Greek banks prepare to raid deposits.

the government did it twice here in the U S ....

a reply to: GBP/JPY

It was the banks then the mortgage backed securities industry that set the scene for the *recent* 30% loss in home equity.
We are still struggling with the fallout from that crisis in the US.

Countries at the point of default historically have favored an extremely tight money supply initially..
Greece could rewrite history this time around, but thus far its SOP stall and renegotiate.

a reply to: liteonit6969

I hope the Greeks dont take it and loot every bank and forcefully take back all the assets the can.

If it happend to me id march into my local branch and take all the computers I can.

Wow this sounds nice maybe we Americans should vote for Clinton/Sanders 2016. So we can have a real life purge like the Greeks.

There is a crown fund for Greece thing going on. The Target is 1.3 Billion Euro. so far they are at 1.3 Million...even if they reached 1.3 Billion what they going to do when the next installment's due.?

It's a game of bluff that's being played from both sides. Not only Europe but the world has much to lose if Greece is allowed to become unstable.. Someone will blink and by the looks of it it wont be the Greeks.

originally posted by: Gothmog

originally posted by: Urantia1111
a reply to: Gothmog

So there really are no advantages to using a bank to store your money, only risk? Why does anyone continue to fall for this trick? What a scam. I think i'll go ask for all my money on Monday. Id like to keep it.

As I said , it can happen here. And has in a way. Will it happen in the US? It will take an awful lot of financial collapse here to begin even thinking about it.
The issue with Greece was that their GDP was far less than the money owed. The government was busy spending money that they didnt have. Then borrowing money to pay just the interest that was owed. And they were cut in their credit rating down to almost bottom level. This means the more they were lowered , the more interest they had to pay on each loan. A sort of vicious cycle.

My opinion of budgetary shenanigance like this is still that the politicians ought to be the ones held responsible for overspending their countrymen into massive crippling debt. Its not fair to loot the accounts of citizens.

"Well, the citizens elected the officials who bankrupted the country so theyre ultimately responsible..."

Just no. We all know this isnt the way it should work.

a reply to: liteonit6969

It depends on the value of the dollar on how much an ounce of gold cost.

Technically unless they add or remove gold from the market it shouldn't change in value meaning that the value is tied to the currency and not the gold itself.

Lol...can't imagine that kind of crap going on here in the US. No wonder why they want to disarm the population. Hellfire would unleash, and blood will soak the steps of the banks.

a reply to: Urantia1111
America appears to be heading down that same path. The only difference for now is the AAA credit (may still be AA) rating and the US has more liquid assets.

originally posted by: supremecommander
Lol...can't imagine that kind of crap going on here in the US. No wonder why they want to disarm the population. Hellfire would unleash, and blood will soak the steps of the banks.

Scratch the bank part. It is the GOVERNMENT not the banks that is responsible.The banks play a much different part in this. The top banks receive X from the treasury . They loan $100 dollars to the banks under them .They view it as they have $20 left due to the interest on those loans. Those smaller banks loan that same $100 dollars to loan institutes and even smaller banks.They count that they have that same money left over for the interest they will be paid back.Pretty soon that original $100 dollars has spawned thousands of imaginary dollars.
I know this is a very simple example

originally posted by: famcore
a reply to: stumason

This is no disrespect to you, but I HONESTLY think you must be a disinfo agent or are quite easily-influenced, thus the PTB have been so successful at manipulating your understanding of the situation.

Yawn..... "Disinfo agent"? You really think you're a clever little sausage and the only possible reason I could have for not thinking like you is that I am some sort of paid shill working for those evil Government types... It couldn't possibly be that I've looked at the available facts and come to my own conclusion, could it? No... I must be some spook..

How about, instead of getting on your soapbox and telling me that I am wrong and simply must be a paid agent, you actually come up with a cogent counter argument as to why it's not the Greeks fault.

Please, do enlighten me with your wisdom... You do realise you said bugger all of any importance in your post and added nothing to the debate apart from a personal attack.. And you think you're clever... Awww...

As for the who they owe money too - it's actually people like you and me. Taxpayers in EU countries have footed the bill for their bailout.

And do you know why they needed a bailout? Because they ran their country like crap for years and thought the gravy train would flow forever.

a reply to: stumason

Actually we are all barking up the wrong tree the crisis is not that the Greeks cant pay their debt its actually that the Germans cant collect their debt and depending on how their risk is structured that could be a BIG problem.

originally posted by: khnum
a reply to: stumason

Actually we are all barking up the wrong tree the crisis is not that the Greeks cant pay their debt its actually that the Germans cant collect their debt and depending on how their risk is structured that could be a BIG problem.

