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The Collapsing Eurozone

May 18, 2012 by  

The Collapsing Eurozone
PHOTOS.COM
The European Union is collapsing financially.

This week, Greek citizens withdrew hundreds of millions of euros from Greek bank deposits in what is being termed a bank trot (as opposed to a bank run). That was followed by 1 billion euros being withdrawn by customers of the Spanish bank Bankia (1 billion euros equals $1,273,804,216.29 U.S.), a huge, but not yet crippling, blow to the Eurozone. But these bank “trots” have a strong potential to turn into bank runs, and Portugal is teetering and could join them.

The European Union is collapsing financially. It may also be collapsing politically. The Germans (the only EU country with a growing gross domestic product) are preaching austerity. Both Greek and French citizens have rejected calls to turn off their gravy trains.

The United States is heavily invested in banks throughout Europe thanks to secretive Federal Reserve policies (that came to light after the partial audit) of bailing out European banksters with Fed-created fiat money. Through the International Monetary Fund, the United States is on the hook for about $16 billion if the euro fails.

And then there are the so-called vulture funds: funds that have bought Greek debt and are threatening to sue if interest payments aren’t made. The Greek government threatened to withhold payments but capitulated rather than risk a showdown with the funds. A “disorderly” Greek exit — which will leave the European Central Bank holding Greek’s bad debt — is becoming increasingly likely. When the Grecian economy collapses and Greece exits the euro, Germany, France and the United States will be on the hook for about $1.3 trillion.

Some Greek citizens are worried.

“This entire situation has got my family extraordinarily worried about our savings, in case we return to the drachma,” Yannis Paleologos, a 40-year-old pharmacist, told The Independent. “We have a considerable amount of money and we’re scared to lose it.”

Paleologos was about to go to a bank to discuss how to preserve his deposits in case of an exit from the single currency union.

There is one way Paleologos can preserve his wealth, but I’ll bet his bank won’t mention it. He can withdraw his savings and buy gold and silver. Then, while his neighbors beg for bread, he’ll be able to buy meat and potatoes.

This is a perfect example of why I advise you to buy gold and silver. Fiat dollars fail. Precious metals never do. The EU’s collapse will resonate with — and likely collapse — the U.S. economy. The JPMorgan derivatives bomb is also about to drop.

Are you ready? In addition to gold and silver you should also have food, water and guns and ammunition stockpiled. If not, why not?

Bob Livingston

is an ultra-conservative American who has been writing a newsletter since 1969. Bob has devoted much of his life to research and the quest for truth on a variety of subjects. Bob specializes in health issues such as nutritional supplements and alternatives to drugs, as well as issues of privacy (both personal and financial), asset protection and the preservation of freedom.

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  • http://gillysrooms.blogspot.com GILLYSROOMS IN AUSTRALIA

    the problems are self evident…dump the Greeks who have already decided they dont wish to pay off their debts. If the EEC dont…it will open door to ALL other borrowers to stop feeling the obligation to pay off anything thus destroying the notion of a valid contract ANY contract involving money obligations.

    The greek economy is worthless anyway…they dont produce anything to trade with except tourism and the ability to avoid tax and debt instruments. Maybe the Cayman islands can do with the brightest tax evaders but now the country is in disarray ..the tourist trade will be gone too. .

  • Michael J.

    Dear Bob,
    This is exactly the Grecian formula we’ve been warned to keep an eye out for. Expected cash availability in Greek Banks, 2 weeks. The forecast D-Day for the dollar was Sept. 1st. But the election of a socialist in France, Greeks voting Nazi, plus our nations announcement today of a 30% tarriff on Chinese imports are all excelerants in the ever closing firestorm.

    • vicki

      The only 30% tariff I could find is on Chinese solar panels. Not quite as disastrous as all imports but certainly a significant early warning. Perhaps you could provide a link?

      http://www.environmentalleader.com/2012/05/18/us-imposes-31-duty-on-chinese-solar-panels/

      • Michael J.

        vicki,
        Pardon me, Solar panels exclusively.

        http://www.nytimes.com/2012/05/18/business/energy-environment/us-slaps-tariffs-on-chinese-solar-panels.html?_r=1

        Another sweetheart deal for Obama’s green energy sector pal’s.

