Bank Run!

[impulse]

News Headlines

"Stocks faded in the final hour of trading Tuesday to finish lower following news that Greek depositors withdrew 700 million euros from the nation's banking system and after Greece's leaders failed to agree on a coalition government."

[fmfdocsci]

Originally Posted by impulse

News Headlines

"Stocks faded in the final hour of trading Tuesday to finish lower following news that Greek depositors withdrew 700 million euros from the nation's banking system and after Greece's leaders failed to agree on a coalition government."

Not surprised. Expected.

[john_bud]

True, but could lead to more "unpleasantness", depends on how much more of a run there is tomorrow and the next day.

[Radio Relay]

Greece wants to pull out of the EU, and do what the United States does ... i.e. print it's own money (fiat).

Problem with that is they don't have anywhere near the same size economy of the US. So, they will go the way of the Wiemer Republic very quickly, if they try an economy based on fiat currency.

Their citizens can see what's coming and want to keep their Euros, while they still can.

BTW, don't panic yet. There is going to be another election in Greece, soon. I'm sure Germany will see to it, that it's rigged. So, the EU's side wins (this time) ... Then, maybe brace for a civil war within the European Union, because the Greek unions and anarchists are really not going to like it, and instead of molotov cocktails, they may start throwing bullets... Damned Europeans are getting ready to start yet another World War!

[john_bud]

Originally Posted by Radio Relay

Greece wants to pull out of the EU, and do what the United States does ... i.e. print it's own money (fiat).

Problem with that is they don't have anywhere near the same size economy of the US. So, they will go the way of the Wiemer Republic very quickly, if they try an economy based on fiat currency.

Their citizens can see what's coming and want to keep their Euros, while they still can.

BTW, don't panic yet. There is going to be another election in Greece, soon. I'm sure Germany will see to it, that it's rigged. So, the EU's side wins (this time) ... Then, maybe brace for a civil war within the European Union, because the Greek unions and anarchists are really not going to like it, and instead of molotov cocktails, they may start throwing bullets... Damned Europeans are getting ready to start yet another World War!

But will Germany be on our side this time? That would be "unique".

[Zombie Hunter]

JP Morgan news also helped the DOW close at a 3 month low...the exact day I had to sell some stocks for a home purchase

Oh well less capital gains! Lol!

[Radio Relay]

Originally Posted by Zombie Hunter

JP Morgan news also helped the DOW close at a 3 month low...the exact day I had to sell some stocks for a home purchase

Oh well less capital gains! Lol!

You know they blame that on JP Morgan, but there has been very little attention paid to the 7 (seven) Billion Dollar "mistake" in the in calculating the shortfall in the California budget ...

http://www.nytimes.com/2012/05/13/us...t.html?_r=2&hp

California Knows How to Party… $16 Billlion Too Lavishly | Cato @ Liberty

------------------
BTW Spain is having a run on it's banks today ...

http://news.yahoo.com/spain-slides-b...073134907.html

[Zombie Hunter]

Originally Posted by Radio Relay

You know they blame that on JP Morgan, but there has been very little attention paid to the 7 (seven) Billion Dollar "mistake" in the in calculating the shortfall in the California budget ...

JP Morgan trades on the DOW, California doesn't. But yeah that's a big problem!

[jbg]

The faster Greece exits the EU the better...at least for any parties that aren't Greece! Their acceptance into the EU was prediacted on phony accounting and misleading the EU on the financial standings at the time. They have nothing to offer in the form of exports and therefore need to get out of the EU without taking any more Euros that they won't be able to pay back. If they go to their own fiat currency system (they will have no parties to prop them up anymore) they will have to rely heavily on themselves and their industries to revive their financial situation as nobody is going to be willing to lend them anything for a while after this ongoing debacle. The world financial system is better suited to handle this problem now, as opposed to back in 2008-2010 times, and financial institutions and countries have better aligned themselves to handle this situation. It's only a matter of time.....

[yocan]

Originally Posted by Radio Relay

Greece wants to pull out of the EU, and do what the United States does ... i.e. print it's own money (fiat).

Problem with that is they don't have anywhere near the same size economy of the US. So, they will go the way of the Wiemer Republic very quickly, if they try an economy based on fiat currency.

Their citizens can see what's coming and want to keep their Euros, while they still can.

BTW, don't panic yet. There is going to be another election in Greece, soon. I'm sure Germany will see to it, that it's rigged. So, the EU's side wins (this time) ... Then, maybe brace for a civil war within the European Union, because the Greek unions and anarchists are really not going to like it, and instead of molotov cocktails, they may start throwing bullets... Damned Europeans are getting ready to start yet another World War!

they also don't have the industry or the gold or the military or the bombs or the spy network (I think) to control the event at all.

Originally Posted by john_bud

But will Germany be on our side this time? That would be "unique".

indeed it would.

More important question will the Chinese start buying them up, loans will not be coming, it will be direct purchases this time, or will they watch it burn?

I really see no reason to buy up greece unless you want it to have a place in Europe, which for an Arab or chinese group would be valid reasoning I suppose, imagine Iraq buying it up.