Just breaking news re: Greece courtesy of LPG!
Here is the site: http://www.reuters.com/article/2015/02/20/us-eurozone-greece-idUSKBN0LO0O620150220
looks like that wicked witch is making out and having one nice session.
THANKS MATTHEW……….
DT,
there’s a URL just below the title. 😉
As an aside, Zerohedge has a link to a live video.
Press conf was supposed to be at 2pm CET. I might have missed it but I SUSPECT there’s been a delay.
Here’s the Zerohedge link:
http://www.zerohedge.com/news/2015-02-20/eurogroup-hold-press-conference-momentarily-live-webcast
Best to you,
LPG
I am not sure why you can’t type in the address shown above and get the article. Thanks for all your help guys on this!
A deal was going to be reached sooner or later. Tsipra and his party Syriza made it quite clear during their election campaign that Greece was going to stay in the EU. The average Greek wants to stay in the EU; no one wants to return to the Drachma. All this talk about Greece aligning themselves with Russia and China was wishful thinking. The country to watch is Italy… they have some leaders who are hell-bent on leaving the EU.
Chris, life seems so easy, countries can indulge in all manners of dubious financial practices as long as they can print money. Right now the cloud in the winter sky is no bigger than a golfball. I now see a magical order on the new science of printing money. NOT!
DT, it is what it is. I don’t like it myself…there are no (or very few) responsible leaders left in the world. But they were elected by an electorate that doesn’t give a damn about responsibility either. If we want change at the top, society has to change its way of thinking and doing first.
How true, there are no people left that remember “The Great Depression” of the 1930’s, if that’s what it takes well so be it, but like you point out most people need to experience pain in order to learn.
Take Canada for example. Household debt at a record level and no one seems to give a damn. The government’s solution to that pesky problem- take on more debt.
Either way, I bet the American taxpayer gets stuck with at least part of the Greek debt.
We already have the lamestream media getting us ready for this.
“Why the U.S. will have to bail out Greece”
The U.S. cannot afford any hiccups at this point and time.
The NEW ROMAN EMPIRE IS ABOUT TO GET CLIPPED, BY THE OLD ROMAN EMPIRE……
Amen, Jerry
Kick it down the road…………German’s are wooses…………
YOU are to funny………how do you get these pictures that fast……….I want you as my new press secretary when I open CAINE ECON. REPORT…….sharing is Caine….
Done. Will work for gold. 😉
We only pay in gold…………………
Yes, when they give in they are wooses, and when they don’t they are Nazis. I think you might be on to something more than you realize. Mr. S. really didn’t have much a of choice.
This agreement, such as it is, only shows that Schaeble cannot just ignore the desires of his other colleagues.
*** ONCE AGAIN THE CAN GETS KICKED DOWN THE ROAD *** THE GREEKS PUNKED OUT……………….AND 4 MONTHS FROM NOW THEY WILL BEEN OVERY AGAIN !!!!!!!!!!!!
THE NEW GREEK GOV’T LIKE EVERYONE ELSE ARE JUST A BUNCH OF STUPID COWARDS !!!!!!!!! CAN’T WAIT TIL THE GREEK PEOPLE TAKE TO THE STREETS…………………….DAMN FOOLS !!!!!!!!!!!!!!!!!
*** ERROR *** BEEN OVER AGAIN !!!!!!!!!!!!!
SORRY………..”BEND OVER AGAIN !!!!!!!!!!!!!!!!!!
This is really getting comical…………THE WORLD IS MAD…………..
SORRY……………..THIS IS SO SAD !!!!!
HITLER ! SAVE GREECE ! https://www.youtube.com/watch?v=JewgO3-hyZ8
TRUST ME, THEY PAID THE NEW GREEK OFFICIALS OFF…………….THEY SOLD OUT THE GREEK PEOPLE………………..THIS IS A DAMN SHAME !!!!!!!!!!!!!!!
No doubt about that………..or maybe they told him get paid or get knocked off, remember all the bankers, 40 something and counting……
Mark, did you ever take a gander at what Syriza promised the Greeks? Higher monthly wages, higher pensions, more government jobs. How do you think they were going to achieve that? If money starts trickling down to the average Greek, there will be no mass protests. Although Greece will still continue their slow grind into oblivion.
