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The slippery slope that is Grease.....I mean Greece!

Poll leader in Sunday election vows to dump austerity program. Nothing I suppose that a Trillion Euro's cant fix.



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""""Greece’s radical anti-austerity Syriza party, led by Alexis Tsipras, appears poised to win Sunday’s snap parliamentary elections. It now leads in most polls.

The Greek public supports Tsipras even as his rhetoric instills fear among wealthy Greeks that a Syriza victory could wreak financial havoc and pave the way for the nation’s exit from the euro zone.

Syriza leaders insist they will ignore all austerity measures that the European Committee, the European Central Bank and the International Monetary Fund imposed on Greece as the cost of a 240-billion-euro bailout. They also vow to renegotiate the country’s debt – and threaten to leave the euro zone if they cannot do this.""""
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Comments

  • rickoricko Posts: 98,724 ✭✭✭✭✭
    The roots of disaster.....Cheers, RickO
  • BarndogBarndog Posts: 20,490 ✭✭✭✭✭
    Socialism won the day in France, no surprise in Greece
  • carew4mecarew4me Posts: 3,470 ✭✭✭✭
    O.K.
    Just a little pin pr!ck
    There'll be no more aaaaaaaah!
    But you may feel a little sick

    Loves me some shiny!
  • MGLICKERMGLICKER Posts: 7,995 ✭✭✭


    << <i>Socialism won the day in France, no surprise in Greece >>




    The result of hammering their children and grandchildren with generational debt.

    Cannot really blame them for telling the creditors to go to hell.

    Same will happen here in a decade.
  • derrybderryb Posts: 36,779 ✭✭✭✭✭
    The only good thing that can come from this is a Greek exit from the EU. The EU itself is nothing but a socialist effort where the weak are supported by the strong.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • SaorAlbaSaorAlba Posts: 7,539 ✭✭✭✭✭


    << <i>

    The result of hammering their children and grandchildren with generational debt.

    Cannot really blame them for telling the creditors to go to hell.

    Same will happen here in a decade. >>



    I only disagree slightly, I believe the SHTF will be sooner than a decade. I also believe that there are a lot of little frozen conflicts are going to break out into a major war.
    In memory of my kitty Seryozha 14.2.1996 ~ 13.9.2016 and Shadow 3.4.2015 - 16.4.21
  • CaptHenwayCaptHenway Posts: 32,112 ✭✭✭✭✭
    Time to see what the Greek elections over the weekend do to metals.........
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • derrybderryb Posts: 36,779 ✭✭✭✭✭
    Socialism won in Greece because a bigger socialism failed. The population had become slaves to a few. Let this be a lesson to democracies around the world.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    So far no real effect. And the anti-austerity side seems to have the election in hand. No real effect so far on USDollars or gold in US dollars. Euro is down further near the lows of FRiday.... and gold in Euro's is higher.

    Gold seems ready to move down into a daily cycle low over the next 4-10 days. This is probably going to happen regardless of the Greek elections, Euro debt situation, Ukraine, etc.
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • derrybderryb Posts: 36,779 ✭✭✭✭✭
    looks like the scramble is towards the Swiss franc.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • bronco2078bronco2078 Posts: 10,207 ✭✭✭✭✭



    If Greece is going to exit the Euro rest assured the .1% will get tipped off in advance so they can take steps.

    When that happens those that hold physical Euros will be well off as they will trade like gold bars . No doubt there will be an actual and an official exchange rate which will be widely different.



  • derrybderryb Posts: 36,779 ✭✭✭✭✭


    << <i>If Greece is going to exit the Euro rest assured the .1% will get tipped off in advance so they can take steps. >>


    Sorta like the way Soros dumped euros right before the Swiss central bank made its move.

    And this just in from Davos: "Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday."

    The power in Greece learned the hard way that this is not such good advice.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • bluelobsterbluelobster Posts: 1,220 ✭✭✭
    "to enact structural reforms and pro-investment policies to boost growth,"

    Why is that bad advice?
  • derrybderryb Posts: 36,779 ✭✭✭✭✭


    << <i>"to enact structural reforms and pro-investment policies to boost growth,"

    Why is that bad advice? >>


    It was bad advice for the earlier ruling Greek party that followed it because it got them booted out of office. Following the advice creates economic hardship on the population.

