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  #61  
Old 23.05.2011, 17:20
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Re: Is 300 billion Euros enough for a normal lifestyle... in Athens?

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The US has decided to follow the ostrich method for now... the legislators will huff and haw, express outrage and indignation, score political points and then raise the debt ceiling. The printing presses will run all night and on weekends, and the US$ will head further towards the gutter..

Future generations will pay dearly for this folly; but for the moment the politician-financier mafia will happily dunk their noses in the trough. The American public has no stomach for belt-tightening. This way the political system robs the working man's savings and pensions and mortgages their children and no one is any wiser..
Very true except...... will the usd weaken against the euro? a currency that to all intents and purposes has zero credibility nor financial backing behind it with more than 50 pct of the economies in default mode?
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Old 23.05.2011, 17:29
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Re: Is 300 billion Euros enough for a normal lifestyle... in Athens?

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I want to know who has the $14.3 trillion, exactly? It must be somewhere, surely?

Some of it is in the hundreds of thousands of newly built but unoccupied condos lining the beach in Florida. Some of it is in the cheap clothes and toys and DVD players that Americans have consumed in the millions over the last decade, and is probably now in landfills. A lot of it was burnt to power soccer moms and their ginormous SUVs. I suspect a lot of it was rinsed thru Swiss bank accounts and is
now sitting in overseas properties and investments....
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  #63  
Old 23.05.2011, 18:17
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Re: Is 300 billion Euros enough for a normal lifestyle... in Athens?

qe and bush tax breaks
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  #64  
Old 23.05.2011, 18:41
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Re: Is 300 billion Euros enough for a normal lifestyle... in Athens?

To me, the whole EU / Euro expansion is comparable to Swissair. Swissair, a well-run and profitable airline, went and bought up a lot of smaller, inefficient or loss-making airlines, thinking it's size would bring it dominance and market share. Instead, those smaller airlines sucked it dry like parasites, and weakened it to the point that a small shock would make it crumble...which arrived in the form of 11/9/2001.

The PIGS cannot gain competitiveness without weakening their currencies, which are being pulled in the other direction by France and Germany. Something has to break...
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  #65  
Old 24.05.2011, 09:28
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Re: Is 300 billion Euros enough for a normal lifestyle... in Athens?

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To me, the whole EU / Euro expansion is comparable to Swissair. Swissair, a well-run and profitable airline, went and bought up a lot of smaller, inefficient or loss-making airlines, thinking it's size would bring it dominance and market share. Instead, those smaller airlines sucked it dry like parasites, and weakened it to the point that a small shock would make it crumble...which arrived in the form of 11/9/2001.

The PIGS cannot gain competitiveness without weakening their currencies, which are being pulled in the other direction by France and Germany. Something has to break...
I suspect that with the news talking about spain next and looking more closely at the italian situation , that Greece threatens to break the Euro as its difficult to see how, if they run headfirst into the wall, that they can be bailed out, which makes a mockery of the eurozone regulations for member states.As said last night by one commentator, if the govt falls and the new one refuses to make the required changes (job cuts, retirement age increasee and state asset disposal) then they will default and bring down the banks with them. incidentally the loan rate today for greek sovereign debt is 25pct - nuff said.
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  #66  
Old 25.05.2011, 23:48
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Re: Is 300 billion Euros enough for a normal lifestyle... in Athens?

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There was a lot of talk some 2 or 3 years ago about regulating the CDS market but as far as I remember it was never done.
Always thought the CDS market was a house of cards; if one falls down then so does the whole house.
Talking of which, I quote from today's paper "the cost of one-year US credit default swaps, which insure against default, almost tripled in six trading days."

Time to go to the nuclear bunker with crates of wine, bundles of CHF & piles of gold bars.
See you in the Autumn......
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  #67  
Old 26.05.2011, 07:38
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Re: Is 300 billion Euros enough for a normal lifestyle... in Athens?

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Talking of which, I quote from today's paper "the cost of one-year US credit default swaps, which insure against default, almost tripled in six trading days."

Time to go to the nuclear bunker with crates of wine, bundles of CHF & piles of gold bars.
See you in the Autumn......
Nah someone mark to market balance sheet will show a healthy profit whilst "honestly " counting the loans to the pigs at 100 pct thereby getting a huge bonus for the cds trader
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  #68  
Old 26.05.2011, 18:34
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Re: Is 300 billion Euros enough for a normal lifestyle... in Athens?

Will be interesting to see how the ecb handles the Deauville summary
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  #69  
Old 27.05.2011, 13:00
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Re: Is 300 billion Euros enough for a normal lifestyle... in Athens?

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Will be interesting to see how the ecb handles the Deauville summary
Today
$= 0.85xx chf
euro= 1.21xx chf

I think the ecb & SNB are just spectators like the rest of us
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Old 27.05.2011, 13:07
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Re: Is 300 billion Euros enough for a normal lifestyle... in Athens?

