Drachmageddon?

[boarderbloke]

[URL="http://www.dailymail.co.uk/news/article-2160022/Drachmageddon-Middle-class-poverty-Feral-gangs-Neo-Nazis-In-Athens-wait-volcano-explode.html"]The Disintegration of Greece[/URL]

[ajl]

There is no solution to this problem.
In order to get out of it Greeks would
have to start working hard producing
goods and services to sell to the rest
of the world that is also struggling
with too much debt. So even if they did
that, they would either not get paid or
they would get paid in worthless
currency. Take your pick. So the
titanic has hit the ice burg and now the
betting is on how long before it goes
down.

[cottonpicken]

http://www.bnn.ca/News/2012/6/14/Euro-zone-wont-survive-in-its-current-form-Greenspan.aspx

Ive watched this video about 4 times in three days of greenspan and i think its the first time i believe every word he
has said.


Can anyone believe that a country of 11 million people is drawing this much attention?

Greece can't be allowed to leave the euro because the default on the debt would trigger the derivative time
bomb,which maybe the world could survive,but it would not survive across the board pigs defaults,the global
derivatives market is estimated at over a quadrillion!!!!

Greece can't be allowed to stay because of the giant cultural thing,non of them seem to understand where money
comes from,but the germans understand,and it sounds like they won't take this without a fight.

So the funny/scary part is the very real possibility of default swaps being taken of the books of north american banks
and onto the central banks,i.e taxpayers,i.e you and me,lol,isn't the world of international finance fun/scary!

When watching interviews of high level finance people,i sense real fear and I've always believed the world is to big and
complex that there is any one group of people who actually know whats going on and can pull levers in time to keep
the ship away from icebergs,so I'm with you ajl.

[boarderbloke]

so what happens cotton, does the EEC print Euro's to bail out Greece.(in reallity European Banks) (maybe N.A. banks are involved too, that's why they're after Harper and Obama to kick in as well) All that causing the Euro to fall, and the USD to rise again(also rising against the CAN$)

Can commodities, especially ag commodities rise with a rising USD?

All this is beginning to smell like deflation. I think Ben tried his damndest to spur inflation and it never really took(perhaps retail gasoline and diesel) which was the cause for some inflation in other areas. Just like in 2008, the greatest reason for higher grains/ groceries and other commodities was due to the $145/bbl oil and the costs for shipping by rail, ship or truck, consumers mostly bared those costs.

[LWeber]

Unregulated OTC derivatives put the total outstanding derivatives market at somewhere between 3 and 4.3 quadrillion.

Thats a best estimate guess.

[sumdumguy]

Houses must be getting pretty cheap in Greece.
There are some gorgeous Greek Islands. Gonna
buy me some Greecey money soon as they get
rid of the uro.

[sumdumguy]

These interest rates are one big bank bail-out.
Maybe someone on AV knows, how much
money is Canada borrowing right now, in relation
to GDP?

[sumdumguy]

Inept bureaucrats are running the show.
Government is way beyond caring.

There is no real communication between the
ministers and their departments. The easy road
is having bureaucrats reporting to deputies to
ministers. You all know what kind of information
you will get third and fourth hand. They all just
want to fluff their own feathers.

The point is governments should have people
who critically evaluate and strategically direct the
bureaucrats. This helter- skelter type of
government with bureaucrats running the show,
is costing taxpayers.

Society can produce and produce, but if
governments dont care to do a good job, we will
end up like Greece. Slip-Sliding away.

Theres my rant for the day.

[cottonpicken]

3-4,a touch high?

[bduke]

Cottonpicken... 3 to 4 quadrillion... no one knows.

In 2008 I was told probably 1 quadrillion, and much more has been
disclosed.

OTC derivatives are unregulated and in many, many countries.The deals
have been cubed and further multiplied.

The counter party bankruptcies are blamed on models which were far too
conservative in assessing the value at risk (VAR).

Their fees (insurance) of 20 or 30 basis points were far too low.

Regardless, IMHO the mess from this structured credit fiasco will take
years to rebuild.

I could be wrong... Bill

[bduke]

Cottonpicken... 3 to 4 quadrillion... no one knows.

In 2008 I was told probably 1 quadrillion, and much more has been
disclosed.

OTC derivatives are unregulated and in many, many countries.The deals
have been cubed and further multiplied.

The counter party bankruptcies are blamed on models which were far too
conservative in assessing the value at risk (VAR).

Their fees (insurance) of 20 or 30 basis points were far too low.

Regardless, IMHO the mess from this structured credit fiasco will take
years to rebuild.

I could be wrong... Bill

[bduke]

OOPs...sorry for the double post... caught up in Parsley's euphoria tonight... Bill