If you loan someone a 100 dollars and they do not pay you back it is on them..........If you loan someone 10,000 and they do not pay you back it is on both of you.......


What this poster is saying is simple and true.

originally posted by: SubTruth

originally posted by: onequestion
But bitcoins.

Buying Bitcoins is like playing the lottery.......Anyone with financial sense will only do this for fun or low risk small investment. PTB control the currencies and that means they could pass laws banning bitcoins overnight if they wanted.

Just like governments have banned and controlled torrent sites? How's that working out for them? lmao... Good luck trying to ban crypto, I would love to watch them try and control 500 plus currencies based on torrent software, would be pretty funny to see! XD

Besides cryptos are worldwide currencies, doesn't matter if even half the countries "ban them"... It would only play against them anyway as it would just make it even more clear how much they are for financial terrorism.

Btw governments have discussed using block chain technology as well... Any currency is a risk, all can fail and be worth next to nothing eventually. Especially ones based on debt, like fiat.

a reply to: SubTruth

Cannot eat precious metals, the only metal worth buying is tin, with food inside it.
Okay, I have an ounce of gold, cost me $1.000, man charged me an ounce of gold for a small tin of beans, how many tins of beans could I buy with $1,000?

a reply to: pikestaff


All up it comes down to the fact that the people running the economy are dangerously incompetent, and must go. Even if a minority of people are living a stressful life for just the basics, they have failed, and their contracts must be terminated.

Everybody wants to talk about how Greece handles its problems but no one wants to help. It's problems are to the tune of only a few billion dollars. We could set up a fund-me account and wipe it out, but its not going to happen.

originally posted by: ph0enix
Everybody wants to talk about how Greece handles its problems but no one wants to help. It's problems are to the tune of only a few billion dollars. We could set up a fund-me account and wipe it out, but its not going to happen.

there already is one...

originally posted by: Soloprotocol
There is a crown fund for Greece thing going on. The Target is 1.3 Billion Euro. so far they are at 1.3 Million...even if they reached 1.3 Billion what they going to do when the next installment's due.?

It's a game of bluff that's being played from both sides. Not only Europe but the world has much to lose if Greece is allowed to become unstable.. Someone will blink and by the looks of it it wont be the Greeks.

a reply to: liteonit6969

Except this actually hasn't been confirmed by any reliable source, and has been denied by the banks, and the Greek government.

Not saying it won't happen, but if this were actually proven to be true this would be bigger news on free sources rather than a headline on a pay-to-access site like FT, trying to get you to give them money with scaremongering titles.

As for Greece itself I believe the people will vote yes.
I believe they should vote yes.
While it's not fair to tarnish an entire people with the same brush, they have been living on borrowed time for decades, and they should never have been allowed to join the Euro with their terrible standards of taxation and financial control.

Whatever happens, the country is clearly divided, and that will mean years of continued protests, riots, further decline in economic stability, political uncertainty, less security, lower standards of living, less tourism...

I get the whole anti-austerity movement, but this isn't exactly a country pumping money into military, foreign aid, or giving their politicians a luxury lifestyle (like here in the UK) while demanding the poorest people pay off the debts.

Greece has failed to confront its deeply rooted corruption and criminality over finance and taxation for decades, and now it's coming to bite them.

Neither option is good, but Greece has no choice but to face the truth and deal with the less damaging option. The less damaging option is to agree a deal with their lenders and continue that support while restructuring their society to make it economically stable.

If they do vote no today, it's likely to be far worse an outcome than if they voted yes. That's not just scaremongering, it's reality. If they vote yes they will have millions of people mad about it, but if they vote no they will have millions of people almost instantly living in poverty, with no security, years of struggle ahead, a banking system on the verge of collapse, and likely little support from other nations in Europe - at least not without guarantees anyway.

Vote yes = economic hardship and austerity for a decade with public anger in the short term. But, with the opportunity to improve things quickly.
Vote no = risk of massive economic failure, mass protests, potential riots, strikes, less tourism, higher unemployment, less help from Europe... all of this will COST them money they do not have over a long period of time.

a reply to: SubTruth
The central bankers will not give up easily and if need be they back up their ologopolies with violence, just ask Iraq, syria, libia, afganistan or the ukraine. If the greeks choose to rebel i am really afaid for them particully if they choose to join the brics alliance. Will their suddenly be government supported terrorist in greece supported by the current "radical" political party that was fairly elected in greece. It is high time we did away with these bankerster crooks in this world and locked them up like iceland. Each country could then issue its own currency and a world trading currency could be created so that nations could trade that is backed by precious metals and only used for trading goods or services in the real world. This would do away with dirivatives where large amounts of money can be swindled by the manipulation of the markets