You mean I can keep spending, run up debt even higher, then raid pensions, savings, and paychecks of working folk for more money? I'm interested. VERY interested.
Posted on 03/13/2015 10:24:02 AM PDT by tcrlaf
The Greek liquidity, pardon "cash flow" problems are so bad, not only Zero Hedge, but also Bloomberg has launched a daily maturity tracker of how much money Greece has to pay either to the IMF or to prefund T-Bill rollovers. This is what Bloomberg blasted out earlier today:
Greece is preparing for another week of hurdles that ends with a ~EU2b repayment on March 20. Most economists say that it will be difficult for Greece to get past end of March without fresh EU funds. Here’s a timeline of the most important events scheduled this week:
Monday, March 16: Greece to repay about EU577m in IMF loans Wednesday, March 18: Greece’s debt agency PDMA to sell 13- week treasury bills
Which explains why as we reported yesterday, Greece passed a law to plunder pension funds, one which would allow the government to fully invest reserves of pension funds and other public entities kept in Bank of Greece deposit accounts in Greek sovereign notes.
None of this is news: that Greece will run out of cash absent another check from the Troika, pardon Instituions, pardon creditors, is clear. The only question is what happens after, if Europe indeed leaves Greece hanging.
Today, the Greek media is ablaze with just what Europe's proposed solution to this issue may be. As Protothema and Capital report, the Troika proposed that Athens halt the payment of salaries and pensions for one to two months. This, according to Europe, would promptly tackle the problem of liquidity and find a solution to Greek problem of how to pay back bailout loan tranches to creditors when suffering from liquidity problems.
(Excerpt) Read more at zerohedge.com ...
The next phase of this "hilarious" tragicomedy.
But everyone still goes to work, right?
Greeks...work?
Surely you jest.
Modest proposal for Greek Workers: Don’t work for one or two months.
They'll never get out of the hole if they pay the debt. Germany's winning World War 3, by its banks buying off the elite with loans that every citizen is supposed to pay back for them.
Sound familiar?
Well, I suppose if Greek pensioners don’t eat for a couple of months it will solve a lot of their pension problems.
Good luck with that EU and IMF.
“We’ll confiscate”
“Lend us more money”
“We’ll become communists”
Where is the Greek Leader who will finally step up and say,
“We got ourselves into this mess, now, we’re going to roll up our sleeves and work our way out of this mess.”?
Work? Oh, stop it!!
RE: Europe Has A Modest Proposal For Greece: “Don’t Pay Wages For One Or Two Months”
I’ve been trying to get the GOP Congress to do the same here in the USA for the Federal government — It’s called a shutdown.
The three issues that are off-limits for the political system are 1) money (debt), 2) sexual morality, and 3) race.
“Where is the Greek Leader who will finally step up and say,
“We got ourselves into this mess, now, we’re going to roll up our sleeves and work our way out of this mess.”?”
Greece can be an object lesson for the U.S., if we paid attention.
The Free Schit Army still want their Free Stuff, no matter what. Syrza promised to get the EU off their backs, and keep the Free Stuff flowing. So they got elected.
If Syrza fails, the Nazi’s of Greek Dawn are waiting in the wings to take over, promising even more Free Stuff, and telling the EU to go to hell.
Any leader that says, “we’re going to roll up our sleeves and work our way out of this mess” isn’t going to get much of a vote, if any at all.
Here in the Nation-Formerly-Known-As-America, now called Amerika, it can easily be said that our debt situation is just as bad, or even worse than it is in Greece. The difference is that we can still print money, that some are still willing to accept.
When that Merry-Go-Round stops, (and it has to, eventually,) the Sheeple will turn to whoever offers to keep the FREE SCHIT! going, and offers even more.
The elite bankers have the world in a debt harness.
Mostly a lot of institutional investors own government debt (bonds).
That’s the burden placed on the slaves.
Their “government” has borrowed in their name and owes money with interest.
The slaves (sheeple) have to keep paying taxes. It’s like a mobster taking a “cut”. Of every dollar you earn - you have to give a percentage to the mobster.
Government spending is spread around - mostly to the same institutional investors:
Medical spending goes the medical industry as Sales.
Defense spending goes to the defense industry as Sales.
A LOT of other spending (buildings, equipment, supplies) goes to other industries - as Sales.
A little is thrown to those individuals who get a government check - to keep them voting for “the political left”.
Most of the really wealthy people do not pay anywhere near the tax rate of their bracket, they lower their EFFECTIVE TAX RATE by using various tax reduction schemes they have pushed through Congress. Any time you see “millions” being “donated” to a charity, you’re seeing tax avoidance.
The system is designed to keep the poor poor and to greatly burden the ordinary person trying to make a living. This prevents most from ascending into the ranks of the rich. As those with a lot of drive to get rich make it, they invest their capital - mostly, if not all, with the Wall Street firms of the elites. Thus, they have ownership on paper, but they do not decide corporate policy of the businesses they are “invested in”. The policy of the elites is immorality, criminality (but don’t get caught, or operate “technically” within the law) and opposing God. If you’re good with all that, or can at least “agree to disagree”, the elites can make use of you. The elites are also always putting the squeeze on those “newly wealthy”, so the elites are making FAR more than the “not-so-wealthy”, who do better than working stiffs, but they’re still falling behind the elites financially and typically only “go along to get along”.
“We got ourselves into this mess, now, we’re going to roll up our sleeves and work our way out of this mess.”?
He took the Hemlock Option.
Someone's definition of 'investment' sure differs from mine...aren't you supposed to come out ahead with an investment?
Sadly, this is historically true.
Coincidentally, I am reading "It Can't Happen Here", by Sinclair Lewis. It was published in 1935 and the story line involves the rise of a dictatorship in the U.S. and just how easily such a dictatorship might happen given the right conditions. The parallels with today, as with 1935, are chilling. Promise people free stuff, and most will gladly vote away their freedom.
Hey, boss, when did you say we’re finally going to get paid? FYI, the family already ate Rover and you’re looking a bit porky in that suit, sir.
“Europe Has A Modest Proposal For Greece: “Don’t Pay Wages For One Or Two Months”
A small hint on why you should have six months cash stuffed under your mattress - just in case.
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