Posted on 05/19/2010 9:04:17 AM PDT by mojito
Zero Hedge has long claimed that Greece will be forced to default, with the only question being how this will be structured by Europe in a way to not allow the evil speculators to make buck on this process. Today, Greece shot itslef in the foot a little after announcing its latest debt number, which makes any expectations of climbing out of its Keynesian hole even more laughable. As Market News reports, "Greece's general government debt rose to E310.3 billion in 1Q from E298.5 billion at the end of last year, according to data released Wednesday by the General Logistics Office of the Finance Ministry." That austerity sure is doing miracles already. But it doesn't matter: it appears that Germany has already made its mind to let Greece drown. As Neil Hume at Alphaville reports, "Big IB to clients: "they have it all planned: they are going to sink the ship (greece). Merkel is now drafting law for orderly insolvencies, but they don't want anyone to make money out of it, hence the ban."" If this is true, it 's curtains for Europe. Shorting the Euro at this point is like shorting Lehman: you may see savage short covering squeezes but the end result is well known.
Anyone know if this is true. I heard the Germans stored their Deutsch Marks (DM) in case the Euro was a failure. I think all the other countries destroyed their currencies but not the Germans. Smart.
Obama will turn the dollar into the Zimbabwe dollar.
I would. Before all the Greek Communist arsonists show up.
“But it doesn’t matter: it appears that Germany has already made its mind to let Greece drown.”
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The only sane alternative.
Socialism, at root counter to fundamental tenets of human nature, is a dead end. Always.
I just wonder why the ever industrious Germans want anything whatsoever to do with the Commie plague.
Wont be long. Look for the announcement og buying Euro’s with Deutsch Marks. Whe that happens, the Euro will be history. Couldn’t be soon enough for me as all the uncertainty is driving the Stock Market nuts.
So what does “Greece going down” REALLY mena?
No more pensions or govt salaries? Economy back to the stone age? Exodus from the cities of broke hungry desparate people? Those who cannot farm or fish- starving? Massive sea and land refugee flows to Italy and the rest of the Med and Adriatic, triggering their social collapse too?
Seriously, what does this mean to europe and to us?
didn’t the commie plague get a big start from a German guy named Karl Marx?
Nobody knows what the implications of a Greek default would be, but the markets are worried that it would be like Lehman Brothers, but worse.
Bump.
Greek government workers won’t get paid. Which counts as a win in anyone’s book - as long as they keep paying the army.
The non-Govt Greeks will do just fine. They know how to work and can always emigrate. Also: the Greek tourist industry will suddenly become competitive when it floats on the drachma.
“So what does “Greece going down” REALLY mean?”
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My concerns as well.
What it should mean, is the death of Communism once and for all.
Instead, the career bureaucrats, averse to actually producing anything and terrified of exposing their cowardly asses to the rigor and discipline of the free market, like (most of) the rest of us, will rearrange the covers in their seedy shell game, effectively kicking the can further down the dead-end road.
Yeah and some tigers are born with a pure white coloration.
I bet Stelios is about this far from shanghai’ng a Greek Navy patrol boat and trying to sail it from the Adriatic back to the Foster City Marina right about now.
Oh pahlease. We both know that the only reason it has failed is because the right people were not running it.
It’s the Pan-Hellenic Going Out of Business Sale!
Yes, after 5000 years, we are closing our doors forever. Everything MUST GO, down to the bare walls on the Parthenon. Everything is marked down 60, 70, 80% OFF! Come on in and make us an offer! These are the last days, and ALL SALES ARE FINAL! Call 555-DEBT and ask for Crazy Spiros. The Pan-Hellenic Going Out of Business Sale is going on NOW!
Cool!
We’ll all be Trillionaires!
And the U.S. badly needs to reverse the growth in government paychecks and rates;I just hesitate to call most workers.Workers has always meant people doing something productive.I’m sure 10% of government paychecks are collected by deserving people.
And a Rhinelander by the name of Freidrich Engels. Together, he and Marx wrote “The Communist Manifesto.”
Greece? Look at Iceland. People are leaving to look for work. European countries who stand up to Islam will be fine and survive. America? Elected a muslim so it is far worse.
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