YES, I understand all of what you just said……………..BUT IN THE END THEY WILL STILL BE ON THE LINE FOR MORE AND MORE DEBT…………………INFINTE DEBT SLAVES………………AND INFINITE FOOLS !!!!!!!!!!!!!!!!!!
It’s all about here and now. Syriza will spin this as a victory back home. It’s all that matters right now. Mark, you want to see change? A military coup.
Greece’s best years in terms of growth happened in 1967-1973, during the military dictatorship.
YOU DON’T COM PRESIDENT ore PRIME MINISTER wen your no CROOK ! DAY SELL DEAR SOLES !
Try that again Frank…………..
franky says……….YOU DO NOT BECOME PRESIDENT OR PRIME MINISTER , IF YOU ARE NOT CROOKED…..THEY SELL THEIR DEAR SOLES……..or something like that……lol
or…..YOU DAM COMY PRESIDENT ORFANE PRIME MINISTER, WHEN YOUR DEAR CROOKED PRIME BEEF , GETS TURNED INTO YOUR SHOE LEATHER SOLES, YOU WILL BE SORRY.
Lol…. Too much..
SORRY Mark ! Corked bottle of wine !
Correct franky! Basters!
It is a damn shame…but just one battle in a longer war
Damn shame indeed Chris T.
When heard parts of the statement during the press conf, I was baffled.
Wonder how Varoufakis gonna spin this one for his folks… Coz he’s got a lot to do (spinning wise), IMHO.
Best to you,
LPG
He can’t spin this…………………..he can only show the people of Greece how much MONEY he got PAID !!!!!
THE NEW GREEK GOV’T GOT PAID TO HOLD ON FOR ANOTHER 4 MONTHS………….THEY ARE SELLING THEIR PEOPLE OUT !!!!!!!!!!!!!
It seems that governments that don’t sell out the people are rare. Classic example National Socialist Germany. It went down in flames because almost the whole world ganged up on it on be half of the Banksters and the tribe. I don’t think we have seen the end of money troubles in Greece. If the current regime has sold out, it will make the Golden Dawn look much better because the Golden Dawn is for the people and the nation and they will impose national sovereignty, a national currency created by the government only and they will get Greece back to work just like in Germany in the 1930s. It will be paid for by both the printing press and by taxation and if they follow the National Socialist example the corrupt officials, business interests and banksters will wind up in concentration camps for crimes against Greece if they are lucky. In two years German unemployment disappeared after the National Socialists came to power. Germany was booming while the rest of the world was in depression.
In the early days, when German Workers’ Party was conducting business in a beer hall, they considered the Reichsbank an enemy of the people. Nothing has changed since that time. Central banks are still the enemy of the people.
Steven and Chris are both right. The banksters and their system are the problem. I’m sorry for the Greek people that Varoufakis appears to have given away a lot, unless this is just tactical. I personally won’t pass judgement quite yet, though would love — along with you guys — to see a more dramatic “Go to Hell” moment from Greece.
So you remember that fat file folder I told you guys about? The one they gave Varoufakis to peruse when he went to see George Osbourne? Well inside that folder was everything important ind incriminating that is known about him from top to bottom and inside out and it was all collected automatically by the NSA and other sources since years and years prior and then filed away in a vault until that special day it was needed. Like today….so you see….meta data collection pays. It saved the Euro union.
That’s all folks.
None of this gamesmanship by these BS politicians matter’s one iota. The debt will never be repaid…………………ever.
If the debt is repudiated or forgiven, it was not paid.
If the debt is kept in full, even at zero interest and Greece stays in the EU, it will still not be paid.
There exists no way in any form that the nation of Greece can ever generate enough wealth organically through internal GDP production to pay off these fraudulent EU debts.
I personally think this is all just political BS theater and bluster by Varoufakis and his party. In the end they will side with the EU bankers and Brussels bureaucrats at the 11th hour. They have already planned their late night exit ahead of when the news is released that Greece will stay in the EU and keep the debt on a long-term option payment agreement.
I can assure you that these guys have already received asylum promises in a safe jurisdiction and without question have been given private Swiss bank accounts with balances ranging in the millions for their cooperation.
You watch these guys are going to fold like a cheap political party chair. But it won’t change a thing though; Greece’s debt will never be repaid.
*** PEOPLE OF GREECE *** THE SYRIZA PARTY IS BEING PAID TO SELL EACH AND EVERY ONE OF YOU OUT !!!!!!!!!!!!!!! YOU BETTER STOP THEM NOW………………..OR YOU WILL BE FOREVER FLEECED !!!!!
