Banks Ready for Return of Drachma

[stephengfm]

http://www.reuters.com/article/2012/...8G94UT20120511

So what's your guess on when Greece exits the Euro?"

[Brave7]

The dismantling of the euro is on way. Greece, Spain, Italy, are in serious economic troubles.

+ YouTube Video

[Breeze Wood]

The Economics are not conducive for Reactionary Retrenchment, the Euro will be Strengthened.

and ... Ron Paul will lose another one.

[Breeze Wood]

http://news.yahoo.com/german-finance...021035716.html

German Finance Minister: May consider growth measures for Greece

"If the Greeks have an idea of what we could do, in addition, to promote growth, we can always talk and think about this," Schaeuble was quoted as saying.
...........

Germany on Friday laid out its support for a European "growth pact" in an attempt to deflect criticism that its insistence on austerity has exacerbated Athens' debt woes.
...........

"Of course we do not want Greece to leave, that is quite clear and unambiguous. But .. we would be a strange government if we did not prepare ourselves for all thinkable scenarios, to then also be able to master them, including situations that would not be easy for Europe."

including situations that would not be easy for Europe.


well, on second thought Europa's greatest weakness has always been a tendency to regress rather than (collectively) press forwards.

previous World Wars have been the outcome to similar situations in the past with Germany in the leadership of those events as well.

[Zap]

Originally Posted by Breeze Wood

The Economics are not conducive for Reactionary Retrenchment, the Euro will be Strengthened.

and ... Ron Paul will lose another one.

I'm a fan of Ron Paul. I am hoping he is the next President.
So, if you say he's gonna lose, that, at least, gives me hope.

[Breeze Wood]

Originally Posted by Zap

I'm a fan of Ron Paul. I am hoping he is the next President.
So, if you say he's gonna lose, that, at least, gives me hope.

in Europa I believe it is the choice to combine their currency, the Euro to strengthen their geographic region as a means to raise and maintain the standard of living for "all" their citizenry.

and a more centralized gov't / bank would enhance their prospects.

[kju385]

Ah, nothing special will happen for EU, Greece however will have their economy crippled. Since the national economy already is very troubled, drachma seems like a good alternative. Just one plausible scenario Greek government freezes all funds in the country, converts them to euros. Foreign investors flee the country, economy suffers as new series of bankruptcies begins along with job losses makes permanent damage. Meanwhile, drachma is instituted, monetary policy adapted to support export which gives momentarily positive push to the economy. Depending on inflation control, it could speed up solution to the crisis or deepen it further.

Keeping in mind the above mentioned scenario, Greece probably won't exit the Euro. And to answer in advance, even if they do, nothing vital will happen. It will be the same mess they're in now

[stephengfm]

Originally Posted by Breeze Wood

in Europa I believe it is the choice to combine their currency, the Euro to strengthen their geographic region as a means to raise and maintain the standard of living for "all" their citizenry.

and a more centralized gov't / bank would enhance their prospects.

The Greeks are really enjoying that enhanced standard of living.

50%+ Unemployment of people under 25.
20%+ Unemployment overall

Most employed people taking 20%+ Pay Cuts.

[Brave7]

Originally Posted by kju385

Keeping in mind the above mentioned scenario, Greece probably won't exit the Euro. And to answer in advance, even if they do, nothing vital will happen. It will be the same mess they're in now

If the Euro and the EU are not dismantled, it means austerity, and austerity will be the ignition of violence, unrest, sabotage, etc worse than a French May 1968 perhaps what we saw in Greece is just the beginning.

@ Breeze - You forgot this major information: The EU central bank doesn't work like the Fed.

well, on second thought Europa's greatest weakness has always been a tendency to regress rather than (collectively) press forwards.

This is what makes the diversity interesting, in Europe we are not sheep and we are not following our elite blindly.

[Breeze Wood]

Originally Posted by Natural Elements

This is what makes the diversity interesting, in Europe we are not sheep and we are not following our elite blindly.

perhase, or through European History -

States Rights - is / has been the following of the "elite" dysfunction of self promotion for individual Grandizement rather than a Geographic Solution involving all the particular elements of each State for everyone's advantage ... known sublimely as Stimulus rather than Greed.

