Will we learn from the Greek fiasco?

[cottonpicken]

As far as the banks they don't keep your deposit on hand. They lend it out or invest it. Ballpark one tenth is there. That's called tier 1 capital. That's why bank runs and losses on the balance sheet are so feared. Remember Lehman and 08 when the structure was about to come down so they had to all merge flush Lehman then the bailouts came to recapitilize everything.

Europe never really never went through that. Some banks are out 40:1. This is what the whole bassel treaties where about. The fact they are talking about thirty percent haircuts on deposits is because the banks are screwed.

In Europe you have soverign bonds in a single currency. They are essentially provinces in a country. The troika is the ecb IMF couple others i forget which is the monetary police over the "provinces" to put out the fires of overstreatch.

Like Ontario lets run a 10 b deficit have a ****in election about it along with Alberta. The god damn richest province in canada. **** it make it count now run ten times the amount run if off the tracks sooner then later.

Sorry not sorry for the rant

[cottonpicken]

Another fun story while I'm in the mood.

Years ago a couple guys named rhinehart and rogal wrote a book outlying the global debt debt problem and another guy named kyle bass who runs a hedge fund and is notorious for making billions front running the sub prime meltdown and billions in the CDs market(I could write pages about this guy)put together an x posa on the banking system in the relation of the host countries size.

If I remember right he took it to Rogoff. Who after studying put his head in hands and said i cant believe its this bad.

Now people who follow this shit know but up intill 08 nobody did.

[sumdumguy]

Little Greeces in many Western households. Two people hauling kids to babysitters before 7 a.m. so that they can make minimum payments on maxed-out credit cards. A couple of generations living way beyond their means, even mortgaging their homes to travel in their retirement, buy boats and RV's. A lifestyle supported by too cheap money and terrible governments who don't see the danger.

[cottonpicken]

**** you. You stupid old pricks voting in socialist programs in the sixties driving income taxes rates to fifty ****ing percent driving the women out of the home to make ends meet taking the monetary system off the gold standard debasing the currency and lowering the standard of living look up the god damn purchasing power of minimum wage in the sixties for Christ sakes you ****ed us a long long time ago because you were to busy worrying about the Beatles abortion watergate and the real stories behind the news where to complicated for you to understand.

[stonepicker]

Snickers anyone?

[cottonpicken]

Here's a test for you ask everyone you come across two questions. First what do think about canadian health care?second what is the per capita expenditure on canadian health care?

Everyone i ask has an answer for the first i have yet to meet an a person who has an answer for the second.

So the third question is do i have the right to have an opinion if i don't know both?

[farmaholic]

Nor do I have that answer. But the ****ing revolving door of the Dr.'s office needs to slow down and the bloated bureaucracy is eating too much of the budget. Maybe if people had to pay a fee for each visit, they would think twice about going for nothing or balk at return visits asked for by the GP for no good reason. How much of the bureaucracy is actually adding value versus adding cost only? The health care industry...

[Hamloc]

It appears with 2/3's of the votes counted they people of Greece have rejected the austerity package from the rest of the Eurozone members with 60% voting no and 40% voting yes. It is amazing to me that the people of Greece created this mess through their own self interest and refuse to take responsibility. They want to write off the debt and start over, if more countries decide to do this it could be a rocky ride for the world economy!!

[cottonpicken]

Dont know why I'm so pissed off today maybe looking at my boys thinking your going to have to work an extra decade for me an my neighbours heart attack costs because they should cost fifty g a piece right?

They hate us for our freedom -wait what who filters that through their brain and it comes out as logic lol

[stonepicker]

Yep, if the EU doesn't stand firm on greece, the rest of the pigs will demand same thing. Spoiled brats. Maybe its time for martial law in greece and do what needs to be done.

[TOM4CWB]

On Greece, Have seen many BBC programs that people that know what is going on... clearly said that Greece should have NEVER been asked to join the EU.

The Germans knew this was a disaster waiting to happen... but dumped money and goods into that part of the Middle East... full well knowing it couldn't work and would come apart.

Just like the SUB PRIME Racket. Only the US Fed bailed the banks out...

The Germans are too conceited to admit this was clearly and fully their problem and responsibility when they agreed to let Greece in the EU and lent them 100's of Billions... so they could sell and build junk Greece could never pay for... or even use.

This is a game of chicken ... who has more to loose.

I would bet Germany Blinks... they are Responsible.

[stonepicker]

it"s my understanding that greece cooked the books to get into the EU, Germany has a lot to lose, i'm not sure if they"ll blink first though.

[Oliver88]

Will be interesting what currency the welfare state of Greece will use when the Germans give them the boot.

[stonepicker]

Well with a 60% vote against the EU's bailout offer the greek's have their back against the wall. I don't think germany will budge. Maybe mother russia will come to greece's rescue. If not it looks like country-wide chaos to me . If people have no money to buy food, they're gonna get nasty real quick.

[TOM4CWB]

Was listening to a BBC interview tonight... sounded like if Germany does not play nice... as there are no formal rules around printing Euros... and the Finance Minister said they were never going back to Drachmas... they were going to fire up the printing presses like the US, Japan, CentralEU... and everyone else has done.

Fire works for sure coming!