THE SCOTTS SOLD OUT…….THE SWISS SOLD OUT………….AND NOW THE CREEKS…………oh wait…….the Swiss did get wise and pulled their peg………ONCE AGAIN…………………..MONEY TALKS………AND………………
BIGGER NEWS……..to heck with the Greeks……….
..CHINA JUST DUMPED 76 BILLION IN US TREASURY BONDS……..kwn….
…………YES………..things are MOVING FAST !!!
Russia too.
HOW MUCH….did the Russian dump………thanks j
Read an article a few years ago. I think the similar amount.
A few days ago. Sorry.
thank…..no problem…….that is ok……Now the Chinese are holding the biggest amount and now , that they have started dumping , it will continue big time…….I WONDER IF THEY HAVE ALL THE GOLD THEY WANT, now that they have started dumping………….
I think Japan will pass China if not already. They simply print and buy US Treasury.
What China has done is to print money and exchange for the US (Euro) which is brought in by exporters and then they buy treasury with the proceeds. It depends on the trade surplus.
Exchange US Dollar not US.
Didn’t you hear what Obama said? The shadow of crisis has passed. Things haven’t been better in the good ol’ US of A.
IF THE USa IS BANKRUPT…………DO WE sill have to pay this dumbo his pension check…
Maybe we could just give him some treasury notes……post dated…….
That would be a good place to cut expenditures. No pay for politicians while the USA is in debt.
Yes Jerry, they will just keystroke 76 billion dollars, there it’s done, now is everyone happy!
It’s called selling at the top. The dollar needs a down cycle for awhile. No big deal.
Jerry,
I do not believe that China just dumped 76 billion in treasuries. KWN makes it sound as if was all of a sudden but this article says the decline in China’s holdings happened over the last six months of 2014. See article below:
In fact based on the government data that I seen it was only a decline of about 25 billion over the last six months or so of 2014.
The WSJ the other day stated that China has greatly increased it’s holdings of longer-term U.S. Treasuries last year while shifting away from or even selling short-term Treasuries.
THANKS FOR THE REPLY.JMILLER……………………..J
EITHER YOUR SIGNATURE OR YOUR BRAINS WILL BE ON THIS CONTRACT………..NOW WHICH ONE………… VAROUFAKIS: UH,UH……..( holding money in one hand )
Good analogy, Mark
Sounds about right to me Mark. Politics is a dangerous game.
Watching Greek news right now and Varoufakis is spinning it quite nicely. He’s repeatedly saying that these are not new austerity measures and that this deal will allow Greece to stand on its own. Furthermore, he said pensions will not be cut and the VAT hike that the previous government had agreed upon will not be imposed.
The decline and fall of Western civilization, or what Marie Antoinette said in 1798, “Let Them Have Their Cake And Eat It TOO”.
Varoufakis should have sealed the borders and out lawed the euro and all euro debt in Greece. Next start minting Drachma coins into circulation and worked on developing Greeces internal economy. With a no debt and a coinage only economy there really isn’t much that can be done from the outside short of war. Then again dealing with that is why Greece has a military.
Meanwhile the global debt clock….
LOOKS like the usa….tops everyone………..17 trill……..
WE ARE NUMBER ONE……..WE ARE NUMBER ONE……oh, wrong sport……..
US has a official debt of 18.2 trillions now. Unofficial, who knows.
Crack up boom in conventional markets now IMPO. Mr. Putin might scare things but, otherwise, onwards and upwards.
This so called deal is financial ebola.
It may do oneday – but not for 4 months.
The doomsters will be busy sat at their laptops now typing away at new doom articles, as they have done since 2009 and cost an awful lot of people an awful lot of money, but the conventional markets will just go on a roll now.
I can see loads of printing coming from EU countries, the US, UK, etc, and channeled via the IMF, at Greece. They clearly cannot let one card fall as the entire house of cards will collapse… so I am expecting a boom in conventional stocks in the coming months that will stagger all of us.
Next stop, NASDAQ 6,000.
Nasdaq will hit Gary’s 5100 in the next 28 days on March 17th give or take a few days…..that’s my prediction anyway. But I doubt we get any fireworks when it happens.