      • vicki

        Not just his green energy pals. Also his big government pals. 30% of a large and growing industry and the government doesn’t have to do a thing. The English kings of old never had it so good.

        There will, of course, be unintended side effects. 30% increase in the price people have to pay for the most critical part of a solar electric installation. But don’t worry. California and other states provide huge tax incentives and direct credits for the installations so maybe the end user won’t feel the pain.

        The tax payer who doesn’t even get to have the panels will pay for it.

        Oh and don’t forget the mandates by government to convert to “alternative energy”. That should put even MORE money in the hands of government bureaucrats.

        Such a wicked web they weave.
        http://www.foxbusiness.com/news/2012/05/16/solar-power-market-braces-for-us-china-trade-case-decision/

        • JOSEPH FOSTER

          That tariff is in significant both the Chinese and the US from time to time impose a tariff on one item which is Peanuts, as to trade which favors China.

          Today both political parties support the De Industrialization of America in favor of low paid workers abroad, such practice has been a win for Wall Street boys, but has begun to destroy the American middle class, the destruction has begun to impact on the US economy, it has begun to reduce consumer spending. The end result is the Destruction of America the name of my chapter one of my book, I have also validated my argument in one of my chapter in my book titled, No recovery for the western world in the Horizon.
          Joseph Foster, Author ‘’Seeing Red’’ ‘How America is losing the future’

  • Warrior

    Last one out, turn off the lights please. Funny thing is, a “greek” IPO wouldn’t even produce a fraction of what a worthless “facebook” IPO will generate.

  • Sirian

    Isn’t it amazing that all of this is going on and the majority here either don’t know it, don’t understand it or in actuality, don’t care. Until it effects their personal lives they will remain in their comfy zone. Stick with Gold and Silver – by all means – you’ll never regret it!!

    • Steve E

      If everyone knew what was going on, our banks would be on the run too, and gold will skyrocket. Good thing they don’t know, or listen, or care. The people “In the Know” can use this time now and get gold before the door shuts.

  • cawmun cents

    “I may be headed for hell in a bucket,but at least I’m enjoying the ride.”-Jerry Garcia

    The progressive mantra.Read it and weep all you socialists out yonder.Coming soon to a theatre near you.”The Great And Secret Show”isnt so much a secret anymore.
    It’s playing out there worldwide for everyones viewing pleasure.
    We’ve run clean out of OP’s money,now we are desperate to find more to spend.Maybe letting the lunatics run the asylum wasnt such a great idea after all.The great experiment of our time was a failure.But not because it wasnt a cool pipedream(because it was),but because the grant money ran dry.” How to Survive the Collapse Of Civilization”was never read by the silent majority.So they get what they paid for….a marxist education.
    Let me spell this out for you.D E M O C R A T I C S O C I A L I S M.

    “Can you hear me knocking”-Mick Jagger

    No one listens to someone who doesnt have a”Title”and a string of “Ivy League”degrees behind his nomenclature.Telling someone something they dont want to hear is like pulling teeth.It just isnt recommended as a vocation unless you are willing to suck up to the Hollywood elite,and suffer being a daytime television host.Sure,you might possibly find enough of a niche market to rate a bestseller,but most folks dont even read anymore.
    But you forget that”swimming with the sharks”isnt a way to get signatures from your favorite hockey team,and”how to win friends and influence people”,isnt the new reality show on Fox this season.So you set out to warn a few folks about the diaster looming in the near not-too-distant-future,that their politically correct puppetmasters have devised for them.Are you surprised when they jeer at you and level charges of moronic idiocy at you?
    At the door of the rehab center is a sign that says,”Nobody likes a quitter”.So you have a noticeable discomfort to giving up your”spending money you dint have”habit?
    We feel very sorry about that but it really is an addiction that you can no longer afford.
    I apologize for having to bring you the news that you are a lush.
    Admit it.
    Deal with it.
    Move on.

    Cheers!
    -CC.

    • GALT

      A slight “spelling” correction…….as in can you spell ” FREE MARKET UNREGULATED CAPITALISM”?

      Did you miss the J.P. Morgan “derivatives bomb” statement?

