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10 things you should know about the crisis in Greece

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posted on Jun, 22 2015 @ 12:22 PM
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Here we are... Witnessing the effects of globalization and fractional reserve banking. Here's what happens when you run a debt based system.

source


1. Greece’s most immediate – as in first thing Monday morning – source of danger is its banking system. To compensate for accelerated deposit flight, the European Central Bank injected additional emergency funding on Friday to allow the banks to open on Monday. With a lot more needed, the ECB will


Bank run wee! Talk about the fastest way to take the power back.

Are the people of Greece fighting back?

It seems to me like the current economic model the world is using doesnt seem to be working for very many people. In fact it's only working for the oligarchs as the middle class across the globe is taking massive hits from international trade policy.

Oh well capitalism and fractional reserve banking work for me and mine so screw the world!




posted on Jun, 22 2015 @ 12:29 PM
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a reply to: onequestion

Greece has got it right and the western financial system will only ever benefit the rich, common people from all over the globe should applaud Greece for not backing down



posted on Jun, 22 2015 @ 12:53 PM
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a reply to: onequestion

While there is some important data coming out this week, in particular the corporate profits report on Wednesday, the world will be watching the European Union's debate regarding the future of Greece and whether or not politicians are willing to allow Russia to become Greece's savior.

If this occurs, Russia would gain an immediate advantage in ending future economic sanctions by the EU, as such a vote must be unanimous, and the Greeks would certainly side with their new comrades. One thing is certain, there will be plenty of headlines to bewilder observers and cause additional market volatility.



In a tweet on June 20, the 41-year-old Internet entrepreneur Kim Dotcom advised his followers to invest in either Bitcoin or gold, claiming that values will rise once Greece prompts the global market to crash again.

cointelegraph.com...

edit on 22-6-2015 by wasaka because: (no reason given)



posted on Jun, 22 2015 @ 01:23 PM
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a reply to: onequestion

I've been thinking about this a while so I'll bounce it off your head .

Greece holds a trump card over The EU and a way to settle their crisis .


The evidence now indicates that nearly all illegal immigration to the European Union flows through the country's porous borders. In 2010, 90 percent of all apprehensions for unauthorized entry into the European Union took place in Greece, compared to 75 percent in 2009 and 50 percent in 2008.


source

They could threatening to open their borders for a Visa fee it wouldn't be political clout it would be a political Sledge hammer .

Can you imagine how much more it would cost the European Union to take care of the people that would arrive through that open floodgate ?


edit on 22-6-2015 by Greathouse because: (no reason given)

edit on 22-6-2015 by Greathouse because: (no reason given)



posted on Jun, 22 2015 @ 01:34 PM
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Running around the web and reading pieces that can only make you shake your head and wonder wtf .

" by Mike Wheatley on Mon, Jun 22, 2015
The Russian Foreign Ministry has given its official reaction to the decision of the E.U. to extend economic sanctions against it, saying it was “disappointed” with Brussels’ move as it ignores the fact that the restrictive measures will cause hundreds of thousands of jobs to be lost in Europe.“We are deeply disappointed that once again the EU has made the illegal decision to extend the restrictions. At the same time, Brussels deliberately ignores that this will entail the loss of hundreds of thousands of guaranteed jobs, according to some estimates,” the Foreign Ministry said in a statement first reported by VZ.ru."

Ukraine’s Right Sector Rejects Minsk Deal by RT on Mon, Jun 22, 2015
This article originally appeared at RTThe ultranationalist Right Sector political party has once again rejected the Minsk ceasefire agreement, calling on President Petro Poroshenko to renew the military offensive in the eastern part of the country.“We demand that the Poroshenko regime reject the Minsk agreements, and renew the offensive military operations aimed at liberating occupied territories [in eastern Ukraine],” the statement published on the party’s website reads."

The IMF Is a US Political Tool - Tough on Greece - Coddles Ukraine by Zero Hedge on Mon, Jun 22, 2015
One week ago, we were stunned to learn just how low the political organization that is the mostly US-taxpayer funded IMF has stooped when, a day after its negotiators demonstratively stormed out of the Greek negotiations with “creditors”, Hermes’ ambassador-at-large Christone Lagarde said that the IMF “could lend to Ukraine even if Ukraine determines it cannot service its debt.”

