The markets, economy and Greece

June 20, 2015

Hour 1: 

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Hour 1:

Hour 2:


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    Jun 20, 2015 20:00 AM

    Since the congress cannot constitutionally give the Big Zero fast track power, they could ignore the fast track bill, if they wanted to.
    Obama is a serial liar.
    Utter scum.
    He has done more discredit the political system than anyone else in history.
    I no longer consider the U.S. Government a valid government.

      Jun 20, 2015 20:11 AM

      “He has done more discredit the political system than anyone else in history.”
      Gotta disagree CFS, there are a few contenders for the title of “most discreditor”
      Woodrow Wilson comes to mind with his implementation of the federal reserve. that was not an accident. (James Perloff Lisutania).
      How about LBJ? Taking part in the coup and murder of JFK.

      I guess I just think Obama is merely playing his part.

        Jun 20, 2015 20:21 AM

        You comment about LBJ might be a bit of a stretch bb.

          Jun 20, 2015 20:40 AM

          You havnt researched the story Al.
          Check how quickly the group got together after the murder, what did he do? oh ya, Vietnam, How was the event published in the paper before it happened? LBJ not in on it? lol
          It was a coup Al, maybe read James Perloff Lisutania too, you will be surprised just how powerful these guys are.

      Jun 20, 2015 20:20 AM

      It certainly is an interesting situation we are currently in, CFS.

      I would have to disagree with you comment about the legitimacy of the govt, however.

        Jun 20, 2015 20:34 AM

        In a constitutional Republic, even though it is not a democracy, one has to question the validity of any Government that knowingly acts deliberately against the wishes of the people. E.g. Affordable Care Act.
        When it can be shown that such action was corrupt, I.e. To enrich congressmen, though donations from their “puppet-masters”, it becomes validated as illegitimate.
        (Of course, just my opinion)

          Jun 20, 2015 20:38 AM

          Many people, including myself, do agree with you Professor.

          My comment was of a much larger scope. I believe that, “this too shall pass”. At least I certainly hope so. I do have faith in true Americans!

    Jun 20, 2015 20:05 AM

    Re: segment 8: I probably will not live long enough to see the coming Revolution, but it will come and it won’t, unfortunately, be pleasant or peaceful.

      Jun 20, 2015 20:21 AM

      I hope and pray that you are wrong!

        Jun 20, 2015 20:36 AM

        1+ billion rounds of hollow point says the Government agrees with me.

          Jun 20, 2015 20:38 AM

          Can’t disagree, but please look at my second comment on this issue.

    Jun 20, 2015 20:19 AM

    Re. Segment 5:
    I think there is a difference between loan default and ejection out of the Euro system.
    There actually is no mechanism for ejection out of the Euro.
    The ECB has been liquefying banks so that a Greek default will not bring down the banking system.
    Also Putin’s statement over the weekend still gives the possibly of Russian money, as a quid pro quo for Russian access.

      Jun 20, 2015 20:22 AM

      Great points, Professor!

    Jun 20, 2015 20:25 AM

    Re. Segment 6:
    It seems to me that since the members of the Supreme Court are appointed along political lines, not for their jurisprudential ability, the Supreme Court is losing its legitimacy.
    Come the revolution, things will change, but the change will not be pleasant as the U.S. appears to be dying. Clearly the Empire will soon be gone. The future of the U.S. appears to be Greece on steroids.

      Jun 20, 2015 20:22 AM

      Interesting comment about the Greek steroids!

    Jun 20, 2015 20:50 AM

    Unfortunately the president, a Marxist, is following the ideas of Saul Alinsky and Karl Marx; in that to bring about their desired Undemocratic change, they have to first destroy the system before they re-build it in the form they desire.

    Jun 20, 2015 20:05 AM

    One of the clearer and more focused articles on Greek troubles i have seen in awhile. Ambrose has a knack for getting right to the basics and explaining them for what they mean. This has just become a game of humiliation and submission of the Socialist government there. The bureaucrats have overplayed their hand. It is time for a political solution of the highest order and time to put an end to the petty machinations of those who cannot rise above the agendas of dull debt collection clerks. If Greece is to be kept inside the Union we will need to see leadership change the tone of this destructive dance.

    Greek Debt Crisis is The Iraq War of Finance — Telegraph, AEP

      Jun 20, 2015 20:00 AM

      Bird, that is an excellent article and is representative of the corrupt state of the whole western banking system. That along with other reasons is why I would like to see the western international banking system brought to its’ needs. Watching the EU fracture along with the ECB and Federal Reserve System would be a positive for the whole world. We are finally starting to see the belly of the beast and I hope and pray that others in the communities of America and Europe come to understand who really rules our political systems.

        Jun 20, 2015 20:20 AM

        Richard, I don’t put any hope in “the common man” ever informing themselves.
        People on this site are kinda cursed having studied a little history, we get to watch people that don’t, repeat it.
        In the case of the banks watch them continue their agenda I suppose.

        A few years ago on this site I would repeat, “its the banks”, very few agreed, if any.
        They didn’t like Ron Paul either, lol
        I wonder how many people are realising now, but I figure the “dark” side is a step or 2 ahead anyway.
        We might already be reduced to the best we can hope for is the Americans don’t attack Russia/China.

          Jun 20, 2015 20:27 AM

          Very interesting comments, bb!

            Jun 20, 2015 20:44 AM

            Just thought of it, should they decide on war we should have a pool as to which “false flag” they use.

      Jun 20, 2015 20:16 AM

      Evans-Pritchard is being a bit of a pompous ass this time, and he got it wrong!
      The ECB did not issue the banking report he mentions, the Bank of Greece did.
      If Evans-Pritchard thinks the report is scary, he is right. If Greece is forced out of the Euro, given its propensity to spending without control, Greece will potentially have a Zimbabwe currency crisis.
      The Bank of Greece is right, in my opinion, to try to get the Government of Greece to be less profligate in its spending. But that is not pressure coming from the ECB.
      the ECB has done everything it can by providing liquidity to try to stabilize the banking system in Greece and neighboring countries.

