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filipo

filipo
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  • 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
  • How Greece Could Force Germany Off The Euro [View article]
    RM,
    That would have been preferable, certainly if one throws a look at the mess that they have created.
    But yet, there it is the mess, and we have to cope with it, don't we ?
    Try to find the best solution.
    If Greece defaults and is kicked out of the eurozone, which I would advice, because its situation is rather hopeless, it would be a good lesson to other profligate EZ states to keep their economic Household in order.
    Jun 20, 2015. 12:55 PM | Likes Like |Link to Comment
  • How Greece Could Force Germany Off The Euro [View article]
    RM,
    Whether USD/EURO trades at 1:1 or 1:15 might be noise, but it makes a whole of a difference when instead of trading at 1:40, it trades at 1.12.
    At least, European exporters feel that difference and I expect Americans too, but in a different way.

    Common currency with limited or none fiscal foundation is possible to maintain, if the different States would make their homework.
    Each State should respect the law of equal productivity. Point.
    If they don't, there's bound to be problems.

    The countries you mention are Front Page news because they indeed did not respect that law of equal productivity and kept on squandering capital as if they had the highest productivity in the world. They thus created problems by not being able to pay back their debt.

    I remind you that the City of Detroit was front page news too when it defaulted.
    As a matter of fact, 13 (thirteen) US cities are on the brink of defaulting on their debt:
    http://bit.ly/1I5TgYw

    And hence, they're constantly on the front page, not for their tourist attractions either.
    Jun 20, 2015. 12:49 PM | Likes Like |Link to Comment
  • Bank Of England Custodian Gold Drops 351 Tonnes [View article]
    Excellent article, Koos.
    Do keep us informed on SGE withdrawals too !
    Jun 19, 2015. 09:02 PM | Likes Like |Link to Comment
  • How Greece Could Force Germany Off The Euro [View article]
    fish,

    Yes, I saw that too, a Greek monday bank holiday.

    You probably read that Tsipras today signed a Treaty with infamous Putin on that pipeline:
    http://bit.ly/1GkiBZj

    And then there's brave little Belgium:

    http://bit.ly/1K1btXw

    The Belgian newspaper gives full details -don't know if you have a translating device.

    This is ZH's version:

    http://bit.ly/1GjLHrP

    I hope with this seizure of Russian assets Belgian KBC bank will be able to recup part of its losses when it had to dispose of Russian Absolut Bank. KBC paid over €6bn and lost every penny when Absolut was "nationalized".
    Jun 18, 2015. 05:51 PM | Likes Like |Link to Comment
  • Gold Is Heading Lower [View article]
    rogro,
    "what is there to believe in after that...."
    probably more of the same, much more..
    Jun 18, 2015. 04:17 PM | Likes Like |Link to Comment
  • Gold Is Heading Lower [View article]
    That is a strong probability, rogro.
    I see no other reason why they collect the despised metal to eagerly.
    Just curious what they will disclose overtime instead of the meaningless 1,054 Tonnes.
    Jun 18, 2015. 04:15 PM | Likes Like |Link to Comment
  • How Greece Could Force Germany Off The Euro [View article]
    fish,
    I know, the Greeks took out 2bn in the last 2 days.
    But I fear those 1.1bn are the first appetizer for more to come.
    Besides, if they really want to put pressure, they better put the Greeks on a financial diet with the possible outcome that they overthrow this horrible govt.
    Can you imagine that this chap Tspras is sightseeing Moscow right now, coquetting with Putin ?
    That promises for the future. If this guy stays on, there is going to be more of the same, I tell you, with all that this entrails for Euro-US relations. Better get rid of him rightaway and now is the best occasion.
    Jun 18, 2015. 03:52 PM | Likes Like |Link to Comment
  • How Greece Could Force Germany Off The Euro [View article]
    fish,
    Printing out of thin air means dilution of the euro.
    I remind you that was exactly what people in the US were so up to. They didn't want their USD to be diluted by QE.
    Well, this is QE in Europe and it means we all will have less purchasing power if the ECB keeps on printing.
    That's exactly what Jeb Bush didn't want when he was Florida Governor and I give him credit for that. Florida was one of the only states with a budget in control. I also remember you were a fan of Jeb.
    So, don't tell me now it's only money printed out of thin air.

