Greenspan blames the Greeks for recession

If Greece defaults, it will create a recession in the US.
Otherwise, there's no possibility of a recession in the US.
says Alan Greenspan.
who missed the 2008 crash, because he ducked out the year before.

Where do the errors begin?
The US is not exposed to much Greece debt,
except the CDSs which could bite.

The US is in a recession already with stagflation,
or screwflation (see other article below).
The government hasn't admitted it, for obvious reasons
and the media is asleep as usual.

Trying to pin the whole problem on the Greeks
is like trying to blame the sinking of the Titanic on
the mouse in the captain's cabin.

The whole banking system, worldwide is maxed out on
credit and inflated with fiat money.
There's no room to maneouvre when the smallest of problems comes to pass.

However, you can blame a shit-box little country
like Greece for toppling a 600 trillion dollar business,
because you can use all your racist ideas in one place
and take out your economic frustrations,
and forget to blame the banks.
Can you say 'scapegoat'.
[Greek goat. good eye!]

Interpretation: if Greenspan says that Greece could kill banks, it means that the banks are basically telling him to give that excuse because they will implode, soon. Oh, and Greenspan will thus deflect again any blame from himself.

But, this is his baby.
It's got glasses and is hunched over, chanting "Ayn Ayn".

-Costick67 ~(8^P
checkitout:
Greenspan Says Greece Default ‘Almost Certain,’ May Trigger U.S. Recession
By Vivien Lou Chen - Jun 17, 2011 12:46 AM GMT
Alan Greenspan, former Federal Reserve chairman, said a default by Greece is “almost certain” and could help drive the U.S. economy into recession.

“The problem you have is that it’s extremely unlikely the political system will work” in a way that solves Greece’s crisis, Greenspan, 85, said in an interview today with Charlie Rose in New York. “The chances of Greece not defaulting are very small.”

Greek government bonds slumped, pushing the yield on the two-year note above 30 percent for the first time, as Prime Minister George Papandreou’s failure to win support for more austerity fueled speculation the European country will fail to meet its obligations. More than 20,000 people protested in Athens this week against wage reductions and tax increases, with police using tear gas on crowds and strikes paralyzing ports, banks, hospitals and state-run companies.

The chances of Greece defaulting are “so high that you almost have to say there’s no way out,” said Greenspan, who ran the central bank from 1987 to 2006. That may leave some U.S. banks “up against the wall.”

Greece’s debt crisis has the potential to push the U.S. into another recession, Greenspan said. Without the Greek issue, “the probability is quite low” of a U.S. recession, he said.

merci, danke, grazie to the US

Here, finally, is the list of European banks that the 2008 US bailout
helped to keep afloat.
If that doesn't piss off a large chunk of the US, nothing will.

Bernanke saying "I don't know where the money went":




-Costick67 ~(8^P
checkitout:
Zerohedge , Tyler Durden
What this observation also means, is that the bulk of risk asset purchasing by dealer desks (if any), has not been performed by US-based primary dealers, as has been widely speculated, but by foreign dealers, which have the designation of "Primary" with the Federal Reserve. Below is the list of 20 Primary Dealers currently recognized by the New York Fed. The foreign ones, with US-based operations, are bolded:[sorry, not sure about the bolded ones, but found most of the obvious ones]

* BNP Paribas Securities Corp.
* Barclays Capital Inc.
* Cantor Fitzgerald & Co.
* Citigroup Global Markets Inc.
* Credit Suisse Securities (USA) LLC
* Daiwa Capital Markets America Inc.
* Deutsche Bank Securities Inc.
* Goldman, Sachs & Co.
* HSBC Securities (USA) Inc.
* Jefferies & Company, Inc.
* J.P. Morgan Securities LLC
* MF Global Inc.
* Merrill Lynch, Pierce, Fenner & Smith Incorporated
* Mizuho Securities USA Inc.
* Morgan Stanley & Co. LLC
* Nomura Securities International, Inc.
* RBC Capital Markets, LLC
* RBS Securities Inc.
* SG Americas Securities, LLC
* UBS Securities LLC.

