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Posts Tagged ‘Reality’

Ο ΚΟΣΜΟΣ ΣΤΟ ΧΕΙΛΟΣ ΤΟΥ ΠΟΛΕΜΟΥ? – A World On The Verge Of War?

Posted by satyrikon στο 16 Σεπτεμβρίου, 2012

Revolutionary Guards

Revolutionary Guards (Photo credit: Wikipedia)

Here is a summary of where the world stands:

From Reuters:

Posted in ΕΠΙΚΑΙΡΟΤΗΤΑ, επικαιρότητα | Με ετικέτα: , , , , , , , , , , , , , , , , , , , , , | 1 Comment »

ΖΑΝ ΚΛΩΝΤ ΓΙΟΥΝΚΕΡ, ΕΝΑΣ ΠΑΘΟΛΟΓΙΚΟΣ ΨΕΥΤΗΣ-The Truth Behind Juncker’s Lies: In The Second Largest Greek City, 1250 Companies Have Shuttered In 2012 | ZeroHedge

Posted by satyrikon στο 22 Αυγούστου, 2012

English: Jean-Claude Juncker at the EPP summit...

English: Jean-Claude Juncker at the EPP summit in October 2010 (Photo credit: Wikipedia)

European viceroy of various neo-colonial territories Jean-Claude Juncker, best known for being a self-professed pathological liar, just concluded a press conference in which he did what he does best: lie. Here is a sampling of the soundbites along with our commentary:

  • EU’S JUNCKER SAYS TRUTH IS GREECE SUFFERS CREDIBILITY CRISIS – coming from a pathological liar, this one is our favorite
  • EU’S JUNCKER SAYS CONVINCED GOVERNMENT WILL TAKE ALL MEASURES. «all measures» = «all gold»
  • EU’S JUNCKER: FULLY CONFIDENT GOVERNMENT TO TAKE ALL EFFORTS «all efforts» = «all gold»
  • EU’S JUNCKER SAYS GREECE MUST OPEN UP CLOSED PROFESSIONS.  Chimneysweep? Bootblack? Telegraph Operator? Tax Collector? Prosecutor? Uncorrupted muppet?
  • EU’S JUNCKER SAYS BALL IS IN GREEK COURT; IS LAST CHANCE. The ball will be repoed to the ECB shortly
  • EU’S JUNCKER SAYS NOT SAYING THERE WON’T EVER BE A 3RD PROGRAM or 33rd program
  • EU’S JUNCKER SAYS GREEK EURO EXIT WOULD BE RISK TO EURO AREA and Obama’s reelection
  • EU’S JUNCKER SAYS BALL IS IN GREEK COURT; not for long: ball will soon be repoed to the ECB

And much more propaganda. Here is the truth. According to Greek Thema, in Thessaloniki, the second-largest city in Greece, so far in 2012, an unprecedented 1,250 companies have shut down. This means no jobs, no tax revenues, no money in circulation. A complete and total economic collapse.

So let us explain: while Greece and Europe may engage in endless check kiting Ponzi schemes: such as the most recent one, whereby Greece promises to pay Germany by issuing bills, bought by its banks, which in turn are repoed to the ECB via the ELA, with the cash used by the country to pay Germany and the ECB, even as Germany’s contingent liabilities get more massive by funding the ECB’s capital, the reality is that unless someone does some work, and creates real wealth, real money, instead of merely shuffling electronic cash from Point A to Point B, while the only thing increasing are German contingent liabilities, aka systemic debt, absolutely nothing will change.

μέσω The Truth Behind Juncker’s Lies: In The Second Largest Greek City, 1250 Companies Have Shuttered In 2012 | ZeroHedge.

 

 

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Greece — What Matters And What Does Not | ZeroHedge

Posted by satyrikon στο 16 Ιουνίου, 2012

From Mark Grant, author of Out of the Box

Greece—What matters and What does Not

The bond market is heading East while the equity markets heads West because they have two totally different focuses at present. I have seen this often enough in my almost four decades on Wall Street and I am always amused when this differentiation takes place. It is really just a reaction to what either market is staring at that causes this phenomenon to take place and, eventually, one market proves to be correct while the other gallops along to catch up. The stock markets seem buoyed by the possibility of the more EU friendly government to win this Sunday’s election and they are taking comfort in the hope for support of the world’s major central banks and the possibility of more easing; a new or redefined QE3. The fixed income people are concentrating on the possibility of a systemic financial shock, the recession in Europe that will affect the United States and the plight of the European banks. In my experience the bond markets generally get it right and get there first and I expect nothing different this time.

Let us calmly consider the facts as we can ferret them out and change our focus to reality and not what we are spoon fed by the Europeans. Greece has a total debt of about $1.3 trillion. This is composed of their sovereign debt, which Europe counts, and then their $90 billion in derivatives, their Federally guaranteed regional debt, their sovereign guaranteed bank and corporate debt, their obligations to the EU and finally their loans at the other central banks. It is just simple addition and not my opinion; I am just counting all of the liabilities while Europe does not. Then if you take their GDP and divide it by their total debt you get a debt to GDP ratio of around 453%. You may claim, and somewhat correctly, there is value in some of their assets which would be an off-set in case of actual default but the problem here is that they are a sovereign nation so how one would lay claim to any Greeks assets would be quite problematical.

