tag:blogger.com,1999:blog-5882645467378797266.post2039320337973103609..comments2023-07-17T11:55:51.363+02:00Comments on ObservingGreece: My Big Fat Greek Debt Crisiskleinguthttp://www.blogger.com/profile/12491174042954678023noreply@blogger.comBlogger39125tag:blogger.com,1999:blog-5882645467378797266.post-47045580104732111102015-07-04T18:05:50.237+02:002015-07-04T18:05:50.237+02:00I now found the reference and I was wrong about Fr...I now found the reference and I was wrong about France. US financial institutions come first with 11,8 billion. Then UK financial institutions with 8,4 billion. Finally, German financial institutions with 5 billion (all in USD). All the others are peanuts.<br /><br />https://twitter.com/bondvigilantes/status/615460577880768512/photo/1kleinguthttps://www.blogger.com/profile/12491174042954678023noreply@blogger.comtag:blogger.com,1999:blog-5882645467378797266.post-90840048582796036052015-07-04T12:42:32.589+02:002015-07-04T12:42:32.589+02:00On the IMF report:
http://blogs.lse.ac.uk/greecea...On the IMF report:<br /><br />http://blogs.lse.ac.uk/greeceatlse/2015/07/03/what-does-the-imf-mean/<br />http://www.greekdefaultwatch.com/2015/07/imfs-latest-debt-sustainability.htmlkleinguthttps://www.blogger.com/profile/12491174042954678023noreply@blogger.comtag:blogger.com,1999:blog-5882645467378797266.post-5897730345993741532015-07-04T12:24:27.683+02:002015-07-04T12:24:27.683+02:00@Anonymous. You are accusing me of being a liar. T...@Anonymous. You are accusing me of being a liar. This is highly insulting and incorrect. I have no doubt that I am the most honest person you have ever conversed with; I do not lie, to the point of its being a defect.<br /><br />Now, you may not agree with my analysis of the situation, you may not like what I say or the way in which I say it, but they are not lies. <br /><br />And I do not engage in propaganda. Full stop. I am sorry that you do not understand what I am saying: I can only presume that you are the sort of person who is more concerned with formalities than with substance. That is a mirror image of my own personality and I do conflict professionally and personally with people of the conformist variety. What you describe as "tirades" are a genuine belief that we are going through a terrible period of European history, with mostly Germans shaping the mistakes, stubbornly refusing to listen to more competent opinions and not gasping their errors.<br /><br />AS for your not signing your name here, I have never approached or harassed anyone from internet activity, other than to send a polite email. On the contrary, I and others have many times been harassed -- especially by the far right. <br /><br />I apologise if my posts are of no value to you. I suggest that you pay no attention, if that is the case. It does not give you the right to try to lecture me.Guest(xenos)http://www.mmo.grnoreply@blogger.comtag:blogger.com,1999:blog-5882645467378797266.post-80512172036717656572015-07-04T01:25:49.060+02:002015-07-04T01:25:49.060+02:00I wouldn't describe The Guardian as left, but ...I wouldn't describe The Guardian as left, but that is not to dispute its reporting here. I think the situation has become crystal-clear, that the Germans will not make a deal of any sort with the current government, because they are completely hostile to its socio-economic priorities. In that case, it makes not a jot of different whether the result is NAI or OXI, because in either case Germany/Troika will refuse a deal in order to topple the government.<br /><br />Varoufakis has made absurd claims that he is 100% sure that the banks will open on Monday (or Tuesday). He seems to be relying on the determination of the Commission to cut a deal and the willingness of Tsipras to go along. This ignores the political determination of the German government to destroy Syriza.<br /><br />Of course, accepting the Troika proposals (and ignoring the suppressed technical report of the IMF that Greece needs a massive new loan) automatically consigns the Greek people to a form of slavery in perpetuity. The option presented to them is likely to be the one allegedly contained in the referendum -- accept our sucking your economic blood for decades or leave the European Union.<br /><br />As I keep on reminding people, this is a replay of the fascist period of the 1930s -- with modern variants. Germany will go down in history for yet another shameful episode in Europe, yet few in Germany (as during the Third Reich) seem to grasp the import of their views and actions.Guest(xenos)http://www.mmo.grnoreply@blogger.comtag:blogger.com,1999:blog-5882645467378797266.post-44988211062350168422015-07-04T00:42:56.226+02:002015-07-04T00:42:56.226+02:00Really, Xenos?