That's right, out of 20 Primary Dealers, 12 are.... foreign. And incidentally, the reason why we added the (if any) above, is that since this cash is fungible between on and off-shore operations, what happened is that the $600 billion in cash was promptly repatriated and used by domestic branches of foreign banks to fill undercapitalization voids left by exposure to insolvent European PIIGS and for all other bankruptcy-related capital needs. And one wonders why suddenly German banks are so willing to take haircuts on Greek bonds: it is simply because courtesy of their US based branches which have been getting the bulk of the Fed's dollars in 1 and 0 format, they suddenly find themselves willing and ready to face the mark to market on Greek debt from par to 50 cents on the dollar. And not only Greek, but all other PIIGS, which will inevitably happen once Greece goes bankrupt, either volutnarily or otherwise. In fact, the $600 billion in cash that was repatriated to Europe will mean that European banks likely are fully covered to face the capitalization shortfall that will occur once Portugal, Ireland, Greece, Spain and possibly Italy are forced to face the inevitable Event of Default that will see their bonds marked down anywhere between 20% and 60%. Of course, this will also expose the ECB as an insolvent central bank, but that largely explains why Germany has been so willing to allow Mario Draghi to take the helm at an institution that will soon be left insolvent, and also explains the recent shocking animosity between Angela Merkel and Jean Claude Trichet: the German are preparing for the end of the ECB, and thanks to Ben Bernanke they are certainly capitalized well enough to handle the end of Europe's lender of first and last resort.

Lenihan dies soon after warning us about the EUROmafia

I had Brian Lenihan, former Finance minister of Ireland as a big idiot.
He bailed out the banks and didn't think twice about the public.

But he did tell the world that Ireland could last another year,
but the Eurocrats strong-armed him, blackmailed him into taking
a bailout.
He just said that a month ago or so. Now he's dead. Apparently he'd been
sick for 18 months with pancreatic cancer. No connection to politics at all.

-Costick67 ~(8^P
checkitout:
1 Irish Times
Ireland was forced by ECB to take bailout, says Lenihan
23/04/2011
DAN O'BRIEN, Economics Editor

BRIAN LENIHAN has claimed the European Central Bank forced Ireland into taking a bailout and rejected claims by a senior ECB figure that the bank warned Ireland in mid-2010 of the dangers it faced.

He has also accused members of the ECB executives of briefing against Ireland and of “betrayal”.

In a wide-ranging interview on the events surrounding last November’s bailout, Mr Lenihan criticised some of the 17 governing board members of the bank for the “damaging” manner in which they had briefed some media about Ireland.

“On the betrayal issue, I did feel that some bank governors should not be speaking out of turn and that only the president should speak for the bank.”

He describes as “at variance with the facts” a statement made in an interview in this newspaper in January by Lorenzo Bini-Smaghi, one of six executive board members of the ECB.

In the interview Mr Bini-Smaghi claimed ECB president Jean-Claude Trichet had pressured the Government from mid-2010 to bring forward the 2011 budget. Mr Lenihan denies any such representations were ever made.

The position of the ECB on Ireland’s seeking of assistance was different from that of the European Commission, said Mr Lenihan.

“I don’t think the commission were anxious to bounce member states into a programme.

“That was my strong impression from my discussions with Commissioner Rehn.” he said, adding that “the ECB clearly subscribed to a different view.”....

2
Ex-Irish finance minister Lenihan dies at 52
Brian Lenihan, who worked on the country's 2010 bailout, loses battle against pancreatic cancer.
Last Modified: 10 Jun 2011 14:16
Lenihan delivered four austerity budgets in his less than three years in the job [AFP]
Ireland's former finance minister Brian Lenihan, who was in office during Ireland's EU/IMF bailout late last year, has died after an 18-month battle with cancer, his family said on Friday.
The 52 year old combined one of the toughest jobs in Europe with his treatment for pancreatic cancer.
Colleagues, opponents and journalists noted his ability to retain his good humour, energy and sense of fun throughout the period.
"Brian Lenihan faced events at a scale and a pace of magnitude that no other Irish minister has ever previously had to contend," Michael Martin, ther leader of Lenihan's Fianna Fail party, said.
"When Ireland was in the eye of the storm, Brian Lenihan never faltered."

Lenihan delivered four austerity budgets in his less than three years in the job.

He bailed out the country's two biggest lenders, nationalised the third and took charge of the two biggest building societies.