        Jun 20, 2015 20:28 AM

        That is what I understand, Professor.

      Jun 20, 2015 20:23 AM

      Trust me, Professor, this is a story that I am watching with keen interest!

      Jun 20, 2015 20:24 AM

      Many thanks for the link, Bird!

      Jun 20, 2015 20:46 AM

      I don’t know where Evans-Prichard got his graph in his article.
      I went to which gives a breakdown down by country in the Eurozone, and far from being in surplus, as of today the budget is in deficit at 2% of GDP. It’s debt is 175% of GDP.

    Jun 20, 2015 20:51 AM

    segment 1
    why didn’t he speak of value in Canada?
    The TSX-V has reached an ominous new milestone: it’s now been in a bear market for over 1,000 trading days. That’s longer than all other downturns since 2002 combined.

      Jun 20, 2015 20:33 AM

      When stocks go up it is because there are plenty of buyers but the situation as you suggest is very critical on The TSX-V. Most of the stocks I have been following are still going down with only occasional small rallies. The line of least resistance is down even after all those bear market trading days. The commodity market is an indicator of how bad the real market and in particular the manufacturing sector is doing. Selling is the biggest problem faced by most investors and with China containers sitting idle, I think we are still on our way down. DT

      Jun 20, 2015 20:29 AM

      A friend just sent me the article where you got your information.

      Funny, I knew it had been a long time, but I did not realize that it had been

      Jun 20, 2015 20:30 AM

      A friend of mine just sent me the article regarding the 1,000 days. I knew that it had been a long time, but I didn’t realize that it had been that long a time!

    Jun 20, 2015 20:33 AM

    Segement 5:

    Well Al, your view could be the one that will carry the day and Greece will both remain part of the Euro AND make good on its debts over time. We shall know soon enough. Certainly before this year is over.

    In the back of my mind though I see another dynamic at play. As almost all of our Western nations are suffering under debt burdens equal or in some cases greater than Greece’s we should understand that the prescription we write for Greece is also the one we will be taking ourselves.

    We should understand that Greece is a test case just as Cyprus was. The elite and banking community are taking a great interest in the debate focused on Greek troubles and attempting to gauge the public and investment worlds reactions to what is transpiring.

    Little by little a solution is being hammered out in the court of public opinion with regards to how the EU and Troika should deal with the debts of a bankrupt nation. How we collectively respond to the hardships there is perhaps going to be the model we will all live under when our own turn comes.

    So when we support cutting of pensions and reigning in of expenses while simultaneously supporting demands for expanded tax collections, sales of state assets, the nationalization of bank accounts and pension savings etcetera we are also saying that is the same medicine that should be delivered to the rest of the over-indebted sick countries.

    Are you also prepared to accept the US government confiscate pensions in order to both balance the books and save us from insolvency or would you also balk at that answer. I say that because it is probably inevitable given pensions are one of the largest components of spending and they are not even part of current debt liability calculations.

    Lets therefore take care in what we demand of the Greeks because their fate is entirely intertwined within our own in the end.

      Jun 20, 2015 20:44 AM

      I am just saying that when push comes to shove the money will be found. Either through a large devaluation of our living standards or via the broad socialization of pension funds which are the largest single cache of real money available to be used to offset the debt. Where else do you go once you have already accepted cradle to grave benefits. We are already well on our way to socialism. There are only a few more steps to take us into a world that would have been totally foreign to our parents who believed in free market economics and hard work. Investors should take care to keep their pension plan investments separate from their ordinary investment accounts.

        Jun 20, 2015 20:57 AM

        I hope the U.S. swings to the right, as have some countries in Europe, e.g. UK. There one expects a decrease in social spending over time until deficit spending ends.

        The problem with Greece is that the elected officials in power know that their jobs will be taken away if they try to cut social spending or raise taxes.

          Jun 20, 2015 20:32 AM

          No CFS, the problem with Greece is that it is going to set the percedent for what happens in many other European and Western indebted nations in the coming years. That is just one of the reasons they are so intent on making sure the pound of flesh is paid because to offer relief will ultimately set precedent elsewhere and increase the chances of widespread defaults through acquiescence to the demands of politicians and the public In short, the public will pay through declines in their living standards but creditors will be kept as whole as possible or the game ends.

            Jun 20, 2015 20:57 AM

            You may be right about setting precedent, Bird.
            But the ECB is a committee-controlled organization. It can only do what it’s members allow. Angela Merkel, raised in .E. Germany, having witnessed at first hand the scourge of Marxism, with the largest European economy, will not allow Greece to have continued social spending at the cost of more money borrowed from the Germans in large part.
            Germany is not mathematically able, even if it wanted to, to bail out every sick member of the Eurozone.
            There are too many sick members: Spain, Portugal, Italy and France are all in economical trouble, having deficit spent for years.
            The memory of Weimar inflation still exists in Gormany. So I don’t see the resolve of the ECB as primarily due to precedent-setting desire, but rather a realization that digging the hole deeper will not solve the problem.

        Jun 20, 2015 20:33 AM

        Very, very unfortunately Bird, I have to agree with you!

      Jun 20, 2015 20:23 AM

      Insightful Bird, that’s exactly it. imo anyway.

      Jun 20, 2015 20:32 AM

      You make a great point, Bird!

    Jun 20, 2015 20:00 AM

    It would not surprise me, given the liberal mindset in the US, that social security will be needs tested in the future.

      Jun 20, 2015 20:33 AM

      100% agree.

      Jun 20, 2015 20:35 AM

      I kind of agree. And it pisses me off that

        Jun 20, 2015 20:35 AM

        I need to finish!

        And it pisses me off that my money might very well be stolen from me!

    Jun 20, 2015 20:15 AM

    A little muddling to see interest rates reported as negative in both bid and ask rates up to three months on treasury bills in the secondary market, where other sites don’t report the same.