[kju385]

Originally Posted by Natural Elements

If the Euro and the EU are not dismantled, it means austerity, and austerity will be the ignition of violence, unrest, sabotage, etc worse than a French May 1968 perhaps what we saw in Greece is just the beginning.

What are you talking about? Perhaps there will be a certain number of peacefull demonstrations, violence in Greece was exception which confirms the rule. European standard of living is still, even with the crisis, among the highest in the world. You're switching thesis here, austerity isn't the cause of the crisis, it's a consequence. Until the balance in the national economies is reached there will be protests regardless of the government actions. Take France for example, I bet new president who is strongly agaist austerity will also face demonstrations soon. It's a part of normal political/social process.

[Brave7]

Originally Posted by kju385

What are you talking about?

I am talking about all possibility if the euro collapse.

Perhaps there will be a certain number of peacefull demonstrations, violence in Greece was exception which confirms the rule. European standard of living is still, even with the crisis, among the highest in the world. You're switching thesis here, austerity isn't the cause of the crisis, it's a consequence.

Peacefull demonstrations?

Greece

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UK

+ YouTube Video

Spain

+ YouTube Video

Italy

+ YouTube Video

France

+ YouTube Video

Until the balance in the national economies is reached there will be protests regardless of the government actions. Take France for example, I bet new president who is strongly agaist austerity will also face demonstrations soon. It's a part of normal political/social process.

If the Euro and the EU are not dismantled, it will be unrest in the EU zone.

Oh you want to talk about France? Are you sure you want to do that?

Holland will raise the VAT, Taxes, everything he can to allow increasing the size of governement like any socialist. It is always easy to promise the moon when they are in political compaign, but what they do is always way different from promises.

[Breeze Wood]

http://news.yahoo.com/greek-presiden...-business.html

Greek leaders hit impasse in last push to avert elections

ATHENS (Reuters) - Greece's president met party leaders on Sunday in a final bid to cobble together a coalition and avert a repeat election, but the talks immediately hit an impasse and looked set to fail because of deep splits over an EU/IMF rescue plan.
.............

Polls show an overwhelming majority of Greeks reject the bailout but want to keep the euro. As many as 78.1 percent want the new government to do whatever it takes to keep their country in the currency, a poll by Kappa Research for To Vima daily showed.

What made the American recovery unique was the combination of Stimulus and sustained Low Interest rates.

it is the disunity of Europe that is the difference that causes interest rates to rise within a program of Austerity, being counter-intuitive and opposite to the objective they are trying to accomplish.

As many as 78.1 percent want the new government to do whatever it takes to keep their country in the currency ...

the Greek people understand the strength associated with a United Europe / European Currency and interestingly chose not to be reactionary but progressive in solving their economic crisis.

Stimulating their economy using interest rates below 3% and adjusting / increasing the Money Supply to accommodate basic economic modeling per population density for a goods and services economy is the goal the Greek people are looking for and worked in the US.

what has to be reconciled is "free market dynamics" (Ron Paul) or "structured economic modelling" (Central Bank).

[Brave7]

Originally Posted by Breeze Wood

What made the American recovery unique was the combination of Stimulus and sustained Low Interest rates.

If it was an American recovery, why businesses are still closing, why so many people are unemployed, why so many states are at the edge of bankruptcy, a huge deficit increase of $ 1 trillion? What about food, gas, electricity, etc raising prices above the 3% inflation?

Could you please explain this to me?

[Breeze Wood]

Originally Posted by Natural Elements

If it was an American recovery, why businesses are still closing, why so many people are unemployed, why so many states are at the edge of bankruptcy, a huge deficit increase of $ 1 trillion? What about food, gas, electricity, etc raising prices above the 3% inflation?

Could you please explain this to me?

Not withstanding your hyperbola, the previous Administration's Policies and Principles coupled with unfunded spending were the root cause to the Deepest and Longest Recession since the 1930s Great Depression -

the present Administration put an end to negative GDP that span from Dec. 07 to June of 09 and since that time has produced positive GDP (Growth) since that time to the present. - and did so through Policies and Principles of Stimulus, Federal Reserve financing at rates below 3% and measures by the Federal Reserve to increase Liquidity.

it will be a Golden Platter handed to the next Administration whoever that may be unlike the Catastrophe at the end of the previous one.

