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filipo

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  • Gold Bulls Are On Borrowed Time [View article]
    Prezzo,
    Well, you might have to change your bias:

    http://bit.ly/1Ng8wCf
    Jun 23, 2015. 02:02 AM | 1 Like Like |Link to Comment
  • Gold Bulls Are On Borrowed Time [View article]
    Ben,
    "anyway my point is that its not about avoiding tax Filipo"

    It all comes down to the proportions. When 62% of your taxes are not being paid, you better call Houston and report the problem. That's why Greece is in deep trouble and Holland, Belgium, France, even Portugal or Ireland not. These countries accepted the needed reforms and thinks normalized, well, sort of.

    "then when we get a downturn in the global economy and revenues fall, they can't cope with the contraction"
    That's "leveraging" and "deleveraging", but again, some countries do take the necessary measures of reform and others don't. You can't expect all countries to simply default on their debts, can you ? If such is your view point, you won't find anybody ready anymore to buy new debt obligations. What about Detroit ? They did the reforms, didn't they ?
    What about California ? They did the reforms, didn't they ?
    What about Illinois, a State with a comparable number of inhabitants as Greece although the debt involved is only half of Greece's ? They will have to reform, notwithstanding :
    http://trib.in/1Gwy9Jv

    So, deleveraging isn't the only problem. An aging population is one too. The number of liabilities go up and have to be scaled back.

    China is a problem too cause it saps our best Industrial output.

    Interesting you mention students living on loans and then pushing the idea that it is our fault they can't pay back, cause that's exactly what the Greeks are doing.
    Student loans in the US have risen over $1T. That is a huge looming problem. Should the US banks that provided the loans, simply write them off ? Just askin', because that's what was about to happen with the subprime crisis and we all know how that turned out, don't we ?

    I appreciate the link you gave.
    It reminds me of The Long Johns, also highly enjoyable and very on point:
    http://bit.ly/1BIyFbV
    Jun 23, 2015. 01:33 AM | 1 Like Like |Link to Comment
  • Gold Bulls Are On Borrowed Time [View article]
    Prezzo,
    After all, Greece's problems are comparable to those of Illinois, one of the many profligate US States:

    http://trib.in/1Gwy9Jv

    What if we scaled back all debts from all over the world ? Would that not be a wonderful solution ? (Irony intended)
    Jun 23, 2015. 01:02 AM | 1 Like Like |Link to Comment
  • Gold Bulls Are On Borrowed Time [View article]
    gel,
    Currency substitution on the USD has been tried out in different Latin American countries with disastrous results.
    Mostly, domestic banks started to lend out large amounts of USD-denominated capital and the recipients found themselves in a situation of not being able to pay back their debts.
    Strong currencies never bring a solution to people who are used to live in debts.
    http://bit.ly/1H7Ojh9

    The latest country to have joined that club was Zimbabwe. The Greeks won't appreciate that comparison.

    "5. The loans are secured by Sovereign Greek property that will be converted to US domain if default materializes."

    That's one of the issues now with Greece and the EZ: the Greeks don't want to have their properties converted into EZ domain, even when they don't pay their debts.
    Jun 22, 2015. 04:18 PM | Likes Like |Link to Comment
  • Gold Bulls Are On Borrowed Time [View article]
    Ben,

    Interesting, so you deny the very existence of the Lagarde-list ...

    In case you didn't know, Die Welt is the main quality German newspaper:
    http://bit.ly/1H7Ojh9

    They don't publish articles unless they are certain of what they write. Their reliability is comparable to The Times.

    Now that you mention, and since you claim to be living in Spain, you certainly must have witnessed tax-avoidance in Spain as well, didn't you ? Because I have, especially in Andalucia. Half the population of Andalucia is officially jobless and yet, they all work in the campo, helping with the olive harvest.
    I spend half of the year in a small village near Cordoba and I can assure you: these people cheat the tax-man like no ther population. Hair-dressers, butchers, albanils, fontaneros, car mechanics... often even have no official occupancy. They work in the black. And it's no minority. I'm talking of at least 40% of the adults.

    If you have evidence of the contrary, you must be living on Mars, not in Spain.
    Jun 22, 2015. 04:00 PM | Likes Like |Link to Comment
  • Gold Bulls Are On Borrowed Time [View article]
    prezzo,
    Ambrose is very anti-EU and very anti-EZ.
    He and Nigel Farage are best friends.
    Jun 22, 2015. 02:50 PM | Likes Like |Link to Comment
  • Gold Bulls Are On Borrowed Time [View article]
    Ben,
    Greece is the perfect example of a failing state.
    Imagine UK citizens refusing to pay their taxes and not being sued over it. This is not a new phenomenon in Greece. It has been going on for decades, only now has it been increasing exponentially.

    Greece may be a poor country, but Greeks aren't poor.
    Due to a total lack of fiscal or juridical organization rich Greeks flee their country, taking their capital with them. The Greek Community of London f.i. is the largest (300,000) of any, compared to the 11mn Greeks.
    http://bit.ly/1H7BjIm

    Again compared to their relatively small number, there are an astonishingly high number of Greeks -even ministers- who are caught moneylaundering:
    http://bit.ly/1H7BjIp
    and
    http://ind.pn/1H7Bm79
    and:
    http://bit.ly/1H7BjIs

    The last article concerns Swiss evidence disclosing €800 billion (!!!) of Greek money transferred to Swiss banking accounts. €800 bn is no small amount, in my opinion, is it ? It more than covers the Greek debt to start with.