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How Will A Spanish Bailout Deal Effect The Greek Elections ? | ZeroHedge

Posted by satyrikon στο 9 Ιουνίου, 2012

Submitted by The Needle BlogHow will a Spanish Bailout Deal Effect the Greek Elections ?

Image

Alexis Tsipras, the big winner of the Spainish Bailout Negotiations ?

Spain is holding out for a better bailout deal.

Spanish banks need an estimated €40 billion but will likely need much more than that. see definition of ‘recipriversexcluson’ The ECB wants to lend the money to Spain so that it can then bailout it’s own banks but Spain wants the ECB to lend the money directly to the Spanish banks, in this way the ‘loan’ is not a Spanish sovereign liability but a liability of the banks themselves. The ECB, correctly, perceive that those Spanish banks don’t have an assured future even with a bailout, whereas, the country of Spain is unlikely to disappear from the map of Europe anytime soon, and they have a better chance of getting their money bank from Spain than if they bailed out the banks directly.

This issue is at the heart of the negotiations which have taken place over the last week and look set to be concuded by teleconference this afternoon. I’ve written above that it’s the ECB negotiating with Spain but in reality it’s Germany and some other Northern Eurozone countries who are driving the ECB position.

The final result will be a fudge, which is  unbelievable considering that the two positions seem irreconcilable, but as both sides seems to be pursuing a negotiating position based on M.A.D (Mutually Assured Depression) and neither side can afford to back down, so a fudge it must be.

All this wrangling appears rather interesting if you happen to be a Greek trying to decide who to vote for in the upcoming Greek election.

If the Spanish cave in to the ECB position then this would strengthen the hand of the mainstream pro-bailout Greek parties, Pasok and New Democracy, whereas, any compromise or ‘better deal’ for Spain than Greece got, will strengthen the hand of anti-bailout party Syriza.

The Spanish government are, in effect, taking a similar negotiating postion to the one Syriza are proposing to take if they get a majority in the Greek election next week and if the ECB compromise the message to the Greek electorate will be loud and clear, ‘there is room for negotiation on the established Greek Bailout package’ , something which Syriza have always claimed but which Pasok and New Democracy have always dismissed.

Under those circumstances, who would you vote for ?

This next week will be another interesting one. Fast forward and imagine that a Spanish/ECB compromise has already been announced. If the Troika maintain their current position on Greece then Syriza look bound to win in a week’s time. As the Troika don’t want this they will need to offer some kind of bailout negotiation to Greece with some prospect of compromise, they may even hint that Pasok and New Democracy are in a better position to secure any compromise.

Will this work ?

I doubt it, but it is the only chance the Troika have of avoiding a Syriza rout.

I suspect history will record that the moment that the Spanish bank bailout compromise was announced, was the moment that a Syriza win in the second Greek election became certain, and they will have a mandate to negotiate in the same manner as the Spanish government have.

 

via Guest Post: How Will A Spanish Bailout Deal Effect The Greek Elections ? | ZeroHedge.

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The Reign In Spain Is Over | ZeroHedge

Posted by satyrikon στο 5 Ιουνίου, 2012

The Reign In Spain Is Over

From Mark Grant, author of Out of the Box

 

Spain Capitulates

Spain has now officially asked the European Union for aid for its banks. The markets seem to be responding as if the bank issue is isolated. It is not isolated. We are following the same schematic as we did with Ireland; first it was the banks and then it was the country and then the “Men in Black” showed up to take over. Spain says it is a 50 billion Euro problem and the reality is probably more like a 400 billion Euro problem. There is all kinds of cross lending between the banks in Spain and while Spain’s largest two banks have tried everything they could to isolate themselves; I predict there will be no escape for anyone. Now that Spain has asked for a bailout of their banks the European auditors will show up and I would bet large money that the values of many loans and the value of Real Estate and the securitizations tied to it will be found to have been vastly overstated. Then it will be the regional governments and their debts and the house of cards will implode. The Spanish Finance Minister kicked off the first domino this morning and we can all just stand by now and watch the rest fall.

Bear in mind that the current Stabilization Fund in Europe, not the one that is not even yet in existence, has nowhere near the capital to shore up the Spanish banks much less the country. The G-7 is having an emergency meeting about Spain this morning and while there is a lull presently; it will not last. The periphery nations, led by Spain, are pushing on Germany and the funding nations to step-in but the cost will be very high and a huge loss of sovereignty. I doubt if many in Europe understand the price that will be extracted which will be the EU taking over Spain’s financial system, taxes and social services so that Brussels/Berlin will control the country. Spain arrived at the precipice, as I have predicted many times and this morning; they have fallen over the edge.

So long and thanks for all the sardines!

Sancho is no longer fighting with windmills this morning. Notions of some charming book or a small foray into the countryside have been replaced by a much more serious confrontation where Germany will demand vengeance for the irresponsible behavior of Spain. Make no mistake here, don’t get fooled again; Spain is going to come under the heel the jackboot and applying what motives you may to Germany will make little difference in the end. The current government of Spain will no longer be in control. First it will be the banks and then the regional debt and, recognizing the inevitable yet or not; the end-game began this morning. Spain is done!

I’ll be seeing you
In all the old familiar places
That this heart of mine embraces
All day through

 

In that small cafe
The park across the way
The children’s carousel
The chestnut tree
The wishing well 

 

                           -I’ll be Seeing You

via The Reign In Spain Is Over | ZeroHedge.

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