    Today I read this story -almost unbeleivable- that Tsipras does not want to give in to the Troika because if he does, his wife goes.
    "Cherchez la femme" the French say, World History depends on these prozaic details. And she isn't even a beauty, rather a plump female that looks nasty and very assertive. If I would be in these circumstances, I would take the first plane to Luxemburg and tell the Eurogroup I agree with everything they propose !
    Jun 18, 2015. 03:48 PM | Likes Like |Link to Comment
  • Gold Is Heading Lower [View article]
    I didn't know about Rickard's Iran involvement.

    Yet, what he says about China (point 1) is true. I read it somewhere else too and I believe China indeed is quite ambitious. Re that, see:

    http://bit.ly/1GjuJdb

    I don't believe point 2. That is (still) way too ambitious. China does not have the experience nor the economic power to play such a leading role. Maybe within 30 odd years when they'll be definitively more powerful than any other nation, they could.
    However, in the meantime they'll have their problems too. What about a deflating debt bubble ?

    As to your point 3, I refer to the Soros article I gave at the beginning. I indeed think Soros is right: the US has been uncareful with their Foreign Relations lately. I think Obama has missed that opportunity.
    He drove Russians and Chinese together, which is deplorable.
    Jun 18, 2015. 01:00 PM | Likes Like |Link to Comment
  • Gold Is Heading Lower [View article]
    What Jim Rickard says certainly makes sense. I mean, It is only logic.
    However, since 2011 we can see that the market of PM's doesn't respond to logic anymore.
    I blame the bullion banks for manipulating the market. Barclays for instance already has been fined by a US Court on that charge. I think it's only the top of the Iceberg.
    Whether they operate in coordination with CB's I cannot say.
    It's all rather opaque.
    I'm convinced though, if China, Russia and other Eastern countries keep on buying the way they doe, one day someone will be in big trouble.
    Jun 18, 2015. 12:24 PM | Likes Like |Link to Comment
  • How Greece Could Force Germany Off The Euro [View article]
    fish,
    In the meantime, notwithstanding all strong words, the ECB keeps on pumping cash (our cash) into Greek banks.
    I just got this news flash from Goldman Sachs (06.18.2015):

    "ECB raises ELA for Greek banks by €1.1bn. The ECB's Governing Council decided yesterday to increase the Emergency Liquidity Assistance for Greek banks, provided by the Bank of Greece, to €84.1bn from €83.0bn. The latest data from the Greek banking sector show that deposit outflows accelerated further to €6.3bn in April (with €400mn on Monday June 15 alone after negotiations broke down over the weekend). Total deposit outflows since November last year total around €43bn. "
    Jun 18, 2015. 09:03 AM | Likes Like |Link to Comment
  • Gold Is Heading Lower [View article]
    gabriel,
    Exactly, it was that very man, Charles De Gaulle, leader of France's Résistance during WWII.
    Thanks for the links.
    My Q is though: we know who buys the gold, but we don't know exactly who sells it. That's probably a too well kept secret.
    I mean, we have a vague concept when witnessing QEII complaining about empty space when toured in the London BoE vaults, we see the staggering turnover of Swiss smelters, but apart from that, there's no real indication.
    Jun 18, 2015. 08:30 AM | Likes Like |Link to Comment
  • How Greece Could Force Germany Off The Euro [View article]
    fish,
    You certainly made a point there.
    The nowadays' Greeks have little to do -mentally nor intellectually nor racially- with the ancient Greeks. Romantic European or American nitwits often have that misconcept.
    16th, 17th, 18th and early 19th century occupation by Turks and Arabs has altered the population completely.
    Indeed, they inherited from the Barbary pirates or Ottoman corsairs manners and genes:
    http://bit.ly/1GirK4I

    The scenario you depicted isn't reality yet, but it certainly looks like it's getting nearer.
    The English had to intervene right after WWII, fighting the leftists in the Greek Civil War (1946-1949), I think indeed it could be America's turn pretty soon now. And I won't object, on the contrary.
    Jun 18, 2015. 08:15 AM | Likes Like |Link to Comment
  • Gold Is Heading Lower [View article]
    gel,
    I appreciate your extensive explanation.
    I foremostly will remember your rather captivating "Gold is on its way to the moon".
    That is an extremely interesting statement, even if it's not clear whether you yourself stand behind the hope giving content of it.
    And your statement catches the eye by its brevity too.

    It's certainly on its way to China, that's for sure.
    The moon as a metonym for China ?
    Jun 18, 2015. 07:02 AM | 1 Like Like |Link to Comment
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