    Jun 20, 2015 20:28 AM

    These are treaties, and should be voted as such, and are quite different from what was stated. It “appears” from what I can gather of the limited access; Article III of the US Constitution will be gutted with corporate or foreign tribunals having the ability to over rule and (or) over write US and local laws. Also it further cartelizes or grants monopoly powers to favored entities / corporations and further limits property rights of individuals, which is the antithesis of free trade. The treaties appears to be mercantilist in nature, Virginians and other State citizens are granted the level of serfdom / tenant farmers with items they purchase.
    The TPP, et al are not free trade (Treaties) agreements. A free trade would have standardized tariffs (if any) and could be put on one sheet of paper, while discussed in the open and remember Article III of the Constitution is gutted. 1774? My hero and fellow Virginian is more articulate than I am on this subject, the parallels are quite eerie, especially parts 2 & 3 :
    Pay heed folks…

      Jun 20, 2015 20:36 AM

      And that Craig, seems to be the exact point!

    Jun 20, 2015 20:33 AM

    very interesting comments (need more) and program Ive only listened to Boockvar so far.
    the ‘regulars’ are fine but I would like to see the weekends replacing the regulars with other
    analysts.. Bird yr comments are quite reasoned imo.
    CFS I cannot agree with yr positive on the ECB….Doc is spot on—
    thank you

      Jun 20, 2015 20:39 AM

      I don’t have full, and exact access to all the individual purchases made by the ECB and the Federal Reserve, but it is my understanding from discussion with banking friends in London that over $3 billion in purchase of other non-Greek bond holdings have been made from various individual Greek banks to supply liquidity and that part of this was made in physical flown-in Euronotes, all in the last 10 days or so.
      Citizens in Greece withdrew almost one billion euros on Thursday and 1 billion euros yesterday from banks within Greece. Not one bank closed its doors because of physical shortages of euronotes. I believe plans are that this will continue this coming week.
      Liquidity is being provided, but with a fractional banking system the reserves that can be sold must now be running low.
      Another problem is that very few institutions will buy Greek debt and the few that will will only buy very short-term paper, thus Greek paper, while still appearing on balance sheets as an asset, is not generally being marked to market, and it is almost wholly illiquid.

        Jun 20, 2015 20:02 AM

        CFS; the liquidity is being supplied through the ECB ELA which is just basically emergency lending apart from general monetary policy. It now makes up almost 31% of current assets on the balance sheet of Greek banks. Actually to my way of thinking it gives time to Greek citizens to pull their assets/capital out of the banks resulting in the prospect of less “bail-ins” if that’s attempted in the future. The ECB and eurozone banks now have 3 options with the ELA. The first is to immediately stop ELA, triggering a collapse of the banking system. The second is not increasing ELA – which would trigger capital controls, limitations placed on the movement of capital which are usually associated with struggling emerging market economies. The third is to increase ELA, which Greek banks have requested, and has now taken place. I can only guess that the Troika must think this situation is still solve-able since the third situation is in place. You wonder whether Tsipras has given them assurances that he means to proceed to a settlement. Otherwise, it’s the greatest con of the century in the sense it’s giving Greece and its’ citizens time to remove as much capital from the ECB as possible before Greece pulls the plug.

          Jun 20, 2015 20:39 AM

          I think it is uncharted water for Greece situation. The government of Greece is armature and EU can not reach any effective action since a lot of countries are in the same boat, like Dragi’s homeland. It is a checkmate for both sides and I don’t think anyone can and will have a solution. It is game over. It will end when time runs out. It is impossible to solve. Greece needs to suffer from their own action or inaction for that matter. I have a German coworker and she has absolutely no sympathy for Greece and said Germans do not want to work to death just to support Greek retire at 55. I don’t think any one in EU still think it is solvable.

            Jun 20, 2015 20:52 AM

            Due to the fact that Greek government is armature , when the collapse comes in matter of days or weeks, Greek will suffer dearly. It will be chaotic in Greece and even coup will happen. Greece will return to its old state and might be much worse.

          Jun 20, 2015 20:40 AM

          ” Beware of The Greeks bearing gifts”, that should be all the warning that is necessary. They will not be stuck with this debt.

          Jun 20, 2015 20:04 AM

          Yes, I read the article by Stelios Bouras in the WSJ.
          Good article, but with a slight pro-Greek slant, in my opinion.

          The meeting between Tsipras and the Eurozone ministers will be interesting this coming Monday.

          I assume by the lack of any news, that Tsipras was unable to squeeze money out of Russia by his visit there yesterday.

            Jun 20, 2015 20:09 AM

            What did you think of the response of the members of the infamous black church in South Carolina?

            Shows what being a Christian is all about!

            Jun 20, 2015 20:10 AM

            I think both Russia and China realize Greece is a black hole. It is a lot cheaper to get Greek concession after it has collapses.

            Jun 20, 2015 20:14 AM

            Maybe so, Lawrence

            Jun 20, 2015 20:12 AM

            They may be able to buy military base or land with million instead of billions.

            Jun 20, 2015 20:51 AM

            I was amazed by the Christian response, to the S. Carolina church killings.

            Alas, that would not have been my response personally.

            I dislike the immediate call for tightening of gun laws by the President, but I espected that.
            Just remember the Murrow building….take away guns and a crazy determined nut-case will find another way. It’s not the gun; it’s society, TV, and general treatment of previous offenders that
            I blame.

            Jun 20, 2015 20:54 AM

            Gun laws will make absolutely no difference. But, we all know that!

            Jun 20, 2015 20:42 AM

            ditto Al, on the gun laws……

            Jun 20, 2015 20:47 AM

            Great response from the Christian group in Charleston, SC. ….

        Jun 20, 2015 20:38 AM

        As the WSJ stated this a.m., “it is not considered a bank run yet, but a bank jog”!

          Jun 20, 2015 20:02 AM

          Take a gander at the pics on Zerohedge and Silver Doc, and see if its not a bank run.

            Jun 20, 2015 20:11 AM

            Good point, bb. Thanks!