Could Russia Really Save Greece? And Does It Want To? by Secular Investor on Mon, Jun 22, 2015
This article originally appeared at Secular InvestorWhilst Greek minister of finance Yanis Varoufakis was negotiating the new bailout package in Luxemburg, the prime minister of the Greek government, Alexis Tsipras, went on a city trip to Russia. And this obviously wasn’t a coincidence.

russia-insider.com...



posted on Jun, 22 2015 @ 01:36 PM
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a reply to: onequestion

This is that credit card scam to a larger scale. You know the one where you get an offer in the mail for a low interest credit card? Run the debt up then they change the interest rate on you and they hound you until you pay them. I just quit paying the bastards and send the cease and desist letters.

Then 2 years later you start getting calls from collection agencies that purchased the debt for 10 cents on the dollar and I tell them the cease and desist.

Then you start getting more offers for credit cards all over again.

One big giant ponzi scheme is all the monetary system is.

Greece is just refusing to pay their credit card bill and sending everyone a cease and desist notice. Then some other country will swoop in and buy their debt and negotiate for lesser payments while giving them a line of credit to keep things going, which they will eventually default on as well.



posted on Jun, 22 2015 @ 01:46 PM
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a reply to: soulpowertothendegree

Lol.

The banking system is a joke.

in fact our current economic system is a total joke.



posted on Jun, 22 2015 @ 04:13 PM
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originally posted by: wasaka
a reply to: onequestion

While there is some important data coming out this week, in particular the corporate profits report on Wednesday, the world will be watching the European Union's debate regarding the future of Greece and whether or not politicians are willing to allow Russia to become Greece's savior.

If this occurs, Russia would gain an immediate advantage in ending future economic sanctions by the EU, as such a vote must be unanimous, and the Greeks would certainly side with their new comrades. One thing is certain, there will be plenty of headlines to bewilder observers and cause additional market volatility.



In a tweet on June 20, the 41-year-old Internet entrepreneur Kim Dotcom advised his followers to invest in either Bitcoin or gold, claiming that values will rise once Greece prompts the global market to crash again.

cointelegraph.com...


Can you speculate more please



posted on Jun, 22 2015 @ 04:25 PM
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This Greek crisis has got nothing to do with banking. What you're seeing is not the cause, but a result. The problem with Greece (and most socialist governments) is the collection of taxes.

Greece operated an almost voluntary tax collection system, which most people ignored. Only the State employees routinely paid tax, as it was deducted at source. Most wealthy people either avoided it completely or made token payments. In addition to that, their retirement age is much much lower than everyone else's, which puts a heavy demand on their State revenues. There are many policy-related issues which have and are contributing to to Greece's woes, but it's not the banking system.

If Greece had enforced tax collection and made some sensible revisions to it's governmental policies, like most of the Western world, it would not be in such a perilous position.



posted on Jun, 22 2015 @ 04:51 PM
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a reply to: onequestion

> Can you speculate more please

Mere speculations, but we may see
a "hockey stick" in the price of BTC.

www.newsbtc.com...

Google searches for Bitcoin up 293% in past week www.bitcoin-domain.com...


edit on 22-6-2015 by wasaka because: (no reason given)



posted on Jun, 23 2015 @ 04:40 AM
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originally posted by: onequestion


Bank run wee! Talk about the fastest way to take the power back.

Are the people of Greece fighting back?



The sad thing about all this is that banks can create money out of thin air. So if the banks can do it then why cant governments? I suggest that the only thing that stops them is there fear of the banks.

Just imagine if government were permitted to create money, no more tax, no more homeless,free education, free health care etc, adequate dole and pensions for everyone.

Note; this would also mean that government would have strong incentive to create no more and no less money than is necessary to fund all the goods and services that are needed in the next year.



posted on Jun, 24 2015 @ 06:35 AM
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originally posted by: Azureblue

originally posted by: onequestion


Bank run wee! Talk about the fastest way to take the power back.

Are the people of Greece fighting back?



The sad thing about all this is that banks can create money out of thin air. So if the banks can do it then why cant governments? I suggest that the only thing that stops them is there fear of the banks.

Just imagine if government were permitted to create money, no more tax, no more homeless,free education, free health care etc, adequate dole and pensions for everyone.

Note; this would also mean that government would have strong incentive to create no more and no less money than is necessary to fund all the goods and services that are needed in the next year.




It's this sort of statement that proves you have no idea what you're talking about and spend too much time watching conspiratorial youtube videos.

Banks don't create money from 'thin air', they relend fractions of the money they receive, and thus increase the liquidity of the currency. This system has worked extremely well for hundreds of years in Europe, and only fails when there is a run. As this only happens in exceptional circumstances, the system as a whole works very well. In addition, in the case of an emergency, the Government guarantees deposits to a certain value in the UK.