      Do you not realize that it was and is these “unregulated derivatives” that are the cause
      of this continuing crisis…….and that there are $791TRILLION DOLLARS of these in existence as well as trillions of dollars in as yet “unsettled derivatives”……tied up in the “mortgage mess”? ( with the taxpayer holding the bag, and dependent on the very
      careful unwinding of this to a soft a landing as possible while sitting on the above
      TIME BOMB? )

      Do fail to grasp that underlying all of this is the economic myth of “infinite growth” and that
      this “myth” was reliant on encouraging “consumer debt” in every way imaginable to this point……..and that despite what has happened…… “growth” is still being claimed as the
      “solution”?

      These are just questions, but they do seem to indicate that this “problem” does contain
      a certain degree of “complexity”………and that the SOLUTION, is therefore, at least, somewhat resistant to a “simple resolution”?

      • cawmun cents

        What?
        Cheers!
        -CC.

      • DaveH

        Galt says — “can you spell ” FREE MARKET UNREGULATED CAPITALISM”?”.
        Uh, aren’t you asking a lot from people, most of whom weren’t even informed of what Free Markets are in their Propaganda Classes, and none of whom have lived in times of Free Markets, Galt?
        Unregulated? Surely you jest. We have more regulations than ever before in our history. All one needs do is open his eyes:
        http://www.scribd.com/doc/53100815/Wayne-Crews-10-000-Commandments-2011

      • DaveH

        And for those who would like to be less ignorant than Galt and his Progressive buddies:
        http://mises.org/books/capitalism_kelly.pdf

      • s c

        Comrade ‘G,’ you are too far behind the learning curve to “pose” as an info source. You are what some people would call a bankrupt source. If you take some time to READ and ask questions, you will learn that Uncle Scam AND the IRS blessed derivatives as “safe” ways to invest at least 5 years ago. If you care to prove that you have ANY integrity at all, you will DEMAND that Congress INVESTIGATE both Fwank and Dodd. Their “scheme” was supposed to prevent questionable investment schemes.
        As an aside, it would be a good idea for Europe in general to clean up their economic mess. Europeans recognize GMOs for what they are, and they don’t want them in their countries. If their economies go down the nearest toilet, they won’t have much leverage in what they grow and what they eat. Amerika, on the other hand, could create MANY jobs if enough of us insisted that we can buy and consume quality foods. Bypassing the FDA, certain ‘in-bed’ corporations and Uncle Scam’s herds of unindicted co-conspirators is strictly a win-win for the Amerikan people.
        Uncle Scam’s ‘food pyramid’ is a con game, and only the Big Boys [some of the ultracorporations that utopians 'supposedly' hate] are in a position to be rewarded by staying in bed with Uncle Scam. I wouldn’t trust Uncle Scam to see to it that quality MREs are produced – forget what they want to call “organic.” Put trust where it’s EARNED. That eliminates Uncle Scam. And, finally, trust a utopian’s advice when they put truth and integrity first. People like comrade g and his bunkies are about as reliable as coffee shop rumors.

      • GALT

        ” I’m sorry but I’m afraid I can’t do that Dave.”

        I do not know what planet you are living on or in what country, but I will repeat this again
        one more time for you………THERE IS NO REGULATION OF THE DERIVATIVES
        MARKET. ( which would make it an unregulated free market dealing entirely with financial
        (capital ) instruments in a global market. )

        That this market exists is due to the repeal of Glass-Steagal and it continues to exist
        because Dodd Frank has not been implimented and the lobbyists have attempted to create loopholes to avoid being “regulated”. ( hence the point of the J.P Morgan Chase
        story and the interest in it. )

        If you would care to dispute these facts, go for it…….and if you can’t manage it in your own
        words…..feel free to quote your relevant source directly. ( the second evolution of the long con scam of economics which has no valid connection to reality, and to which you are blindly devoted to in “ignorance” )

        So, in addition to the prior titles of Extreme Money; Power, Inc, and: Debt: The First 5000
        Years……which you have not read, and probably will not……please add this title.