Bob UK, you could be right, just when people think the markets could be in trouble they just might enter a new sensational phase.
They are going to print more – more QE. It is never-ending until it blows up… but I doubt it will be this year now.
Bob, the first duty of any government is to get re-elected, they don’t care about poverty and the social consequences of their actions, this new Greek Government has spoken.
2 things on this one:
1) I watched Varoufakis press conf. It was….”interesting”.
2) Re: Bob UK’s comment about market and Nasdaq etc…
My initial views was that we would get hopefully S&P near 1900 and even better between 1800-1900 zone. Points at which I mentioned I’d buy Dec 2015 calls with the view for a nice run toward year-end.
Sadly, the S&P didn’t go down as far as I wanted but I am still of the view that it might experience a good run this year. How high, I don’t know, but a good run it might be.
Now I will say this:
if/when S&P nears 2350pts, I will likely start to buy some puts. (don’t know which expiry because it will depend where we are in the year)
A few weeks back (in Jan), I was expecting 2015 to be down down then up up up up. So far, I have been wrong, and the index might be setting up for up up up then down down (the opposite sequence of what I had in mind for 2015).
In this context, I would see an increasing case for a major disconnect between fundamentals and valuations, so again, starting in the 2350pts zone, I will start to buy some puts.
What gives me some added confidence at this point in buying protection at quite higher levels than now is that the “big boys” have started to seriously reduce their exposure to the US mkets (permabull David Tepper did it in Q4 14 while during the same quarter he was on Bberg TV saying the mket is “cheap” [hmmmmmm….], and G. Soros recently [less surprising given that he had a sizeable put position on the SPY over a few quarters, but still noteworthy]).
Best to all, GL investing/trading and all have a good week-end.
LPG
I was hoping we would go down to 1900 on the S&P too LPG. I was hoping that a crisis from this weeks EU meeting would be the cause. But that is not going to happen now.
The only thing that will bring the markets down now, IMPO, is Putin getting more aggressive in the former Soviet States. At which point gold will soar.
But, after this evening’s news from Europe, I can only see conventional stocks going to record highs and gold and silver going to new lows.
EVERYBODIES A CROOK………………THEIR ALL IN CAHOOTS !!!!!!! I FEELSORRY for the Greek people………..they tried…………….they really tried.
YES….CHINA HAS SOLD A LARGE amount of U.S. bonds, and so has RUSSIA, they both have recently…………….and yes their GOLD RESERVES are RISING……….they know how to play this GAME………….you can just FEEL IT……………….with all these NEW ALLIANCES, THE BRICS BANK and NOW selling U.S. TREASURIES to BUY GOLD…………you KNOW that they are going to ANNOUNCE something SOON.
China and Russia buy gold as a strategy to acquire all the gold from Western vaults. It is a financial war strategy. It is by design, so you see Russia buys gold regardless how difficult its finance is. It cannot be explained by any other reason. How many time rumour said they are selling gold, it never happens. China and Russia has durability and the West does not.
Mark,
I found no evidence that China has sold a LARGE amount of U.S. Treasuries.
http://www.treasury.gov/ticdata/Publish/mfh.txt
The declines based on the current government data shows only relatively small declines and some of the decline could just be because some of the bonds matured.
*** I KNOW THAT THE PEOPLE OF GREECE ARE GOING TO TAKE TO THE STREETS ***
IF THEY DON’T THEY ARE FOOLS…………………………..RUN SYRIZA OUT NOW……………..OR THEY ARE DOOMED !!!!!!!!!!!!!!
I KNOW THAT THE PEOPLE OF ITALY AND SPAIN ARE WATCHING ALL OF THIS…………….TAKE TO THE STREETS NOW……….before your NEW PARTIES, SELL YOU OUT !!!!!!!!!!!!!!!!!!
……….IT’S GOING TO BE a very interesting weekend.
The US treasury bonds China dumped will be showing up as inflation in your economy as they will print money to buy them and that could drive the US dollar down. They can’t raise rates so whatever happens will not be pretty, this is probably the beginning of a dollar fall.
YES………IT IS !!!!!!!!!!!!!!
LIKE I SAID ……………………………….EVENTS ARE MOVING FAST !!!!!!!!!!!
You haven’t seen nothing yet !!!
DT,
What evidence do you have that China has dumped bonds? The current government data that I have seen does not show much of a decline.
