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Chris opines on Greece

Big Al
February 17, 2015

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Discussion
24 Comments
    CFS
    Feb 17, 2015 17:25 AM

    Chris understands the Greece situation.

    CFS
    Feb 17, 2015 17:30 AM

    But Greece can’t pay.

    Will never be able to pay without some debt forgiveness, which Germany is saying is just debt forgiveness = not paying.

    And since Turkey does not belong in the EU, we don’t have to keep Greece in.

    Feb 17, 2015 17:44 AM

    Very good interview! The other comment I keep reading on the internet is that the Greek population will suffer because of this government. That is completely nonsense. It’s business as usual for the average Greek on the street. I was speaking with a relative during the weekend and he told me his neighbor finished withdrawing his money (300K) from the bank and buried it on his land. The Greeks are prepared for the Drachma, if that happens. Food will still be had since they a lot of people own land and animals. The only people who will be hit the hardest will be those who live in the cities; but they will probably return to the provinces where the farmers live.

      Feb 17, 2015 17:23 AM

      And further, community currencies and local barter have been booming in Greece even since this all started coming to a head back in 2010.

      As I said, the fear of the plutocrats and bankers is that Greece demonstrates that 1. its debt load piled on to its shoulders is a fraud to begin with and 2. it can live OK in the end, thank you, outside the euro zone.

        Feb 17, 2015 17:37 AM

        True. The most important barter item is olive oil. If you have olive oil in abundance, you’re considered royalty.

    Feb 17, 2015 17:02 AM

    Thanks Chris. As I see it Grexit is a slam dunk. For it Europe make new deals with Greece, then Spain and Italy and France and who knows who else will all want special favours. If Greece exists and then is made to hobble by on devalued drachmas, surely Brussels et al will then be able to say to the rest ‘you’d better not go the way of Greece, so cut a new deal with us or else.

      Feb 17, 2015 17:24 AM

      I still won’t go so far as to call it a slam dunk…but at the same time, the odds are much better than the Pollyannas in the markets and media seem to understand.

        Feb 17, 2015 17:16 PM

        What do I know Chris. Syriza may yet do a deal at the eleventh hour.

    CFS
    Feb 17, 2015 17:09 AM

    The neighbor was right in burying his assets, in that people like Varoufakis do not recognise that personal savings are the equivalent of saved labor and BELONG to the individual.
    On the other hand the burying of assets means that such money is not available to a government that is so short of money.
    The problem with Greece is that they have been living for years above the standard at which their GDP would have provided.

    The only real solutions are:
    Work harder, or
    Live at a lower standard of living.

    Neither of which are acceptable to Greece.

      Feb 17, 2015 17:21 AM

      CFS, just add something: in the provinces they continue to live their lives as like they did 40, 50 years ago. They still grow their own food, they still heat their homes with fire, they still get around with horses and donkeys and only use the car for a long trip. They only thing that has changed is that the have internet and some better farming equipment. That’s it. Like I said, the only people who are accustomed to a higher standard of living are those who live in the cities.

      Feb 17, 2015 17:16 AM

      “Varoufakis do not recognise that personal savings are the equivalent of saved labor and BELONG to the individual” ~~ CFS.
      —————-

      Come on man, if you really want anyone to take your accusations seriously then please post some evidence. Otherwise you are starting to sound like a damned old fool.

        CFS
        Feb 17, 2015 17:25 AM

        bird,

        so what do you believe personal savings are?

          Feb 17, 2015 17:31 AM

          Don’t offer a diversion in the form of a question to my objection. Just post something of substance to support what you are saying or you will not be taken seriously. Show me the evidence…come on now…..make an effort to change my mind CFS.

            CFS
            Feb 17, 2015 17:40 AM

            I don’t know how to respond.

            If you do not believe in the right to have and to hold personal property, there is nothing I can say.
            I believe it is necessary to save and have personal property as part of “civilisation”
            The inability to have and to hold personal property or making personal savings the property of the state is destructive, in my mind, of civilisation and society.
            It makes a person a slave of the state…..which is totally unacceptable to freedom.

            I don’t care if you change your mind. You have the right to your opinions, even if I think they are wrong.

    Feb 17, 2015 17:19 AM

    The is all MANIPULATION to make you ALL complacent to CENTRAL PLANNING ! THE ALL WORLD ! CHINA RUSSIA IS IN THE GAME ! NO FREE MARKETS NO MORE !

    Feb 17, 2015 17:15 PM

    franky you may be interested in the Paul Sandhu/Jim Willine interview. Merkel and Hollande made an act of surrender by visiting Putin. Best, A
    https://www.youtube.com/watch?v=TpNKtz0wCZs

      Feb 17, 2015 17:43 PM

      Thank’s Andrew (REV) !

    Feb 17, 2015 17:28 PM

    Will anyone mention India market for gold is closed today..?

    Feb 17, 2015 17:10 PM

    Chris, Mitch Feierstein good as always. Speaking of Ukraine: ‘You can’t ever taper a Ponzi scheme and this is the mother of all Ponzis’. 12 mins into interview.

    http://www.maxkeiser.com/#fBWDT5tmaDLYEy7J.99

      Feb 17, 2015 17:34 PM

      Good stuff Rev – thanks! I’d missed this.

    Feb 17, 2015 17:13 PM

    Chris Temple is 100% correct. That which can not be paid will not be paid. Period, end of story.

    Greece will never be able to pay, or service these fraudulent debts. The IMF, ECB and Germany are going to have to eat this dead and worthless paper because it was based on black letter law contract fraud from the very beginning. The European banking institutions were well aware and complicit in this fraud.

    From top to bottom, stem to stern, the entire EU and its vast big brother experiment was a fraud destined to failure.

    All of the loans were based on a fraud and the IMF and ECB knew that Greece would never be able to make good on these loans. Too damn bad for all of the immoral scam artist’s politicians from Europe and Greece who took part in this travesty in the beginning and throughout the life cycle.

    Pain is coming and it is well deserved.

    Feb 17, 2015 17:14 PM

    Even if they somehow gloss this one over too, Vortex, a giant financial enema is indeed coming one of these days.

    Feb 17, 2015 17:35 PM

    Chris T,

    Yes sir, nothing will turn back what must take place and reversion to a historical mean, which in time, will bring some element of sanity back into the equation.

    Today it’s Greece in the limelight; tomorrow it will be a new name. But the name of the game will remain…….fraudulent debt on top of more fraudulent debt the must be repudiated.

    Buckle up, and keep a clear mind Chris. Most of this is out of our control at this point and Mother Nature is about to take care of what the political and parasitic banking class refuses to acknowledge.

    You’re doing a great job by the way. I appreciate your time and effort.

    V