    The party that just lost the Greek election had, in order to get earlier bailouts, agreed to enact structural reforms and pro-investment policies as dictated by the Toika (the International Monetary Fund (IMF), European Commission (EC) and European Central Bank (ECB)), who were providing the bailout. It only worsened life for the average Greek voter who used the election to voice their disagreement in accepting the conditions of the bailout.

    "Enacting structural reforms and pro-investment policies to boost growth" is great advice for any country in economic turmoil. It is bad advice for a politician who wants to keep his job because of the hardship it imposes on the citizens who are asked to bite the bullet. This is most likely why we don't see structural reforms and pro-investment policies to boost growth in many countries, especially our very own. Unfortunately our current creditors don't have the ability to dictate the terms of the loans that keep us afloat.

    Martin Armstrong's take on the Greek election results

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • bluelobsterbluelobster Posts: 1,220 ✭✭✭


    << <i>

    << <i>"to enact structural reforms and pro-investment policies to boost growth,"

    Why is that bad advice? >>


    It was bad advice for the earlier ruling Greek party that followed it because it got them booted out of office. Following the advice creates economic hardship on the population.

    The party that just lost the Greek election had, in order to get earlier bailouts, agreed to enact structural reforms and pro-investment policies as dictated by the Toika (the International Monetary Fund (IMF), European Commission (EC) and European Central Bank (ECB)), who were providing the bailout. It only worsened life for the average Greek voter who used the election to voice their disagreement in accepting the conditions of the bailout.

    "Enacting structural reforms and pro-investment policies to boost growth" is great advice for any country in economic turmoil. It is bad advice for a politician who wants to keep his job because of the hardship it imposes on the citizens who are asked to bite the bullet. This is most likely why we don't see structural reforms and pro-investment policies to boost growth in many countries, especially our very own. Unfortunately our current creditors don't have the ability to dictate the terms of the loans that keep us afloat.

    Martin Armstrong's take on the Greek election results >>




    It may have effected the election, sure, but I don't think that has anything to do with it being bad advice. Tsipras and Syriza are promising debt right offs and raises in pensions and benefits, that the electorate thought was super dandy. That says more about the naivete of the electorate than the advice. It's probably a good thing, because it wont be long before the preposterous ignorance of the marxist economic model Syriza will try to implement will fail miserably for the rest of the European union to see.
  • derrybderryb Posts: 36,779 ✭✭✭✭✭
    I'll try to make it simpler: For Greece it was bad advice only for those that chose to follow it. It costs them their jobs - something every politician fears. There is no doubt that the austerity agreed to by the last elected officials was what cost them their jobs in the latest election. The Greeks have spoken: "we are not willing to make the sacrifices required of enacting structural reforms and pro-investment policies." Appears they choose default and economic depression over hard work and personal sacrifice. Bad move, especially if it is only to take a stand against the troika.

    On the other hand, lazy Greeks? These two charts say otherwise

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • bronco2078bronco2078 Posts: 10,207 ✭✭✭✭✭


    Greece was not actually qualified to be in the euro to begin with. Goldman sachs fudged the numbers for them . That was the Greek 1% who did that not the Greek people the joe six pack types that live down the street don't hire investment banks to rewrite a country's books . GS and the local 1% cooked up a little scheme to loot the place for a decade at everyone elses expense and it went a little longer now its time to wind it down.

    The Euro was never going to work anyway and when it unravels things are going to get messy .
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭


    << <i>Greece was not actually qualified to be in the euro to begin with. Goldman sachs fudged the numbers for them . That was the Greek 1% who did that not the Greek people the joe six pack types that live down the street don't hire investment banks to rewrite a country's books . GS and the local 1% cooked up a little scheme to loot the place for a decade at everyone elses expense and it went a little longer now its time to wind it down.

