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It's Time To Put Cash Under The Mattress.

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  • It's Time To Put Cash Under The Mattress.

    http://www.telegraph.co.uk/finance/p...-managers.html

    It is already too late if you live in Greece where the banks are going to be closed Monday with the risk that the bankrupt Government may seize a percentage of the savings to avoid defaulting on their debt.
    http://www.bloomberg.com/news/articl...vation-or-ruin

    How close is the US from a similar scenario? http://www.usdebtclock.org/
    “Breaking News,”

    “Something irrelevant in your life just happened and now we are going to blow it all out of proportion for days to keep you distracted from what's really going on.”

  • #2
    Good question.

    Interesting choice the Greek government made - first they create a financial disaster, and then they seize private income to pay for their incompetence. That is a crime against the Greek people on many levels, and I expect the Greek government to fail or face a revolution in the very near future.

    Comment


    • #3
      It is time the Greeks were put out of their misery and defaulted.
      "To be free is better than to be unfree - always."

      Comment


      • #4
        I agree, but it's not that simple. Defaulting, for example, means that Greece has zero credit available to restart their economy, which is already in the toilet.

        Seizing the savings of its citizens just means that from that point onwards, no citizen will put any money in the banks, so investment funds dry up.

        If we have anybody from Greece on the forum, it would be educational to know how this whole thing came about.
        Last edited by Mountain Man; 20 Jun 15, 14:46.

        Comment


        • #5
          Originally posted by SRV Ron View Post
          http://www.telegraph.co.uk/finance/p...-managers.html

          It is already too late if you live in Greece where the banks are going to be closed Monday with the risk that the bankrupt Government may seize a percentage of the savings to avoid defaulting on their debt.
          http://www.bloomberg.com/news/articl...vation-or-ruin

          How close is the US from a similar scenario? http://www.usdebtclock.org/
          What do you think? We didn't collapse during the Great Depression. Of course, we didn't have an idot in the White House back then, either.

          Comment


          • #6
            Isn't the Greek thing a process brought about by that Morgan Stanley fraudulent loans program?

            IIRC they bought into that scam and got it the worst...
            Credo quia absurdum.


            Quantum mechanics describes nature as absurd from the point of view of common sense. And yet it fully agrees with experiment. So I hope you can accept nature as She is - absurd! - Richard Feynman

            Comment


            • #7
              I'm not sure. I think you're right that the big international credit scandal had something to do with it, but beyond that I couldn't say.

              Comment


              • #8
                http://money.cnn.com/2015/02/26/inve...ent-mortgages/

                Just wait for their next bailout cry...
                Credo quia absurdum.


                Quantum mechanics describes nature as absurd from the point of view of common sense. And yet it fully agrees with experiment. So I hope you can accept nature as She is - absurd! - Richard Feynman

                Comment


                • #9
                  Originally posted by Mountain Man View Post
                  What do you think? We didn't collapse during the Great Depression. Of course, we didn't have an idiot in the White House back then, either.
                  The original cause of the Great Depression was a combination of farm failures, due to excessive borrowing to modernize, depressed grain prices due to the sudden loss of overseas markets, and extreme drought in the Great plains, excessive stock market speculation using margin leverage, and an export market destroyed by the highest tariffs ever passed.

                  We did, however, have a President that seized all the gold in the hands of private individuals after he ordered all the banks closed.


                  Economic prosperity only came back as a result of the outbreak of war in Europe which was also suffering from the same severe depression.
                  “Breaking News,”

                  “Something irrelevant in your life just happened and now we are going to blow it all out of proportion for days to keep you distracted from what's really going on.”

                  Comment


                  • #10
                    That's debatable ...

                    Originally posted by Mountain Man View Post
                    What do you think? We didn't collapse during the Great Depression. Of course, we didn't have an idot in the White House back then, either.
                    ... and you had Reed Smoot & Will Hawley, enough idiots to pass their Tariff Bill through Congress, a domino stifling of world trade, autarky and conditions that Cordell Hull spent his time in the US Executive Branch trying to overcome, that he figured were in good part responsible for a global conflagration.

                    But I'm sure it'll be okay ...
                    "I am Groot"
                    - Groot

                    Comment


                    • #11
                      Originally posted by SRV Ron View Post
                      http://www.telegraph.co.uk/finance/p...-managers.html

                      It is already too late if you live in Greece where the banks are going to be closed Monday with the risk that the bankrupt Government may seize a percentage of the savings to avoid defaulting on their debt.
                      http://www.bloomberg.com/news/articl...vation-or-ruin

                      How close is the US from a similar scenario? http://www.usdebtclock.org/
                      Hmmmmmm, have I read 'x' number of post predicting this very thing over th last 10 years on the forum??? Seems I have..... and yet....
                      “The time has come,” the Walrus said,
                      “To talk of many things:
                      Of shoes—and ships—and sealing-wax—
                      Of cabbages—and kings—
                      And why the sea is boiling hot—
                      And whether pigs have wings.”
                      ― Lewis Carroll

                      Comment


                      • #12
                        Originally posted by Combat Engineer View Post
                        Hmmmmmm, have I read 'x' number of post predicting this very thing over th last 10 years on the forum??? Seems I have..... and yet....
                        Don't worry, Ron will predict something correctly one of these days...maybe...

                        Comment


                        • #13
                          CE, You do know that during History before Yesterday that FDR ordered the banks closed and all gold in private hands, except for jewelery and rare coins confiscated.

                          Can you provide proof that it would never happen again? And, where does the money come from for the bailout this time?
                          “Breaking News,”

                          “Something irrelevant in your life just happened and now we are going to blow it all out of proportion for days to keep you distracted from what's really going on.”

                          Comment


                          • #14
                            Originally posted by Marmat View Post
                            ... and you had Reed Smoot & Will Hawley, enough idiots to pass their Tariff Bill through Congress, a domino stifling of world trade, autarky and conditions that Cordell Hull spent his time in the US Executive Branch trying to overcome, that he figured were in good part responsible for a global conflagration.

                            But I'm sure it'll be okay ...
                            I don't share your optimism, I'm afraid. Historically, wars are usuallly the "solution" to fiscal crises.

                            Comment


                            • #15
                              Originally posted by SRV Ron View Post
                              CE, You do know that during History before Yesterday that FDR ordered the banks closed and all gold in private hands, except for jewelery and rare coins confiscated.

                              Can you provide proof that it would never happen again? And, where does the money come from for the bailout this time?
                              The US Treasury printing presses. Obie can have as much of it made as he needs.

                              Comment

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