Once seen as a contender to lead Fianna Fail, the humiliation of having to apply for an EU-IMF bailout and his poor health put an end to any such plans.

"I have a very vivid memory of going to Brussels on the final Monday and being on my own at the airport and looking at the snow gradually thawing and thinking to myself: this is terrible," Lenihan said in a BBC interview earlier this year.

"No Irish minister has ever had to do this before. Now hell was at the gates."

The former lawyer and university lecturer took over the finance portfolio just as the economy began to unravel in 2008.

A scion of one of Ireland's most famous political dynasties, Lenihan's father was a former deputy prime minister and one-time presidential candidate.

His aunt and brother served in parliament until electoral defeat in February.

It's official: Screwflation has bitten the nation

We're in a period of severe Screwflation.

signs of screwflation:

1 prices going up
2 packages getting smaller, and price is going up
3 government says "there's no inflation". "maybe 1.5%"
[1.5 is the size of their dicks]
4 consumer groups are not here to defend us
5 politicians are not here to defend us
6 you have to go on the Internet and find the reason why this is happening, because
7 the media doesn't see the inflation, because they're flush with money, they're covering...for the rich guys and the politicians
8 pay cuts
9 job losses
10 benefits shrinking
11 no loans or mortgages
ERGO: SCREWFLATION
ERGO: STIR IT UP!

each genereshan
across the neshan
knows nothin but degredeshan
an depriveshan
translation:
each generation across the nation will not know nothing but economic degredation
so smoke the dutchie!

-Costick67 ~(8^P
checkitout:
The Middle Class And Threatening The Stock Market
Gregory White | Jun. 11, 2011, 8:05 AM

Our economy is an environment of "screwflation," in which inflation is rising and the middle class is being hit with a multitude of other burdens, threatening the health of the stock market, according to Doug Kass.

Kass explains that while prices on goods like food and fuel are rising hitting weaker consumers, fundamental changes in the U.S. economy have also left the middle and lower classes disadvantaged.

Those include a housing bubble that has left many middle class Americans unemployed, technology changes that have made many jobs obsolete, temporary work which has made an income stream less reliable, globalization which has moved jobs abroad, and the rising cost of education and health care.

Read more: http://www.businessinsider.com/doug-kass-screwflation-2011-6#ixzz1P484LqsX

max out or move out?

I've got a sense for the zeitgeist of the moment.

point: MAXING OUT LEADS TO MOVING OUT

MAX OUT?
Being that humans are not being eaten by dinosaurs (just joking)
or by animals, we have a need for danger.
We also will kill others to get more stuff, like chimps do.

The real problem we have now is this MAXING out of everything.

We're not meant to max out.
The Earth is not meant to max out.
Finance is not meant to max out.
Fractional banking and leveraging are not meant to be maxed out.
This is why we're on the edge of a crash. BUTT, I blame the Greeks. xD

there's no room for failure. no rest. no hope. no equality. no clean water.
no democracy. no work.
MAXimally negative results for the rest of us

I don't care how well-built anyting is, running it at max
all day, every day will make it come apart at the seems.

Ha-Joon Chang said that we should have a LESS efficient financial system.
[his interview is at 3:00. I just found this. B4 the interview Hajoon argues with Peter Schiff but Schiff embarrasses himself by shouting all the time. I have tended to follow Schiff too. But Chang 1 Schiff 0. LISTEN to Chang!]

MOVE OUT?

'Small' Farmers (a few hundred acres) cannot make money because the
supermarkets are maxing their profits by cheating the farmers.
The only farmers making money are agri-business 5000 acre
farms, full of Monsanto crap. That's the max out business model of farming.

Nevertheless, the price of food is going through the roof because
of finance maxing out on speculation
(every other investment that was previously maxed out is now dead)

We started out by hunting and gathering. Not my family, our genus.
We learned to farm and so we had surplus. we traded, sat around
and drew stuff, learned to write and had plenty of wars.

the modern model of farming is
BIGGER = BETTER.

This is wrong.
It's wrong because of the environmental damage,
the requirement for technology, and thus cost.
I don't know how many generations your family is from
living on a farm. Me? 2 generations.
The lower the number, the better.
We understand what farming can become.
small holdings, and oriented towards self-suffiency and bartering.

