I don't know. Where's Beeks?
Posted on 07/06/2015 10:50:57 AM PDT by SkyPilot
In 2011 the biggest fear from the Greek financial crisis was that it would cause a ripple effect throughout the global economy. But despite years given to de-leverage themselves, banks worldwide are still exposed to Greece, carrying more derivatives than ever tied to the tiny European state. Now that the Greek citizens have rejected the austerity measures proposed by the EU, we are facing a real potential of a Greek default, which could trigger a cascade collapse of credit default swaps and cause the implosion of the German central bank.
Then, a continent away, we are facing trouble of a different sort. To shore up its own financial status, the Chinese central bank has begun to pump billions into their markets to stabilize them. And market reports have begun censoring themselves to prevent market jitters. To add to this, we have China’s attempt at private banking just getting off the ground. And then there is the generalized self-deception that firmly believes that the rules don’t apply to China and it will grow forever without any restraint.
While the usual con men will use the Greek vote to hawk gold, the rest of the world is facing a collapsing marketplace this morning worldwide. That the Chinese index has lost over a third of its value in under three weeks should have been a large warning. Now in just a few hours of trading, a single market index has lost $30 billion in value, and the trend is accelerating. This adds to the issues, as it appears that many market analysts had counted on China bailing out Greece. But with China’s own financial situation in jeopardy, the white knight from Beijing is not going to be riding over the hill to save the creditors of Greece.
(Excerpt) Read more at addictinginfo.org ...
I'm sure ¡Cheb! and Boehner and McConnell will ride to the rescue, if ¡Cheb! wins next year.
PING!
I thought that Greece had already defaulted last week.
What’s wrong with derivatives?
Why should I care if the banks get paid back? Haven’t they profited enough already? All that while we little folk get to pay fees and collect close to 0% interest.
So all the Chinese have to do is, call in their American markers and it’s all good, right?
Right??
Don’t try and corner the market in FCOJ.
Greece has a GDP smaller than Indiana. Is the EU so leveraged by this economically small nation that it’s collapse will bread the dice of financial stability?
But the banks won't get paid back. And now neither will the Greek depositors. And with no more Euros, the many, many, many Greek government employees and retirees won't get paid either.
I'm sure they'll be happy they stuck it to the banks. LOL!
It’s all a game of musical chairs and make-believe. Once the music stops, they’ll discover that someone stole all of the chairs. Then things will get lively.
....”The markets aren’t crumbling....DOW barely down....Tokyo down a little, and China Crumbling? China is up for today, and WAY up for the year....It may all crumble at some point....but to say that Greece is causing this right now? No”....
Exactly right.
Methinks the importance of pissant Greece is being vastly overestimated. What’s their GDP anyway? Something less than that of Arkansas?
You’re going to have to ask Billy Ray about that.
This is a left-wing online rag
Per capital GDP: Arkansas $35K, Greece $26K
Population: Arkansas 3 million, Greece 10.8 million.
Even Mississippi, last in the nation, has $32.8K per capita GDP, 26% more than Greece.
Bingo!
There is no evidence that globalism and the destruction of national identities is benefitting anyone except for the elitists on the top of the totem pole.
Gee, we need a One World Government with a charismatic leader to save the day.
Gold is a hard asset, hawking is misused here, best used when the product is basically worthless or of little value.
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