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Hi all
This will affect the U.S. Dollar, in a negative way. A minister there mentions armed gangs. Is this a preview for what lays ahead for the USA?
Mmmmmaybe...
"An outgoing Greek minister warned that the country could descend into “civil war” amid the chaos of a euro exit. “If Greece cannot meet its obligations and serve its debt the pain will be great,” Michalis Chrysohoidis was quoted as telling a local radio station. “What will prevail are armed gangs with Kalashnikovs and which one has the greatest number of Kalashnikovs will count … we will end up in civil war.”
New elections may be held next month and Greek voters are likely to be warned by European leaders that their country may be ejected from the euro if they do not support parties backing austerity measures. "
"A strong body makes the mind strong. As to the species of exercises, I advise the gun... Let your gun, therefore, be the constant companion of your walks." Thomas Jefferson, 1785.
Read "War is a Racket" by MG Smedly Butler,USMC. He was awarded the Medal of Honor twice. http://warisaracket.org/" onclick="window.open(this.href);return false;
Henry Kissinger said, "Military Men are just dumb, stupid animals to be used as pawns in Foreign Policy" and has not denied this quote to this day.
No other country will buy our Treasury Notes, so the Federal Reserve Bank, aka "the Fed",( which is as Federal as Fed-Ex), is "buying" them. In other words, the USA is buying it's own debt. We are just printing money, which makes the money already in the system WORTH LESS.
"A strong body makes the mind strong. As to the species of exercises, I advise the gun... Let your gun, therefore, be the constant companion of your walks." Thomas Jefferson, 1785.
Read "War is a Racket" by MG Smedly Butler,USMC. He was awarded the Medal of Honor twice. http://warisaracket.org/" onclick="window.open(this.href);return false;
Henry Kissinger said, "Military Men are just dumb, stupid animals to be used as pawns in Foreign Policy" and has not denied this quote to this day.
JU-87 wrote:I'm glad you wrote "relative security."
No other country will buy our Treasury Notes, so the Federal Reserve Bank, aka "the Fed",( which is as Federal as Fed-Ex), is "buying" them. In other words, the USA is buying it's own debt. We are just printing money, which makes the money already in the system WORTH LESS.
You can't truly call yourself peaceful unless you are capable of great violence. If you're not capable of violence, you're not peaceful, you're harmless.
-Important distinction
Many of the large American banks issued default insurance to the banks that were lending to Greece and other struggling nations. If Greece (et al) default, then these major US banks will have to pay out billions to cover the losses. These are many of the same big banks that were bailed out by the American taxpayer just a short time ago. Their “toxic” debt was graciously passed on because the government deemed them “to big to fail”. Sound familiar?
Many worry that U.S. banks would struggle to cover the insurance contracts they sold on Greece's euro350 billion, or about $460 billion, in government debt. But the amount of insurance taken out on that debt totals $68 billion, according to the clearinghouse for the contracts. That's hardly enough to pull down the banking system. And the banks have offset all but $3.2 billion of those contracts with other contracts. In other words, pocket change.
I wish someone would throw some pocket change my way...
"Arms discourage and keep the invader and plunderer in awe, and preserve order in the world as well as property. . . Horrid mischief would ensue were the law-abiding deprived of the use of them."
- Thomas Paine
"Malo periculosam, libertatem quam quietam servitutem."
Some speculate that Greece will adopt the US dollar as the new currency. But the dominoes will continue to tumble for some time.
There's a light at the end of the tunnel, but darkness between here and there.
“It’s not that we don’t have enough scoundrels to curse; it’s that we don’t have enough good men to curse them.”–G.K. Chesterton-Illustrated London News, 3-14-1908
Republicans.Hate.You. See2020.
"Avarice, ambition, revenge and licentiousness would break the strongest cords of our Constitution, as a whale goes through a net. Our Constitution was made only for a moral and religious people. It is wholly inadequate to the government of any other." John Adams to Mass Militia 10-11-1798
bignflnut wrote:Some speculate that Greece will adopt the US dollar as the new currency.
That would surprise me - and would be nearly impossible. They're already seeing a run on their banks, and they don't (and won't) have anything to buy dollars with...
-- Someone edited my signature and deleted my posts, and all I got was... this edited signature.
bignflnut wrote:Some speculate that Greece will adopt the US dollar as the new currency.
That would surprise me - and would be nearly impossible. They're already seeing a run on their banks, and they don't (and won't) have anything to buy dollars with...
