Debt Rattle July 3 2015


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  • This topic has 13 replies, 8 voices, and was last updated 8 months ago by Raúl Ilargi Meijer.
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    Harris&Ewing Buying Army surplus food sold at fish market 1919 • Greek Banks Down To €500 Million In Cash Reserves As Economy Crashes (AEP) • Cash Cru
    [See the full post at: Debt Rattle July 3 2015]

    Ken Barrows

    Looks like “yes” tomorrow. Global corporatism or bust! I can understand the “yes” vote if the voter thinks there is no alternative. I can say the Greeks are running scared, but any country probably wouldn’t be better if faced with the same situation.


    Ken Barrows – that’s why you should never form alliances like this. It’s why you should never hand over your pension money to others. You want to be free, you live within your means and you look after your own money. As soon as the elite get people and countries sewn up in their little schemes, you’re toast.

    The Greeks should leave and vote “no”. It will be painful at first, but they will do just fine. Get out while you can.

    Diogenes Shrugged

    Ken Barrows: “… but any country probably wouldn’t be better if faced with the same situation.”

    That situation, in my opinion, is a dis-infomed populace. There should be laws separating media and state, just as there are laws separating church and state. Assuming you’re going to have a state at all, that is.

    Raleigh: “It’s why you should never hand over your pension money to others. You want to be free, you live within your means and you look after your own money.”

    My gosh how I wish I could have heard (and heeded) your advice forty years ago. So much time and effort to generate scraps of surplus to invest, only to find over and over again that it’s disappeared to support incompetent or dishonest men. This entire species needs to take a hard look at trust. Is it merely coincidence that the people with the most power and wealth are often the least trustworthy? Economies of scale benefit everybody, but not if those benefits accrue solely to those with say-so.

    The world is giving me PTSD, and I’ve never even been in the military.

    Diogenes Shrugged

    Incidentally, there should also be laws separating medicine and state, as well as laws separating agriculture and state. Also, separating national defense and state. Okay, separating justice and state, too.

    I’m probably alone in this, but I think the only conceivable function of government that might be deemed legitimate is printing the money supply. But have you noticed? It’s the ONLY function governments no longer perform.

    Hey Greeks: you’d be better off using olives and shots of ouzo as money. Lagarde was a bad mommy and you’re not helping yourselves by continuing to live in her basement. Time to act like adults and leave this dysfunctional family before the beatings resume.

    John Day

    “Looking after your own money” still means holding physical gold in a “safe” place, since all that fiat is a continuously variable algorithm these days, and slips through one’s fingers. Kyle Bass is getting UT Austin to do a bit of that. A vegetable garden is a good investment of personal experience and time. Storing water, beans, rice, oil, salt, sugar and propane is a doable investment, but disheartening and limited.

    Stockman has a take on Greece, which seems like the underlying vision Varoufakis has. To look at all of this honestly (which can be forced) every European country needs to default on debt, as soon as the dominoes start falling.
    The Euro can’t survive that, and global finance will reset.

    Good On You, Greece—–But Don’t Waver Now (Part 2)


    In the end, the NSA gets it’s man installed in Athens, the Greek debt vanishes into the ether of Central Bank largess, and Putin loses a pipeline corridor. This ain’t about Greeks. It’s just Geopolitics.

    All of Western Europe, having existed these past 70 years under a massive U.S. Military umbrella, is now going to need to cough up it’s dues. Call it whatever, it’s just Imperialism with a Corporatist face.

    Looked at another way, the EU will likely ultimately be “owned” by;
    1. Russia
    2. China
    3. The U.S.

    Three guesses on the winner, (and the first two don’t count.)
    Think about it. All three of the above possess tremendous military power. All but France, in the EU, have been disarmed. And surrender is not a “foreign” concept in France, especially considering today’s bankrupt Hollandesque mess.


    A brief look at Iceland’s economy; with interesting and unstated biases hiding in it.

    I’m perpetually bemused by the easy reference of economancers to “the real economy” – which has some effects on “the economy”, but is basically a minor phenomenon in global considerations. They see that this bit is “real”, but don’t quite grasp that the other bit, in their own understanding, is then “other than real”. A very strange place they live in.


    Diogenes – “The world is giving me PTSD, and I’ve never even been in the military.” Yeah, no kidding! The elite keep changing the rules every two seconds. Which way is up? Hell if I know anymore. I tell my kids to save a bit of money, and then I think, “What the heck am I saying? Is this what I should be telling them, in the new world disorder where everything they’ll manage to save will be inflated away by tomorrow morning?”

    Whoever is running this show are simply not going to let this massive Ponzi deflate. They’ve backed themselves into a corner and they don’t know how to get out. I suspect they’re hoping China does it for them; that way they can deflect the blame elsewhere. I’m sure they’ve always manipulated, cheated and lied. It’s just that we never saw behind the curtain like we are now.

    But re pensions and saving your own money – yeah, everybody would have been so much better off. Then, if the elite started inflating everybody’s hard-earned money away, people would be screaming. The way it is now, nobody really says anything, so long as their pension cheque keeps rolling in. The elite hold this over everyone’s heads: “If you don’t play along, you won’t get the money we promised you. Oooh, watch out, don’t upset the apple cart. Think of your pension money.” Silence.


