Greece: Basically a bank run is in full progress

It shouldn't be difficult for one to see the similarities with Iceland and JBond in the battle with the International bankstas prankstas.....'hood Up

^It Was for a Reason.^

My father actually met the real "Jaws" character while in Luxembourg.

Strange coincidence, though it's really a matter of one's perspective.
Perhaps both 'gained' something from the encounter?
They often do whether one 'realizes' it or not.

Every encounter has 'meaning'.
To be your 'own' author is all that should be expected.
It works, so I should suppose it Is?


[edit on 23-2-2010 by Perseus Apex]

Ah, the games people play.

How much money does the US need to raise to fund their deficits over the next several years?

Is there even that amount of money available worldwide?

Some thoughts for you.

Remember that the only reason France and Germany are stepping up to the plate in the first place is because they hold the majority of Greek debt.

If it wasn't for that fact, you can bet they would be running away, or calling for them to leave the EuroZone to save the Euro.

IMHO the Euro should take a hit from this - NO WAY is €1 worth 89p given what most Europeans buy stuff for compared to me.

Only one question remains - which currency should people be buying to remain safe? Is the whole premise of currency in crisis, and not just the financial systems that are based on it?

The #1 biggest problem is CREDIT. It should be heavily restricted, then we will have to see prices for everything drop to more affordable levels. When the average house price is £189,000 with average salary of just £24,000/year it is crazy to suggest Joe Public can afford it.

Once the UK gets a new Government, and they see the real state (I'm curious as to why they can't see it now) they will be hiking taxes all over the place to raise funds. I'll be we will see 20% VAT *AT LEAST* before the end of 2010, and interest rates of maybe 10% or even 15%.

It will happen if we are to have any hope of getting out of this mess for good.

We have certainly not seen the worst yet. I'll bet right now that Q1 of 2010 sees us back in recession, and that even if it picks up in Q2, that after the General Election here in the UK (May) we will see yet another slump.

Unemployment is yet to rise further. I also predict unemployment of over 3 Million by the end of the year.

This s...... isn't over yet, and I'll bet we're not even half-way to real recovery, where people in general (not just Governments) start reducing their debt levels.

It makes me feel sick that I've been working hard, paying taxes, and getting by, when there are people who borrowed far more than they can pay back, and ultimately caused this problem.

They blame house prices for all the borrowing - that's just a symptom, not a cause. The real cause is the ability for people to not only get cheap credit, but lots of it as well, which meant they were buying stuff they couldn't normally afford. Market forces came into the play - you know the rest.

I can't wait for all this to be over, but it's going to be a good 5 to 10 years before it has been corrected.

[edit on 23-2-2010 by mirageofdeceit]

reply to post by In nothing we trust


when the economy tanks and the banks close, and there are no jobs, and the gov is broke, the only type of person with a life expectancy are young, healthy males. everyone else is walking a tight rope

Originally posted by mirageofdeceit
Remember that the only reason France and Germany are stepping up to the plate in the first place is because they hold the majority of Greek debt.

Exactly mirageofdeceit, thank you.

As Soros pointed out today the Euro model is primarily flawed because it has no Fed, in effect, to deal with these internal matters.

I remain, Greece has only one choice here and that is to do an Ireland and bite the bullet through massive spending cuts and program cancellations.

This will in-turn lead to widespread social disruptions as the Greeks have become so accustomed to socialist Government handouts.



[edit on 23-2-2010 by leo123]

Originally posted by undo
reply to post by In nothing we trust

 

when the economy tanks and the banks close, and there are no jobs, and the gov is broke, the only type of person with a life expectancy are young, healthy males. everyone else is walking a tight rope

Guess they better get thier act together then and come up with some kind of a plan that they can all live with.

Here's my idea. I pay no taxes whatsoever and then the various governments that we live under can do whatever they want to do. Give out all the free stuff that everyone wants just don't make me pay for any of it. There ya go everyone is happy now.

How do you like my idea?

[edit on 23-2-2010 by In nothing we trust]

Some thoughtful posts in this thread...thanks.

Public debt as a % of GDP....

[atsimg]http://files.abovetopsecret.com/images/member/0fd6fcd5390f.gif[/atsimg]Courtesy of Pimco February 19/2010.

**Unfunded US liabilities: Social Security, Medicare, Medicaid and Government sponsored pension funds not included**


As the remaining "Ring of Fire" public debt approaches 90%/GDP , I expect to see continued currency devaluations against the price of Gold....but who am I to say ? As a 63yr old senior who's been out of the work force for 9yrs...I'm just another "useless eater"...a burden on society

Listen-up congresspersons:

January 2008: Moody's says overspending threatens U.S. debt rating

Ok...one more time:

February 2010: US credit rating at risk, Moody's warns

Three strikes

and you're out ?

Originally posted by OBE1
Some thoughtful posts in this thread...thanks.

Public debt as a % of GDP....

[atsimg]http://files.abovetopsecret.com/images/member/0fd6fcd5390f.gif[/atsimg]Courtesy of Pimco February 19/2010.

**Unfunded US liabilities: Social Security, Medicare, Medicaid and Government sponsored pension funds not included**


As the remaining "Ring of Fire" public debt approaches 90%/GDP , I expect to see continued currency devaluations against the price of Gold....but who am I to say ? As a 63yr old senior who's been out of the work force for 9yrs...I'm just another "useless eater"...a burden on society

Listen-up congresspersons:

January 2008: Moody's says overspending threatens U.S. debt rating

Ok...one more time:

February 2010: US credit rating at risk, Moody's warns

Three strikes

and you're out ?

Brilliant - thank you OBE1

The UK credit rating is looking like it might be down-graded from AAA rating soon.

