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anarchist

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  • China's Stock Market Isn't Out Of The Woods Just Yet [View article]
    The implications of the last sentence got my attention. The prospect of China possibly dumping its US Treasuries would make tsunamis instead of ripples in the financial markets is frightening.
    Jul 10, 2015. 12:06 PM | 2 Likes Like |Link to Comment
  • A Grexit Will Ultimately Make The Euro Stronger [View instapost]
    An another point of view:

    It's not just Greece; the entire world has a debt problem that can never be fixed. The difference is that right now, everyone knows Greece can't pay its loans back.

    Greece owes more than $300 billion. Its annual GDP is around $240 billion. And its economy is falling apart...

    Greece has been in recession since 2008, and that has shrunk GDP by 25%. The unemployment rate now stands above 27%, and Bloomberg reports that 300,000 small businesses have failed since the financial crisis.

    It's a disaster that can only be fixed if Greece defaults on all its loans, leaves the EU, and starts over from scratch.

    The IMF said as much in a recent report. Here's the link if you want to read it. I did, but I don't recommend it — it is complete and total B.S. Basically, the IMF says that if Greece can grow its GDP by 3%, it can cut its debt by roughly $190 billion — by 2064.

    That's basically a 50-year payment plan. It's ridiculous.

    You might wonder why the European Union bailed Greece out in the first place. The answer is that they (meaning France and Germany) did it to save their own banks. When the Greek Debt Crisis: Round 1 hit in 2010, French, Swiss, and German banks held more than half of Greek debt, a total of $150 billion.

    Between 2010 and 2012, Greece was bailed out with around 200 billion euros ($220 billion at current rates). More than half of that went right out the door to French, Swiss, and German banks. In other words, the Greek bailouts were really just a backdoor bailout for EU banks.

    You may know the name Yanis Varoufakis as the Greek villain/finance minister who just resigned. His was the loudest voice declaring that Greece was getting a bad deal from Europe. He said:

    The Greek 'bailouts' were exercises whose purpose was intentionally to transfer private losses onto the shoulders of the weakest Greeks, before being transferred to other European taxpayers.

    It's easy to say beggars can't be choosers. It's hard to take seriously Greece's demands that it gets to dictate the terms under which it is lent money that it can't pay back. But on the other hand, Varoufakis is speaking the truth: The Greek people are ultimately paying for the bailout of EU banks.

