Topic: The End?

[charlesoakwood]

Market Ticker makes a compelling argument that Greece is going to default this weekend,
Germany is on the ropes and we may next

It's Over

There is persistent chatter about a Greek default over the weekend, which Greece denied, but the denier refused to be named.  If it's not true, then put your damned name on the statement or be considered what you are - liars.  Greece failed to place their short-term bill rollover.  That's a declaration by the market that even for short-term paper the market has utterly lost confidence in Greece and the Euro.
...
...
Do you believe our banks are not similarly exposed and also insolvent?  YOU'RE BETTING YOUR FUTURE ON THE BELIEF THAT THEY ARE, SO THIS QUESTION IS QUITE GERMANE AND TIMELY: ARE YOU SURE YOU'RE NOT BEING LIED TO EXACTLY AS WE WERE ABOUT GERMAN BANKS?
...
...

[charlesoakwood]

http://www.zerohedge.com/news/here-comes-threat-international-monetary-system-number-three

It appears Zero and Market Ticker are on the same page.

It's that time again when the IMF has just telegraphed something very big and very bad is about to happen.

Well, it is time to shift from the comparative to the superlative: "something biggest must be coming."

[Sectionhand]

It will be lost in all of the 9-11 programming .

[charlesoakwood]

(CNN)

...

Some 5,000 police officers were deployed and about a growing number of protesters -- at least 15,000 -- were already gathered at the various meeting points, police told CNN.
...
Papandreou is expected to announce more austerity measures ahead of a new round of talks with Greece's lenders next.
...

[Libertas]

But we can fix this...just have to float more paper!

Neo-Keynesian Epitaph

[charlesoakwood]

(BBC)



"We will push through all the major changes our country has needed for years," George Papandreou said in Greece's second city, Thessaloniki.
...
Public anger over cuts boiled over into clashes between police and protesters and more than 100 people were detained.

At least 20,000 people joined the protests in Thessaloniki.

[Libertas]

Looters don't give up their freebies easily.

Gosh, if only someone a long time ago told them this level of theft was not sustainable!

 

[charlesoakwood]

The Telegraph

Philipp Roesler, Germany’s economy minister, said an “orderly default” for Greece could no longer be ruled out and branded the country’s deficit-reduction measures “insufficient”.

reading further along

Mr Roesler’s comments come as Germany’s Der Spiegel magazine said finance minister Wolfgang Schaeuble had ordered preparations be made for a Greek bankruptcy.

Ruh ro, Wolfie and Angela got a thing going on - they see eye to eye.
Didn't she suggest Greece sell some of its assets to pay of the debt, like a couple of islands?

Come to Aegina, Greek hospitality and German security, the pick-pockets are gone and the food is delicious.

[Libertas]

Probably too late for that, Greek assets of any flavor are turning sour...

Euro credit tanking -

http://www.zerohedge.com/news/es-futures-retest-overnight-lows-european-credit-opens-ugly

CDS going apesh*t -

http://www.zerohedge.com/news/recordathon-french-bank-european-cds-following-atriocious-italian-bond-auction-dexia-bail-out-l

Greek bonds imploding -

http://www.zerohedge.com/news/i-love-smell-denial-morning

Overseas markets down, we'll open with a thud -

http://www.zerohedge.com/news/no-need-even-wait-rule-48-market-breaks-early

I would expect Gold to resume its march upwards today.

[charlesoakwood]

Link

4 Mar 10 13:47 CET

Greece should sell some of its uninhabited islands to raise cash to avoid bankruptcy, two German parliamentarians from Chancellor Angela Merkel's centre-right coalition suggested on Thursday.

[charlesoakwood]

Germany Plans for Possible Greek Default
09/12/2011

The rest of the euro zone is losing patience with Greece. German Finance Minister Wolfgang Schäuble is no longer convinced that Athens can be saved from bankruptcy. His experts at the Finance Ministry have been working on scenarios exploring what would happen if Greece left the euro zone.