            Jun 20, 2015 20:14 AM

            I just saw the zerohedge article about Greece being out of collateral.
            I’m not sure that is true.
            Tsipras is claiming enough to last out the month even at this current rate of loss.
            The problem is the European Lending Authority running out lending capability.
            I’m told the physical air-lift of cash was being made out of Franfurt, but the distribution problem within Greece must be horrendous logistically.

    Jun 20, 2015 20:30 AM

    I generally agree with Peter Boockvar. Adam Hamilton gets it too:

      Jun 20, 2015 20:36 PM

      The Peter Boockvar interview was very insightful, and he seems to have a good handle on the bigger picture.

        Jun 20, 2015 20:09 PM

        I also really liked Dan Oliver’s segment 4. Very sound reasoning on the money supply. I also completely agree with his point that PhD’s not being nearly as important as sound reasoning & good research from credible sources. As he mentioned, it is many of the PhDs are the idiots that got us into this mess in the first place. I know many successful multi-millionaires and business owners that have a far better grasp on economics, common sense, and general intelligence than many that hide behind their titles, diplomas, and time spend hiding from the real world in their academia fantasy bubble.

      Jun 20, 2015 20:38 PM

      Good article from Adam Hamilton. Thanks for posting it.

    Jun 20, 2015 20:34 AM


      Jun 20, 2015 20:38 AM

      I would be truly amazed if that every happened.

        Jun 20, 2015 20:48 AM

        People could decide to use bitgold, but if we watch the videos of people turning down an once for a cup of coffee we might be inclined to believe golds not too popular.

        Jun 20, 2015 20:55 AM

        Check out the info concerning the REPUBLIC OF TEXAS, I only stated this as this is the only state, from what I have read, that actually still owns it’s own ground. As I said more to the story than mentioned by V.

          Jun 20, 2015 20:58 AM

          BTW………glad to see others quoting zerohedge…………….

            Jun 20, 2015 20:08 AM

            I think that most everyone here reads it.

            Jun 20, 2015 20:43 AM

            they do now, but, some did poo poo many months ago.

          Jun 20, 2015 20:01 AM

          In legal terms maybe but in practice US army owns the ground. We have seen too many contracts and treaties scraped.

            Jun 20, 2015 20:07 AM

            But the question Lawrence, is would the army enforce that? I would guess not!

            Jun 20, 2015 20:15 AM

            Every country treats run away state the same. It happened in US as clock work when it comes to the need even million lives was lost.

            Jun 20, 2015 20:16 AM

            Hmm, Jade Helm!

            Jun 20, 2015 20:23 AM

            Anyone looked at a satellite photo of the old Nevada State prison near Carson City.
            Rumor has it that is a new FEMA camp being set up for dissidents like me.

            Jun 20, 2015 20:30 AM

            And that is the point Professor, “rumor has it”

            Jun 20, 2015 20:24 AM

            CFS, I thought you are no loner there.

            Jun 20, 2015 20:30 AM

            CFS will never leave. He knows that he is much too valuable to do that! (No joke!)

            Jun 20, 2015 20:26 AM

            CFS, havnt you heard? the fema camps don’t really exist, the US would never use concentration camps, just don’t mention it to the Japanese citizens.

            Jun 20, 2015 20:29 AM

            Ha, ha!

            Jun 20, 2015 20:29 AM

            Al, Obama has already done the purge of military officers that would not fire on american citizens.

            Jun 20, 2015 20:33 AM

            Maybe, but an American is an American and Obama will never change that! I can almost guarantee it.

            Jun 20, 2015 20:52 AM

            Americans might be Americans, but they will kill each other with abandon.
            The war between the states exemplifies that.

            Jun 20, 2015 20:56 AM

            I would guess that grass roots patriots are stronger today than most would think. The Civil War was, at least in my mind, a totally different story.

            Jun 20, 2015 20:06 AM

            My point is just that americans have no qualms about killing other americans.
            If I recall, it started over taxes.
            “Grass roots” americans still enlist and vote for the political system.
            They might be stronger, but strong enough?
            They are certainly ignorant and still much prefer sports the kardashians etc over whats happening to them.
            Guess I don’t put any hope in grass roots.
            Maybe Im wrong.

            Jun 20, 2015 20:47 AM

            Knowledge is the beginning, and since the US education system does not teach truth, nor educate, the sheeple have become ignorant(meaning not informed of a particular subject matter). The real education is off site of the academic buildings, and research on one’s own. And since the advent of the computer , real info, is being distributed, to so called educated masses.

            Jun 20, 2015 20:01 AM

            A lot of truth to your comment.

            Jun 20, 2015 20:54 AM

            There is a lot of INFO. on FEMA camps in the US……..if they have GITMO, they most likely have FEMA camps…..check out BEECH GROVE AMTRAC

            Jun 20, 2015 20:00 AM

            Okay thanks knarF

            Jun 20, 2015 20:11 AM

            Al, from my experience of living in a few parts of the country in the last 10 years, your statement on the “grass root patriot”…is stronger than many believe…..One only needs to go to some GUN SHOWS to find out ……………jmho.

    Jun 20, 2015 20:00 AM

    Obama has certainly made it expensive to become a non-American.

    .lawrence, I left, but needed medical surgeries quickly (melanoma), and the U.S. still has the best quick medical system, if you have the money.

      Jun 20, 2015 20:22 PM

      Sorry to hear it. Wish you well.

    Jun 20, 2015 20:15 AM

    Re: Seg 5

    It’s well past time that ‘Mercans (as Bushie call ’em) has lost confidence in everything. Every major institution in this country is corrupt to the core.

    This country is run by criminals. It’s just that simple.

    And one of these two criminals will be your next ruler

    Jun 20, 2015 20:16 AM

    e: Seg 5

    It’s well past time that ‘Mercans (as Bushie call ‘em) has lost confidence in everything. Every major institution in this country is corrupt to the core.

    This country is run by criminals. It’s just that simple.