    The Euro was never going to work anyway and when it unravels things are going to get messy . >>



    As I recall they did that sleight of hand using derivatives. And as well all know, derivatives can just be netted out to cause no harm or foul. At least that's what I've read on the internet. image

    Harvard University was saddled with hundreds of millions of otc derivatives following the reign of Larry Summers. They paid a pretty penny to get out from under that sludge. And you would have thought those guys were a bit smarter than your typical Greek banker/economist.
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • MGLICKERMGLICKER Posts: 7,995 ✭✭✭
    Italian 10 year bonds at 1.52%. Spain a touch lower.

    Not much built in for default risk when they line up to jump ship, next.

    I am sure that the wise contingent in Davos will fix the problem. image
  • BaleyBaley Posts: 22,660 ✭✭✭✭✭
    These two charts say otherwise

    Ahh, the ole "two chart" trick around a time point, where you let the things you're comparing spread out in the first chart, then start them all at 0 again in the second chart!

    Very clever! Erases the past change, starts them all again, then if you get "regression toward the mean" in their relative performance in the second chart, you can say, "see! the event at the time point between the two charts caused the change in the second chart!

    it's a classic

    Liberty: Parent of Science & Industry

  • MGLICKERMGLICKER Posts: 7,995 ✭✭✭


    << <i> And you would have thought those guys were a bit smarter than your typical Greek banker/economist. >>




    Why?
  • OPAOPA Posts: 17,119 ✭✭✭✭✭
    Time will tell, if an elected Prime Minister, who is a Communist, now calling himself a Socialist, can turn the country around.
    I have serious doubts....Communism/Socialism rarely succeed in economic efforts.
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • MGLICKERMGLICKER Posts: 7,995 ✭✭✭


    << <i>Communism/Socialism rarely succeed in economic efforts. >>




    ....and one does not need to look across the ocean to see that that is true.
  • dpooledpoole Posts: 5,940 ✭✭✭✭✭


    << <i>Media Demonization of Syriza: Pretending that Neoliberalism is Popular and Mainstream >>



    I suppose I may be one of those Murdochized dupes, but it still seems to me that (pace Paul Krugman) Greeks would be better off if they (1) paid taxes and (2) lived within their means.

    Maybe the moneyed interests have taken over the West's media as this writer says. But buried on page 3 of the local moneyed rag, I found an article dusting off the hoary remains of concerns about the burgeoning Federal debt.

    The Federal debt is set to explode...

    There hasn't been a national discussion about this topic for quite awhile now, since the Tea Party decided to shift its focus to social issues and only blocking Obama. We remain saddled by the opium of owning the international currency, and living off the extracted wealth of others.

  • MGLICKERMGLICKER Posts: 7,995 ✭✭✭


    << <i>There hasn't been a national discussion about this topic for quite awhile now, since the Tea Party decided to shift its focus to social issues and only blocking Obama. >>



    David, we have collectively (unfortunately) come to the conclusion that all debt can be satisfied by printing the obligation rather than earning it. Remarkably a $5 Trillion print has produced only a medium wave of consumer inflation rather than the hyper inflation that myself and other conservatives thought would be the case. That, along with the price drop in oil has reinvigorated the faction that believes in free money solving all economic ills.

    It has so far brought us neither to economic health or to collapse....yet.

  • cohodkcohodk Posts: 19,087 ✭✭✭✭✭
    rather than the hyper inflation that myself and other conservatives thought would be the case

    So if one did not believe in the hyper-inflation hype they are liberals?

    I guess I dont see the need to qualify an opinion with a political affiliation. The incorrect assumption about hyperinflation has nothing to do with a political group, but rather of ignorance of inter-market relationships, misunderstanding of monetary policy and lack of knowledge of financial structure.

    Everyone believed, and still do, that hyperinflation comes from excessive money printing, when in truth excessive money printing comes from hyperinflation. They egg must first be laid for the chicken to hatch. Now I know your response would be, "well we need the chicken first to lay the egg", which again simply would demonstrate the lack of understanding I mentioned above.

    You can either choose to gain knowledge or spout hyperbole. This is America, we have a choice.



    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • MGLICKERMGLICKER Posts: 7,995 ✭✭✭


    << <i> Now I know your response would be, "well we need the chicken first to lay the egg", which again simply would demonstrate the lack of understanding I mentioned above. >>



    ....so you are also a clairvoyant?

