Twine vs. Net Wrap

[VK58]

Jensend- called credit default swaps- banks insured themselves if they defaulted. Better to have them default than write down the debt.

[jensend]

so i guess the solution would have been for greece to use the bailout to trade credit default swaps so they could continue on and never be responsible for their actions. that's what cds does for the banks. would this have not developed in a more rational way if greece was responsible for its fiscal policy and the banks were responsible for making bad loans? yeah caveat emptor but it's been shown the banks were liars when they packaged the cds so they should be made to pay the price for being crooks.

[FarmRanger]

Agreed, there has to be accountability even for
the banks for poor financial decisions.

[VK58]

Newest revelation is Greece PM Papandreau?? or a connected investment group was trading exactly that.In effect shorting his own countries financial situation.

[TOM4CWB]

GTO,

You are famous for being on the verge of something... who to blame... who to cut down... who is a fool...

Adler had a good program on conspiracy theories... US folks much more open to them... and so Canadians ususally pick up US stuff.

Have fun GTO... I am sure you are laughing at us again!!!

[cottonpicken]

Greece is interesting along with the other pigs-
portugal,italy,spain-but so many questions when
tied into the euro equations.

No doubt its going down the toilet,but how and
what the crash looks like will be interesting.

At this point in time asia,canada,austrailia,norway
finland sweden russia,south america may escape
the fiscal judgment day,imo,and i hope but who
knows.

The mother of all financial safety instruments-
gold-cant or wont correct,which sucks.

[hedgehog]

its time a country went bust, greece will be first. stop paying all the bloated civil servant pensions etc.
total chaos will result.

[sumdumguy]

So how does this info prove that we are on the
verge of a great depression?

[sjc]

The depression happens if the World bamk stops using US dollars as its reserve currency. Essentially the effect of that would be that the US can no longer print money to pay off its debts and essentially goes bankrupt as there is no way it coudl even pay off interest on the debts it has let alone principal. It is said that China holds a lot of US debt and they have invested that money into hard assets (oil companies, buildings, land) because if the US dollar is lost so will the debt. If they have hard assets at least they have something.

I know this is not Greece but everything is linked now in the world. If this was to happen (US dollar no longer reserve currency) imagine what the impact woudl be on the world?

Scary stuff

[jensend]

globalization works well for lloyd blankfein anyway! hope so cause he's doing god's work.