GREECE IS COLLAPSING

[BLS 313]

http://www.usatoday.com/money/world/story/2012-05-17/greece-spain-run-on-banks/55036614/1

 

 

ATHENS, Greece – Worried for the future, Greeks are pulling money out of banks at an increasing rate and either transferring it abroad when they can or hiding it at home.

 

"I know a lot of people have drawn their money from the bank," said Apostolis Manafas 57, unemployed, of Athens. "I have friends that even hide their money in their closets. It reminds me of our grandparents and old Greek movies, where people sewed their savings in their mattresses."

 

Greeks withdrew more than $900 million Monday and another $600 million Tuesday, according to the Greek Central Bank. While deposits have been steadily leaving banks since the start of the country's debt problems in 2009, this week's outpouring of cash reflects a new level of panic, analysts say.

 

Meanwhile, in Spain, the newspaper El Mundo said customers have withdrawn more than €1 billion ($1.27 billion) since the state took over Bankia, the country's fourth-largest lender, a week ago. Bankia insisted its depositors' money was safe, and the government denied there was a run on the bank.

 

The withdrawals in Greece follow that country's failure to form a unity government after recent elections. A coalition of leftists insisted the country refuse to enact budget cuts agreed to by the previous government in order to qualify for billions of dollars in debt relief from Europe and the International Monetary Fund.

 

Greece's caretaker Cabinet was sworn in Thursday and will lead the country into a new election June 17.

 

Some Greek fears the fight against austerity could force Greece out of the 17-member eurozone of nations that use the euro as currency and require the country to return to the drachma, the previous Greek currency that would likely be worth far less than euros.

 

"It's a game of chicken between the EU and Greece," says Raoul Ruparel, head of economic research at Open Europe, a London based think tank.

 

Ruparel says new elections may give one side the political majority to take action. But until then, "It leaves [Greeks] in a very uncertain position. As long as this is going on, there is a cloud hanging over Greece as a whole."

 

Margarita Manousou, editor of a Greek tourism publication in Athens, says most Greeks want to remain in the eurozone but are worried about being punished by the European Union for objecting to what they consider harsh cuts in public benefits and welfare demanded by terms of a debt bailout.

 

"People are scared they will lose their money," she said.

 

The EU has threatened to withhold further bailout loans if Greeks elect a government that opposes the bailout's austerity measures.

 

Bank withdrawals seem to mirror the mood of the country at various points.

 

Deposit outflows have averaged between $2.5 billion and $3.8 billion a month, some of that from unemployed Greeks drawing down their savings. But in March and April after Greek's international lenders agreed to fund bank recapitalization, Greeks put $2.5 billion back into their accounts.

 

For a while in the spring things were looking up, says Stathis Christophi, associate director of global banking at HSBC in London.

 

"But now it is a really bad situation," he said.

 

Originally from Greece, Christophi said even he had a former colleague call this week asking how to open a bank account in London. He says wealthy friends are buying property abroad or moving money where they can.

 

"The whole banking system is paralyzed," Christophi said.

 

The more money that leaves, the more Greece is dependent on the EU, says Ruparel. And the EU will continue to demand political and economic reforms in return for additional funds. It's a contradiction that will continue the country's tailspin until it can gain more secure footing.

 

Greece is in its fifth year of depression, and its economy has contracted 22% in that period while unemployment has soared to 21%. In spite of two approved bailouts, the last in March, as well as a shaving of its debt, the economic crisis in the country hasn't eased.

 

So for now, withdrawing money from bank accounts "is a natural response when you are [being] blackmailed," says Manousou. "The choice is either you vote right wing or Europe will take away your money."

 

This is gonna get interesting. Your 401k should be taking it in the pooper shortly.

Greece will fall, then Spain or Italy. After that it will be a domino effect and when/if Britain fails, the EU will dissolve because Germany won't want any part of that mess.

Markets will crash all over the world, only this time, even worse.

 

Silver and Gold are both at 2 year lows right now. Get while the gettin is good.

 

 

[NewbieJr 541]

http://www.usatoday.com/money/world/story/2012-05-17/greece-spain-run-on-banks/55036614/1

 

 

 

 

This is gonna get interesting. Your 401k should be taking it in the pooper shortly.

Greece will fall, then Spain or Italy. After that it will be a domino effect and when/if Britain fails, the EU will dissolve because Germany won't want any part of that mess.

Markets will crash all over the world, only this time, even worse.

 

Silver and Gold are both at 2 year lows right now. Get while the gettin is good.

Haven't you been saying the exact same thing for an eternity?

[IGotWorms 3,387]

You seem pleased to report this.

[The Elevator Killer 497]

You seem pleased to report this.

 

So you are saying that BLS enjoys seeing Greeks take it up the a$$?

[BLS 313]

Haven't you been saying the exact same thing for an eternity?

 

Yep. And nobody believed it.

[BLS 313]

You seem pleased to report this.

 

I am. It's living proof that socialism doesn't work.

[NewbieJr 541]

Yep. And nobody believed it.