Transfer from the city to a small town.
Take a pay cut, if you have to. ..if you have a job.
Live in the country. Buy an acre and plant stuff.
Keep a few animals. chickens, etc.
Feed yourself and your family.
Barter with your neighbours.
Use your cash wisely.
Then you get to survive.

This takes you completely out of the
maxing-out culture of the city.
The maxing culture feeds the government and the banks
and the big stores that are all screwing us.

Maxing is out.

This video advises the same thing:

-Costick67 ~(8^P

Here's a rating, in your face

actually , it's two

Moody's, Fitch and S&P were used by the big banks to sell toxic sh*t around the world.
It's known as fraud, but nobody wants to make the sh*t stick to those boys.
It only involved $600 trillion. No problem.

Well, other folks finally got off their arses and opened up their own

ratings agencies!

Germany and China
First big moves?

US downgrade to AA
US is defaulting by sinking the dollar

Awesome "first" day in the media
You're gonna become very popular. and , there's no risk.
shitcan them all. US, UK, Germany
still, I blame the Greeks @sarc

-Costick67 ~(8^P

checkitout:
German Rating Agency Feri Downgrades US Government Bonds: AAA to AA!
Submitted by Smart Money Europe on 06/10/2011 04:08 -0400
The first Western downgrade of US government bonds is a fact! The German credit rating agency Feri lowered its rating on US debt by a full notch, from AAA to AA.
Here is the German press release:
Here's the english translation:
Homburg, 8 June 2011 - The Bad Homburg Feri EuroRating & Research AG downgraded the first credit rating agency's credit rating for the United States from AAA to AA. Feri analysts justify the downgrade by the continuing deterioration of the creditworthiness of the country due to high public debt, inadequate fiscal measures, and weaker growth prospects.
"The U.S. government has fought the effects of the financial market crisis primarily by an increase in government debt. We do not see that there is sufficient attention being paid to other measures, "said Dr. Tobias Schmidt, CEO of Feri Rating & Research AG. "Our rating system shows a deterioration in economic health, so the downgrading of the credit ratings of U.S. is warranted."
For the third consecutive year the deficit of the United States is in double digit percentages relative to gross domestic product (GDP). "Deficits of such magnitude are not a sustainable fiscal policy. We would reconsider the rating when the U.S. government creates a long-term sustainable budget," said Schmidt.
Feri Rating is listed on the Federal Financial Supervisory Authority (BaFin) as an EU credit rating agency approved and created with more than 20 years experience in sovereign ratings. Every month, the Feri analysts evaluate sovereign credit ratings from the perspective of a foreign investor based on the ability and willingness of countries to repay their debts. The credit ratings have eleven possible gradations between "AAA" (best credit) and "Default".

China ratings house says US defaulting: report
AFPAFP – 18 hours ago
A Chinese ratings house has accused the United States of defaulting on its massive debt, state media said Friday, a day after Beijing urged Washington to put its fiscal house in order.
"In our opinion, the United States has already been defaulting," Guan Jianzhong, president of Dagong Global Credit Rating Co. Ltd., the only Chinese agency that gives sovereign ratings, was quoted by the Global Times saying.
Washington had already defaulted on its loans by allowing the dollar to weaken against other currencies -- eroding the wealth of creditors including China, Guan said.
Guan did not immediately respond to AFP requests for comment.
The US government will run out of room to spend more on August 2 unless Congress bumps up the borrowing limit beyond $14.29 trillion -- but Republicans are refusing to support such a move until a deficit cutting deal is reached.
Ratings agency Fitch on Wednesday joined Moody's and Standard & Poor's to warn the United States could lose its first-class credit rating if it fails to raise its debt ceiling to avoid defaulting on loans.
A downgrade could sharply raise US borrowing costs, worsening the country's already dire fiscal position, and send shock waves through the financial world, which has long considered US debt a benchmark among safe-haven investments.
China is by far the top holder of US debt and has in the past raised worries that the massive US stimulus effort launched to revive the economy would lead to mushrooming debt that erodes the value of the dollar and its Treasury holdings.
Beijing cut its holdings of US Treasury securities for the fifth month in a row to $1.145 trillion in March, down $9.2 billion from February and 2.6 percent less than October's peak of $1.175 trillion, US data showed last month.
Foreign ministry spokesman Hong Lei on Thursday urged the United States to adopt "effective measures to improve its fiscal situation".
Dagong has made a name for itself by hitting out at its three Western rivals, saying they caused the financial crisis by failing to properly disclose risk.
The Chinese agency, which is trying to build an international profile, has given the United States and several other nations lower marks than they received from the the big three.

she's got a chance. One belonging to a snowball in hell

A really fine economist from France wants to be IMF chief.
No, not Lagarde. She was really cool in Inside Job. great timing. great mugging for the camera,
but she's more of the same. DSK in a skirt, minus the tendency to rape.

