Greece - A powerful Contagion

[Cassandra Syndrome]

After Dubai effectively ran out of cash and needed its sugar Daddy to bail it out, the world is looking at the next country to default. Latvia has always been a suspect. But the odds are now centred around Greece. Nobody seems to be able to get to the bottom of the real financial situation in Greece. How much debt do they have and what is the likihood of them meeting their payments. It seems to be all Greek to external investors!

The Germans are trying to hush this over and push this Elephant in the room under the carpet. The latest vibe from Merkel is that Greece may have to go it alone and the IMF may have to be called in. IMF auditors are due to arrive their soon. The Greek government is paying both domestic and foreign suppliers 153 days after invoice, which even to those of us use to extremey flexible construction trade credit terms seems outrageous.

Greece is one the many wildcards out there that could set off a vicious shockwave throughout the Financial system like Lehman Brothers did in September 2008 which nearly wrecked the entire system. Latvia, California, US Bond Market, Equity crash, Commercial Mortgage Crisis, Prime Mortgage Crisis, Derivatives Meltdown, Hyperinflation are among many wild cards that will set off vicious contagions. Thats why I believe that the laws of probability will state that at least 1 of these wildcards will show up and its lights outs before the end of 2010.

Governments need to take this seriously and should have since Autumn 2008 began a transition period towards a new financial system whose foundations are solid. Its madness to live in a world that a unilateral and synchronised 5% removal of capital would bring the entire Global Financial System's House of Cards down.


Free Internet Press :: A Greek Tragedy - Should The E.U. Save Greece From Bankruptcy? :: Uncensored News For Real People

[jelporgotbanned]

Greece has gotten it right, power to the people. Its time for Ireland to protest against the gombeens and bankers.

[cactusflower]

Yes.

[SilverSpurs]

Am i right that tax evasion is the root of greek woes?

[CaptainHornblower]

This is one of the most concise and accurate accounts of the current 'crisis' that I've read:

The Crisis & What to Do About It - The New York Review of Books

Soros (Europe's Warren Buffett) knows his onions and should be heeded.

[jelporgotbanned]

At least the Greeks are standing up to those who are exploiting them. We just let the capitalist bankers and their gombeen puppets dominate us, push us around, and treat us like DIRT !

Its time for the worker to get out onto the street, and bring power back to the people.

[jimmyfour]

Greece has gotten it right, power to the people. Its time for Ireland to protest against the gombeens and bankers.

The people are the ones with private debt that dwarfs NAMA and state debt - the credit cards, overdrafts, mortgages, etc., .

While governments fall, the people would be best served by completing *their* debt obligations. Protesting and rioting and people defaulting on their hundreds of billions of private debt is what leads to the IMF and national restructuring.

yes, the government suck. yes, public sector is evil. However, as long as "the people"owe a few hundred billion to banks, that "the people" borrowed and signed contracts on, you are on your own. I do not want us to degenerate into Zimbabwe because you can't cover yoru credit card or mortgage.

THAT is what will lead to the country to collapse. Protest by demanding and voting for better political leaders, but we do not live in a communist state with micromanaged lives. People are free to choose wisely but also poorly.

[USER1234]

Greece has gotten it right, power to the people. Its time for Ireland to protest against the gombeens and bankers.

I agree!!!!!!

[feargach]

yes, the government suck. yes, public sector is evil.

[Cassandra Syndrome]

This is one of the most concise and accurate accounts of the current 'crisis' that I've read:

The Crisis & What to Do About It - The New York Review of Books

Soros (Europe's Warren Buffett) knows his onions and should be heeded.

Excellent article Captain. Soros was right to call Wolf in 1987 and 1998. There should have been a mini depression to sort things out back then but they cheated it and postponed judgement day and made judgement day even more cruel.

The dots can be traced back to the 1920 Mini depression and the behaviour of the Federal Reserve since then.