The importance of Greece is greatly exaggerated, primarily by the US. American based credit rating agencies have been pressuring the Greek rating from the very beginning and although is not entirely unjust, it is definitely strange that the US and Japanese credit ratings have until recently not been downgraded while these two countries are not better off than Greece and their economies are of superior importance to the global economy. Japan has a debt ratio of 225.8% of GDP (Greece 130.2% and the US est. 101% for 2011 - way above Ireland, Portugal and Spain). It's definitely a conspiracy against the Euro by the US and to a smaller extent, Britain. They have been helped by hedge funds which have made billions at the expense of the Greek (and indirectly, the European and American) people. Moreover, the Anglo-Saxon media has seriously hyped the crisis, contributing to an even greater loss in investor confidence that the Greeks would get their economy back on track.

It's definitely an Anglo-Saxon conspiracy, which obviously maximally takes advantage of the position that the Greeks put themselves in. Mark my words, Greece might be the beginning but it's not going to be the nation that will make the global economy to melt down, that will be the US economy. Diversion tactics only work temporarily, soon the pressure will be back on the dollar again.

As a matter of fact, it's happening right now, but the Wallstreet Journal is not interested in publishing that on its front page:

After Dumping 30% Of Its Treasury Holdings In Half A Year, Russia Warns It Will Continue Selling US Debt

Just in time for the end of QE2, when the US needs every possible foreign buyer of US debt to step up to the plate, we get confirmation that yet another major foreign central bank has decided to not only not add to its US debt holdings, but to actively sell US Treasurys. The WSJ reports that "Russia will likely continue lowering its U.S. debt holdings as Washington struggles to contain a budget deficit and bolster a tepid economic recovery, a top aide to President Dmitry Medvedev said Saturday. "The share of our portfolio in U.S. instruments has gone down and probably will go down further," said Arkady Dvorkovich, chief economic aide to the president, told Dow Jones in an interview on the sidelines of the St. Petersburg International Economic Forum." Well, with Russia out, at least we have China and Japan continuing to buy US debt.... Oh wait, China is contemplating dumping two thirds of its debt you say? And the biggest buyer of Japanese bonds is now in the process of selling Japanese bonds in the open market for the first time (so not really in the market of US bonds). Well, surely US households will step up to the plate. After all they all have so much "cash on the sidelines" courtesy of the RecoveryTM ©® that they can't wait to dump it all into paper yielding less than 3% a year, and has negative real rates of return. Wait, what's that: according to the Fed, in Q1 US "households" sold $1.1 trillion annualized in Treasurys to the Fed? So, let's get this straight: China, Japan, and now very much openly Russia, the three countries with the largest financial reserves in the world, are threatening, if not already dumping US bonds, just in time for US households to sell their holdings of US paper to Brian Sack. And this is happening 2 weeks before QE2 ends... Um... Are we and Bill Gross (and certainly not Morgan Stanley) the only ones to see a problem with this?

According to the Bank for International Settlements, Spanish banks currently hold $600 million in Greek debt, Italian banks hold $2.6 billion, UK banks hold $3.2 billion, French banks hold $19.8 billion, German banks hold $26.3 billion and other Eurozone countries hold a combined total of around $15.7 billion in Greek debt.

US banks also hold $1.8 billion in Greek debt and Japanese banks hold $500 million in Greek debt.

That's $70.5 billion dollars. That amount would be a domino effect? I'm admittedly not the best mathematician in the world, but if a country like Greece can't pay back $70.5b perhaps their people should revolt and overturn their government. There's obviously been some shady deals going on. A bailout is not needed. They only need a debt extension, and then root out the idiots that got them there in the first place.

I'm not unsympathetic to the citizens of Greece, but I'm more sympathetic to the other countries that are hurting from the poor global economy just as bad, but are being asked to bail them out.

/TOA

reply to post by The Old American


You might like to have a look at the following link for further information to your query:

What Happens if Greece Defaults?

This is all part of the conspiracy to destroy Greece and the financial system together with the rest of us. They would have us believe the Greek people are lazy worthless dogs that dodge taxes and retire early, when the reality is that they do not dodge taxes substantially more than say, Germans and retire about several months earlier than Germans on average. They do not get the substantial annual holidays of Germans though and read below.

However they work much longer than anyone else in the world bar one nation.

en.wikipedia.org...
By far, workers in South Korea have the longest work hours among OECD countries. The average South Korean works 2,256 hours each year, according to the OECD[9]. This is over 100 hours longer than the next longest-working country (Greece) and 25% more hours than the average in the United States .

If you want to blame Greeks, blame it on the government which they elected, but probably had not much choice as *all* or most western nations don’t regardless of what any sheeple says.

Originally posted by surrealist
reply to post by The Old American

 

You might like to have a look at the following link for further information to your query:

What Happens if Greece Defaults?

Awesome. Thank you. Number 16 is the most important domino:

This parade of horribles does not portend the end of the world. The sun will rise the day in the event Greece defaults. And it will rise the next day, and the next. People will still fall in love, get married, have children, make friends, and find innovative ways to cope with a world that seems a little less safe than it did a few months ago.

Eventually, someone, somewhere, will make a fortune by correctly calling the inevitable economic recovery.

If Greece defaults, the European union will have to tighten their belts, America will have to tighten their belts, China will have to admit that they made some bad choices, and the global economy hiccups again.

Or we can all go further into the hole bailing them out.

/TOA

Originally posted by stephinrazin
I think there is a bunch of fear mongering going on. The real danger is for the banking elite. What happens if the Greeks overthrow their government, and in doing so stiff the bankers. It will show the world that the people can remove the burden of financial servitude, and the banks can be challenged.

Of course I strongly doubt this will happen. A military coup that would install another ruler sympathetic to the banking cartels is more likely.

If the Greeks do show the World that a people can free themselves the World will literally change overnight.

You're absolutly right, except for the last point. I think there is zero (0) chance of the greeks overthrowing anything. The get mass momentum to do that in any western europe country would require a lot more than the greeks are going through.

Newspapers are certainly playing their role, led by the Rupert gang, of painting a bleak picture, and the end of europe's economy should greece default. Oddly enough, they painted the same scenarios previously when the Irish and the Portuguese were going bust (anyone remembers all the 'domino effect' news?).