This one is saying all the right things about what's wrong with international

raping and finance, er, banking and finance

she wants every country to have a vote. Like the US will allow that to happen @sarc

That's why she hasn't got a chance.

checkitout:
What I would do as head of the IMF
My leadership challenge aims to expose the IMF's policy of imposing brutal cuts while protecting indebted states' creditors
o Aurélie Trouvé
guardian.co.uk
Today is the deadline for nominations in the race for the IMF leadership, and I have put forward a radically alternative candidate to do the job: me.
I am a French economics lecturer and have been the co-chair of the association Attac, an international organisation and network in the global justice movement, for four years. Attac is present in more than 40 countries worldwide, and has tens of thousands of adherents. Founded in France in 1998 by dozens of other associations, unions and alternative media, it has been a mainstay of the construction of the World Social Forum. We are a popular education movement that is action-oriented, and we denounce the mechanisms of neoliberalism while proposing tangible alternatives to both disarm the big world of finances and build an economy at the service of wealth-sharing and the preservation of our planet.
My leadership challeng aims to expose the current and past policies of the IMF, which are to unconditionally defend the interests of the creditors of indebted states while imposing brutal plans of social austerity (look at the state of Hungary, Ukraine and Latvia in 2008, Iceland in 2009, and Greece, Spain, Portugal and Ireland in 2010). Since the devastation brought by the financial crisis in 2008, neither the G20 nor the IMF or other international institutions have taken any steps to significantly reduce the volatility of international financial markets. Speculation is now raging, both on commodities and the securities of public debts.
With the above with mind, here are five crucial steps to tackle the crisis which I would put forward, should I become head of the IMF:
• I would put a stop to all austerity plans, and establish a tax on financial transactions, as well as implementing a strict regulation of transactions on derivatives products.
• I would put forward the co-ordination of economic policies at the international level, bringing countries with excessive imbalances (China, Germany, Japan on the side of those with a surplus, and the US on the side of countries with a deficit) to rebalance themselves in a co-ordinated manner, through adjustments in exchange rates coupled with active fiscal and wage policies.
• I would push for the development of an international currency based on a basket of the major currencies, as an alternative to the dollar.
• I would guarantee special drawing rights (an international reserve asset created by the IMF to supplement its member countries' official reserves) to help countries in difficulty during the period leading to the reduction of global imbalances, or during unexpected economic shocks.
• I would work towards democratising the IMF by integrating it to the UN system, with one vote for each of the 187 IMF member countries. It is about time to put an end to the exclusive ruling power of the biggest economies.

Ozzie and the Bilderbergs

George Osbourne , Chancellor of the Exchequer, UK
Goes to Switzerland to get his marching orders from
the guys with the secret money (in tax havens- there's your problem, George)

checkitout:
Bilderberg 2011: George Osborne attending as chancellor
Charlie Skelton spots some interesting names on the delegate list
So this is some proper journalism what I just done.
Early this morning a Swiss website published a genuine-sounding list of delegates to this year's conference. A couple of names leapt out, both of them Bilderberg alumni: Lord Mandelson (2009) and George Osborne (2006-2009).
On the 2011 delegate list, Osborne appears thus:
Osborne, George, Chancellor of the Exchequer.
I've just spent the entire day trying and failing and failing and trying again to get an official confirmation that Osborne is attending the St Moritz conference, and if so, in exactly what capacity he's here.
At long last the Treasury Press Office gave me a straight answer, but it wasn't the answer I was expecting: "George Osborne is attending the Bilderberg conference in his official capacity as Chancellor of the Exchequer" – and he's coming along "with a number of other international finance ministers." Any Treasury staff? "Probably not more than one."
So – ok – you mean we're paying for Osborne to be here? You mean he's on Treasury business? You mean this is an official summit? You mean he's talking economic policy with the Chairman of Royal Dutch Shell, the CEO of Airbus, and Russian oligarch Alexey Mordashov, the billionaire CEO of Severstal? And Henry Kissinger? In secret? Behind a police cordon?