    If you see parallels to how Americans are still suffering as a result of the financial crisis and bailouts while the big banks that started it are all doing pretty darn fine, well, you should.
    Jul 8, 2015. 07:50 PM | Likes Like |Link to Comment
  • A Grexit Will Ultimately Make The Euro Stronger [View instapost]
    Darren, I don't think I implied that Canada and the US are one - I think you know that. I only pointed out that both Countries have social networks pay for willingly or unwillingly by the citizen of that Country.
    You must not have any Canadian friends or you would have been set straight on the subject of citizens of the US calling themselves "Americans", most Canadians I know consider it just one more arrogance assuming that the US is the only Country in the Americas. I guess I should have asked what they preferred we call ourselves.
    Maybe if the EU cant function as a Union they should dissolve, at least get rid of the Euro. The UK, Switzerland, Finland, Sweden and I am not sure about Denmark - seem to be doing fine with their own currencies.
    The EU has a military in that they all contribute to NATO but with separation they could piss off a large amount of their GDPs on beefing up their individual military.
    I'm curious to know what State you took the trouble to moved to to escape California taxes? Outside of Orange County I guess you might have to deal with a lot of liberals too, Eastern Washington has no State taxes and lots of Conservative red-neck types and if you go to Idaho more of the same except more bartering. Both areas do a lot of 'paying under the table' (kind of like the PIGS) to escape taxes,
    Regarding your Family analogy I could give you dozen more that end differently than yours. There families that still have adult children at home because the kid, even though he might have a college degree, can't find a job or take the family that is raising a grandchild or great grandchild because of the parents drug or health problems (they might have been deadbeats like Greece?) - thats just a couple.
    Jul 8, 2015. 07:48 PM | Likes Like |Link to Comment
  • What Does Syriza Really Want? [View article]
    not to mention the US or "our best Neighbor to the North"?
    Jul 8, 2015. 06:22 PM | Likes Like |Link to Comment
  • A Grexit Will Ultimately Make The Euro Stronger [View instapost]
    Darren are you privy to the statistics of what percentage of Greeks took early retirement and how much that retirement check was?
    The United States and Canada are Unions and they pay taxes to support the financial underprivileged in their countries without expecting an interest payment. I retired 15 years ago and part of my income is from Social Security and I my tax base is probably a lot less than yours so you pay more taxes - all forms of wealth or financial distribution. You may not like to pay for social networks but you do to stay a part of this society which I think you are probably receiving many benefits.
    Jul 8, 2015. 04:09 PM | Likes Like |Link to Comment
  • What Does Syriza Really Want? [View article]
    As I recall the rest of the allies forgave 100% of Germany's war debt.
    Jul 8, 2015. 04:00 PM | Likes Like |Link to Comment
  • A Grexit Will Ultimately Make The Euro Stronger [View instapost]
    I think I answered that in my post above.
    Jul 8, 2015. 03:44 PM | Likes Like |Link to Comment
  • A Grexit Will Ultimately Make The Euro Stronger [View instapost]
    The EU is not a bank. The EU is a union of States and redistribution of wealth is a fact of life in a union of Countries/States, there has to be some protection for the weaker members. Maybe the Germans should get out of the Euro and see how they like their export numbers after competing internationally using Deutschmarks.
    Jul 8, 2015. 03:05 PM | Likes Like |Link to Comment
  • What Does Syriza Really Want? [View article]
    Nonsense, just because they have the hard left part of the Government? As mentioned in a previous comment many of the countries on Latin America have Hard leftist Governments and are not failed States.
    Jul 8, 2015. 02:38 PM | Likes Like |Link to Comment
  • A Grexit Will Ultimately Make The Euro Stronger [View instapost]
    Darren there has to be a mechanism by which the EU PIGS are able to share in the prosperity. Merkel and her hardliners have profited handsomely from the Euro being weaker due the weak economies of the PIGS keeping the Euro weaker so time to get off the "do it like us" soapbox make changes.
    I admittedly borrowed the following post but I think it is worth reading:
    "The Greek people democratically elected the Syriza party on an anti-austerity revolutionary platform. Here's an example of where an elected party lives up to what it ran on and everyone hates them for it. They didn't run on a pro-business, they ran on Tspiras renegiotiating the debt. And to this very second, that's exactly what he's doing. What's the problem? Oh, the problem is that what outsiders expect is for a political party to say one thing to the people who elected them and another to the corporate wolves looking to swallow up their country. The problem is the world expects Greece to lie down like Spain, accept 30 years of austerity as a punishment and turn itself into a beer garden for British tourists. But that's not happening. And that irks the pro-Euro zealots someone has the balls to stand up to them."
    Jul 8, 2015. 02:31 PM | Likes Like |Link to Comment
  • What Does Syriza Really Want? [View article]
    Mike713 - hope you don't mind me hijacking your post to answer an American pro-Euro zealot contributor.
    Great post so I "borrowed it.......
    Jul 8, 2015. 02:25 PM | 2 Likes Like |Link to Comment
  • What Does Syriza Really Want? [View article]
    Shareholers U do you recall just how Greece was able to enter the EU?
    Jul 8, 2015. 02:03 PM | Likes Like |Link to Comment
  • United Airlines flights in U.S. get grounded [View news story]
    yeah and while they are at it bring back Pan Am.
    Jul 8, 2015. 01:17 PM | 1 Like Like |Link to Comment
  • NYSE: Halt due to technical issue, not cyber breach [View news story]
    Huh, kind of reminds me the Chinese companies halting trading of their stocks, maybe better to just stop the whole exchange - we North Americans think big.
    Jul 8, 2015. 01:16 PM | 2 Likes Like |Link to Comment
  • Wall Street Breakfast: Panic Spreads As Chinese Exchanges Near Shutdown [View article]
    What was that song of yore "Send in the Clowns"?
    Jul 8, 2015. 09:51 AM | 1 Like Like |Link to Comment
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