Author Topic: Greece defaults...  (Read 32747 times)


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Re: Greece defaults...
« Reply #15 on: February 22, 2012, 03:00:09 PM »
>Internet going down.

I actually have been thinking about that alot. As people go broke, they obviously don't have devices and access. If all the first world countries follow Greece, there will be no one to pay all these damn access fees. And without surfers we can't sell stuff. So hosting contracts... it could literally all go the other way. This whole thing has the hallmark of future 'dark ages'. Books get burned for fuel, future generations have to start from scratch.

We're all on the brink of collapse. It's not all that hard to imagine. Go to YouTube and search for 100,000 riot in Athens and then imagine that near a city near you. I think it'll be here in about 3 years. Maybe sooner. Especially if we get involved with Iran.  
« Last Edit: February 22, 2012, 03:10:40 PM by dogboy »


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Re: Greece defaults...
« Reply #16 on: February 22, 2012, 03:06:30 PM »
Hmmm. Massive problems but it's not the end of the world as we know it. Japan has had a public debt that is close to 200% of their GDP for some time now and they're not exactly a poor nation. I don't think we should be complacent for one minute about Greece etc, but talk of going back to the dark ages looks massively pessimistic and unrealistic to me.


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Re: Greece defaults...
« Reply #17 on: February 22, 2012, 04:59:16 PM »
I don't think we are headed for a blackout but if Israel attacks Iran, and the Muslim factions go at each other, and terrorists, enemies, even some friends, kick each other when they are down, something like that could be a little more likely.

The first thing I notice about Japan is that they are doing terrible while the world around them is booming. Imagine how bad off they would be if there was a great depression. Same with Greece. That place is going to require NATO assistance at some point. Its a different situation.

But imagine if The EU couldn't help them. Well they really cant - because everyone is basically in debt. So our Fed is helping out by buying in too.  The problem is the US is the biggest debtor in the history of the world.... so we are backing a failed country, by backing a failing currency, by printing money that is not backed by anything. And as far as I can see there is we don't plan on paying any of it back.

And your country isn't really any different. I know you are making a little ground in the right direction but I think the UK is a trillion or so in debt, and accounting for future pensions, is second only to Japan in terms of debt as a percentage of GDP. One could argue the uk is already in recession. Add some wars to the equation, and the bills go up. At some point things (like Greece) collapse.
« Last Edit: February 22, 2012, 05:02:23 PM by dogboy »


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Re: Greece defaults...
« Reply #18 on: February 22, 2012, 05:56:36 PM »
"Recent activity has all but confirmed our suspicions: The Fed is “swapping” dollars for euros in a covert method to bailout Europe's big banks.

According to a former Fed official's op-ed in the Wall Street Journal, the Federal Reserve is indeed bailing out Europe by operating in the shadows, which is going mostly unnoticed by American citizens...
By participating in a currency swap, the Fed cannot technically be accused of loaning money to the ECB.
Former Vice President of the Federal Reserve bank of Dallas, Gerald O'Driscoll recently reported on the swap-situation in an interview with the Wall Street Journal:
The Fed is using what is termed a “temporary U.S. dollar liquidity swap arrangement” with the European Central Bank (ECB). There are similar arrangements with the central banks of Canada, England, Switzerland and Japan. Simply put, the Fed trades or “swaps” dollars for euros. The Fed is compensated by payment of an interest rate (currently 50 basis points, or one-half of 1%) above the overnight index swap rate. The ECB, which guarantees to return the dollars at an exchange rate fixed at the time the original swap is made, then lends the dollars to European banks of its choosing.
The two central banks are engaging in this roundabout procedure because each needs a fig leaf. The Fed was embarrassed by the revelations of its prior largess with foreign banks. It does not want the debt of foreign banks on its books. A currency swap with the ECB is not technically a loan.
Watch this video to see why Mr. O'Driscoll believes this arrangement is wrong for various reasons:

This is especially risky to America because if the Fed loses money, the nation's taxpayers lose money. It's a simple philosophy and the risk is quite real and the consequences are imminent.
The ECB could struggle to pay the swaps back in dollars in due which case, money is lost and everyone here suffers."


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Re: Greece defaults...
« Reply #19 on: February 24, 2012, 02:42:33 AM »
On February 29th 2012, the European Central Bank (ECB) will issue its second round of so-called “unlimited three year loans” – which are loans with unusually low interest rates, just 1% – and are intended to flood the Eurozone banking system with cheap money to help avert a credit crunch like the one seen in the US after the collapse of Lehman Brothers in 2008.

It’s expected that up to 1 trillion euros could be injected into the Eurozone banking system.



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Re: Greece defaults...
« Reply #20 on: April 03, 2012, 09:17:52 PM »
A 10 year old boy has drawn a picture with a solution to the Euro crisis. 

I'd say that kid is a genius.