The Middle East murder mayhem show

I may be stoopid but I just had a new thought today about the reasons
behind the new world order in the Middle East.
UPDATE, BELOW
Ok, so we know that the invasions of Iraq and Afghanistan were fronts for
doing business, for US contractors to rob the US government, for example.

However, now that we see lotsa countries getting in on the Libya thing,
I started thinking, this is not just the old colonial game. There's more to this!

Now, they've got their eyes on Syria.

So, what's going on is:
the US and UK are where they are
to permanently destabilise the Middle East
(including the 'revolutions' in North Africa)
so that war and mayhem will become normal
and so we'll just sit idly by while
they pick off one government after another.

Part 2
After Syria, Iran.

Part 3
They're doing the old divide and conquer, with the Arabs,
and covering for their little friend in Palestine
making sure the Arabs cannot get up a unified voice asking
for peace in the Middle East.
[they almost had a unified voice last year, but now...?]
They'll either do what the US/UK say or they'll
get a revolution or assassination by Tomahawk.

Part 4 the oil, dummy!

Enjoy the warfare. we've got front row seats. Don't forget the popcorn

P.S. the refugee flood is destroying the EU. Another bonus

Here's the flip side. If the US needs you onside, they'll help kill your rebels.

Bahrain, Saudi, Yemen (they're bombing it now)

The sideshow is the Formula 1 race in March was cancelled because
the Bahraini government welcomed in the Saudi army to kill Bahraini Shiites.
The millionnaires were worried about their hides, but not a word about anybody else's.

UPDATE:
The guy from the Daily Bell (below) had the same idea (ignore the China title), at about the same time, about the rise in mayhem. But he missed the real reason.

-Costick67 ~(8^P
checkitout: 2 things
1 Daily Bell
China Tries to Start a War?
Saturday, June 11, 2011 – by Anthony Wile
Anthony Wile
When economic times sour, elites turn to war, or at least start to escalate military tensions. Europe and America are involved in at least four wars now, and unfortunately the West's escalating military involvement probably won't stop there. The West, in fact, seems destined to build a full-scale regional war out of a series of disparate ones.

They are, all of them, phony wars in some sense, even as they endlessly abide. Afghanistan apparently wasn't justified, as the Taliban had nothing to do with al-Qaeda and even offered to turn Osama bin Laden over to the George W. Bush administration based on a submission of evidence (that the US refused to present).

The Iraq war was supposedly aimed at removing weapons of mass destruction (whatever that means) from Saddam Hussein, but it seems he didn't have any. Now the US has taken to bombing Libya and Yemen for some reason; doubtless a justification will emerge (just don't hold you breath).

But building-up war is not simply a Western preoccupation. This is what China seems to be trying to do. You won't read about it because the mainstream media seems allergic to the story, but China's economy seems frankly to be at a kind of turning point (the bad kind), and doubtless the two issues are related.....

2
Jean Todt ignites F1 row with Bernie Ecclestone in Bahrain fiasco
• Bahrain GP set to be wiped from F1 season
• Decision to quit smacks of 'hypocrisy', says Bahrain
* Paul Weaver
* guardian.co.uk, Thursday 9 June 2011 21.10 BST
....
Meanwhile there was further evidence yesterday of the worrying amorality – immorality, even – of Formula One, which has largely turned a blind eye to the killings, woundings, tortures and arrests that have been going on in Bahrain as the people protest for more human rights and greater freedoms....

Greece's debt slavery is just theatre, but it'll feel like Dante's Inferno

I don't know about Ireland's or Portugal's,

but I've got some info that Greece's debt will not be covered,

for very long...

what follows is the story of a bunch of illegal gentlemans'
agreements which are designed to enslave the world.
all suits and ties, and starvation.

If you've read the 'law'/agreement covering the bank loan, it's absolutely

Medieval in its slave-driving tactics.