The Government controls the amount of money in circulation, as this is directly linked to many other variables of the economy. So, in effect, the Government does create money.



posted on Jun, 27 2015 @ 02:55 AM
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originally posted by: 321Go

originally posted by: Azureblue

originally posted by: onequestion


Bank run wee! Talk about the fastest way to take the power back.

Are the people of Greece fighting back?



The sad thing about all this is that banks can create money out of thin air. So if the banks can do it then why cant governments? I suggest that the only thing that stops them is there fear of the banks.

Just imagine if government were permitted to create money, no more tax, no more homeless,free education, free health care etc, adequate dole and pensions for everyone.

Note; this would also mean that government would have strong incentive to create no more and no less money than is necessary to fund all the goods and services that are needed in the next year.




It's this sort of statement that proves you have no idea what you're talking about and spend too much time watching conspiratorial youtube videos.

Banks don't create money from 'thin air', they relend fractions of the money they receive, and thus increase the liquidity of the currency. This system has worked extremely well for hundreds of years in Europe, and only fails when there is a run. As this only happens in exceptional circumstances, the system as a whole works very well. In addition, in the case of an emergency, the Government guarantees deposits to a certain value in the UK.

The Government controls the amount of money in circulation, as this is directly linked to many other variables of the economy. So, in effect, the Government does create money.


Not sure how or why you evidence you had to support you conclusion that I watch banking/finance conspiracy videos on you tube because whatever you used its incorrect but that's by the by.

The real issue is that money is created as I described. Have you ever had the experience that when going through one of your bank statements that you noticed that a few hundred dollars for a few grand was missing and when you called the bank they said something along the lines of "Ah right, we forgot to tell you that we lent that money out last month? Ever had that experience? or something similar? Ever heard of anyone else having that experience? Banks are not permitted by law to lend out depositors money. That's how you can withdraw you money on deposit any time.

perhaps you might like to consider reading a free E book called "Banks Lie' By Chris Field. It's Australian but the money creation system works the same all over the world. They book explains everything in layman's terms and makes it very easy to understand.

After reading the book I now understand what Henry Ford meant when he said that if the common man understand how money work there would be a riot before dawn.

cheers



posted on Jun, 27 2015 @ 03:10 AM
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originally posted by: onequestion
Here we are... Witnessing the effects of globalization and fractional reserve banking. Here's what happens when you run a debt based system.

source


1. Greece’s most immediate – as in first thing Monday morning – source of danger is its banking system. To compensate for accelerated deposit flight, the European Central Bank injected additional emergency funding on Friday to allow the banks to open on Monday. With a lot more needed, the ECB will


Bank run wee! Talk about the fastest way to take the power back.

Nothing will happen. Just like with Cyprus. I know. I love you my friends, but it is what it is.

Are the people of Greece fighting back?

It seems to me like the current economic model the world is using doesnt seem to be working for very many people. In fact it's only working for the oligarchs as the middle class across the globe is taking massive hits from international trade policy.

Oh well capitalism and fractional reserve banking work for me and mine so screw the world!



posted on Jun, 27 2015 @ 08:18 AM
link   

originally posted by: Azureblue

originally posted by: 321Go

originally posted by: Azureblue

originally posted by: onequestion


Bank run wee! Talk about the fastest way to take the power back.

Are the people of Greece fighting back?



The sad thing about all this is that banks can create money out of thin air. So if the banks can do it then why cant governments? I suggest that the only thing that stops them is there fear of the banks.

Just imagine if government were permitted to create money, no more tax, no more homeless,free education, free health care etc, adequate dole and pensions for everyone.

Note; this would also mean that government would have strong incentive to create no more and no less money than is necessary to fund all the goods and services that are needed in the next year.




It's this sort of statement that proves you have no idea what you're talking about and spend too much time watching conspiratorial youtube videos.

Banks don't create money from 'thin air', they relend fractions of the money they receive, and thus increase the liquidity of the currency. This system has worked extremely well for hundreds of years in Europe, and only fails when there is a run. As this only happens in exceptional circumstances, the system as a whole works very well. In addition, in the case of an emergency, the Government guarantees deposits to a certain value in the UK.

The Government controls the amount of money in circulation, as this is directly linked to many other variables of the economy. So, in effect, the Government does create money.


Not sure how or why you evidence you had to support you conclusion that I watch banking/finance conspiracy videos on you tube because whatever you used its incorrect but that's by the by.

The real issue is that money is created as I described. Have you ever had the experience that when going through one of your bank statements that you noticed that a few hundred dollars for a few grand was missing and when you called the bank they said something along the lines of "Ah right, we forgot to tell you that we lent that money out last month? Ever had that experience? or something similar? Ever heard of anyone else having that experience? Banks are not permitted by law to lend out depositors money. That's how you can withdraw you money on deposit any time.

perhaps you might like to consider reading a free E book called "Banks Lie' By Chris Field. It's Australian but the money creation system works the same all over the world. They book explains everything in layman's terms and makes it very easy to understand.