    But that is only the top of the Iceberg. What is not yet discussed are the billions that Greek shippers tansferred to the US, Singapore and other tax havens.

    I'm not even mentioning the fortunes held by the Greek Church, mostly under the shape of precious metals.

    What you describe is what the Greeks want us to believe and what we did believe till Lagarde published her Swiss "tax avoiding" list.

    The problem with Greece is that there is a reality behind the theatre scene that the Greeks are very careful to keep secret. However, thanks to nowadays electronics we know more and we have every reason not to be naive anymore.
    If YOU want to believe the story as it is told by the Greeks, fine with me, but you won't convince me. I have read and listened to experts enough to have a different view point.
    Jun 22, 2015. 02:44 PM | Likes Like |Link to Comment
  • Gold Bulls Are On Borrowed Time [View article]
    Fish,
    Yes, you are right.
    In this regard I consider Western CB's and China as brothers-in-crime.
    It has been confirmed a number of times:
    http://bit.ly/1H7w5MO

    On the other hand, there is the undeniable fact that our gold reserves are drying up, not only in the BoE vaults:
    http://bit.ly/1H7w7nY
    but also in the US vaults, as the US gold export numbers show:
    http://bit.ly/1H7w5MR
    These are significant numbers that largely exceed US mining production.

    Meanwhile demand remains unabating:
    http://bit.ly/1MNtkRl

    Of course, since the gold only travels from one heap to another and does not actually disappear, any deal between seller and buyer can perfectly well fix the price at the level wanted... until one continent is completely devoid of physical gold and has to start importing it to meet the demand.
    Jun 22, 2015. 02:15 PM | Likes Like |Link to Comment
  • Gold Bulls Are On Borrowed Time [View article]
    Ben,
    With nearly 50% of unemployment, close to 64% of the Greek population currently in one way or another work for the Greek govt.
    Such an economy cannot survive.
    That's why, combined with new money, there should be structural reform. If you only restructure the debt without reforming the country's economy, tax collection system, corruption... you throw your money away.
    Greece f.i. has NO cadastre of real estate ownership:
    http://bit.ly/1dbpuoy
    Don't be naive: Greece is Middle Ages !
    Jun 22, 2015. 10:18 AM | Likes Like |Link to Comment
  • Gold Bulls Are On Borrowed Time [View article]
    fish,

    Not sure it's the Comex who sets the price nowadays.
    Nor am I sure it's the LBMA.
    It can be both or it can be one of them alternatively.

    It was Comex and then LBMA took over:
    http://bit.ly/1voB8CX
    Let's say that LBMA was the benchmark and Comex followed suit.

    From 2011 (!) -interestingly- Comex took over again:
    There is this exceedingly interesting article concerning gold price fixing responsability shifting between London and NYC:
    http://bit.ly/1H6Aq2U
    The article dates from 2012, so we don't know the situation at present.

    But you sure know the LBMA has been restructuring recently:
    "There are ten price participants who have been accredited to contribute to the LBMA Gold Price: Barclays Bank, Bank of China, Goldman Sachs International, HSBC Bank USA NA, JP Morgan, Morgan Stanley, Societe Generale, Standard Chartered, The Bank of Nova Scotia - ScotiaMocatta and UBS."
    http://bit.ly/1H6Aqja

    You may notice that the number of five price fixing entities with LBMA has been changed into 10. It's getting crowded there.
    Whether the LBMA does the price fixing on demand of certain institutions I cannot say. The price fixing has been changed into a digital (electronic) platform.
    Jun 22, 2015. 10:08 AM | Likes Like |Link to Comment
  • Gold Bulls Are On Borrowed Time [View article]
    fish,
    The mechanisms that you describe can only last as long as there is a market for physical gold in the US.
    Once all US gold is sent to China/Russia/wherever, US bullion banks won't be able to fix the price anymore.
    Just curious if and when that will happen.
    Jun 22, 2015. 09:24 AM | Likes Like |Link to Comment
  • Gold Bulls Are On Borrowed Time [View article]
    The Critical,
    I agree with you.
    Europe can only win when finally set free of Greece that has proven to be a drag on productivity.
    Jun 22, 2015. 09:17 AM | 1 Like Like |Link to Comment
  • How Greece Could Force Germany Off The Euro [View article]
    RM,
    Illinois in in the front page news too:

    http://bit.ly/1TF2xLT
    Jun 21, 2015. 02:20 AM | Likes Like |Link to Comment
  • Gold Is Heading Lower [View article]
    Ninja,

    Are you any related to:

    http://bit.ly/1LrgWFO

    Have you been active in HFT too ?

    http://bit.ly/1LrgWFQ

    Or are there different Ninja's ?
    Jun 21, 2015. 01:51 AM | Likes Like |Link to Comment
  • How Greece Could Force Germany Off The Euro [View article]
    Carbo,
    I don't quite get your point.
    You're talking gibberish.
    Jun 20, 2015. 12:59 PM | 1 Like Like |Link to Comment
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