"I am very tolerant of differ...Really, Xenos?<br /><br />"I am very tolerant of different viewpoints, but I am not tolerant of abuse of power and propaganda -- wherever it comes from."<br /><br />-- That is lie number one. Your behavior is the opposite of tolerance. You constantly belittle, abuse, and put down people who profess a viewpoint that does not fit within your biases. Everything that does not fit a leftist worldview is quasi automatically labeled as propaganda by you, and accompanied by all kinds of personal attacks. It's Klaus's blog, so if he lets you comment, more power to him, but I can state right here and now that I sign blog comments with my real name everywhere else. The only reason I do not do this here is because of specifically you and your constant abuse of others.<br /><br />"Unlike many of your contributors here, some of whom seem to be deranged, I have NEVER posted propaganda. Nor will I do so. "<br /><br />-- And that is lie number two. Let's take the Oxford dictionary definition: <br /><br />"Information, especially of a biased or misleading nature,"<br /><br />-- Check, fits your behavior with triple exclamation marks. (Everyone of course has his or her own bias, but many have enough humility to recognize this.)<br /><br />"used to promote or publicize a particular political cause or point of view"<br /><br />-- Check, fits your behavior with triple exclamation marks again.<br /><br />I have a Greek wife and children with dual citizenship. I've lived in Greece for years, but left after it became apparent that perpetual budgets cuts were the only "reforms" that successive Greek governments were capable of accomplishing. I have a lot of respect for both Klaus's and KTG's blogs, even though I do not always agree with them. I have a lot of respect for most commenters on both blogs, even the ones where I feel like banging my head on the table for their logic and chain of argument. That is because they are able to present an honest, heartfelt viewpoint without resorting to the kinds of insults and personal attacks that you do. I'm here to learn, to keep tabs on what is going on in Greece - especially with all the worry we have about my in-laws -, and it has gotten to the point where your tirades detract from the value of both KTG's and Klaus's blog posts.<br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5882645467378797266.post-16375802779455476282015-07-03T22:52:23.000+02:002015-07-03T22:52:23.000+02:00Surprises me that none of the pundits I've rea...Surprises me that none of the pundits I've read are positing the referendum as a vote of confidence in Messrs Tsipras and Varoufakis - where Oxi is positive and Nay is negative. <br /><br />Is it anything other than that?<br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5882645467378797266.post-71464978938765801772015-07-03T22:30:37.863+02:002015-07-03T22:30:37.863+02:00I really do not get your point. It seems to be som...I really do not get your point. It seems to be some sort of made-up logic. Obviously, we are all guests here on Klaus's blog. Obviously, none of us can censor remarks, other than Klaus. These facts do not preclude anyone from stating an opinion on the matter. <br /><br />Or is your idea that power determines freedom to act, that those in control cannot be challenged on their conduct? That does seem to be the general belief across Europe now (as in the 1930s), and especially from certain countries. How history repeats itself.Guest(xenos)http://www.mmo.grnoreply@blogger.comtag:blogger.com,1999:blog-5882645467378797266.post-67302005033591093042015-07-03T21:23:14.503+02:002015-07-03T21:23:14.503+02:00BREAKING BAD BAD BUNKER NEWS!