    7% inflation in 2014 was certainly more than a bump and a number that caused Yellen and company to progressively fabricate stories about their epic struggle to even approach the target 2% rate. An excuse of course to keep fed rates at zero to the great burden of those that foolishly and in their minds prudently hang onto negative real return instruments.

    Are you foolhardy enough to believe, Cohodk, that a quintupling of the monetary pool will not result in hyperinflation? Somehow the money will remain stuffed in a large Wall Street mattress until all is well in Cohodkville and the federal reserve can smartly and smugly sell back the massive debt holding on their books as your buddy in DC sails quietly off into the sunset.

    Let me play clairvoyant as well. Your response will be that you are glad that I have no children and my girlfriend must be a saint.
  • derrybderryb Posts: 36,779 ✭✭✭✭✭
    Hyperinflation did occur - the money supply was drastically increased. Price hyperinflation is a result of hyperinflating the money supply but only when that increase in money supply reaches the hands of the consumers.

    Price hyperinflation did not occur (yet) because the FED has been successful at having the banks keep the new money on deposit with the FED in the form of "excess" reserves in addition to the reserve required to be kept on deposit with the FED. Excess reserves have however, been used as collateral/leverage by the gambling banks which has caused price hyperinflation in investment assets, particularly equities. Current asset deflation, particularly commodities, is nothing more than the price of those assets returning to normal.

    If the banks were able to get more profit by lending the excess reserves to the public then price inflation could easily occur. The consumers would have to want the loans for this to occur. Consumers have in recent years been reducing their personal debt, but that could be changed by a number of factors including a fear of price increases. The FED wants consumers to start spending and they want them to borrow - maybe the whole hyperinflation fear mongering was a PR effort by the FED to stimulate both borrowing and spending.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • bronco2078bronco2078 Posts: 10,207 ✭✭✭✭✭


    When the Fed starts paying negative interest rates will all that money stay on deposit?image
  • derrybderryb Posts: 36,779 ✭✭✭✭✭


    << <i>When the Fed starts paying negative interest rates will all that money stay on deposit?image >>


    All the talk and some execution of negative rates has involved customer accounts held by banks. A central bank paying negative interest on the reserves it holds for the banks is another issue. Remains to be seen if negative interest rates will be applied to bank "reserve" deposits being held by the FED. FED pays interest to the banks for the banks' money being held by the FED as "reserves." The banks pay interest to their account holders, you and I. The banks determine what interest THEY pay to their account holders and the FED determines what interest IT pays on reserve deposits belonging to the bank. Negative interest rates paid by a bank to account holders will most likely result in account holders finding other uses for the money - uses that pay a positive return. Why would anyone pay for the "safety" of having their money in the bank when the banks have already proven that they really aren't that safe.

    Banks currently choose to keep more than the "required" amount as reserve deposits with the FED where they earn some interest. Banks could choose to move these excess reserves if they see a better return elsewhere. However, they most likely do what the FED wants them to do. I believe the intent of the FED with the whole "excess" reserves program is for the banks to have more money at their disposal should another banking crisis unfold.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • DoubleEagle59DoubleEagle59 Posts: 8,307 ✭✭✭✭✭
    I heard a story last year that one of the downtown hospitals in Athens Greece had around 8 landscapers on their payroll and receiving benefits and everything.

    You may think one or two is bad enough but the punch line of this story is the hospital had only a concrete parking lot!!

    In Greece, relatives take care of each other.

    Not the way you and I think, but if one family member gets a plush job, he or she hires the whole fam damily as fellow employees.

    It's just the way it's done over there.

    I wouldn't be surprised if all those 8 landscapers were related.
    "Gold is money, and nothing else" (JP Morgan, 1912)

    "“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)

    "I only golf on days that end in 'Y'" (DE59)
  • bronco2078bronco2078 Posts: 10,207 ✭✭✭✭✭


    << <i>I heard a story last year that one of the downtown hospitals in Athens Greece had around 8 landscapers on their payroll and receiving benefits and everything.

    You may think one or two is bad enough but the punch line of this story is the hospital had only a concrete parking lot!!

    In Greece, relatives take care of each other.

    Not the way you and I think, but if one family member gets a plush job, he or she hires the whole fam damily as fellow employees.