        Economics Unmasked: From Power and greed to compassion and the common good.

        by a physicist and an economist. Smith and Max-Neef

      • GALT

        For s.c……….since I have no clue what you are trying to say or how it is relevant to my
        actual post’s here………I am a bit lost as to what “curve of learning” you think I should be on? ( when you have read the books on my list below, you will have caught up to my learning curve……but feel free to tell me why you won’t and why it doesn’t matter. )

        Also, please pay attention……..I am not one of US here………I am one of THEM……
        ( an considering the constant babble of ignorance that exists here….I am proud to
        be one of THEM. )

        BTW the reason I know I am “one of THEM”, is because most of the responses I get,
        keep telling me which one of THEM I happen to be…….as a supposed “argument” and
        the fact that you are too stupid to KNOW it is not. ( but you keep doing it! )

        You haven’t come close yet and you probably never will, but it is fun to watch…..

        Where are the (common ) law and equity courts? ( this question would be on the
        constitutional and unconstitutional learning curve……are you even on this curve? )

      • Michael J.

        Galt,
        More mystery and intrigue inuendo with built in sub-inuendos. Circular converation that resembles a blind dog chasing his tail. Un-cloak and speak plainly Johnnie Wannabe. Who knows, we may even find some snippetts to agree with amongst all the chump chatter. Not!

      • vicki

        GALT. Who cares what the “rich” do with their money. The ONLY reason any of us should care that some of them are about to lose a bunch is that they will beg government to rescue them and government will do TARP again. With OUR money.

      • DaveH

        GALT says — “THERE IS NO REGULATION OF THE DERIVATIVES
        MARKET”.
        I’m betting, Galt, that with such an ignorant statement, you don’t even know what “derivatives” are. Of course there are regulations on derivatives. There are very few areas of our lives that aren’t “regulated” by Big Government.
        But to prove your absolute statement wrong, all I need is one example of derivative regulation (a Very Big Example):
        http://www.cftc.gov/index.htm
        The whole agency is devoted to derivatives regulation.

        Why anybody would bother reading your comments when you are so blatantly ignorant, Galt, is beyond me.

      • DaveH

        For those who want to understand the concept of “derivatives”, and their regulation, so as to be more knowledgeable than the average fact-fabricating Liberal:
        http://www.cato.org/pubs/regulation/regv17n4/reg17n4b.html

      • DaveH

        More on derivatives and their regulation:
        http://reason.org/news/show/derivatives-market-breaking-down

  • Chester

    So CC, the Greeks should just all commit suicide? For many of them, that is essentially what they were looking at with all the government cuts. When you are living barely within your means on a starvation diet, and they tell you they are going to cut your income by another thirty percent, regardless of its source, suicide or rebellion are the only two options left, and the Greeks never were great ones for self destruction.

    • Steve E
      • Warrior

        And unfortunately, so are Kennedy women. Funny how the “rats” fabricated this “war on women” malarky when they invented the concept! I’m telling you that this upcoming “rat” convention is the best opportunity to create a “progressive” zoo. As soon as all the slime is inside the stadium, lock the gates. I think the SS can be convinced if we transfer some “hookers” over from Vegas. Oh happy days are here again, the skies are blue again…..

    • Nadzieja Batki

      All this is the consequences of their own actions. What other results were these people expecting when they attached themselves to their government nipple?
      Do you think it wil not cost the Greeks even more if the EU or whatever “Union” will bail them out?
      Where do the Greeks think the money comes from?

      • http://gillysrooms.blogspot.com GILLYSROOMS from Australia

        The Greeks knew and can’t claim ignorance. The successive Greek governments knew they where the front guys for the largest international borrowing fraud on behalf of the Greek citizens and thought it would all come unstuck eventually but in their afterlife. I have no respect for their deception nor should any lender write off any loans without taking all steps to recover the debts otherwise everyone will be doing it and no one will pay…imagine the turmoil that would cause. GREEK government and its people far and wide need to be punished severely. .

