Global financial system implosion begins
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A Dashing Blade
Takes horses to water but can't make donkeys drink
Let's face it, the Greeks have shown themselves to be pretty sh!t at it
Meltingpot
Living in our pools we soon forget about the sea
I remember a time when the late Papandreou Senior's widow (who'd been an air hostess) stood for high political office in Greece, and she was pretty much laughed out of campaigning. Looking at it now, it's hard to believe she'd have done any worse of a job than those who did run the country since.
The Greeks may have proved pretty crap at the hard business of running an economy, or producing accurate economic forecasts or outcome stats (and their upper classes certainly NEVER got the hang of paying any of their taxes, or accounting for all the loverlly Eurogrant cash they got over the years), but the ordinary man and woman in the Greek Street does seem to be getting the knack of growing street action and occupations against the attempts of the capitalist system to make everyone but the rich pay for the crisis. Have they got the long term stamina to do something inventive and radical with all this current energy though ?
Presumeably every Greek with savings is busy shovelling this away in German banks ready for the return of the (pretty worthless) "NuDrachma ".
Dearie me ... Italy and Spain and Portugal "Dominoes" next up for the big dipper. It's all starting to look VERY 1930's isn't it ? Apart from the general lack of a mass Left to offer a coherent, believable alternative unfortunately. Only a lot of very dodgy populist , nationalist, parties of the Right, just waiting for their moment to get the pogroms started again.
Stocking up on tinned meats time I think.
Presumeably every Greek with savings is busy shovelling this away in German banks ready for the return of the (pretty worthless) "NuDrachma ".
Dearie me ... Italy and Spain and Portugal "Dominoes" next up for the big dipper. It's all starting to look VERY 1930's isn't it ? Apart from the general lack of a mass Left to offer a coherent, believable alternative unfortunately. Only a lot of very dodgy populist , nationalist, parties of the Right, just waiting for their moment to get the pogroms started again.
Stocking up on tinned meats time I think.
TopCat
Putin fanboy
I
I wonder if Sarkozy and Merkel are just issuing press releases on behalf of the Greeks today.
gosub
~#
Advets in greek papers Protect your money, buy Danish property
xes
F.O.A.D
Not posted any fear mongering stuff for a while......How much of this is true?
http://www.zerohedge.com/news/cme-g...s-maintenance-margin-equal-initial-everything
http://www.zerohedge.com/news/cme-g...s-maintenance-margin-equal-initial-everything
elbows
Well-Known Member
It seems to be true, try an article with slightly less impenetrable jargon. Time to search the web for more about the MF Global bankruptcy.
http://www.moneylife.in/article/cme-increases-margin-call-markets-will-be-under-pressure/21187.html
A Dashing Blade
Takes horses to water but can't make donkeys drink
A wiorldwide economic depression has been masked by 'printing' funny money and other sleights of hand.
A Dashing Blade
Takes horses to water but can't make donkeys drink
Spain attempted to refinance EUR3-4bn today
Only got 3.5 away at 6.975% (=price of 92.007)
That stuff's currently trading at around 91.5mid = 7.05% yield in spite of Santander's efforts to support it.
Only got 3.5 away at 6.975% (=price of 92.007)
That stuff's currently trading at around 91.5mid = 7.05% yield in spite of Santander's efforts to support it.
elbows
Well-Known Member
Well if its really unpayable then of course it will be written off in the end. If the whole system doesn't collapse then its more likely that only a percentage of it will be written off and some will end up being repaid with sweat, blood & tears.
Which makes it all the more important to crash the system, switch to LETS, local currencies and credit unions.
hipipol
Peckham Wry
Oh dear, oh dear, Eurozone govts pointing fingers, issuing all sorts on deranged threats - no rating agency comments on Sovreigns during a time of crisis - excellent that means the selected Govt paper cannot be priced, ie it has NO value, blinding, which daft cunt thought that up?
Equally Merkel, the demented bitch wants a tax on ALL transactions cos 'derivatives' are the cause of 'all the problems' - equally blinding - anyone in any market knows that the French have said derivs stitched - heads of virtually every deriv desk is a Frog - how will Sarky-midget react when he realises this?
Very useful for Germany, which got its mad export growth started by cheap money flooding Europe via the rates being pegged to its business needs, now blames the poor other fuckers and refuses to share its ill gotten gains - utter self satsfied tosh.