    It's just the way it's done over there.

    I wouldn't be surprised if all those 8 landscapers were related. >>



    It's the same here pretty much. In the town where I live a man and all 4 of his kids are half the fire department . The town road crews (the guys that lean on push brooms ) are uncles and cousins and in laws. At the state level when a new governor rolls in he brings half a thousand hacks with him and they all hire their nephews and nieces . All these clowns run for offices mostly unopposed , when they win no one knows what they do all day . They are all cashing paychecks reliably though.
  • drwstr123drwstr123 Posts: 7,037 ✭✭✭✭✭


    << <i>

    << <i>I heard a story last year that one of the downtown hospitals in Athens Greece had around 8 landscapers on their payroll and receiving benefits and everything.

    You may think one or two is bad enough but the punch line of this story is the hospital had only a concrete parking lot!!

    In Greece, relatives take care of each other.

    Not the way you and I think, but if one family member gets a plush job, he or she hires the whole fam damily as fellow employees.

    It's just the way it's done over there.

    I wouldn't be surprised if all those 8 landscapers were related. >>



    It's the same here pretty much. In the town where I live a man and all 4 of his kids are half the fire department . The town road crews (the guys that lean on push brooms ) are uncles and cousins and in laws. At the state level when a new governor rolls in he brings half a thousand hacks with him and they all hire their nephews and nieces . All these clowns run for offices mostly unopposed , when they win no one knows what they do all day . They are all cashing paychecks reliably though. >>




    The purpose of government has evolved to raising taxes and providing employment for relatives and paramours.
  • jmski52jmski52 Posts: 22,814 ✭✭✭✭✭
    It used to be that the banks had to maintain a reserve requirement. I'm not exactly sure what the term "excess reserves" is supposed to mean, other than being a bogus term for newly-created money allotted on the bank balance sheets as a potential counterweight to a massive claim against the bank's derivative contracts, should things go awry.

    When there are really no rules for money-creation by the Fed or debt-creation by the Treasury, and when there's no consequences for being on the losing end of a 50-to1 leveraged bet on interest rates, there isn't much meaning to "excess reserves".

    Is there?image
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • derrybderryb Posts: 36,779 ✭✭✭✭✭
    banks have to maintain a certain amount of money on deposit with the FED. This required deposit is called "FED reserves." Any amount over that that the bank chooses to keep on deposit with the FED is referred to as "excess reserves." Much of the money created by QE is being held as excess reserves. As long as it is parked there price inflation will be kept in check.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • jmski52jmski52 Posts: 22,814 ✭✭✭✭✭
    The Federal debt is set to explode...

    There hasn't been a national discussion about this topic for quite awhile now, since the Tea Party decided to shift its focus to social issues and only blocking Obama. We remain saddled by the opium of owning the international currency, and living off the extracted wealth of others.


    Boy, that's a mouthful! You seem to be saying that the Federal debt is set to explode because the Tea Party isn't doing anything about it, but you feel sorry for the guy who's racking up massive debt faster than all of the previous presidents combined.

    The ones who are taking and not contributing, working or paying taxes - those are the ones living off the extracted wealth of others. Let's be clear about that.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • jmski52jmski52 Posts: 22,814 ✭✭✭✭✭
    banks have to maintain a certain amount of money on deposit with the FED. This required deposit is called "FED reserves." Any amount over that that the bank chooses to keep on deposit with the FED is referred to as "excess reserves." Much of the money created by QE is being held as excess reserves. As long as it is parked there price inflation will be kept in check.

    Like I said, the term "excess reserves" is pretty bogus. Where do you think these reserves and excess reserves come from? Is isn't from lending or providing banking services. Those days are long gone. Let's just call it "free money" courtesy of the taxpayers.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • cohodkcohodk Posts: 19,087 ✭✭✭✭✭


    << <i>

    << <i> Now I know your response would be, "well we need the chicken first to lay the egg", which again simply would demonstrate the lack of understanding I mentioned above. >>



    ....so you are also a clairvoyant?