Helen Smith in Athe...BREAKING BAD BAD BUNKER NEWS!<br /><br />Helen Smith in Athens writes:<br /><br /> Sunday’s referendum has, almost overnight, turned into a fight for political survival for Syriza. The anti-austerity movement that took Europe by storm, when it was swept into power on the back of popular discontent in January, now faces an existential battle. “In Europe they want to squelch us because they only want one policy, the doctrine of neo-liberalism, to succeed,” the administrative reform minister Giorgos Katrougalos said earlier today.<br /><br /> There is growing acceptance that prime minister Alexis Tsipras’ high-stakes gamble calling the referendum may well backfire. The “yes” vote has swelled in recent days as big name political and cultural figures have come out in support. If the outcome on Sunday is a massive turnout in support for the “yes” vote, it will augur political developments with Tsipras and his radical left Syriza party possibly even having to step down on Monday. If the vote is “no,” as the government has urged, Athens’ relationship will break down further. “They have made it clear Schauble, Merkel, and others that they don’t want to deal with us,” one minister told me requesting anonymity. “It is very difficult to say if we will be here on Monday. A lot is in Tsipras’ hands. Our biggest concern, now, is the division we are seeing [between the two camps] and how we are going to handle it.”<br /><br /> Speculation was rampant on Friday that in the event of a resounding ‘yes’ a national unity government might have to be formed after the referendum possibly led by technocrats or figures outside the political arena. Athens’ mayor George Kaminis, a professor of constitutional law and Yannis Boutaris, the mayor of Thessakoniki, are possibilities.<br /><br /> “It is very difficult to see a better agreement [emerging with creditors] in the event of a ‘no’ vote,” said the political commentator Alexis Papahelas. “A ‘yes’ vote is going to be difficult and the Europeans have made a lot of mistakes but it will at least keep us at the core of Europe.”<br />Guardian-LIVE <br />(left-leaning paper for those of us who are propaganda sensitive)<br /><br />To top it off....<br /><br />/:/<br />Ironically, many Greeks who are no fans of the political opposition [backing the Yes campaign] and cast ballots in favour of prime minister Alexis Tsipras’ Syriza party in January, are now supporting the Yes campaign for fear that Athens’ relationship with Europe might otherwise be irreparably damaged.<br /><br />“I will be voting yes with a heavy heart but there is no other way,” said Anna Papandreou in what has become a commonly expressed sentiment in recent days. <br />Guardian-LIVE <br />(left-leaning paper for those of us who are propaganda sensitive)<br /><br />Epilog:<br />Maybe a national unity government might be the absolutely best option after the referendum possibly led by technocrats or figures outside the political arena. <br />I myself believe that some form of interim government - under maybe 5 years - where no politicians is included - but authorities and experts in different fields would manage and build the country and root out the corruption - would be an interesting prospect - if it was possible and under certain circumstances - but of course - it´s up to the Greeks.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5882645467378797266.post-25063836378296936122015-07-03T20:47:01.126+02:002015-07-03T20:47:01.126+02:00I agree!
To many people use their brains for game-...I agree!<br />To many people use their brains for game-play and control - and their uncultivated feelings for frustration and manipulation.<br />Consciously or unconsciously.<br />Being cultivated is to demonstrate mastery and channel oneself in a defined sensitive manner in a dance for two - preferably in an innovative way with contrasts.<br />You have to games in the world - the Finite game - and the Infinite game.<br />The first is all about quantities - the later is about qualities - and timing...<br /><br />SIMON & GARFUNKEL<br />https://youtu.be/Fd-DvSTBq1o<br />Flowers Never Bend With The Rainfall<br /><br />Through the corridors of sleep<br />Past the shadows dark and deep<br />My mind dances and leaps in confusion.<br />I don't know what is real,<br />I can't touch what I feel<br />And I hide behind the shield of my illusion.<br />So I'll continue to continue to pretend<br />My life will never end,<br />And flowers never bend<br />With the rainfall.<br /><br />The mirror on my wall<br />Casts an image dark and small<br />But I'm not sure at all it's my reflection.<br />I am blinded by the light<br />Of God and truth and right<br />And I wander in the night without direction.<br />So I'll continue to continue to pretend<br />My life will never end,<br />And flowers never bend<br />With the rainfall.