        • JOSEPH FOSTER

          You make some valid points, the G8 will accomplish nothing. Do you expect your neighbor to bail you out from debt the answer is no. For those that are hard on the Greeks look to the USA the largest debtor Nation. Perhaps in the near future they may be joining the Greeks in trying to find a country that will bail them out, there will be none. One must not forget politicians are elected when they promise the people benefits that the country could not afford.
          Well said, the American people have been brain washed by some politicians that serve special interest. Hiring Chinese workers elevate profits. It is detriment to the bottom line to hire Americans. In my book I wrote a chapter Titled, ‘No recovery in the horizon for the western world’
          Joseph Foster, Author ‘’Seeing Red’’ ‘How America is losing the future’ Available at: http://www.amazon.com/Seeing-Red-Joseph-Foster/dp/1613468121/

      • JOSEPH FOSTER

        Stop blaming the Greek people the comment you made applies to most European countries. The USA has borrowed trillions where will the money come from to pay for these trillions, perhaps printed money which will have little value. Many Governments live on a Ponzi scheme.
        Democracy is the worst system, mankind must have a better system. Democracy allows people running for political office to offer the people goodies that the Government cannot afford to pay, the Government then borrows the money to meet these obligations. By your comments you are implying that such practice is confined to Greece.

        Joseph Foster, Author ‘’Seeing Red’’ ‘How America is losing the future’ Available at: http://www.amazon.com/Seeing-Red-Joseph-Foster/dp/1613468121/

    • cawmun cents

      There is a marked difference in the type of “Greek”that we are discussing.
      I do not refer to the Greeks who live in Greece,but the ones who have”titles”given to them by Ivy league University stooges.The Alpha Beta dipwads who are currently running the nation into historical note.
      People who couldnt figure their way out of a wet paper sack,with a degree in social engineering,are trying to squeeze blood from a turnip.
      And they have the media/academia in their back pockets(if thats what you call their posteriors)to help them sell their ideology.Doesnt that register in your mind as kind of odd?
      Are the greeks demanding the heads of the wealthy in their nation,or is the Grecian Gubment who spent money they didnt have to blame?
      It depends on who you listen to.
      But in my mind when you scream corporatist,it makes me want to scream socialist even louder.So what you allege is that it is the corporations who are the cause of our national debt.What I allege is that gubment spending of money they dont have is the culprit.
      You say that the corporations are to blame for wanting to keep their profit margins and not give their money to people who think they can spend it wiser than those who made that money.I say that it is gubment largess,and the very act of spending OP’s money that is not even procured yet that is to blame.
      You point the finger at those who make the money.
      I point my finger at those who take the money.Money that isnt theirs to begin with though they act as if it truly is.
      Who is right?
      Who knows?
      Who cares,right?
      Who can best re-ignite the economy….the gubment that destroys everything it gets its paws on,or those who make money for a living,instead of drafting draconian law to take money that isnt theirs to begin with?
      Hmmm…quite the quandry I would say.
      Nope.
      The folks who make laws to steal other peoples money to do what they please with,are definitely to blame for the debt which is in question.
      Their arrogance is stifling,but slightly less than those who defend their right to taske wjat doesnt belong to them.
      -CC.

  • Pete0097

    They have spent everyone elses money. We are following the same path as the number of government dependants is just about as big as the taxpayers

  • Rafael

    To make an understatement, the costs of the Eurosystem are high. They include an inflationary, self-destructing monetary system, a shot in the arm for governments, growing welfare states, falling competitiveness, bailouts, subsidies, transfers, moral hazard, conflicts between nations, centralization, and in general a loss of liberty. In addition, these costs and risks are rising day by day. Considering all this, the project of the euro is not worth saving. The sooner it ends, the better. Alternatives exists. A return to sound money such as the gold standard would boost responsibility, harmony, and wealth creation in Europe.

  • rennie

    I’ve heard that if a greek’s bank account euros are replaced with drachmeds it could be at 40% value, which would explain the “bank trots” now being limited to 50? euros withdrawal, after all the VIPs have their money out of course. Gold and silver dropping is only natural because people are selling it if they can’t get their cash out, so it looks like a good opportunity to buy silver in my opinion. Of course how much will JP Morgan or Morgan Stanley be needing for a bailout because of this? And who is giving Greece or France hope of a bailout? The Federeal Reserve perhaps? Geithner should be in the hot seat to explain this one, but I’m sure he’ll say the problem is that their governments didn’t spend enough money. Anyone in Europe right now should be most concerned with their food and medicine supply and how to stay warm next winter.