Psssst. We still don't

[BLS 313]

So you are saying that BLS enjoys seeing Greeks take it up the a$$?

 

[MTSkiBum 1,602]

I am. It's living proof that socialism doesn't work.

 

What about norway, it is extremely socialist yet it has one of the highest gdp per capita and one of the top standards of living in the world.

[BLS 313]

What about norway, it is extremely socialist yet it has one of the highest gdp per capita and one of the top standards of living in the world.

 

 

I'm reading a very interesting article on this right now.

 

http://www.inc.com/magazine/20110201/in-norway-start-ups-say-ja-to-socialism_pagen_1.html

 

I will say I'm a bit surprised and my curiousity is picqued.

 

however, I will say there is NO way that would work in the US unless we could get the corruption out of our government.

[MTSkiBum 1,602]

I'm reading a very interesting article on this right now.

 

http://www.inc.com/magazine/20110201/in-norway-start-ups-say-ja-to-socialism_pagen_1.html

 

I will say I'm a bit surprised and my curiousity is picqued.

 

however, I will say there is NO way that would work in the US unless we could get the corruption out of our government.

 

I agree with you that norways government would not work in america. We have too large of population for socialism to work.

 

My only point in bringing up norway is as an example of how socialism can work in a small population country that has hard workers.

 

The problem with greece, italy, and spain are not the forms of government, but rather they are filled with lazy people.

 

I was reading an article last week, and it was saying even at the peak of production in 2006 spain had close to a 10% unemployment rate. If you were a multinational company why would you want start a branch in spain or greece? They want a month of vacation a year, plus they work shorter days and have a lot of holidays.

[IGotWorms 3,387]

I am. It's living proof that socialism doesn't work.

 

Well I'm glad you'd like to see Americans lose their retirement just so you can feel smug in your ideology. Well your selectively applied ideology anyway. All for the free market until it doesn't work to your benefit - then it's time to walk away from your obligations.

[Casual Observer 597]

Well I'm glad you'd like to see Americans lose their retirement just so you can feel smug in your ideology. Well your selectively applied ideology anyway. All for the free market until it doesn't work to your benefit - then it's time to walk away from your obligations.

 

 

Worms, how many billables are you going to get in today?

[IGotWorms 3,387]

Worms, how many billables are you going to get in today?

 

Nunya

[Casual Observer 597]

Nunya

 

All right, just as long as you're not billing time spent posting here to some poor schlep's file.

[Recliner Pilot 61]

Worms, how many billables are you going to get in today?

You will have to explain to him what "billables" are.

[BLS 313]

Well I'm glad you'd like to see Americans lose their retirement just so you can feel smug in your ideology. Well your selectively applied ideology anyway. All for the free market until it doesn't work to your benefit - then it's time to walk away from your obligations.

 

lol. trolling, trolling, trolling.

 

You're pathetic. Swerski was more of a stud than you (and that ain't easy, dumbfuck).

[Strike 4,051]

You will have to explain to him what "billables" are.

 

Maybe in Alaska they pay you by how many fries you put in the vat.

[Phurfur 70]

Well I'm glad you'd like to see Americans lose their retirement just so you can feel smug in your ideology. Well your selectively applied ideology anyway. All for the free market until it doesn't work to your benefit - then it's time to walk away from your obligations.

 

It is going to happen to someone that is the way the socialists set it up, the system is not sustainable.

 

"Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy,

its inherent virtue is the equal sharing of misery.."

-- Winston Churchill

 

"The trouble with socialism is that eventually you run out of other people's money,"

- Margaret Thatcher

[IGotWorms 3,387]

lol. trolling, trolling, trolling.

 

You're pathetic. Swerski was more of a stud than you (and that ain't easy, dumbfuck).

 

I'm not trolling at all. I meant every word I wrote. It's focking pathetic that you are rooting for the collapse of everyone's financial future when you yourself avoided your own destiny by walking away from your debt. How can you not see what a massive hypocrite you are?

[IGotWorms 3,387]

All right, just as long as you're not billing time spent posting here to some poor schlep's file.

 

Yeah, I billed two hours for "trolling the Geek Club".

 

Get a fockin life so you can quit worrying about mine.

[Casual Observer 597]

I'm not trolling at all. I meant every word I wrote. It's focking pathetic that you are rooting for the collapse of everyone's financial future when you yourself avoided your own destiny by walking away from your debt. How can you not see what a massive hypocrite you are?

 

Worms' Time sheet for 5/17

 

Draft multiple posts on Geek Bored - 4.0

[IGotWorms 3,387]

Worms' Time sheet for 5/17

 

Draft multiple posts on Geek Bored - 4.0

 

Obsess much? I'm not ghey but thanks for the interest.

[NorthernVike 2,080]

I'm not trolling at all. I meant every word I wrote. It's focking pathetic that you are rooting for the collapse of everyone's financial future when you yourself avoided your own destiny by walking away from your debt. How can you not see what a massive hypocrite you are?

Actually, he did not root for anyones 401 to collapse. He even went on to say that you should invest in gold and silver, hence helping everyones 401 if they know to change their investment strategies.