[Brave7]

Talking About Greece Leaving The Eurozone Is No Longer Taboo

This started last week, but it's now becoming a hot trend: It's no longer taboo to talk about Greece leaving the Eurozone.

The FT is running a story about how central bankers are now, increasingly discussing it openly.

Bloomberg is also quoting various finance officials around Europe saying the same thing, that a Greece exist is not desirable but possible.

The recent cover from Der Spiegel, titled Akropolis Adieu, also shows how the idea of Greece leaving the Euro has permeated mainstream thinking.

Bottom line: Between Greece bickering internally, and serious people in Europe talking about how the Eurozone could handle a Grexit, the country's position is looking more and more tenuous.

http://www.businessinsider.com/talki...r-taboo-2012-5

[robjones]

Originally Posted by breeze

it will be a Golden Platter handed to the next Administration whoever that may be unlike the Catastrophe at the end of the previous one.

LOL. Now the economic situation is up to "Golden Platter" status?

Seriously Breeze, even the DNC doesn't put that much lipstick on a pig and expect it to win a beauty contest.

BTW - A hyperbola is a geometric figure... a smooth symmetric 2 dimensional curve. [Or is that how they say hyperbole in Europa?]

[Breeze Wood]

Originally Posted by robjones

LOL. Now the economic situation is up to "Golden Platter" status?

Seriously Breeze, even the DNC doesn't put that much lipstick on a pig and expect it to win a beauty contest.

BTW - A hyperbola is a geometric figure... a smooth symmetric 2 dimensional curve. [Or is that how they say hyperbole in Europa?]

it will be a Golden Platter handed to the next Administration whoever that may be unlike the Catastrophe at the end of the previous one.

unlike the Catastrophe at the end of the previous one.

a pity r and NE have such short memory spans - no doubt a Harbinger for History as was the 2010 Elections that culminated in August 2011 with the downgrade to the Nations Credit Rating due to the ineffectiveness of the House Majority Republicans ...

*(Hint) learning from past mistakes leads to (new) Adventures, rather than the repeat of the same over time.

[robjones]

Speaking of short memories
That financial downgrade came because despite having the house and the senate on his side, Obabma spent the first two years in office ignoring his promise to cut spending, instead raising it to levels that made Bush look miserly. Why DIDN'T they pass a budget when they held both houses? Did Bush cause that? Didnt Obama pledge to cut spending, instead of raise it to historic highs?

As for what he inherited...
Since you consider the guys that took office in 2011 in the House as able to torpedo the economy in 6 months {despite the Senate and Presidency still being DNC held}... maybe you've forgotten what party held the majority in both the House and Senate starting January of 2007 and all the way up to the crash 15 months later.

HINT: In January 2007...
-- Barney Frank took over the House Financial Services Committee
-- Chris Dodd took over the Senate Banking Committee.

Democrats controlled the budget process for 2008 & 2009 as well as 2010 &2011. Remember?

And Remind me...
Weren't the finance and banking sectors at the forefront of the crash that occured 15 months after they took the tiller? You know, the crash Obama "inherited"? FTR, wasnt Obama one of the top recipients of money from Fannie and Freddie? Wasn't Barney the guy saying the concern about Fannie and Freddie was unfounded? Do you want videos in support or can you concede the fact Democrats fought against reforming some of the chief institutions that led to the crash?

You're good at killing your own arguments
Now tell us again how rosy the economy is that Obama will hand his successor. I'm sure the unemployed will find the humor beneficial.

[Jim Gillum]

Eat a lot of fish....It is good for the memory...

But would selective fish improve selective memory?.....

As to the economic recovery here in Florida....I must be missing something 'cause I still see foreclosure notices being posted on homes......and small businesses closing....

Some of the major attractions are beginning to increase employment, but announce that it is for the summer....
guess the Yankees are gettin' some money....(Kidding about the Yankees)....