    7% inflation in 2014 was certainly more than a bump and a number that caused Yellen and company to progressively fabricate stories about their epic struggle to even approach the target 2% rate. An excuse of course to keep fed rates at zero to the great burden of those that foolishly and in their minds prudently hang onto negative real return instruments.

    Are you foolhardy enough to believe, Cohodk, that a quintupling of the monetary pool will not result in hyperinflation? Somehow the money will remain stuffed in a large Wall Street mattress until all is well in Cohodkville and the federal reserve can smartly and smugly sell back the massive debt holding on their books as your buddy in DC sails quietly off into the sunset.

    Let me play clairvoyant as well. Your response will be that you are glad that I have no children and my girlfriend must be a saint. >>




    Again youve proven yourself wrong.

    Yo keep spouting this 7% number. Only evidence I see of that is your post count.

    Eventually there will be inflation....when demographics dictate it or the global supply chain is severely disrupted.
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • cohodkcohodk Posts: 19,087 ✭✭✭✭✭


    << <i>It used to be that the banks had to maintain a reserve requirement. I'm not exactly sure what the term "excess reserves" is supposed to mean, other than being a bogus term for newly-created money allotted on the bank balance sheets as a potential counterweight to a massive claim against the bank's derivative contracts, should things go awry.

    When there are really no rules for money-creation by the Fed or debt-creation by the Treasury, and when there's no consequences for being on the losing end of a 50-to1 leveraged bet on interest rates, there isn't much meaning to "excess reserves".

    Is there?image >>




    No consequences for the little guy either....


    http://www.bloomberg.com/news/articles/2015-01-28/fxcm-to-seek-repayment-on-60-of-losses-from-swiss-franc-move
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • derrybderryb Posts: 36,779 ✭✭✭✭✭
    Interesting letter by Greek's new leader to the German people

    "My party, and I personally, disagreed fiercely with the May 2010 loan agreement not because you, the citizens of Germany, did not give us enough money but because you gave us much, much more than you should have and our government accepted far, far more than it had a right to."

    And does this part sound familiar?

    "An insolvency problem was thus dealt with as if it were a case of illiquidity."

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • bronco2078bronco2078 Posts: 10,207 ✭✭✭✭✭


    I like this part image

    The recent modest rise of real GDP, to the tune of 0.7%, signals not the end of recession (as has been proclaimed) but, rather, its continuation. Think about it: The same official sources report, for the same quarter, an inflation rate of -1.80%, i.e. deflation. Which means that the 0.7% rise in real GDP was due to a negative growth rate of nominal GDP!



  • derrybderryb Posts: 36,779 ✭✭✭✭✭

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • CaptHenwayCaptHenway Posts: 32,112 ✭✭✭✭✭
    As I see it, Greece is pointing a gun at its own head and saying "If we don't get everything we want, we'll shoot!"

    linky

    Wish I had a link to the similar scene from "Blazing Saddles."
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • derrybderryb Posts: 36,779 ✭✭✭✭✭


    << <i>As I see it, Greece is pointing a gun at its own head and saying "If we don't get everything we want, we'll shoot!"

    linky

    Wish I had a link to the similar scene from "Blazing Saddles." >>


    Greece is saying "Our previous leaders sold our souls, we want them back." Coming soon to a nation near you.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • BaleyBaley Posts: 22,660 ✭✭✭✭✭

    Liberty: Parent of Science & Industry

  • jmski52jmski52 Posts: 22,814 ✭✭✭✭✭
    No consequences for the little guy either....


    There's a big difference between a private company making that decision vs. a government bailout that soaks unsuspecting taxpayers. No equivalency.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • cohodkcohodk Posts: 19,087 ✭✭✭✭✭


    << <i>No consequences for the little guy either....


    There's a big difference between a private company making that decision vs. a government bailout that soaks unsuspecting taxpayers. No equivalency. >>



    Really. I guess I went to far to expect you to see individual responsibility. image
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • jmski52jmski52 Posts: 22,814 ✭✭✭✭✭
    I guess I went to far to expect you to see individual responsibility.image

    I wasn't talking about the investors. I was referring to fxcm. ALL of the investors should be eating their losses, especially their leveraged losses.

    But that's just my opinion. Unfortunately, I'm not runnin' things around there.image
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
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