Tourism is the only thing that comes to mind.
Regardless of what the official currency ends up being you can be certain that US dollars will be accepted in a lot of places. At least for a little while and as long as we look better by comparison.
Thus spoke Zarathustra.
Footsoldier in the Conservative Insurrection of the GOP.
bignflnut wrote:Some speculate that Greece will adopt the US dollar as the new currency.
That would surprise me - and would be nearly impossible. They're already seeing a run on their banks, and they don't (and won't) have anything to buy dollars with...
Tourism is the only thing that comes to mind.
Regardless of what the official currency ends up being you can be certain that US dollars will be accepted in a lot of places. At least for a little while and as long as we look better by comparison.
I agree that dollars will be accepted, if not outright preferred, for future services rendered.
My point is that they have no current assets to procure them NOW - to bring in the $300B or so that would be necessary to convert their GDP to dollars. They don't even have 470M Euros to make a very small installment payment (due today).
Greece will have to drop the Euro; the longer it waits, the more painful the process will be. Look for the return of the drachma in a wretchedly-devalued form - and watch for the big runs on the banks of Portugal and Spain. (I wouldn't be surprised to find that billions of Euros are in motion this evening.)
-- Someone edited my signature and deleted my posts, and all I got was... this edited signature.
If /when the Greek banks fail, how/where will their version of government F.D.I.C. get the money to reimburse the depositors' losses ? And, not to hijack the thread, but the same question could be applied to the 15 gazzillion U.S.debt.
curmudgeon3 wrote:If /when the Greek banks fail, how/where will their version of government F.D.I.C. get the money to reimburse the depositors' losses ? And, not to hijack the thread, but the same question could be applied to the 15 gazzillion U.S.debt.
For Greece, there will be no answer - losses will not be covered in the classic sense of the word. Citizens will wake up to find their Euros replaced with a currency worth far less.
For us? I imagine for us it means one last desparate push for a US-led global socialist government before our military might dissolves.
-- Someone edited my signature and deleted my posts, and all I got was... this edited signature.
curmudgeon3 wrote:If /when the Greek banks fail, how/where will their version of government F.D.I.C. get the money to reimburse the depositors' losses ? And, not to hijack the thread, but the same question could be applied to the 15 gazzillion U.S.debt.
For Greece, there will be no answer - losses will not be covered in the classic sense of the word. Citizens will wake up to find their Euros replaced with a currency worth far less.
For us? I imagine for us it means one last desparate push for a US-led global socialist government before our military might dissolves.
This might/could be a situation for an appropriate U.S. Military takeover of a misguided federal government (assisted by armed citizens, of course), like has happened in some third-world countries ?
curmudgeon3 wrote:This might/could be a situation for an appropriate U.S. Military takeover of a misguided federal government (assisted by armed citizens, of course), like has happened in some third-world countries ?
The problem is that there'll be nothing left to steal here - nothing to take over except the liabilities. Knowing the nature of man, I tend to discount the possibility of purely virtuous actions (by the many) in the face of such a scenario.
-- Someone edited my signature and deleted my posts, and all I got was... this edited signature.
curmudgeon3 wrote:This might/could be a situation for an appropriate U.S. Military takeover of a misguided federal government (assisted by armed citizens, of course), like has happened in some third-world countries ?
The problem is that there'll be nothing left to steal here - nothing to take over except the liabilities. Knowing the nature of man, I tend to discount the possibility of purely virtuous actions (by the many) in the face of such a scenario.
In most (all ?) actions of creature conflicts, its the mentally dedicated and prepared 10% who do the actual engagements, while the many stand down and do the worrying. It has always been the nature of Americans.
Last edited by curmudgeon3 on Tue May 15, 2012 9:14 pm, edited 1 time in total.
curmudgeon3 wrote:In most (all ?) actions of creature conflicts, its the mentally dedicated and prepared 10% who do who the actual engagements, while the many stand down and do the worrying. It has always been the nature of Americans.
Nice.
I thought the numbers were more like 3%, not 10.
Two direct questions, with no sarcasm intended:
- What will you fight for?
- What will you do if you win?
Those are the questions facing Greece... and us, in the slightly-longer term. If you think there are simple answers, you're mistaken.
Finally, do you think that even the "dedicated and prepared" are living and behaving like Americans of yore?
-- Someone edited my signature and deleted my posts, and all I got was... this edited signature.
And, not to hijack the thread, but the same question could be applied to the 15 gazzillion U.S.debt. 