The Greek government gave away its sovereign right:
-to declare bankruptcy
-to run its own finances
-to protect its land and belongings
-to protect its own citizens and their savings, worldwide
-to get help from any other country

and, it did so willingly!

You would say, "isn't that horrible"
strange thing is, it hasn't been voted on by the parliament,
12 months after it was signed.
It's against the Greek constitution and
against the constitution of lots of other countries.
So, while Merkel is protecting her banks,
German economists have taken the German state
to court saying that to do all the above things
to Greece is against the GERMAN constitution.
You're damn right. It's worse than the Nazi occupation.
[Germany still owes Greece money on behalf of Adolf]

But, the trick is, it never will be voted on.
The Greeks have already figured out what's going on,
so the PM won't dare.
[UPDATE Jn9: the PM was quized about this by his party today and got pissed off. meaning?]

so, why all the fuss?
To keep the charade of Euro economic viability going.
Those banks that are owed money in
London, Germany, France
are all technically bankrupt, like the IMF,
and it's all gonna collapse.
once Spain says "adios" to its debts.

And they want to blame Greece for everything,
so that the banksters don't get the blame.
Nice try. I still blame the Greeks @sarc

The next stalling tactic will be
a hidden/trick haircut or nosejob.

Oh, and the real game on the ground is:
1 the law, though not voted on, still applies, in practice!
2 getting Greece to sell everything cheap,
just like Max Keiser said.
Everything in Greece that is making a profit for the government
(cuz the oligarchy gets it all)
will be sold. Even if there's a crash, that stuff will be gone for good.
3 the government will fire half its workers.
4 oh, and European megacompanies will be using parts of Greece
for next to nothing, with no commitment.
No problem. Here's your brand new
pre-revolutionary Cuba de Batista.
and they might "re-arrange" some parts of Greece.
5 the ever poorer Greeks will keep paying some
of the ever-increasing taxes, while the rich pay nothing.

By the way, the Greek government has no limits
with respect to 'own goals'.
They sold government debt to Greek banks and
it's now semi-worthless,
so Greek banks are also broke,
but they have a guarantor, the Greek government!

the final judgement:

Either the whole banking thing will collapse,
because everybody's got nothing but piss in their gastanks,
or we'll keep going from crisis to crisis,
with rich countries enslaving poor ones,
despite the fact that everybody is technically broke.
Has that for a NWO?

checkitout: this is amazing stuff from Reggie Middleton
http://www.zerohedge.com/article/over-year-after-being-dismissed-sensationalist-questioning-ecbs-continued-solvency-after-sov?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29
the whole page is massive, but really instructive. Here's the Greek story:
....There has been a lot of noise in both the alternative and the mainstream financial press regarding potential risk to the ECB regarding its exposure at roughly 48 to 72 cents on the dollar to sovereign debt purchases through leverage, and at par at that. This concern is quite well founded, if not just over a year or so too late. In January, I penned The ECB Loads Up On Increasingly Devalued Portuguese Bonds, Ensuring That They Will Get Hit Hard When Portugal Defaults. The title is self explanatory, but expound I shall. Before we get to the big boy media's "year too late" take, let's do a deep dive into how thoroughly we at BoomBustBlog foretold and warned of the insolvency of both European private banks and central banks, including the big Kahuna itself, the ECB! The kicker is that this risk was quite apparent well over a year ago. On April 27th, 2010 I penned the piece "How Greece Killed Its Own Banks!". It went a little something like this:

Yes, you read that correctly! Greece killed its own banks. You see, many knew as far back as January (if not last year) that Greece would have a singificant problem floating its debt. As a safeguard, they had their banks purchase a large amount of their debt offerings which gave the perception of much stronger demand than what I believe was actually in the market. So, what happens when these relatively small banks gobble up all of this debt that is summarily downgraded 15 ways from Idaho.

Well, the answer is…. Insolvency! The gorging on quickly to be devalued debt was the absolutely last thing the Greek banks needed as they were suffering from a classic run on the bank due to deposits being pulled out at a record pace. So assuming the aforementioned drain on liquidity from a bank run (mitigated in part or in full by support from the ECB), imagine what happens when a very significant portion of your bond portfolio performs as follows (please note that these numbers were drawn before the bond market route of the 27th)…