    And one of these two criminals will be your next ruler

    Jun 20, 2015 20:24 AM

    Re: Seg 5

    Public employees? Don’t even get me started. These trough feeders are breaking the backs of taxpayers. Where I live cops get 90% (sometimes even more) of their highest year’s salary for life plus medical for 30 years. We have cops leaving in their early fifties with six figure pensions. Many of them go work for another force and get a six figure salary AND a six figure pension.

    In the past six years the last three police chiefs have left in their early 50s with 200k pensions and then gone to work for other government entities in one form or another (consultants, etc.) to pick up another pay check.

    Please read this book to see how taxpayers are being run through the ringer

    Plunder: How Public Employee Unions are Raiding Treasuries, Controlling Our Lives and Bankrupting the Nation

    Jun 20, 2015 20:26 AM

    And many of these cops and firemen will get a promotions right before they retire so they can spike their pensions.

      Jun 20, 2015 20:05 AM

      Yep! But I certainly don’t begrudge “cops or firemen”!

    Jun 20, 2015 20:27 AM

    On the subject of Greece, you said you think they spent too much and the gov’t is at fault. That’s true, BUT…….why did the EU keep loaning them money? It always takes two parties to create debt problems. The borrower is usually trying to better himself; the bank is hoping to increase their interest income. Now, when things go bad or even look like they could go bad, doesn’t the bank have a responsibility to itself to say ‘no more’ and maybe take their losses? Perhaps greed is a component of the decision process of the bankers.
    Remember the old line: If you owe the bank a $1000 you have a problem. If you owe them a million $, they have a problem.

      Jun 20, 2015 20:56 AM

      The Greek Government made promise after promise which they never kept over the last decade. Then the new communist government came in and would not agree to either cut spending or raise taxes.
      In general the Greek people don’t like to pay taxes anyway.
      At least a third of all VAT is avoided.
      When the Papandreou government instituted a swimming pool tax a decade ago the non-compliance as shown by Ariel survey was 95%. I.e. Only 5% compliance.
      (From memory) I may be a percent or two off.

      Jun 20, 2015 20:04 AM

      Cannot disagree in the slightest, Silverdollar!

      Jun 20, 2015 20:07 AM

      Unlike the Federal Reserve the ECB is not a privately-owned bank, so “hoping for interest income” is pretty irrelevant.
      The ECB just kept on believing Greek promises.

    Jun 20, 2015 20:28 AM

    Here are some public employees in Illnoise….dedicated public servants, I tell ya. Maybe they can teach your kids, too.

    Give up the bucks, tax suckers!

      Jun 20, 2015 20:26 AM

      That was a baby setter, not a teacher………….problem with education , it has been hijacked back in the 1960’s

    Jun 20, 2015 20:42 AM

    I live in a community of about 42,000 in southern Idaho. Listening to the conversation that everything is going to hell, I’d think I could see some of this here.
    I don’t. There is more traffic than ever and people apparently have no trouble buying gas and cars. Income levels aren’t high but they seem to be adequate. Home builders can’t keep up. Probably 500 new houses a year with more planned. Two major food corporations have just located here (Chibani and Cliff Bars) so there’s another 800 jobs. One farm store I’m familiar with had a job fair this past week. Can’t find people! My point is when things begin to go downhill, it would seem that we could see something locally that warns us, provided we’re looking. Am I naïve or what?

      Jun 20, 2015 20:03 AM

      I can guarantee you, Silverdollar, that folks who live in Idaho and/or Montana march to a very different drummer. They also happen to be my two favorite states!

      Jun 20, 2015 20:29 AM

      Interesting Silverdollar, we have heard other people say similar things of other areas.

    Jun 20, 2015 20:45 AM

    On public pensions, one real part of the problem is the pension is usually figured against the base which isn’t an average over the years, but computed against the final, always highest salary of the last year or two. Talk about a Ponzi scheme!

      Jun 20, 2015 20:02 AM

      Especially true for those involved in public education.

    Jun 20, 2015 20:11 AM

    Many conservative states are changing over to 403Bs.
    I.e. Contributions which vest in an equivalent of an IRA.
    This results in major fights between municipalities and unions, which unfortunately the unions often win.

    Jun 20, 2015 20:34 AM

    In a recent CNBC interview Ms. Nabiullina remarked on Russia’s increasing gold reserves “…we base ourselves upon the principles of diversification of our international reserves and we bought gold not only last year but during the previous years. Our gold mining industry is very well developed and it is ready to supply gold. That is why our attitude towards here is based upon diversification of our reserves.”

    Ms. Nabiullina also dispelled the notion that the objective to increase Russia’s gold reserves was a function of buying up domestic gold supply that could not be sold abroad: “…we don’t run the objective to support any specific industry. In terms of the share of gold, actually we are not holding the records because there are countries that have a bigger share of gold in their reserves.” (if you can believe it.)

    In May Russia added 100,000 ounces of gold to its reserves and shed $3.4 billion of U.S. Treasuries from its reserves in April.
    Their dollar reserves are officially listed at about 66 billion.
    Strangely the dollar reserves have been steadily decreasing at a rate very similar to the cost of gold purchase. Maybe a coincidence.

    Jun 20, 2015 20:35 AM

    Whether you like it or not, and even as entertaining and sensational as he may seem most of the time, Jim Willie of, ( then hit the left gold bar and start listening,) has a seer gift and the ability to express in sometimes graphic terms what we will be looking at as far out as the next 1-3 years and not missing except at the margins.

      Jun 20, 2015 20:55 AM

      Marty…….I think Willie is a good listen to……..comes out with some great INFO …jmho

        Jun 20, 2015 20:30 PM

        Willie mentioned that the US is set to make new currency called “TREASURY” to replace the FEDERAL RESERVE NOTES”…….which will be the fed/govt way of devaluating the currency by 50% in value….because that is what CHINA wants…….might be a good TOPIC FOR DISCUSSION………………………………..OOTB

          Jun 20, 2015 20:46 PM

          Help me here., please..why would China want the value of about $1.5 trillion of its assets cut in half?

