The winning number is....GREECE!
Welcome to 1931.


The winning number is....GREECE!
Welcome to 1931.





I'm sure you noticed that the new level of bond insurance premiums charged to insure a newly issued Greek bond against default rose to about 80% of the value of the new bond. This of course guarantees that Greece now has one and only one place to go to 'borrow' any more money in the future ... the IMF !
Stand by for draconian Greek austerity measures, accompanied by violence in the Greek streets.


Violence is so 20th century. Look for an online petition.
Greece = Lehman
PIGS = Goldman
Europe = AIG
USA = Fed = Bailout
We are about to become the world's bankers as the T goes negative, because there is nowhere safe left to put money. Debt will be printed away, the currency devalued accordingly, everyone will throw a tantrum, and then life will go on. Even the Great Depression ended eventually.
It could be that we are actually wealthier than ever, and these blowups pale in comparison to the level of economic activity they support. A few trillion here or there may be a necessary evil of global capitalism. All these newly wealthy countries need military protection, political stability, and a place to hide their cash.
Is America the new Switzerland? We're all guessing now. We need an economic miracle on the Hudson and we just might get it.



3 Billion is nothing...... On to Spain...... Italy.... And Portugal..... All of whom were able to borrow huge amounts of money, thanks in part to below market rates on insurance for the debt..... And with a wink and nod, all the players know failure is not an option..... The taxpayer and printing press will come to the rescue.
The country has been looted.



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