[BLS 313]

I'm not trolling at all. I meant every word I wrote. It's focking pathetic that you are rooting for the collapse of everyone's financial future when you yourself avoided your own destiny by walking away from your debt. How can you not see what a massive hypocrite you are?

 

How is that a hypocrite.

[BLS 313]

Actually, he did not root for anyones 401 to collapse. He even went on to say that you should invest in gold and silver, hence helping everyones 401 if they know to change their investment strategies.

 

 

Yeah!!

[IGotWorms 3,387]

How is that a hypocrite.

 

Because you go around railing against the system, claiming that what we need is pure capitalism and that people must be held accountable for their actions. You seem to believe in this ideology so much that you would welcome the collapse of the current system even if it meant a great deal of suffering for your fellow man. But when you yourself were faced with pain if you had to live with the full result of your economic choices, you took the easy way out and walked away from your obligations.

 

I have no problem with your strategic default - I think it was the right thing for you to do. I am glad you're out from under that debt so you can move on with your life. The problem is you seem to think everyone else deserves a much worse fate for their mistakes.

[Phurfur 70]

Because you go around railing against the system, claiming that what we need is pure capitalism and that people must be held accountable for their actions. You seem to believe in this ideology so much that you would welcome the collapse of the current system even if it meant a great deal of suffering for your fellow man. But when you yourself were faced with pain if you had to live with the full result of your economic choices, you took the easy way out and walked away from your obligations.

 

I have no problem with your strategic default - I think it was the right thing for you to do. I am glad you're out from under that debt so you can move on with your life. The problem is you seem to think everyone else deserves a much worse fate for their mistakes.

 

That is what the left has been doing for decades. Read the Cloward Piven Strategy written in the late 60s it was the hippie guide book and it outlines exactly what has happen. Yes it is a plan and it is documented.

 

BTW: You are one of the soldiers.

[Me_2006 14]

Time for me to ride in on my elephants.

[Casual Observer 597]

Obsess much? I'm not ghey but thanks for the interest.

 

Obsessive is a word that best describes your posting activity today, while you were supposed to be working. This has led to delirium in thinking you are attracting my unwarranted attention. Also, you are completely ghey.

 

Do you think that tomorrow you can put in an honest day's work for your employer and clients?

[MDC 5,934]

lol. trolling, trolling, trolling.

 

You're pathetic. Swerski was more of a stud than you (and that ain't easy, dumbfuck).

 

I miss Swerski - he brought the funny. He had the best AV of alltime too.

[TheNewGirl 1,053]

So what do I invest my 401k in?

[IGotWorms 3,387]

Obsessive is a word that best describes your posting activity today, while you were supposed to be working. This has led to delirium in thinking you are attracting my unwarranted attention. Also, you are completely ghey.

 

Do you think that tomorrow you can put in an honest day's work for your employer and clients?

 

Mind your own focking business, d0uchebag.

[Recliner Pilot 61]

Obsessive is a word that best describes your posting activity today, while you were supposed to be working. This has led to delirium in thinking you are attracting my unwarranted attention. Also, you are completely ghey.

 

Do you think that tomorrow you can put in an honest day's work for your employer and clients?

Pretend Lawyers have Pretend Employers.

[Me_2006 14]

Mind your own focking business, d0uchebag.

Stop taking the bait. It's an alias focking with you, and you know your usual crew of folks you argue with will show up to pile on.

[IGotWorms 3,387]

Stop taking the bait. It's an alias focking with you, and you know your usual crew of folks you argue with will show up to pile on.

 

Hmm, good point

[Recliner Pilot 61]

Stop taking the bait. It's an alias focking with you, and you know your usual crew of folks you argue with will show up to pile on.

....in other words, RUN AWAY! YOU ARE GETTING HAMMERED!

[BLS 313]

So what do I invest my 401k in?

 

Energy, healthcare and metals and mining companies.

Diversify with some liquid cash and some physical silver and or gold.

[heavy-set 39]

they better spend it fast, hyperinflation is coming

[Strike 4,051]

Because you go around railing against the system, claiming that what we need is pure capitalism and that people must be held accountable for their actions. You seem to believe in this ideology so much that you would welcome the collapse of the current system even if it meant a great deal of suffering for your fellow man. But when you yourself were faced with pain if you had to live with the full result of your economic choices, you took the easy way out and walked away from your obligations.

 

I have no problem with your strategic default - I think it was the right thing for you to do. I am glad you're out from under that debt so you can move on with your life. The problem is you seem to think everyone else deserves a much worse fate for their mistakes.

 

As a supposed lawyer you must have taken contract law through that correspondence school that was willing to accept you. In any case, a mortgage is simply a contract. Choosing to walk away is not choosing to walk away from any particular obligation. The bank took a risk when it made the loan, and the ramifications of walking away are built in to the contract. Walking away from an obligation is when someone walks away from their children. Walking away from a contract that specifically allows for that, with certain penalties, is NOT walking away from an obligation.

 

I really can't believe you're a lawyer. I have trouble believing you have any association to the actual real business world. Your posts are naive and idiotic on a regular basis.