            Jun 20, 2015 20:47 PM

            Have you listen to Jim Willie’s idea on the subject? Yes or no….

            . Please note, that the “Treasury” mentioned above is not the same meaning. Old time meaning, currency printed by the TREASURY not a bond from the treasury. In Jim Willie’s example , the word TREASURY would be printed on a currency that you receive in lieu of a currency note or piece of paper marked FEDERAL RESERVE NOTE which is currently in circulation …. If you will remember in 1860 the US GOVT. TREASURY ,printed currency marked TREASURY NOTES, and was not a charter bank note. The idea is to sneak the currency into circulation prior to the reset.
            Now, concerning the idea of a hair cut on the $1.5 TRILL…IF the system is going to be changed by the backing some of the SDR’S with gold, and the US gold is gone, what value is the debt. Willies seems to think the Chinese have 30,000 tons and the US has zip, zero, game over……$1.5 TRILL is a drop in the bucket compared to the Wild NATURE of the PRINTING press gone WILD. The continued printing of worthless paper, only means the amount of worthless paper you now have or the Chinese have will deteriorate by the second……Really, what is the true value of the assets being held by the Chinese..$1.5 trill and is it collectable….while the FED keeps printing and expanding the balance sheet . Are you sure they still have that amount?
            I think you have a valid question……and as I said before Might be a good TOPIC FOR DISCUSSION.

    Jun 20, 2015 20:55 AM

    Did you know:
    60M cars are to be produced in China, if 10% have fuel cells that eats all of the worlds platinum supply at current production rate.

    “The full might of Japanese financial institutions behind hydrogen fuel cell cars”

    But its not just cars and we should be worried at this point for the safety of our platinum. In Korea captive power devices are feeding the huge servers needed to support a nation of Game players and these, yes they are, are being fed by platinum based fuel cells.

    Also New high speed trains are being built in Japan built with metals from the PGM group.
    Seems to, possibly to be reinforced by comments from Rick Rule onKWN tomorrow, there will be increasing demand for some metals.

      Jun 20, 2015 20:56 AM

      that is a lot of cars……………..

        Jun 20, 2015 20:57 AM

        better keep the platinum bars………

        Jun 20, 2015 20:21 PM

        That was an estimate given by Robert Friedland, so he did have an axe to grind.
        But he is a billionaire, so he does not often make mistakes.

    Jun 20, 2015 20:01 PM

    CFS–a question… why did the Banks continue loaning….???Simply put they had to believe in a big pot of gold at the end… as Doc suggested…it may evaporate this time.And perhaps that would expose all that is behind the proverbial curtain.

      Jun 20, 2015 20:17 PM

      See my answer at 11.07 am.
      ECB is not a private bank.
      I suspect there are incentive bonuses given, but really do not think that is a major motivation.
      It is no secret that EU powers do NOT want a breakup, but a more integrated United States of Europe. The ECB simply kept on making itself believe Greek promises, hoping the Greeks would not dig their hole deeper. The ECB was fooled.

    Jun 20, 2015 20:03 PM

    silverdollar…how many organic non gmo farmers are there would you say.. organic dairy…????

      Jun 20, 2015 20:26 PM

      I never cease to be amazed by “organic” labels being placed on food originating from third world countries, just because they are too poor to use chemicals, and yet no analysis is made on how polluted the irrigation water might be.
      A recent example might be the lead content of noodles recently in India.

        Jun 20, 2015 20:30 PM

        P.S. that was Maggi brand of noodles from Nestle.

        Jun 20, 2015 20:34 PM

        GOOD point…………organic dirt and water……………..

    Jun 20, 2015 20:39 PM


    Just as I have been predicting.

    The HH Prophecy.. is going to be fulfilled.

    No date setting. However, within 12 months.

    Just more evidence a catastrophic event is near.

    Its non debatable and only post this to warn.

    ( Comments will not nest below this level ) please !!!!!

    Thank you !!!!

      Jun 20, 2015 20:59 PM

      Hang tough, Heavy…even if you got zips in the wire….

      Jun 21, 2015 21:27 AM

      Here’s a companion to my original post “Tsunami”.

      You want the truth or you can’t handle the truth.

      That’s totally your responsibility. I have the exact
      same responsibility. I’m listening, are you ???

      Listen to all 3 chapters. Then do something about it.

      We are almost to the point of past all the warnings now
      and then sudden annulation and complete destruction
      could ensue with not a moments notice.

      Just keep that in mind. You will not hear it on the news
      and there will be no warning before it happens. None !!!

        Jun 21, 2015 21:39 AM

        Annihilation…self correcting text again.

        Not annulation.

          Jun 21, 2015 21:39 AM

          BIG BROTHER …..does not like the word” annihilation”…….might give the sheeple a heads up.

            Jun 21, 2015 21:55 AM

            Baaaa..Baaaaa….there they go to camp fema.

            I’m sure I am one of them. No one can escape the beast.

            Only through Christ will one be delivered.

            All the Kings, Princes of this world
            and the rich who loved their things
            money etc. will suffer great horrible

            Zephaniah …The Great Day Of The Lord.

            Great destruction cometh. Desolation !

            Jun 21, 2015 21:11 AM


            Nuclear war is not out of the question.

            We are moving closer everyday…btw

            Its no…bullsh%t. This is extremely dire.

            This is why I hate BS. This is real.

            Jun 21, 2015 21:18 AM

            It takes a real man to face the truth.

            The world is infested with cowards
            liars, fraudsters, deceivers, blasphemy
            against God, wimps, weasels, fake it till
            you make it wannabes and crooks etc.

            Don’t sell me on this full of horse crap
            world. Its wicked and evil beyond repair.

            Its going to burn !!!! Burn it will !!!!!

            Jun 21, 2015 21:33 AM

            How stupid can anyone be.

            No one wanted WW1 or WW2

            It happened. Suddenly, mass
            destruction. WW3 is going to
            be 10 times worse, if not more.


            This is about what we can expect.

