[gMUVgw71]

That really only applies to SOME US-born Greeks whose parents were recent transplants. That social behavior isn't generational.

To be clear, in Greece proper it's not racism but xenophobia, and it stretches far back into their history. They have a strong sense of nationalism (which also conflicts with their other desire to be an EU member).

If the US was a land that was taken over and ruled by several completely different types of government over much of our history, we would be behaving and acting a lot differently than we do now.


I always tell friends that happen to be going to Greece on vacation, "remember, Greeks invented the words chaos and drama. Remember that any time you get in a Greek taxicab or get on one of those island hovercrafts." (Greeks are notoriously reckless drivers)

I was just going by my decades of experience with the Philadelphia Greek population, their logic, and how that might carry over to the motherland.

I know that immigration has hurt Ireland for the same reasons.

[iceleliewBync]

Prices of soverign Greek CDS contracts are skyrocketing, which is causing bond buyers to run away, which raises the CDS prices even more, causing a feedback loop:

Trades in Greek Debt Add to Country’s Financing Burden - NYTimes.com


It looks like Greece will have no choice but to default if this keeps up.

[Chubrehege]

So professional currency speculators are essentially placing negative bets on the Euro via the Greece debt crisis. The global currency race to the bottom is in full swing. Funny thing is that Germany actually benefits with a cheaper currency since it is a major exporter in Europe. In the meantime, the Greek populace gets it Greek style via austerity measures (higher taxes, pay freezes, etc) all because their wonderful Gov't/Kakistocracy colluded with the likes of Goldman Sachs to hide their debt.....

It won't be long before the professional currency speculators in the US collude with all the born again deficit hawks in gov't to impose Friedmanite Chilean style shock therapy on the US populace. This is what happens when you subsidize and bail out financial oligarchs and terrorists who speculate and misallocate capital instead of engage in capital formation and true investment in productive capacities.

Fact...global credit crisis will not abate until the US restructures its economy in a transformative way and restores it long term viability. The global recession that governments are trying to forestall via QE is forcing down global imbalances and overcapacity built up in the bubble years. Central bankers are in panic mode as they try to maintain the old order and save their banker buddies at the expense of the real economy. It's a complete mess...

[iceleliewBync]

Fact...global credit crisis will not abate until the US restructures its economy in a transformative way and restores it long term viability. The global recession that governments are trying to forestall via QE is forcing down global imbalances and overcapacity built up in the bubble years. Central bankers are in panic mode as they try to maintain the old order and save their banker buddies at the expense of the real economy. It's a complete mess...

Doom:

Do you think it has more to do with the idea of CDS contracts on government bonds is just silly in and of itself? When you're betting that a monetary power (or a department of one) is going to default on a debt--and they don't lose their monetary power in the process--who's going to pay you the face value of your contract if the collapse you're banking on (if you're the CDS buyer) leads to widespread panic and impacts the currency of record on the contract?


Or....

Soverign CDS's is just a new way to punish governments for their bad behavior for not encouraging capital to allocate itself freely--that's the real reason why nobody wants to lend Greece any money.

[gMUVgw71]

So professional currency speculators are essentially placing negative bets on the Euro via the Greece debt crisis. The global currency race to the bottom is in full swing. Funny thing is that Germany actually benefits with a cheaper currency since it is a major exporter in Europe. In the meantime, the Greek populace gets it Greek style via austerity measures (higher taxes, pay freezes, etc) all because their wonderful Gov't/Kakistocracy colluded with the likes of Goldman Sachs to hide their debt.....

It won't be long before the professional currency speculators in the US collude with all the born again deficit hawks in gov't to impose Friedmanite Chilean style shock therapy on the US populace. This is what happens when you subsidize and bail out financial oligarchs and terrorists who speculate and misallocate capital instead of engage in capital formation and true investment in productive capacities.

Fact...global credit crisis will not abate until the US restructures its economy in a transformative way and restores it long term viability. The global recession that governments are trying to forestall via QE is forcing down global imbalances and overcapacity built up in the bubble years. Central bankers are in panic mode as they try to maintain the old order and save their banker buddies at the expense of the real economy. It's a complete mess...

I read your post with the old radio Dr. Doom voice in my head.

It sounds like an evil plan.

[Chubrehege]

Doom:

Do you think it has more to do with the idea of CDS contracts on government bonds is just silly in and of itself? When you're betting that a monetary power (or a department of one) is going to default on a debt--and they don't lose their monetary power in the process--who's going to pay you the face value of your contract if the collapse you're banking on (if you're the CDS buyer) leads to widespread panic and impacts the currency of record on the contract?


Or....

Soverign CDS's is just a new way to punish governments for their bad behavior for not encouraging capital to allocate itself freely--that's the real reason why nobody wants to lend Greece any money.

No market moves in a straight line. It is not so much that cash is more intrinsically valuable, it simply falls in value slower than other asset classes so that cash can buy more assets. A deflationary crash that usually occurs after the popping of a fiat credit bubble is typically followed by a currency crisis that re-ignites inflation in a hurry. A cyclical bull market for cash in the midst of a perpetual secular bear market is what characterizes all fiat currencies. Like I said..everybody is in a race to devalue and speculators are posting bets (deflation) and counterbets (inflation) to profit on both sides of the trade.

Sovereign CDS's do act as a function to punish governments for their bad behavior but those that wind up paying the brunt of the costs are the citizens. In the meantime, sovereignty is lost to a parasitic class of global financial con men....

[Chubrehege]

I read your post with the old radio Dr. Doom voice in my head.

It sounds like an evil plan.

It's just business....which is amoral.

[OwdBKKHO]

If Romania screwed Turkey would Greece help?