[PM Papandreou- WilliamBanzai7, ZeroHedge]Greece is gonna get out the sheers sooner or later.
Economist N. Roubini seems to think Greece will have to chuck all of its debt.
In the meantime, EU/ECB leaders are enjoying enslaving Greece and selling
off it wares. Let's see who laughs last.
The debt pile that Greece've been given is going nuclear, simply to please banks.
Those banks, and I can see it clearly now, are going to kill of much bigger countries,
very soon. The only way to stop this cataclysm is to give banksters all
a monk's haircut, in public.
[Catholic Monk look]it's actually a scapegoat, and Greece will be the first country to
give the banksters a haircut, and it's gonna become a popular activity.The haircut will get so bad, banksters are gonna need to buy a toupe'.
---UPDATE: to take an idea from TRRN.com, you can't attach a toupe' if you've got no scalp,
and banker scalps is what the people wanna get.
A commentator said, why stop at scalps, when heads should be rolling in the streets. See Max Keiser's guillotine diatribes.
----
Then, we'll move on to back hair
Then, we'll shave their backsides, and teach them to walk backwards, on all fours.
We'll get our pound of folicles, one way or the other.
from Reagan/Thatcher, onward.
That reminds me of the 80s & Haircut 100
Screwing workers to feed banksters just
makes banksters more greedy, thereby killing your country.
Nature will kill off the banks, but countries are still in trouble.
The simple antidotes, to start balancing things out:
1 Companies, increase wages. NOW!
[for an explanation, find Steve Keen on Max Keiser's show]
2 Start taxing millionnaires (yes, that includes billionnaires)
& tax them BEFORE they offshore their money
e.g. tax capital gains at source, at normal tax rates (about 35%).
Otherwise, the banksters' economists are already saying
that we should all be accepting Chinese wages,
because of wage arbitrage. Of course, not all jobs
can be exported, but still, it's pretty scary how nobody in the media is allowed
to criticise this cataclysmic concept.
That reminds me of the 80s & Haircut 100
Screwing workers to feed banksters just
makes banksters more greedy, thereby killing your country.
Nature will kill off the banks, but countries are still in trouble.
The simple antidotes, to start balancing things out:
1 Companies, increase wages. NOW!
[for an explanation, find Steve Keen on Max Keiser's show]
2 Start taxing millionnaires (yes, that includes billionnaires)
& tax them BEFORE they offshore their money
e.g. tax capital gains at source, at normal tax rates (about 35%).
Otherwise, the banksters' economists are already saying
that we should all be accepting Chinese wages,
because of wage arbitrage. Of course, not all jobs
can be exported, but still, it's pretty scary how nobody in the media is allowed
to criticise this cataclysmic concept.
-Cos67 ¬(%^D>
checkitout: from creditwritedowns.com
[HIS ADVICE WILL MEAN NOTHING TO POLITICIANS, I ASSURE YOU -COS67]
Roubini: "Greece is clearly insolvent"
Political Economy | Edward Harrison |
Nouriel Roubini recently spoke to Handelsblatt, the German financial daily, about the sovereign debt crisis in Europe. I have translated the article reporting the conversation below. If I could sum up his words in a sentence it would be: “Greece is clearly insolvent”. I think this is significant for a number of reasons.
In a debt crisis, the basic role played by regulation, financial aid, and lenders of last resort should be to discriminate between the clearly insolvent and the rest. We can see that as a result of the panic in 2008. When the US was bailing out its own indebted entities, I wrote a post called “Bailouts: catching a falling knife”, saying:
Fear creates an environment in which it is extremely difficult to discern the difference between illiquidity and insolvency. Propping up bankrupt institutions only increases doubt and fear, adding to the economic death spiral.
What needs to be done is to comprehensively review financial institutions in a way that makes clear which are insolvent and which are not. Once this issue is taken care of, solvent institutions can be induced to lend if they are infused with enough capital to reasonably cover capital needs for future writedowns of assets already on the books.
As we move forward, you should be watching to see if policy makers understand these facts. If they do not, they will be bailing out insolvent institutions - and taxpayers will be catching a falling knife. We would expect writedowns to increase further from unnecessary dead weight economic loss, lengthening and worsening the recession.
Note that US financial institutions made an accounting gain of $29 Billion in the last quarter. My view is that banks are under-provisioning for loan losses and that the writedowns are still going to come – in great measure during the next cyclical recession. The credit environment is one reason why growth is going to be poor during this cycle. By propping up weak institutions, the bailouts as conducted will have lengthened the downturn through at least the next business cycle. You could quibble and say that if enough losses are socialised, the downturn will only be lengthened, but not worsened.
The same logic is true regarding the European sovereign debt crisis. What investors would like to know is which debtors are clearly insolvent and how the euro zone will deal with those debtors that stand a chance of avoiding principal reduction.
Greece is clearly insolvent. The Europeans should put a plan in place to deal with Greece and to reduce contagion. The contagion to Italy and Belgium is happening right now because of the debt crisis' uncertainty and the inability of the EU to put forward a credible medium-term solution to the sovereign debt crisis. At the same time, the EU should demonstrate credibly how it plan to deal with Ireland, Portugal and Spain’s problems – and how they are not bankrupt.
[HIS ADVICE WILL MEAN NOTHING TO POLITICIANS, I ASSURE YOU -COS67]
Roubini: "Greece is clearly insolvent"
Political Economy | Edward Harrison |
Nouriel Roubini recently spoke to Handelsblatt, the German financial daily, about the sovereign debt crisis in Europe. I have translated the article reporting the conversation below. If I could sum up his words in a sentence it would be: “Greece is clearly insolvent”. I think this is significant for a number of reasons.
In a debt crisis, the basic role played by regulation, financial aid, and lenders of last resort should be to discriminate between the clearly insolvent and the rest. We can see that as a result of the panic in 2008. When the US was bailing out its own indebted entities, I wrote a post called “Bailouts: catching a falling knife”, saying:
Fear creates an environment in which it is extremely difficult to discern the difference between illiquidity and insolvency. Propping up bankrupt institutions only increases doubt and fear, adding to the economic death spiral.
What needs to be done is to comprehensively review financial institutions in a way that makes clear which are insolvent and which are not. Once this issue is taken care of, solvent institutions can be induced to lend if they are infused with enough capital to reasonably cover capital needs for future writedowns of assets already on the books.
As we move forward, you should be watching to see if policy makers understand these facts. If they do not, they will be bailing out insolvent institutions - and taxpayers will be catching a falling knife. We would expect writedowns to increase further from unnecessary dead weight economic loss, lengthening and worsening the recession.
Note that US financial institutions made an accounting gain of $29 Billion in the last quarter. My view is that banks are under-provisioning for loan losses and that the writedowns are still going to come – in great measure during the next cyclical recession. The credit environment is one reason why growth is going to be poor during this cycle. By propping up weak institutions, the bailouts as conducted will have lengthened the downturn through at least the next business cycle. You could quibble and say that if enough losses are socialised, the downturn will only be lengthened, but not worsened.
The same logic is true regarding the European sovereign debt crisis. What investors would like to know is which debtors are clearly insolvent and how the euro zone will deal with those debtors that stand a chance of avoiding principal reduction.
Greece is clearly insolvent. The Europeans should put a plan in place to deal with Greece and to reduce contagion. The contagion to Italy and Belgium is happening right now because of the debt crisis' uncertainty and the inability of the EU to put forward a credible medium-term solution to the sovereign debt crisis. At the same time, the EU should demonstrate credibly how it plan to deal with Ireland, Portugal and Spain’s problems – and how they are not bankrupt.