Thanks JMiller. I did not look but just took it on their word there was a sell. Just shows we need to question what people are writing. Didn’t he say 78 billion or something in another post?
Bird,
I left Jerry a post above about this.. If you did not see it basically KWN says that China dumped 76 billion in treasuries and makes it sound as if it happened all at one time but the article below says it occurred over the last six months of 2014.
Plus the recent government data only shows relatively small declines over the last several months of 2014. I do not even know if the reason why China’s holdings declined was because of China’s attempt to devalue the yuan as the article above states. These amount go up and down each month. Sometimes China’s goes down for several months and then one month it goes up again. Some of the decline could be because some of the bonds matured. Also these holdings sometimes are used to purchase things for the governments. So I find nothing really of importance.
J MILLER AND BIRDMAN……………JUST BECAUSE I WAS NOT ON HERE TO RESPOND TO YOUR POST DOSE NOT MEAN THAT I WAS LYING…………..HERE READ THIS FOR YOURSELF:
http://www.breitbart.com/national-security/2015/02/19/trade-war-china-dumped-77b-in-us-bonds-to-devalue-yuan/
Appreciate that JMiller. I think the use of the word “dumped” is the problem here. That implies a huge sale all at one time. Actually, dumped often means ALL the load. Six months sure does not cut it when the dump is actually a trickle nor does the fact this is just a small percentage of all holdings. We really have to be careful with the way others are using words inappropriately. KWN is notorious for exaggeration and drama.
JMiller,
You have a fundamental error in your post. CHINA CANNOT SELL US TREASURY TO DEVALUE YUAN. IT HAS TO BUY TREASURY WITH YUAN, OR IT IS TO SAY SELLING YUAN, TO DEVALUE YUAN. ANY ARTICLE MAKING SUCH AN ENTRY LEVEL MISTAKE SHOULD BE IGNORED.
No Lawrence, JMiller is referring to a problem in the linked story, not making the claims.
lawrence,
I did take notice that the article did have that China was selling U.S. treasuries to devalue the yuan which I thought was wrong. I had to leave for work so I did not take the time to correct the author’s error. I probably should have since I repeated what he said which was not correct to begin with.
Mark,
By no means do I or Birdman think you, Jerry or DT were lying. Just looks like some bad information that was past around. The KWN article was misleading and the link to that article that you and I both posted was not accurate. As far as the data from the government it appears China has not done any serious selling of Treasuries, at least in 2014. In fact the WSJ the other day stated that China has greatly increased it’s holdings of longer-term U.S. Treasuries last year while shifting away from or even selling short-term Treasuries.
TO all sorry for posting any info. that is wrong………I just read it and thought it was important.
As far as anything the WALL STREET JOURNAL HAS TO SAY….I question any information with the six big publishers have to say…….jmho.
Especially , anything out of DC OR NY……………
IT is already a FACT……..that NY BANKERS AND PUBLICATION run in the same crowd…
BUT, I always like a good debate………….thanks for reading an appreciate all views…..
……….MAD CHAOS IN GREECE COMING SOON………………STAND BY !!!!!!!!!!!!!!!
Hello friends, is there any news about US debt limit. I think it is supposed to back this month. It has been no noise at all. Is it abandoned?
People seems to have a short memory.
You got to be kidding……….there is not going to be any DEBT LIMIT…….how are they going to fund all the wars…………………………….
plus it is election time………..no time to look at debt………
cutting anything would possibly offend a possible vote ……
The limit date was set to end of Feb this year in January last year by congress.
First they will bring in a value added tax, we have one here, you will see. Delay is the name of the game.
The vote won’t matter once they explain to the taxpayers that they are only consolidating what is already there and it will be necessary to fund the social programs ie: social security. The pensioners will soon be appeased.
Legally they have to discuss it and pass or postphone the debt ceiling. At least there is a show. Otherwise, they are naked. The difference between democracy and dictatorship is that dictatorship does whatever they like and democracy pass whatever it like.
So we have to have some kind of resolution.
Short memory..?
The average American has the attention span of a gold fish.. Lol
But, not funny..
Gold fish and people are about the same………….Throw them some food and they swarm , blow bubbles and poo in their pond.
It is now being reported that no terms have been agreed for the loan extension and that these will be negotiated next week – this could still all fall apart.
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LFP
Maybe somebody could give us a link we can click on, it looks like they have reached an agreement!