    Jun 20, 2015 20:41 PM

    Dr Paul Craig Roberts made an address to the International Conference on the European/Russian Crisis in Delphi, Greece. June 20, 2015. It has been posted around the net, but needs everyone review. Possibly it can be posted as one of your daily entries as a separate subject. It explains why the US and most of the world is in the current mess.

    Jun 20, 2015 20:44 PM

    It can be found at or investment research dynamics or tf to name a few

    Jun 20, 2015 20:11 PM

    ANYBODY SEEN……………JOHN KERRY lately ………….have not seen him since the bike accident….or the shooting ……..wondering minds want to know…..

    Jun 20, 2015 20:18 PM

    I know some people don’t like Kitco or Brent Cook, but this article had an interesting intellectual and emotional effect in reading it. Very well written on the bottoming in the mining sector from 1197-2002 (with obvious parallels to present day).

    Jun 20, 2015 20:06 PM

    Where’s franky?

    Jun 21, 2015 21:45 AM

    Same message JH – Buy gold boyz buy!

    Jun 21, 2015 21:01 AM

    Donald Trump for President…the enemy of my enemy is my friend.

    Jun 21, 2015 21:16 AM

    ‘I cannot write, I cannot breathe’. Andre Vitchek suffocates in America.

    Jun 21, 2015 21:29 AM

    I don’t think my point re organic got across…local organic food & dairy is our future if we take the future seriously…
    Pertaining to jim willie – nothing he says has ever come true…look at his track record. I can’t listen to him if only because he is so manic.
    Thanks for the PC Roberts link… obummer same as his predecessors. Only decent one was Carter.

      Jun 21, 2015 21:05 PM

      jiM WILLIE comment……….sometimes you have to listen to the nuts, to figure out if your acorns are still safe…

        Jun 21, 2015 21:31 PM

        All Willie Wanka is good for is to keep the fantasy
        going for dreamers with itchy ears.

        Oil is at 60$. Yet gold is going to the moon.

        It’s the biggest joke and fraud that ever was.

        Wanka Willie has been projecting all kinds of
        tooth fairy type scenarios for gold to fly up into
        Uranus slicing through $8K…..

        He’s been wrong all the way down for years.

        He’s still pumpin with oil at 60$. Its a wet dream !!!

          Jun 21, 2015 21:42 PM

          What ever happened to Holter and Sinclair.

          They both pumped so hard there was no
          more sh%t left to pump.

          Same old fairy tales.

            Jun 21, 2015 21:49 PM

            Sinclair is over in Africa where he can chase down water buffalos with a dart gun, and sell some rhino horns to the Chinese. ……..Holter is in Texas and ready to ambush Jade Helm, if he ever pops his head out of his arce……..just joking of course.

            Jun 21, 2015 21:57 PM

            I really don’t believe that.

            Their heads are still stuck up between their legs.

            Gold is a lottery ticket with oil at $60.

            If China dominates the worlds financial system
            and crushes the west. …

            I can just about guarantee the communists will
            take everything Americans own incl. their homes.

            Chinese are ruthless and have no mercy.

            They can’t be trusted.

            Jun 21, 2015 21:30 PM

            IF you have ever done business with a Chinaman… know exactly where you stand, on the short end of the stick, with them ready to pick your pocket with a magnet attached to a string. Of course if, you have nothing but plastic in your pocket you have no problems , unless there is a magnet strip on the plastic card you carry…..just joking of course.

            Jun 21, 2015 21:32 PM

            I must be forgiven for all the belittle jokes, it is father’s day, and all is well, and hope all is well with all the father’s here today…………………..

            Jun 21, 2015 21:48 PM

            It’s warriors day.

            Got to…man up….give them all ..the boot.

            Their own people don’t trust them.

            They can’t be trusted.

            I say anymore it will be the bad and ugly.

    Jun 21, 2015 21:59 AM


    It cannot meet interest payment obligations – needs money.
    (About 7-8 billion to carry it through rest of month)

    The ECB problem:is the Germany will not back any further debt to be given to Greece.
    Also does not want to see Grexit.

    Observation: Greece has in past issued Yen denominated debt.


    The EU Ministers meeting on Monday should allow:
    Either that Greece be allowed to print bonds not denominated in Euros,
    Or Greece be allowed to print bonds in Euros, but that they be solely Greek backed, instead of being backed by the usual combination of Euro countries.

    Such bonds, of course, would not be expected to have low interest rates as do other euro-denominated bonds, but it could provide a mechanism for Greece to get money and not put other countries in liability jeopardy.

    ( I personally would not touch such bonds with a barge pole, but if the duration of the bond is short, it could provide breathing time….although Greece is to recalcitrant to want reform its economy….it does provide a mechanism for kicking the can further down the road.

    Jun 21, 2015 21:02 PM

    That SNIPP is sure doing well…

    Jun 21, 2015 21:05 PM
      Jun 21, 2015 21:11 PM

      That was an early release for Greg. Thanks Reverend Andrew.

      We are entering a very dangerous world. No use dreamin about

        Jun 21, 2015 21:38 PM

        Griffin should know they do plan on pulling the plug.

        They must and they will. Why ? They must move forward
        with the NWO. That’s why we see a build up to world war.

        We are in a major war cycle. Griffin should know that too.


        Notice to Griffin. It was all preplanned decades ago.

        Alex Jones is warning to get out of dodge.

        I’m warning to duck and cover.

        So, you have been warned.

          Jun 21, 2015 21:21 PM

          OMEN…….. Here is a good one………..Last night we had a storm, Lighting hit a large tree in my neighbors yard….the large tree, fell into my yard, causing several items of damage…… large fruit trees, large plantings, my antique fountain, and my Woodard furniture table and three chair( one was spared)…….Of course I have a $1000 deductible on my outside storage , but could I replace my 40 yr.old best of quality with furniture with today’s cheap ass quality of Chinese plastic, I do not think so…………Moral to the story will be,,, let’s see how good my insurance is at the end of the week. I think it an, oh MAN type of event. I am thinking that gold will be the same thing when the SHTF.