<br /><br />It's no matter if you're born<br />To play the King or pawn<br />For the line is thinly drawn 'tween joy and sorrow,<br />So my fantasy<br />Becomes reality,<br />And I must be what I must be and face tomorrow.<br />So I'll continue to continue to pretend<br />My life will never end,<br />And flowers never bend<br />With the rainfall.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5882645467378797266.post-81816624240501933272015-07-03T20:16:47.038+02:002015-07-03T20:16:47.038+02:00@V: Yes, I share your views. I do not expect to re...@V: Yes, I share your views. I do not expect to retire, so the retirement age is a fiction. I do not wish to retire, but age does slow one down and also limit the number of hours for working.<br /><br />Interestingly, in the UK the age discrimination is so bad that anyone over 50 is very unlikely to get a decent job. The reason seems to be partly as you state -- that they want to exploit people and older people are less able to be exploited -- and partly because managers fear people with actual ability and experience. We have moved far away from a meritocratic society: doing as you are told, for medium pay, is far more useful than being highly skilled and arguing with the senior managers. <br /><br />This is a large part of the explanation of why banks have damaged the global economy so badly: they prioritised efficiency (that is, following orders and making a quick buck) over informed strategy and economic expertise. I remember well being told by merchant bankers how their research division had no economists in it, but all had PhDs in mathematics and computing -- in order to construct the formulae for complex derivatives and trick the world out of money in the billions or trillions.<br /><br />One could call this criminal behaviour; it seems that neoliberal politicians do not. Instead, they use taxpayers' money to prop up the banks that engaged in these crooked games. And Greece is the first country that has been brought to its knees through the alliance between politicians and banks.<br /><br />Of course, there is much culpability of Greek governments of the past -- but did you notice that the Troika prefer to attack Tsipras (who had nothing to do with this) rather than the ND and Pasok politicians responsible? indeed, they seem intent on bringing Samaras back into power, merely because they can control him more easily. Varoufakis is hated, because he understands economics better than any finance minister in the EU. Again, the opposition to meritocracy that is now prevailing.Guest(xenos)http://www.mmo.grnoreply@blogger.comtag:blogger.com,1999:blog-5882645467378797266.post-28703697422990112752015-07-03T19:48:16.871+02:002015-07-03T19:48:16.871+02:00There are many places in the internet where you ca...There are many places in the internet where you can easily insult other people with dirty words. If you succeed insulting him, the discussion usually switch from open and fact based toward violating and totally ignorant.<br />I am glad that this is a place where the host, Klaus Kastner, takes care for civilized manner so we can have a fair tempered discussing place to exchange facts and personal opinions, not violating insults.<br />Starting with dirty words and insults (I finished counting the number of your propagandistic, even rassistic insults toward Germany) is the contrary of tolerance. If you dont feel it, please try to temper down yourself and switch the mental clothes. Sometimes that help to understand.Rogernoreply@blogger.comtag:blogger.com,1999:blog-5882645467378797266.post-31668054523387778842015-07-03T17:54:11.182+02:002015-07-03T17:54:11.182+02:00@Klaus: it says something about personal values, w...@Klaus: it says something about personal values, whether one considers strong language to be more important than upholding basic decency and democratic principles. The language I have used is commonplace and acceptable across society, although not always in public. It is far from polite, because I think the people who are damaging Europe do not deserve any respect or politeness at all. I realise that as a former banker you are not accustomed to speaking openly and rudely about those with power. That is a luxury that independent commentators possess, and in my view the world is a better place for the honesty attached to it.<br /><br />Unlike many of your contributors here, some of whom seem to be deranged, I have NEVER posted propaganda. Nor will I do so. <br /><br />I am very tolerant of different viewpoints, but I am not tolerant of abuse of power and propaganda -- wherever it comes from. As I have told you before, if you want your blog to be a propaganda site for neoliberal far right views, then you could have the honesty to say so. You should have noticed that, unlike many other blogs, there is a preponderance of very right wing views here.Guest(xenos)http://www.mmo.grnoreply@blogger.comtag:blogger.com,1999:blog-5882645467378797266.post-79095085207691603892015-07-03T17:37:41.478+02:002015-07-03T17:37:41.478+02:00Greek Prime Minister Alexis Tsipras says he’ll sig...Greek Prime Minister Alexis Tsipras says he’ll sign a deal on Monday either with “yes” or “no” vote; not an option for Greece to leave euro<br />Zerohedge<br /><br />What a primadonna m*r*nic statement...on Planet Tsipras.