  • Bruce R Porter Sr

    Getting mad at the Greeks is like getting mad at your teenager that you gave an unlimited credit card to….and they used it….or getting mad at our CONgress for the same thing. They have no understanding of money and, until now (maybe) had no reason to care. Bankruptcy is the best answer. It is designed to clear the books and get one back on one’s feet. I hope they have the courage to do it.

    • Nadzieja Batki

      Actually you can get mad at the Greeks as much as you can get mad at your teenagers.
      When you expect maturity they give you immaturity.
      That you called the Greeks immature is by your own reasoning.
      Bankruptcy will not solve the Greek’s problem because who will be the sucker holding the debt that will never be paid.
      Who as a nation is gullible enough to have pity on them and provide the Greeks food, clothing, and shelter, and entertainment for the rest of their lives?

  • http://www.facebook.com/davidhendrick.behrens David Hendrick Behrens

    There all going to be in Chicago, and nothing will be solved in that G-8 Circus..
    Obama needs little Germany to stay stable and to help him look good to American liberal voters, for him to stay in Office,, The rest of the G-8 are going down into a Abyss of no return. Anarchists and thugs and every nut in the World will be there protesting and rioting in Chicago and blaming G-8 for all and as the World Turns into Shambles, on every media outlet in the World, plus every G-8 member will blame the others for their problems and won’t take a minute, to even agree on anything.

    • JOSEPH FOSTER

      You make some valid points, the G8 will accomplish nothing. Do you expect your neighbor to bail you out from debt the answer is no. For those that are hard on the Greeks look to the USA the largest debtor Nation. Perhaps in the near future they may be joining the Greeks in trying to find a country that will bail them out, there will be none. One must not forget politicians are elected when they promise the people benefits that the country could not afford.
      Joseph Foster, Author ‘’Seeing Red’’ ‘How America is losing the future’ Available at: http://www.amazon.com/Seeing-Red-Joseph-Foster/dp/1613468121/

  • Frank

    “Greek and French citizens have rejected calls to turn off their gravy trains.”

    Isn’t it funny how this works? We too have a gravy train and Obama is the engineer driving the train. But wait! Like the silent movies of a bygone era, the tracks are out ahead and the train will be derailed.

    The United States voted in a president that is hell bent on turning our country into a socialist nation only to have it fail in the end like the rest of the world’s socialist countries. The people don’t care. I mean, why should they, the money is free and they don’t have to lift a finger to get it. Lie, cheat and steal and get your check every month like clockwork while the rest of the country works hard to support them. Obama talks about distribution of wealth, it’s in effect today. Look at the welfare system. We are on the brink of destruction. Does anyone care?

    So aptly put, “Are you ready? In addition to gold and silver you should also have food, water and guns and ammunition stockpiled. If not, why not?”

    Some of us are not even close. Those who are not close, the undesirables of society will take what you have when they need it. Roving gangs will burst into your house a clean it out. Extreme? No not really. Look what happened during the Rodney King riots in Los Angeles. This country will be torn apart from within. Never mind about the government of law enforcement stepping in. They won’t. The plan of the day is let them kill each other so we won’t have to.

    Come on America, it’s time to get it together and get rid of the trash in DC. The freeloaders that are running our country. The compost pile that is only there for the power and money it brings. Don’t let Obama and the rest of them sell us down the river. Let’s take back the dignity we once had.

    • http://wildeyguns.com Wildey

      I don’t see the American people turning off their gravy train but then they’ve got guns to protect their printing presses printing out counterfeit dollars.

  • RichE

    Saying the Republicans and not the Democrats caused the debt crises is like saying “Lucky” Luciano and not Al Capone is responsible for Chicago crime. The point being they were both criminals.

    • http://wildeyguns.com Wildey

      Yeah! but they knew how to keep their books in running in the black

  • RichE

    Repo Greece! These were collateralized loans weren’t they?

    • http://wildeyguns.com Wildey

      Those Federal Reserve NOTES in your pocket are collateralized loans. Congress people have powers of attorney to borrow on your signature. They borrow, we pay.