            Jun 21, 2015 21:34 PM

            Sorry to hear that. The claim will go on record as well.

            Sounds like you have your hands full. Do not make any
            small claims because they will punish you possibly in
            higher premiums. Need to weigh it out.

            If you can get by replacing everything for a 1000$ shopping
            around you will be much better off.

            If you already made the claim, maybe too late. I’m sure you
            have a handle on it.

            Jun 21, 2015 21:42 PM

            Unfortunately, gold is no guarantee.

            Not with these NWO folks. Does not
            look promising. Regretfully, I say this.

            Be prepared for anything.

            Jun 21, 2015 21:41 PM

            good advice on the holding out……I usually do not claim anything for the exact reason you mention……..I think I will mark it up as ….large trees fall where they will, just make sure you are not under one when they are struck by lightning….

            Jun 21, 2015 21:06 PM

            Lightning may not be a peril they hold
            against a policy holder. You know that
            if it is a peril they will count against you
            the really bad risk if you have another
            serious high dollar claim you must collect
            on then your premiums will go through the
            roof within a 3 year time frame. Could be
            5 years. Not up to date on it. Of coarse its
            not definite but likely on higher premiums
            or even a non renewal.

            As example in your current circumstances
            I would probably not make a claim. Unless
            I was going to eat over say about 600$.
            My total loss would be no more than about
            1600$ with the deductible.

            IMHO…shootin from the hip not knowing everything.

            Jun 22, 2015 22:34 AM

            HH…thanks again for the advice……………..Jerry

          Jun 22, 2015 22:37 AM

          Sorry to hear of your misfortune Frank. Antique furniture going for a song over here…at least the bog standard items like Vikky/Georgian chests of drawers, sideboards, etc, comparable if not cheaper in price to any repro stuff found in Ikea. Can’t comment on fountains, however.
          Very bad luck. Take care, A

            Jun 22, 2015 22:34 AM

            thanks for your concerns….A……….appreciate …………Jerry

      Jun 21, 2015 21:29 PM

      good video & article with G Edward Griffin. Thanks for posting it Rev.

      Jun 21, 2015 21:59 PM

      16:40……….RUMORS OF WAR……..fear, is what the govt. wants…..

    Jun 21, 2015 21:11 PM

    Tsipras has finally shift, just a smidgen.
    He is to offer a small increase in VAT.
    He still refuses to move on pensions.

    My opinion is that this is too little. He figures the VAT increase will be mostly paid by tourists, so that Greeks will not hold it against.

    Unfortunately in England the Labour Party and trade unions held a major anti-austerity rally.
    In my option Cameron totally to explain WHY austerity is needed.

    Jun 21, 2015 21:12 PM

    iPad again I typed shifted, but it corrected!

    Jun 21, 2015 21:17 PM

    A See-Saw Day In Almost Every Market Although Crude, China Suffered Most
    June 19, 2015 – 4:31pm
    by Gary Wagner

      Jun 21, 2015 21:18 PM

      skip all his preamble and just jump into the video to 1:30 mark.

    Jun 21, 2015 21:19 PM

    Looking Beyond The FOMC Press Release For Gold And Equities
    June 18, 2015 – 4:06pm
    by Gary Wagner

    Jun 21, 2015 21:25 PM

    Chicken Little is alive and well, I dare you to raise interest rates, Don’t call my bluff. I double Dare you to back down from Greece, just you wait and see they will get theirs. Chicken Man is alive and well! DT

    Jun 21, 2015 21:59 PM

    Dang, this is scary.

    Mr. Big Al Korelin, has KE Report ever received a subpoena for comments posted on this blog or for anything else?

      Jun 22, 2015 22:12 AM

      Very scary infringement of 1st amendment free speech. Big brother is watching, it appears, and can demand identities of online posters and hold them liable for their comments in a chat room. Spooky…..

        Jun 22, 2015 22:26 AM

        Speak softly ……..they carry a big stick………T.roosevelt from Moscow.

          Jun 22, 2015 22:13 AM


          T.Roosevelt from Moscow……The Stick.

            Jun 22, 2015 22:20 AM

            The Slick………with the stick……………..Moscow manic………

    Jun 22, 2015 22:26 AM

    Thanks for that Ebolan – yes surely scary. Everyone with a tongue in their head must use it, while putting it (their head) above the parapet of fear and ignorance.

      Jun 22, 2015 22:15 AM

      I agree, Andrew, while it is still possible to be critical and provocative, one must be careful not to post something that could be interpreted as “inciting to riot or violence” or that “I wish x was dead”, with the x defined, no matter how truthful that wish might be.
      It can be a very fine line to walk, when criticizing the stupidity of some politician’s actions.

    Jun 22, 2015 22:33 AM

    Moving Support Up
    by Avi Gilburt,
    Thursday June 18th 2015

    Jun 22, 2015 22:39 AM

    Immediate Bearish Pattern Broken
    by Avi Gilburt,
    Thursday June 18th 2015

      Jun 22, 2015 22:56 AM

      This is old news in the light of today’s movement.

        Jun 22, 2015 22:10 PM

        I just thought it was interesting analysis and posted it before the day started.

    Jun 22, 2015 22:23 AM

    Midway Gold Corp. Announces Filing of Voluntary Petition for Relief Under Chapter 11 Bankruptcy

      Jun 22, 2015 22:01 AM

      Today’s movement is very interesting……a preview to squeeze plays.

      Momentum players will short and get caught out in a few days when the market moves up.
      Then the longs will get caught out by a downturn before options expire in July.

      Right after the the end of options, which for June was last week, the movements seem to get more violent!

    Jun 22, 2015 22:22 AM

    CHINESE HOLIDAY TODAY?………….no cause for concern , on a down day……jmho

    Jun 22, 2015 22:43 AM

    GREECE SAVED……….NOT REALLY……… taxes and Vat tax to the hilt………people should really start having some more pain now……the banksters are really getting more flesh over all………deep into to the depth of debt.