They're also warning of a run on the currency, but who knows if the warning in itself isn't some kind of attempt to cause it?

If Sterling weakens against the Euro, it will then give political ammunition to the Government to push us into the Euro, even though it would be the worst thing we could possibly do. As it is the Euro has serious problems, and from articles posted here at ATS in the past has already has its share of threats to fragment the Euro into sub-areas, with the German Euro being worth more than the Spanish Euro.

If nothing else, the whole EU/Euro thing shows that countries must remain seperate. It will fail at some point, as its structure is no different to any other kind of empire (only in this case it was through mutual agreement and not war).

Once Greece starts to buckle under the weight of its debt, and Germany and France fail to actually cough up the money they didn't pledge (don't forget that they stressed that the mere discussion of saving Greece was supposed to help, strongly suggesting they didn't actually mean a word they said!!!!) then you can bet that the Eurozone will somehow manage to isolate Greece from the currency, and let it sink on its own, technically without a currency.

[edit on 23-2-2010 by mirageofdeceit]

Age And Treachery

Originally posted by undo
when the economy tanks and the banks close, and there are no jobs, and the gov is broke, the only type of person with a life expectancy are young, healthy males. everyone else is walking a tight rope

Actually, the almost inevitable result of economic problems on the scale we're witnessing is war.

And in war, the persons with the lowest life expectancies are young, healthy males.

Originally posted by Majic
Age And Treachery

Originally posted by undo
when the economy tanks and the banks close, and there are no jobs, and the gov is broke, the only type of person with a life expectancy are young, healthy males. everyone else is walking a tight rope

Actually, the almost inevitable result of economic problems on the scale we're witnessing is war.

And in war, the persons with the lowest life expectancies are young, healthy males.

Majic

Gerald Celete feels they will ultimately create war as the great distraction of the debt unwind and I happen to agree with him. Hell it even falls into a quazie John Titor timeline.

Originally posted by Majic
Age And Treachery

Originally posted by undo
when the economy tanks and the banks close, and there are no jobs, and the gov is broke, the only type of person with a life expectancy are young, healthy males. everyone else is walking a tight rope

Actually, the almost inevitable result of economic problems on the scale we're witnessing is war.

And in war, the persons with the lowest life expectancies are young, healthy males.

The older men try to kill off the competition. They want our women.

[edit on 24-2-2010 by In nothing we trust]

Hell it even falls into a quazie John Titor timeline.

I am from the future. John Titor was a fake and got it all wrong.

reply to post by ncb1397


I am infinity. All of you have it wrong, and are merely a product of my imagination





....I'm not really sure on the policy of 1liners for a reply, but didn't feel like taking the risk

[edit on 24-2-2010 by unityemissions]

You guys do know that this kind of thing is contagious, right. Our economy is more intertwined than ever.

BTW, let the old men fight their own war.

This does worry me, as what we are dealing with/seeing, isn't just a single country issue, but a worldwide economic issue possibly at the hands of few people, brutalizing the many, economically.

Funny, as I was @work listening to coast to coast am the prior night, and george noory(sp) made me go "huh?!" When he stopped briefly saying: "I have to say it, there IS a push towards one world government...5 years ago I laughed about this...I certainly am not laughing now..."

the issue the world is going through is bulldozing us towards an unnatural chaos where it seems we as individuals are gonna be handed a lead plate with a nice juicy "ISH Sandwich" and we're being coerced to take a bite.

The question has always been, whose driving the bulldozer and who's handing us the plate?

Originally posted by TheCoffinman
but the greeks are panicking..

www.guardian.co.uk...

Militant trade unionists blockaded the entrance to the Athens stock exchange today as millions of striking Greek workers prepared to pour on to the streets to protest against austerity measures aimed at ending a debt crisis that has sent tremors through the eurozone.

The demonstration, by protesters affiliated to the communist party, came on the eve of a 24-hour general strike that is expected to bring Greece to a standstill.

online.wsj.com...

Wealthy Greeks are pulling their money out of local banks and sending it abroad, fearing increased government scrutiny on assets and a run on the banks if Athens is forced to turn to the International Monetary Fund, according to private bankers and other people with knowledge of the situation.

Some video would be nice.
Some Greek sources also..
Hello?
Every time a new government is elected unions flex their muscles to see how far it gets them with current administrations.
This is not the big think yet.

"Wealthy Greeks" own probably a quarter of the offshore companies that have been registered on the Globe, along with Saudis, Israelis and Russians.
"Wealthy Greeks" have been long gone from the local market.
Exactly how does the guardian.co knows this? Has a snoop at every "Wealthy Greek" account? What does guardian consider as "Wealthy" btw and a "Greek" account?

What is the record of guardian and bbc spouting their timely anti-greek rhetoric, every damn spring just right at the start of tourist season?
What do they want?
Whatever they want, they ain't getting it. If they haven't got it so far, its a very slim chance they will in the next future.

Italy masked finances worse than Greece - Pangalos

LONDON (Reuters) - Italy did more than Greece to mask the state of its finances to secure euro zone entry, Greek Deputy Prime Minister Theodoros Pangalos said, adding that Germany's history made it ill-placed to criticise his country.

More from the news

Pangalos criticised Germany's attitude towards the Greek crisis, saying Athens had never received compensation for the economic impact of the Nazi occupation during World War Two. "They took away the Greek gold that was at the Bank of Greece (Stuttgart: 910622 - news) , they took away the Greek money and they never gave it back. This is an issue that has to be faced sometime in the future," he said.

Thing`s are getting very interesting by the minute.

Link to news source

Im a greek who lives in Germany and is going to move to Greece soon.

It looks like i might throw some stones down there. Cant wait

reply to post by ChristIsHere


Trial run has already been done...