Euro Crisis: Greek Solvency "To be Checked"

The Greeks should arrest and execute every member of their government that sold their country out to the banks.

Those pigs are coming here next.

Only the rich can afford to be "poor" these days! things are that bad!! hahahahaha!
2nd

Originally posted by JakiusFogg
reply to post by flice

 

Butter is perishable and short life. if you stock up, it will go bad.

And yes the US debt is larger in size, than any other on the planet. Including unfunded liabilities up to an estimated $88 trillion!!.

so ripples in the markets in the event of a default finding will cause the global banking system to
a, cash in
b, have a collective heart attack.

What the ramification of this will be, I don't rightly know. Considering the market is now all about fear greed ans speculation. I can guarantee whatever happens, like in 2008 if the velocity of money slows down in the banks, it speed up from your pocket.

Hyper inflation is one possibility, currency debasement is another.

Time to roll the dice folks.

The rep from Roubini said they expected Greece to have left the Euro by the end of 2013.
If this has a domino effect on Spain, Portugal, Ireland, etc., what will happen to the Euro?

Originally posted by JakiusFogg
reply to post by flice

 

Butter is perishable and short life. if you stock up, it will go bad.

And yes the US debt is larger in size, than any other on the planet. Including unfunded liabilities up to an estimated $88 trillion!!.

so ripples in the markets in the event of a default finding will cause the global banking system to
a, cash in
b, have a collective heart attack.

What the ramification of this will be, I don't rightly know. Considering the market is now all about fear greed ans speculation. I can guarantee whatever happens, like in 2008 if the velocity of money slows down in the banks, it speed up from your pocket.

Hyper inflation is one possibility, currency debasement is another.

Time to roll the dice folks.

Currency debasement and hyper-inflation usually go together. So we will have the worst economic scenario possible: a shrinking economy combined with hyper-inflation.

Yep, nothing like waking up in the morning and does exercise to build up an appetite for your morning OJ.

Of course, the exercise would be carting a wheel barrow full of money to the store to buy the said OJ.

maybe that's why they invented debit cards. You know what I change my mind. due to the little plastic cards this depression is going to be sooo much more convenient than in 1920's Germany. What a golden age it is to be alive!!

There is little point "checking" the solvency of Greece now! They should have checked it every single day since the crisis began, them and every other nation in the firing line! I do not understand the financial sector sometimes, I really dont. These are people who are entrusted with the capital that runs economies all over the world, and yet, when it comes to something like this, they flap and flounder, and prove themselves incompetent.

The governments of the EU nations, and the EU government themselves, as well as the IMF and the world bank group should have been looking into this with much more detail than they have evidently. If there was EVER the chance of this crap happening, then the governments of nations involved should have known of it weeks ago, and cut thier losses by now. This should be a total non event by now, but the posturing of those in Brussels, and the heroic failiure of the Greek government to stand up for its people, have combined into a perfect storm. This was NOT inevitable, nor was it unavoidable.

The EU should have issued directives preventing all speculation, trading and financial moves until the situation could be unpicked. I am not talking about a ceasing of trade, just a temporary end to speculation on any subject pertaining to sovereign debt. An awful lot of what has happened to Greece has happened for one simple reason, aside from the behavior of its treasury. That reason is a lack of "confidence". Thats all. No one stole billions of dollars worth of currency, no one insider traded the money out of the system. The thing that has ACTUALLY done for Greece is the speculators and the insurance companies constantly talking thier economy down for the better part of five years. That is what has put the final bullet in the back of Greece.

The Greek people should never have been put in the position of having to choose between thier long term financial security, and thier immediate need to work, to eat, and to live, all of which costs money. As it is, they have been forced to try and make that unacceptable choice, and because of that thier government was in so much turmoil that they found it impossible to make the right noises, to the right faceless entities. This must not be allowed to happen to any other nation.

It no longer matters wether people get paid out or not at the end of this process. What matters first and foremost, is making the man in the street in Greece, able to cast off the shackles that the finaciers and politicians in his nation have put him in, to prevent any regular, honest, hardworking person in Greece, or in the rest of Europe from ever feeling even a hint of the pinch that is to come. All the pain in this scenario should be absorbed by the hedge funders, the dealers, the marketeers and racketeers who all go golfing in exotic countries once a month, and get kicks out of being in sweat rooms with one another at the local health spa.

It is the responsibility of the finacial sector in Europe to absorb this loss, and not the nations within Europe, nor any individual therein, who had no power personally to alter the course of events. Otherwise you would end up with a totaly unfair scenario for all concerned. You know, something like me being taxed an extra 20% on purchases, simply because some accountants in the LSE couldnt keep themselves in some sort of order... Oh wait, that happens now. And its bloody wrong.