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Today
$= 0.85xx chf
euro= 1.21xx chf

I think the ecb & SNB are just spectators like the rest of us
yeah..agree...I think it is going to get worse...everyone is still sipping on Cool Aid...
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  #71  
Old 27.05.2011, 13:23
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Re: Is 300 billion Euros enough for a normal lifestyle... in Athens?

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Today
$= 0.85xx chf
euro= 1.21xx chf

I think the ecb & SNB are just spectators like the rest of us
except that they placed a multibillion bet on the wrong horse

Last edited by Phil_MCR; 30.05.2011 at 22:00.
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Old 27.05.2011, 13:50
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Re: Is 300 billion Euros enough for a normal lifestyle... in Athens?

Do you think it is possible to reach euro = 1.10 chf?
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  #73  
Old 27.05.2011, 14:05
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Re: Is 300 billion Euros enough for a normal lifestyle... in Athens?

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yeah..agree...I think it is going to get worse...everyone is still sipping on Cool Aid...
Nah - Cool Aid bottles but carefully coloured cocktails inside.......
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Old 27.05.2011, 14:21
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Re: Is 300 billion Euros enough for a normal lifestyle... in Athens?

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Do you think it is possible to reach euro = 1.10 chf?
Does the Pope wear a stupid looking hat?!

Last edited by climber; 27.05.2011 at 14:22. Reason: Typo
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  #75  
Old 27.05.2011, 14:39
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Re: Is 300 billion Euros enough for a normal lifestyle... in Athens?

Thanks to Greece the Swiss franc has got so strong that all of you can visit any European country (or Britain) and feel rich!


Now more seriously, as a Greek I didn't want the initial bailout plan anyway. I wanted Greece to default first, then abandon the Eurozone and go back to its own currency, and then the E.U. providing financial support in order to rebuild the country from scratch. And by country I mean everything, starting from the state.
Even now (though it would have been better last year), instead of trying to save a corpse, just let it die and let something new be born.
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  #76  
Old 27.05.2011, 14:51
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Re: Is 300 billion Euros enough for a normal lifestyle... in Athens?

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Thanks to Greece the Swiss franc has got so strong that all of you can visit any European country (or Britain) and feel rich!


Now more seriously, as a Greek I didn't want the initial bailout plan anyway. I wanted Greece to default first, then abandon the Eurozone and go back to its own currency, and then the E.U. providing financial support in order to rebuild the country from scratch. And by country I mean everything, starting from the state.
Even now (though it would have been better last year), instead of trying to save a corpse, just let it die and let something new be born.
Trouble is you say that fot spain italy portugal as well. If greece had left the
eurozone, well the eurozone wouldnt be well it wouldnt
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  #77  
Old 27.05.2011, 17:40
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Re: Is 300 billion Euros enough for a normal lifestyle... in Athens?

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Trouble is you say that fot spain italy portugal as well. If greece had left the
eurozone, well the eurozone wouldnt be well it wouldnt
Wot??
Are you already on the Friday sauce?
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Old 27.05.2011, 19:25
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Re: Is 300 billion Euros enough for a normal lifestyle... in Athens?

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Trouble is you say that fot spain italy portugal as well. If greece had left the
eurozone, well the eurozone wouldnt be well it wouldnt
Please add some punctuation - I'm not sure what you are saying here...
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  #79  
Old 27.05.2011, 19:44
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Re: Is 300 billion Euros enough for a normal lifestyle... in Athens?

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Now more seriously, as a Greek I didn't want the initial bailout plan anyway. I wanted Greece to default first, then abandon the Eurozone and go back to its own currency, and then the E.U. providing financial support in order to rebuild the country from scratch. And by country I mean everything, starting from the state.
Even now (though it would have been better last year), instead of trying to save a corpse, just let it die and let something new be born.
You can't be serious... a country can't just default on its international obligations.. not only would be morally questionable but it would simply mean there is no way it could refinance its debt meaning highway to bankruptancy.
Retirement age to 67 for everyone (like those who are bailing them out like Germany), heavy handed fight against corruption and drastic cuts in the overblown public sector. It is going in the right direction currently, but the EU certainly doesn't trust the Greek govt. too much.
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Old 27.05.2011, 19:54
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Re: Is 300 billion Euros enough for a normal lifestyle... in Athens?

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Trouble is you say that fot spain italy portugal as well. If greece had left the
eurozone, well the eurozone wouldnt be well it wouldnt
Sorry ipad faults. What i was replying was that if Greece defaulted, what would stop the other "pigs" plus others doing the same bringing an ugly end to eurozone , incidentally, as predicted by more than one a few years ago.
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