    And talk about engineering – just look at what China is doing to prop up their stock market. And then we allow them to come over and buy up our cities and businesses.

    “After market close, a CSRC spokesman said China would cut initial public offerings and capital raisings and support long-term investors entering the market to help stabilize prices.

    It also said China’s official margin lender for brokerages, which makes loans available for stock market investment, would boost its capital base to 100 billion yuan ($16 billion) from 24 billion yuan to expand its business.

    A flurry of policy moves over the past week, including an interest rate cut and a relaxation of margin lending rules, had failed to arrest the sell-off.

    The People’s Bank of China (PBOC) also rolled over 250 billion yuan of medium-term loans to banks late on Friday to ensure adequate liquidity in the system.

    “The government must rescue the market, not with empty words, but with real silver and gold,” said Fu Xuejun, strategist at Huarong Securities Co, before the CSRC and PBOC announcements, adding that a market crash would hurt banks, consumption, companies and even trigger social instability. “It’s a disaster. If it’s not, what is it?”

    Where’s Waldo – I mean Greenspan? The Chinese have probably got him on speed dial, “What do we do now, Mr. Greenspan?” China is going after the short sellers:

    “The China Daily newspaper said on Friday that the CSRC was probing investors who used stock index futures to “short” the market – or bet on prices falling. Sources with direct knowledge told Reuters that the China Financial Futures Exchange (CFFEX) had suspended 19 accounts from short-selling for a month.

    After market close, CFFEX said it was introducing transaction fees on futures contracts on three indexes and strengthening the market to combat short-selling activities.

    Guotai Junan Securities (601211.SS), one of China’s top brokerages, said it would suspend lending securities to clients for short-selling and step up monitoring of abnormal trading behavior by short-sellers.”

    No, no manipulation here:

    “Beijing has been struggling since the weekend to find a policy formula to restore confidence in its stock markets.

    So far, rapid-fire steps including easing monetary policy, encouraging more pension funds to invest in stocks and cutting transaction costs have failed to stem the slump.

    The CSRC has relaxed rules on using borrowed money to speculate on stocks, letting brokerages set their own tolerance level on margin calls and allowing the rollover of margin lending contracts.”

    The article starts off by saying, “Chinese stocks tumbled again on Friday, taking the week’s losses to more than 10 percent, as the securities regulator said it was investigating suspected market manipulation and announced a slew of measures aimed at heading off a full-blown crash.”

    This makes sense, doesn’t it? They’re going after suspected market manipulators because they’re upsetting the out-in-the-open manipulators from propping up the market! Unfrigginbelievable!

    Where’s my bottle of Tequila?


    I like this line from Charles Hugh Smith: One person’s livelihood is another person’s vested interest.

    “The idea that our large-scale problems could be fixed with systemic reforms is enticing: replace the thousands of pages of tax code with a simple flat tax without deductions, for example, or the replacement of too big to jail/fail banks with community-owned banks that served the public, not shareholders.

    But the attraction of reforms is a siren song, because our system is run by vested interests for vested interests, period. Any real reform is Dead On Arrival (DOA) because any real reform threatens the swag and security of vested interests.

    One person’s livelihood is another person’s vested interest.”


    “30% Bail-In Haircuts on Greek Deposits Over €8,000 Coming Up; Banks to Raid Deposits to Avert Collapse

    I warned countless times over the last six months that Greek citizens need to pull their deposits before it was too late. Today I report it’s too late. 30% bail-in haircuts on Greek bank deposits are coming up. […]

    The only thing curious is the timing of the announcement. Actually, there was no official announcement. Rather a statement by “bankers and businesspeople” who likely wish to influence the vote to yes.

    This news could do it. However, haircuts will come either way.”

    TAE Summary

    * Greer said “Catabolic collapse”
    Snuffy said “Bee good or Bee careful”
    JFK said “Things do not happen, things are made to happen”

    * Storing beans is disheartening; Being in an empire is disemboweling

    * The Greeks are a test case; ‘No’ does not guarantee success but ‘Yes’ guarantees failure; ‘No’ will be bitter in the mouth but sweet in the belly; The Greeks may prove atroikaphobic; We are all Greek now

    * Ouzo as a medium of exchange
    – Constant Utility – check
    – Low cost of preservation – check
    – Transportability – check
    – Divisibility – check
    – High value – check
    – Recognizability – check
    – Resistance in counterfeiting – check
    – Grape presses, not printing presses

    * Never hand over your pension money to others; Make them pry it from you cold, dead hands

    * We have Economies of scale: The ones with scales control the economies

    * The rules change every two seconds; Laws should require separation of media and state; China props up its stock market and attacks short sellers; No body complains as long as the pension check arrives on time; One persons livelihood is another person’s vested interest; Shave and a hair cut, 30 percent

    * Reform is a siren song; Just plug your ears with beeswax or tie yourself to the mast and wait patiently for Scylla and Charybdis

    * Whatsoever peon shall save his money shall lose it but whatsoever corporation shall lose its money shall find it.
    For what is a corporation profited, if it have a soul, and lose the whole world? or what shall a corporation give in exchange for the world?


    TAE Summary – very well done!

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