[warpmine]

Germany Plans for Possible Greek Default
09/12/2011

The rest of the euro zone is losing patience with Greece. German Finance Minister Wolfgang Schäuble is no longer convinced that Athens can be saved from bankruptcy. His experts at the Finance Ministry have been working on scenarios exploring what would happen if Greece left the euro zone.

What gave him the impression that it could be saved to begin with. Certainly the parasites on the government dole don't give a rat's ass what happens as long as they continue to get their blood. Wishful thinking just doesn't cut it if your dealing with unreasonable dolts raised on government largess

[Libertas]

Germany Plans for Possible Greek Default
09/12/2011

The rest of the euro zone is losing patience with Greece. German Finance Minister Wolfgang Schäuble is no longer convinced that Athens can be saved from bankruptcy. His experts at the Finance Ministry have been working on scenarios exploring what would happen if Greece left the euro zone.

What gave him the impression that it could be saved to begin with. Certainly the parasites on the government dole don't give a rat's ass what happens as long as they continue to get their blood. Wishful thinking just doesn't cut it if your dealing with unreasonable dolts raised on government largess

Yes, their fix such as it is, is merely a bandaid on a sucking chest wound...it seems pointless but they are trapped into believing it is their only option...this is what happens when banks are supported by paper and little else...the paper can disintegrate and shoring it up with more paper makes both parties more codependent and more vulnerable...the system is unsustainable and will crash one way or another...

[jpatrickham]

Daily Policy
 
Tax and Spending Issues
September 15, 2011

Can We Determine the Optimal Size of Government?

"The massive spending programs and new regulations adopted by many countries around the world in response to the economic crisis of 2008 have drawn renewed attention to the role of government in the economy.  Studies of the relationship between government size and economic growth have come up with a wide range of estimates of the "optimal" or growth-maximizing size of government, ranging anywhere between 15 and 30 percent of gross domestic product (GDP), says James A. Kahn, the Henry and Bertha Kressel Professor of Economics at Yeshiva University.

Kahn's paper argues that such an exercise is ill conceived.

Modern growth economics suggests, first, that government policies leave their long-term impact primarily on the level of economic activity, not the growth rate.
Second, it suggests that the sources of this impact are multidimensional and not necessarily well measured by conventional measures of "size," such as the share of government spending in GDP.
In fact, measures of economic freedom more closely relate to per capita GDP than do simple measures of government spending.
The evidence shows that governments are generally larger than optimal, but because the available data include primarily countries whose governments are too large, it cannot plausibly say what the ideal size of government is.  The data can realistically only say that smaller governments are better, and suggest that the optimal size of government is smaller than what we observe today."

Source: James A. Kahn, "Can We Determine the Optimal Size of Government?" Cato Institute, September 14, 2011.

For text:

http://www.cato.org/pub_display.php?pub_id=13647il

For more on Tax and Spending Issues:

http://www.ncpa.org/sub/dpd/index.php?Article_Category=25

[Libertas]

"In fact, measures of economic freedom more closely relate to per capita GDP than do simple measures of government spending."

             

[charlesoakwood]

“This is the end,” says Hannan, in the face of a 98% likelihood of Greek default in the bong* markets.

This is the end


The Doors - The End


HT: R.S. McCain

[trapeze]

Markets could be pretty bad on Monday morning.

[jpatrickham]

Markets could be pretty bad on Monday morning.

Black Mondays, are becoming a Patern!

[charlesoakwood]

Published: September 18, 2011
In Germany, the mood seemed to be turning increasingly in favor of letting Greece fail rather than to bear the growing cost.

Wolfgang Schäuble, the German finance minister, repeated warnings that Greece would not receive any more aid unless it kept promises it had made...
...
Voters in Berlin, at least, did not punish Chancellor Angela Merkel for her handling of the debt crisis. Her Christian Democratic Union gained two percentage points in regional elections on Sunday compared with the last election five years ago, winning 23.4 percent of the vote.

No they didn't punish her, she was rewarded.  It appears they approve her actions now more than before. 

It has been suggested Greece sell a couple of Islands and pay off the debt but the ministers know paying off government workers now only insures future turmoil and it may be worse.

[Libertas]

Down 200 with banks stocks leading the decline.

And I didin't even see it coming!

/