After reading the book I now understand what Henry Ford meant when he said that if the common man understand how money work there would be a riot before dawn.

cheers


I'm not going to discuss banking with you, as this problem has nothing to do with banking. The problem is with Greece's policies that led to this situation, and the continuation of those policies that won't resolve the situation.

In summary, their income from tax is not sufficient to pay their civil expenditure. If they don't change this system their economy will become bankrupt. In effect, it already is, which is why many banks have lent them money. Unfortunately they have no hope of repaying this money – even if interest were not paid – without economic and policy reform.

The problem started a long time before banks were involved.



posted on Jun, 27 2015 @ 09:25 AM
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Well the real problem started with Greece lying about and hiding how big its budget deficit was to it could get into the Euro. Because of Greeces terrible tax collecting and money management in 2009 Greece had to announce that its budget deficit would be 12.9% of its GDP. To put that into perspective in 2009 at the peak of Americas economic problems including two massively expensive wars the US rate was 9% and today sits at 2.8%. 3% is the limit for the Eurozone. Greece announced a plan to cut that number in two years and failed to do much other ask for and get a 240 billion Euro emergency bail out. And so it went. Greece failing to fix anything, then about to default would be given yet another loan and more time. Over and over. At some point Greece has to fix Greece. The bailouts will end now or later. The Greeks are pretty much screwed either way and their government does not seem to be willing to even try and fix things. All they do is ask for loans.



posted on Jun, 27 2015 @ 09:37 AM
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originally posted by: 321Go
This Greek crisis has got nothing to do with banking. What you're seeing is not the cause, but a result. The problem with Greece (and most socialist governments) is the collection of taxes.

Greece operated an almost voluntary tax collection system, which most people ignored. Only the State employees routinely paid tax, as it was deducted at source. Most wealthy people either avoided it completely or made token payments. In addition to that, their retirement age is much much lower than everyone else's, which puts a heavy demand on their State revenues. There are many policy-related issues which have and are contributing to to Greece's woes, but it's not the banking system.

If Greece had enforced tax collection and made some sensible revisions to it's governmental policies, like most of the Western world, it would not be in such a perilous position.
I call bullsh!te on your MSM and bankster propaganda against Greece - that they are a nation of lazy, tax dodging loan defaulting thieves. The statistics show otherwise.

The longest work hours in Europe and the 2nd in the OECD countries. They work over 2000 hours per annum. Compare that to Germany's 1400 or so.The USA is about 1800 and UK 1650.
www.oecd-ilibrary.org...

They pay 22.% of GDP in taxes and for a relative lowly paid country that's quite a lot. Compare that to Germany's 11.5% and the USA's 10.6%. The people who dodge tax in Greece and other countries are almost the wealthy and are very difficult to apprehend. Some pathetic countries are even incapable of apprehending known tax dodgers where the bill paid would be in the hundreds millions/billions.
data.worldbank.org...

As for defaulting. They're not the only European country to do so. Most of these defaults seem to be due to some war or crisis.
en.wikipedia.org...


The “Greek debt” is really not a debt of the Greek people. The institutional creditors and the Euro-banks knowingly lent money to high risk kleptocrats, oligarchs and bankers who siphoned most of the euros into overseas Swiss accounts, high end real estate in London and Paris, activity devoid of any capacity to generate income to pay back the debt. In other words, the debt, in large part, is illegitimate and was falsely foisted on the Greek people.

Any debt without my signature on a promissory note is NOT MINE! ALL 3rd party debt is odious.



posted on Jun, 27 2015 @ 01:26 PM
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a reply to: Macdon

Macdon, are you Greek?

I have been there many times – probably a dozen or more. I would never call a Greek lazy, and I have never even suggested it. The government's policies are the problem, and have been for several decades. Every time I go I talk to the people and businesses there and they all say the same thing. Greek's (VAT especially) tax system is inefficiently complex. The collection of income tax is inefficient and in some cases voluntary, which a significant proportion of the population under-record their earnings, with the certainty that the accuracy of their claim will not be followed up.

You've not mentioned the retirement fiasco. Employees in some sectors are allowed to retire at 40, some public sector workers used to retire as early as 26 years old! A good friend of mine retired at 31 on full pension and opened a restaurant. He gets his pension and his income from his business. The average tax he pays on his business is less than 10% as he lives on an island and he gets incentives for being there. There are many people like him.



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