<br />Why not sign the deal last week - or last months...?<br />What makes him thinks that things don´t change during this referendum period...???<br />One thing for starters - the present government will not have trust or commitment to the whole thing.<br /><br />What a mess.<br /><br />Or even better - why didn´t this government create a real comprehensive action plan for to renovate Greece from the ground up and then went to Brussels (instead of catwalking) with a big big systemic commitment and put that on the table and said: This will we do - no more funny stuff - a total makover - and make the enterprises and economy vital again - position Greece for the future - give us your best support and write off a good deal of the debt!<br />And they would have had it!<br /><br />Some clips from the Guardian - LIVE<br /><br />Whatever the referendum outcome, the ECB is unlikely to significantly increase ELA [emergency liquidity assistance to Greek banks] limits any time soon. Cyprus was able to gradually loosen capital controls because of a decisive and credible commitment to reform. This is not possible in Greece. Our latest scenario analysis suggests an exit probability of around 67%.<br />Oxford Economics<br /><br /> A ‘Yes’ vote: a semi-stable outcome at best.<br /><br />A ‘No’ vote would significantly increase the odds of Grexit, though some hopes remain that it could be avoided.<br /><br />The bank has also looked at the impact on financial markets.<br /><br /> Clearly, markets are more in wait-and-see mode than in outright panic. Nevertheless, we expect the referendum to set the tone for next week, but whatever the result, we believe the markets are willing to move on to other issues, and we expect credit markets to normalise following the summer period.<br /><br />Economists at Société Générale<br /><br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5882645467378797266.post-57523143089677285112015-07-03T17:05:32.745+02:002015-07-03T17:05:32.745+02:00Halftrue propaganda buzz-pieces - is now blatant l...Halftrue propaganda buzz-pieces - is now blatant lies from Varoufakis.<br />Since the 2007-08 financial crisis, 405,666 Greeks have left the country + everone that cannot vote = a lot of people that cannot vote.<br /><br />A reader in the Netherlands has sent us this. Jeroen Dijsselbloem, the Dutch finance minister and president of the Eurogroup, spoke after the Dutch cabinet meeting today with regard to Greek finance minister Yanis Varoufakis’ comments on a deal being in the offing.<br /><br />According to Dutch newspaper de Volkskrant, Dijsselbloem called this “completely incorrect” and said: “He [Varoufakis] made that up completely. No new proposals have been sent to Athens,” adding: “We are not near a solution.”<br /><br />Many thanks for the translation to our reader in The Hague, Rik Remeijn.<br />Facebook<br />Twitter<br />Google plus<br /><br />30m ago15:22<br /><br />At least half a million Greeks are unable to vote in the referendum – unless they return to the country before Sunday’s poll. Under Greek law, people must travel home to where they are registered for voting.<br /><br />Since the 2007-08 financial crisis, 405,666 Greeks have left the country, according to Eurostat, the European Union’s statistical office.<br />Guardian - LIVE<br /><br />Make no mistake - Eurozone and EU will go down in a couple of years - but that don´t excuse this government bad performance - with a socialistic gameplay nothingness in over 5 months which simply is not serious.<br />The referendum is a political ploy to hide and save themselves behind.<br />Behind their nice faces there are culture Marxism and big gov. plans for Europe.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5882645467378797266.post-66330797903047253592015-07-03T14:46:00.614+02:002015-07-03T14:46:00.614+02:00Hi Xenos,
