Europe

[karlunity]

Now we are told that we have to bail out Greece or the banks in Europe will take an "unacceptable loss".

HUMM..Un acceptable to whom?

 

Most of the Folks who stand to lose large are rich Gates..Winsor..Bono..types.

They invested their money in the banks and if those banks fail, they lose a part of their wealth.

So Joe and Jane Yank or Karl and Helga Kraut must bail them out???

 

Are we out of our minds??

 

I don't have a pension plan or for that matter a villa in the south of France.

 

So if my betters have to dry dock the boat or miss "The Season",how is that my problem?

 

Enough that I had to bail out the American banks and thus our home grown fat cats..

 

karl

[Dr.Hess]

Besides our IMF component, are they talking about more direct US to Greece (and PIGS) bailouts? Hadn't heard anything like that but it wouldn't surprise me. Yeah, it's the rich screwing everyone else again, as usual. The parallels between this depression and the last one are very frightening. Even the timelines are matching. Big market crash, recovers, crashes again, etc. It's like, hey, it worked last century, let's do it again.

 

As for Greece, this is how I see it (and I've been following it): Greece was let into the Euro. Their books were crooked, but everyone knew it, wink-wink. Once in the Euro, Greece could borrow cheap. Now, Greece, as a country, has not been in default

[karlunity]

Dr. Hess

 

"Yeah, it's the rich screwing everyone else again, as usual. The parallels between this depression and the last one are very frightening. Even the timeliness are matching. Big market crash, recovers"

 

You may be on to something.

 

Billions were owed to investors after WW I and it was clear that Russia, now the USSR was not going to repay.

 

Germany was repaying slowly but living on the Dow's and Young plan.

 

Unemployment was high in England and France, both of whom had massive bills from

WW l to pay.

 

But..toss in a depression, wipe the books clean..the Romans were pulling that in 162 B.C. All those "Bad investments" you owed? Gone old chap.: )

 

As long as you have enough gold..in a Swiss bank to ride things out..perhaps a bit of "seed" money for those "opportunities' Well, things tend, if you can prevent a 1789 or a 1917, to work out.

 

I don't recall reading about many Rockefellers or Mellons on the "breadlines"

 

Course,the little people are gonna get the shaft, while things are "working out" but heck that is what the pawns are for.

 

I blame BOTH parties for this.

[Dr.Hess]

I dunno what happened to my post. I edited it last night and seemed to have lost half. I wuz sayin':

 

Now, Greece, as a country, has not been in default for something like 25% of the last 200 years. When they were let into the Euro, it was like getting a new credit card and Greece said, "Let's go to the mall!!!" They spent everything they could (of someone else's money) until the credit card hit its limit. Suddenly it's a crisis. The bailout offered was 2 or 3 years of interest on their existing debt, after which, Greece will owe all they owe now plus 2-3 years of inerest. To get this, Greece has to cut their spending a lot, in a country where half the people work for the government (sound familiar?) and the government provides lots of "free" stuff that they borrowed money to pay for. And, they have to raise taxes a lot, in a country where avoiding taxes is the national sport. There were only three millionaires in the whole country last year by their tax returns. Right. Faced with this, the Greeks rioted and burned down at least one bank, complete with three bankers inside.

 

The best thing for the Greeks would be to do like they have for the past 200 years and just not pay (default), screwing the bond holders. Who holds the Greek debt? From memory, banks in France: 900 billion, Germany: 600 bil, UK: 300 bil, misc.: 300 bil. These banks ain't doing too good right now, after buying all those really good deals on US mortgages to illegal aliens, investing in Icelandic bank securities, etc. Like the rest of the banks, most of what they hold now is valued way above what it could possibly sell for, so they are all insolvent in reality, just not "on paper" just yet. Another blow from Greece defaulting would push them over the insolvency cliff and no creative accounting could avoid that. So, thus they get the bailout. Thrown into this, if Greece defaulted, the Euro would break up. The Euro is a step to a one world government and one world currency to go with it, and drive us peons to accept the chains of a one world government. Yesterday, they announced a full bailout on Greek debt, and by implication the rest of the PIGS to prevent their project (at least 50 years in the making) from colapsing.

 

There have also been some observations that Germany comes out basically owning all of Europe from this. Unlike the last two tries last century where they sent in people with guns, this time they just loaned money and called it due. Remember that Soros was a little Nazi supporter pushing Jews onto the trains to the gas chambers and keeping thier stuff. And funny thing, he's the biggest backer right now for the anti-gun/anti-2nd Ammendment crowd in the US, besides owning the Democrat party.