Merkel is a manipulative cow, ignores the markets stays on hols, says its of no matter, lets em tank, now suddenly its all you shits better be prepared to eat saukerkraut shit or we'll let you fucking starve while giving tax breaks at home.
Slimey, odious and loathesome
Bring back Gordon, he knew how to slap these arse wipes
Equally Merkel, the demented bitch wants a tax on ALL transactions cos 'derivatives' are the cause of 'all the problems' - equally blinding - anyone in any market knows that the French have said derivs stitched - heads of virtually every deriv desk is a Frog - how will Sarky-midget react when he realises this?
Very useful for Germany, which got its mad export growth started by cheap money flooding Europe via the rates being pegged to its business needs, now blames the poor other fuckers and refuses to share its ill gotten gains - utter self satsfied tosh.
Merkel is a manipulative cow, ignores the markets stays on hols, says its of no matter, lets em tank, now suddenly its all you shits better be prepared to eat saukerkraut shit or we'll let you fucking starve while giving tax breaks at home.
Slimey, odious and loathesome
Bring back Gordon, he knew how to slap these arse wipes
hipipol
Peckham Wry
I assume you all properly tooled up for the chaos then?
And able to step in and help those who get fucked during the meltdown?
not-bono-ever
meh
not concerned about the CME, its margin and will come back when positions are squared or vols ease. MFG positions being reallocated to other players could be a bit disruptive. MFG cash is still on lockdown, so some punters will have to find some cash in the short term.
Hungary is a concern though, getting stuffed on their debt rates - the Magyars have been off the radar recently wot with the core EU members getting caned, but the forint is under increasing pressure and various IMF options are being considered - and takin on IMF cash will obliggate structural reforms - I can see them cutting their traditional ( ex E Bloc inspired ) welfare system to the bone & thatwont go down well. Business attracted to Hung cos of the inducements will look to moving to cheaper climes and given that thses industries operations - Tech & Pharma - are almost IKEA like in their ability to be constructed almost anywhere, this could be a problem.
Hungary is a concern though, getting stuffed on their debt rates - the Magyars have been off the radar recently wot with the core EU members getting caned, but the forint is under increasing pressure and various IMF options are being considered - and takin on IMF cash will obliggate structural reforms - I can see them cutting their traditional ( ex E Bloc inspired ) welfare system to the bone & thatwont go down well. Business attracted to Hung cos of the inducements will look to moving to cheaper climes and given that thses industries operations - Tech & Pharma - are almost IKEA like in their ability to be constructed almost anywhere, this could be a problem.
not-bono-ever
meh
Also - you fuckers heard of the REITS performance ?
check out the retuens on soemone like armour (AAR ) - pumping out 20% returns in the US at the minute. Mortage backed securities, involved by Freddie MAc & Fannny mae IIRC. Again. Lost of people getting involved cos of the yields, but they can only really propser whilst rates are rock bottom and defaults are stable - see anything serious happen to US Rates ( unlikely in the short term ) and the whole REIT industry could face serious problems.
A miserableist could say that theire is a second mortgage crisis looming.
check out the retuens on soemone like armour (AAR ) - pumping out 20% returns in the US at the minute. Mortage backed securities, involved by Freddie MAc & Fannny mae IIRC. Again. Lost of people getting involved cos of the yields, but they can only really propser whilst rates are rock bottom and defaults are stable - see anything serious happen to US Rates ( unlikely in the short term ) and the whole REIT industry could face serious problems.
A miserableist could say that theire is a second mortgage crisis looming.
Kanda
Diving wanker
This ^^
If banks are run shit, people rare up cat.. what about countries?? lol!!
Kanda
Diving wanker
Doesn't matter that it was Goldmans. Anyone could have fiddled it.
A Dashing Blade
Takes horses to water but can't make donkeys drink
Pretty sure their banking sector has a high percentage of foreign ownership
Barking_Mad
Non sibi sed omnibus
The Mayan prediction looks better with each passing month 
No.
Whilst alternative technology and Transition Town initiatives go some way toward cushioning our fall, there is no way we will be able to survive once oil gets really scarce and expensive.
We would have had a good chance of adapting to a world without oil if we'd started making serious preparation after the 1st oil crisis in the 1970's. Instead, we spunked our remaining resources and the energy bounty from the North Sea in one last orgy of growth and business-as-usual.
I suspect that suicide and euthanasia will become popular pastimes...
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