I sometimes wonder if i will ever retir...Hi Xenos,<br /><br />I sometimes wonder if i will ever retire at the rate that the age limit keeps going up. Right as speak, the new request being made is 67 because going ealry retirement will be economically suicidal by then. Im 40 so i have another 27 years Figure they will pump that number up to 75. So i have another 35 years. I have worked for 17 years in Greece and 7 (part time) in the USA, on the books. But i have been working since 10. 2 saturdays out of the month my father would take me to his work to do the most crap jobs out there. It is why am an engineer and i have no quwams about working a garbage man. No job is unhonorable. Doing those meaningless jobs lead to my success and the privelage of having workers in the factory to look me in the eye. Because i know their pain.<br /><br />I sometimes wonder when i am 60-65 or 75 if i will have someone like myself who will pity me enough to understand that i can't work as hard as 25-50 year old?<br /><br />Sincerely,<br />VAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-5882645467378797266.post-77141973878046258592015-07-03T14:22:02.203+02:002015-07-03T14:22:02.203+02:00As for the world according to Tsipras, hard to say...As for the world according to Tsipras, hard to say.<br />Mr. Tsipras is the born perjurer. When caught in a lie he will tell a bigger one to patch it up. This is not unusual in Greece, but the grand scale of it is truly unique. It may explain his popularity with the voters. To do something on a grand scale, as a nation, on the international scene, has always attracted Greeks. To return to the 5th century BC and the fame of the Republic of Athens has always been alluring for Greeks, it is however not healthy, you get yourself a megalo hangover when you open your eyes to the 21th century world.<br />For me the most intriguing question is if he believes his own lies. Is he a cynic or just self-delusional? Is he like Jean-Claude Juncker? Who lies through his teeth, but who you can deal with knowing that you know that he know that------. Or is he totally living in his parallel world? Many Greeks spend considerable time in a parallel world, but are forced (by mundane things such as earning a living) to return to the real world in between. If Tsipras has been living in his parallel world all of his life, thereby denying reality, then I understand the various politicians who have given up negotiating with him.<br />Lennard Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5882645467378797266.post-46744923036308549612015-07-03T14:09:51.610+02:002015-07-03T14:09:51.610+02:00Now that the creditors reject IMF's latest rep...Now that the creditors reject IMF's latest report on greek debt sustainability, you can attach the taxi driver as proof.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5882645467378797266.post-16376535902062664412015-07-03T12:55:17.225+02:002015-07-03T12:55:17.225+02:00NYT writes about investments of 10 Bio€ only from ...NYT writes about investments of 10 Bio€ only from american hedgefonds: http://www.nytimes.com/2015/06/29/business/dealbook/panic-among-hedge-fund-investors-in-greece.html?_r=0<br />May other financial istitutions add up?Rogernoreply@blogger.comtag:blogger.com,1999:blog-5882645467378797266.post-53951853944637863862015-07-03T12:50:13.297+02:002015-07-03T12:50:13.297+02:00I don´t do propaganda. I do - my own view and fact...I don´t do propaganda. I do - my own view and facts. It is in the borderlands of views and facts things can happen - and that is Europe's big advantage - between east and west we search for the best mix.<br />Hopefully that is still allowed in Greece context - and hopefully one can speak freely with an open mind.<br />I post exclusively info that I personally find interesting and thinks could be of public interest too.<br />I am a private citizen in Europe with no affiliations - I am not into politics - just an interest for matters at hand in Greece - and the bigger global context it stands in.<br />I don´t want to provoke bad feelings - Greece is a nice beautiful - sometimes magic country - I have been there several times - that belong to the European context.<br />If somehow some of my posts are unrelated - or out of place - I trust Mr. Kastner won´t publish. (That has happen.)<br /><br />There is surely - at any time - much good will for Greece in Europe - when they can gather round the project to make a better day.<br />Greece is on the brink - with young and educated people emigrating - and at present just a chaos.<br />Eurozone and EU:s time will come - but it is now time for Greece to help themselves and you will have all support you want.<br />Personally I think this will not be done through socialism - been there, done that - but rather ordinary people gathering in a context that initiate free enterprise and personal development in a new an innovative way.<br /><br /><br />“Since we cannot change reality, let us change the eyes which see reality.”<br />Nikos Kazantzakis - Zorba the Greek<br /><br /><br />Best!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5882645467378797266.post-70677404330898742572015-07-03T12:11:23.831+02:002015-07-03T12:11:23.831+02:00I find it hilarious that Guest should attempt to c...I find it hilarious that Guest should attempt to censor a blog where he is-----------------------a guest. It's a bit like evicting the hosts guests from the party.<br />LennardAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-5882645467378797266.post-16032903263893995812015-07-03T11:08:39.376+02:002015-07-03T11:08:39.376+02:00Mr. Kastner,
