Posted on 07/05/2015 9:10:39 PM PDT by catnipman
"If necessary, we will issue parallel liquidity and California-style IOU's, in an electronic form. We should have done it a week ago," said Yanis Varoufakis, the finance minister.
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Syriza sources say the Greek ministry of finance is examining options to take direct control of the banking system
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They want a new team installed, one that is willing to draw on the central bank's secret reserves, and to take the provocative step in extremis of creating euros.
"We have to restore stability to the system, with or without the help of the ECB. We have the capacity to print €20 notes," said one.
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(Excerpt) Read more at telegraph.co.uk ...
i have no expertise at all about what may be happening in Greece so I will defer to your judgement
but events there sure look like a trial run for what may be perpetrated on USA soon by certain leftist elements in our govt
You’re probably right. Obama loves signing promissory notes over to the Chinese.
Looks like they are asking to become a ward of China and/or Russia.
Germany, France and a few other nations have probably been doing some military planning in regards to Greece for a long time.
Interesting in light of geography and watchful eyes of several nations along routes in and out of Greece. Anything Russian would be thoroughly analyzed and well covered.
If Syriza intends to seize power, they forgot to control the Defense Ministry.
Turns out that Syriza came short of a majority in the last election and brought in the Conservative anti-EU faction as their coalition partners.
Panos Kammenos, leader of the “Independent Greeks”, is the Defense Minister and he’s not a Communist.
“Independent Greeks” are not Fascists who are the “Golden Dawn”.
The “Indpendent Greeks” were kicked out of the Republican type party of Greece, New Democracy, for being anti-EU.
Greece may have a Leftist led government, but its a ‘pinprick’ compared to the Socialist-Cartel Capitalists-Sexual Progressives of the European Union.
“see how the EU can institute the ultimate moral hazard”
They gave up the right to impose it on others when they all demanded a bailout on the 2008 crisis which they were all willing and knowing players in. They stopped recognizing moral hazard and substituted too big to fail.
That’s loony tunes to think Germany would ever send the military to Greece. Especially in any scenario besides the Greek government begging them to come for some reason, say a Turkish invasion or something.
No, rest assured that Germany would find it utterly impossible to send any military to Greece. Its laughable.
Question.
If Greece went back to the drachma, would it be worth the same as the Soviet ruble during the Cold War? The equivalent of Monopoly money in the international markets?
All countries have contingency plans for all countries, even their "friends" I would suspect it is possible Germany and France might be dusting off their plans.
Sounds to me like they’re taking clues from the USA.
And since you mentioned the Fascist Golden Dawn, for the 'No' vote, a coalition of Syriza, your beloved Independent Greeks, and the Fascist/Neo-Nazi Golden Dawn were supporting it.
Anyway, apparently the strategy of the Syriza/Independent Greek governing coalition is to print money. I hope it works better for them than it did for the Weimar Republic and Zimbabwe. After all, to communist thinkers effort and hope overcomes economics and reality.
Correct. The quality of a nation's currency in International trade is determined by the quality of investments that can be bought with it. Anyone investing in Greek assets of any kind nowadays is simply asking to be robbed. FYI this is also why going on the gold standard wouldn't make the ruble or the renminbi the dominant international currency (though it would be good for the Russian or Chinese economies).
Economically it will work better since they'll be printing Euros, thus exporting the effects of inflation to Germany, France, and the rest. Politically, not so well. I predict the EU will invent for itself a new sweeping power to arrest and try national leaders.
He has a printing set up that makes excellent $100 bills.....
maybe the Greeks can pay him in olive oil and feta cheese.
Good point, and it will be interesting to see how the EU deals with the Greeks printing 20 Euro notes. I do hope that the Greek economy gets properly hit, and the fruits of socialism are seen by all.
It looks like Germany is going to be tempted to drop a bunker buster on the Greek Mint.
The Germans fought two world wars trying to conquer Europe and finally succeeded with the EU
Bet they wish like hell they hadn’t
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