Financial Institutions aside from th...Mr. Kastner,<br /><br />Financial Institutions aside from the IMF? Who are they? Or are the banks or investment firms invested into the IMF?<br /><br />Hedge funds. Can you give me quick explination of hedge funds 101?<br /><br />I do not understand what is there to gain when you hedge billions on a grexit or you hedge on a stable greece. How do you make money on this in one direction or another? If there are hedges for a grexit some other hedge losses respectively? This all comes in to play with cds and derivatives? Which i have no clue about.<br /><br />Truly, this financialization is really confusing to say the least.<br /><br />As for your comments on Greece. We have been fighting each other since ancient times. Like i said we were successful back then because there we less opponents. Nice observation of greece for russia and the usa. very true. Which also ratifies the fact that our place is within the eu, aside from the current events.<br /><br />We had a discussion here in one of the offices today. The difference bewteen Greece and cyrpus is that Cyrpians unite in difficult times. Greeks do not. If we do not unite now or at least a large majority we can not make headway. Sometimes i feel like a one of those ship workers pulling the trireme across the corithian delta of ancient times. Even though the load rests on the few, our efforts do not go in vain. <br /><br />There are alot of poor people in Greece and am sure you are aware of this. Do we not have a responsibility for them? They are not all freeloaders, they are simple people whom simple lost their jobs.<br /><br />I was speaking last night with my land lady. Owner of the apartment i live in, to give her the electronic deposit receipt for the rent. She began to tear. She is a sweet old lady of 83, who has worked all her life with her husband to create something, meanwhile both her children who have their own families are both unemployeed. The live on her rents and pension. She confides in me because she does not want to express her distress or weakness to her children and family. She has become the literal backbone of the family. She told me crying, that in ww2 was much better because there was one goal. Find food and avoid patrols. The only thing you feared was dying. She cried, now this new war leaves her completely helpless and would certainly prefer the feelings of dying of ww2. She is scared for her life because both choices given are bad and worse al while being helpless. She asked me what to do. I supported her with lame-ass everyday sayings to remain strong and to stop watching the tv. I then told her that she can depend on me to receive her rent from me as long I have my stable job 1st of the month as always. She screamed crying! YES BUT I CAN'T ACCESS MY MONEY! Can't describe the distress of the lady and did my best to remain strong for her. I told this will all end soon and to have some patience. What else could i tell her. Just wanted to tell you on the above.<br /><br />Sincerely,<br />V<br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5882645467378797266.post-1518792639600085372015-07-03T10:32:47.484+02:002015-07-03T10:32:47.484+02:00@ V
Only recently was I made aware of the fact tha...@ V<br />Only recently was I made aware of the fact that US financial institutions have, by far, the largest exposure to Greek banks. They stand at over 10 BEUR whereas France, the next one, stands at 5 BEUR. This could well be hedge funds with whom one does not need to have sympathy but even a failing hedge fund can cause trouble. This might explain partially why the US is so concerned.<br /><br />I don't think Greece can politically become the next Cuba for the US. Greeks are far too divided a people. Observing almost 200 years of history, I fail to see how Greeks can ever show a united front in any cause, certainly not as far as Russia is concerned. Greeks were haggling with one another even during the War of Liberation! The Russians don't like to have potential trouble-makers as partners.<br /><br />But Greece can definitely become the economic Cuba of Europe (figuratively speaking): low domestic economic value creation; dependent on 'gifts' from abroad. But maybe one day Greeks will have the enlightening which the Castros of Cuba are having for some time now, namely that good relations which countries which can make foreign investments and whose citizens can spend tourist money, even if they are of a different ideology, is a prudent strategy.kleinguthttps://www.blogger.com/profile/12491174042954678023noreply@blogger.comtag:blogger.com,1999:blog-5882645467378797266.post-69504324698300570612015-07-03T10:23:44.054+02:002015-07-03T10:23:44.054+02:00Let me be perfectly clear on one point: there may ...Let me be perfectly clear on one point: there may be commentators who make comments unrelated to an article and there may be commentators who make propaganda (like yourself) but there is, to the best of my knowledge, only one commentator who uses foul and absolutely unacceptable language; of late calling people assholes.<br /><br />Make up your mind as to who should be ashamed of himself here.kleinguthttps://www.blogger.com/profile/12491174042954678023noreply@blogger.comtag:blogger.com,1999:blog-5882645467378797266.post-41253079943987627082015-07-03T09:51:12.088+02:002015-07-03T09:51:12.088+02:00@Anonymous. There is no scapegoating here. I am po...@Anonymous. There is no scapegoating here. I am pointing to an objective problem that old people just have to face. There are difficulties in old age, and these should be understood. On the other hand, the elderly will have to learn how to accept change. This is as much a matter of will as the other things that you mention.<br /><br />FYI, I am not far from the retirement age myself. I worry about how my generation will be treated if we do not make a big effort to fit into the broad society.Guest(xenos)http://www.mmo.grnoreply@blogger.comtag:blogger.com,1999:blog-5882645467378797266.post-64976844829494800602015-07-03T01:33:01.637+02:002015-07-03T01:33:01.637+02:00Interesting... much is up my alley - but there is ...Interesting... much is up my alley - but there is more to it.<br />Change is on its way - maybe in about two years or so - things are ready.<br /><br />Mises Weekends<br />Patrick Barron: The Greek Crisis and the Impossibility of the Euro<br /><br /> Patrick Barron on Mises Weekends<br /><br />July 2, 2015Patrick Barron - Jeff Deist<br /><br />Patrick and Jeff discuss European integration, which pits creditor nations like Germany against hapless debtors like Greece under the yoke of the Eurozone. With the Euro operating as a political project rather than a real currency, spendthrifts like Greece chronically find themselves unable to service debt. Greece, says Patrick, represents an example of Say's Law in action and a clear refutation of Keynes's belief that creating artificial demand via cheap credit stimulates production.<br /><br />Think Greece can't happen here? Look no further than California, with its public pension crisis and huge debts.<br /><br />If you're looking for a sober and hard-hitting analysis of what's really at issue in Greece, stay tuned for a great discussion with Patrick Barron. <br />(23 min audio interview)<br />https://mises.org/library/patrick-barron-greek-crisis-and-impossibility-euro<br /><br /> Greece illustrates 150 years of socialist failure in Europe<br /><br />Greece cannot pay its debts...ever. Nor can several other members of the European Union. That's why Europe's elite are loath to place Greece in default. If Greece is allowed to abrogate its debts, why should any of the other debtor members of the EU pay up? The financial consequences of massive default by most of the EU members is hard to predict, but it won't be pretty. Europe has built a financial house of cards, and the slightest loss of confidence will bring it crashing down.<br /><br />The tragedy of Europe has socialism at its core. Europe has flirted with socialism since the late nineteenth century. Nineteenth century Bismarckian socialism produced two world wars. Leninist socialism slaughtered and enslaved hundreds of millions until it collapsed, mercifully without a third world war. Yet, not to be deterred, in the ashes of World War II Europe's socialists embarked on a new socialist dream. If socialism fails in one country, perhaps it will succeed if all of Europe joined a supranational socialist organization. Oh, they don't call what has evolved from this dream "socialism", but it is socialism nonetheless.<br /><br /> Socialism will not work, whether in one country, a multi-state region such as Europe, or the entire world. Ludwig von Mises explained that socialism is not an alternative economic system. It is a program for consumption. It tells us nothing about economic production. Since each man's production must be distributed to all of mankind, there is no economic incentive to produce anything, although there may be the incentive of coercion and threats of violence. Conversely, free market capitalism is an economic system of production, whereby each man owns the product of his own labors and, therefore, has great economic incentives to produce both for himself, his family, and as surplus goods to trade for the surplus product of others. Even under life and death threats neither the socialist worker nor his overseer would know what to produce, how to produce it, or in what quantities and qualities. These economic cues are the product of free market capitalism and money prices.<br />(continues...)<br />http://patrickbarron.blogspot.se/2015/06/greece-illustrates-150-years-of.htmlAnonymousnoreply@blogger.com