  • antonio

    People, you don’t really even need to read the article to know how screwed europe and us too really are. Just take a long look at the picture and you will see all the countries flags surrounded by pentagrams, that right there should tell you all what you need to know…satan has the whole world in his hands

  • JOSEPH FOSTER

    The root cause of massive debit by Governments is due to the fact politicians offer the voters goodies in order to be elected. Very sad day for the Greek people that continue to struggle to make a living. My advice is withdraw your savings that is now in Euro and either keep the money at home or get your Euro outside the country and have same deposited in a Foreign and secure Bank, preferable in Germany.
    If Greece resorts to the Drachma the Bank will convert your Euro to Drachma and the new Greek money will continue to fall in value as to other sound currency. With your money in Euro you could when needed buy Drachma with your Euro or convert your Euro to British Pound.You could have a situation where one euro will buy 100 Drachma as that currency continues to drop in value perhaps one euro could buy you 300 Drachma.
    I was in Russia on a visit during the period when the Russian Ruble was falling in value daily people were desperate in converting their ruble into dollars.
    For the intermediate term I will stay away from the Euro and the US dollar some smart investors are converting their savings to Swiss Franc some to emerging market countries currencies such as Chinese, Russian and Brazil. As to Gold it is a complicated approach you may not be secure if you buy Gold bars and store them in your home. The extremely wealthy Greeks have the ability to transfer their entire Euro account outside Greece; my choice will be the UK, then Germany or Switzerland. I see big danger for the US dollar looming ahead since neither political parties are willing to cut spending. Joseph Foster, Author ‘’Seeing Red’’ ‘How America is losing the future’

    • http://wildeyguns.com Wildey

      Yep! They offer the people goodies to get elected but the people don’t realize they are going to pay for the goodies in the long run. You’d think the sight of a dollar gives them tunnel vision blocking out realty. When the people get the goodies they forget they have to pay politicians to dole them out. That’s called OVERHEAD. Currently the overhead consumes between 60 cents and 70 cents on every dollar we invest in government.

      If I came to your door and asked you to invest $1,000.00 and said you’d get between $300.00 and $400.00 in return, would you take my deal?. Well that’s exactly what the American people are doing. Now we’ve got foreign countries taking the “deal”. Keep your powder dry

  • http://wildeyguns.com Wildey

    It’s interesting. Our per capita is greater than the rest of the world combined. Why are we where we are? Because we’ve bigger and better guns and lots more of them. Not only that but over a third of the world’s sovereign currency is held in dollars. Countries are stuck with dollars and their economies are tumbling because of what we’re doing with the dollar. It started with Carter then Bush Sr., Clinton, Bush Jr. and is currently climaxing with Obama.

    We had used up the wealth of the nation to back Federal Reserve Notes (FRN’s). Then someone got the bright idea for the government to go into the real estate business. If you bought a home with 5% down the government booked it at the full value immediately. People bought into it and the wealth of the nation skyrocketed. Trouble is people who couldn’t afford to buy, bought.

    Now foreign countries invested in this scam and added dollars to their portfolios. As the ponzi game started to get exposed, our countries economy and a lot of foreign countries economies started to get unglued and continue to get unglued. You know the history and are living it now. Can’t fool mother economy?

  • Samdromeda

    Can’t eat money and you can’t shoot disease epidemics. You can’ by your way out of an earthquake and a bunker is not a protection from one. But in the interim urban farming works and microeconomics works. When people and animals get hungry they eat each other. The potato famine in Ireland proved this and the droughts in Africa also proved this
    The world’s macroeconomics is based upon the human desire to get more. Voodoo economics is dangerous and smacks of witchcraft at the highest levels. The worlds central banks are high on fiscal methamphetamine. Any bad bet is covered by tax payers who are stressed to the point of social breakdown of their respective nations. Disenfranchised and threatened for their very existence they will revolt. The banks always resort to the backing of the military to wipe the slate clean for the next venture. In situations like this people will look for a Strong Man that they will worship while the Banko- Economic kingpins feed him programs that he can enforce with boots on the ground. This is total control and all resistance will be put down. NATO is financed by the Central Banks. The military does not have its own currency. Those who worship money are worshiping a false god and are violating the First Commandment. If you believe that we are a nation ruled by Law please read the Contract our forefathers entered into with the Creator of all things which covers all generations of those who ratified it. There is cause and effect based upon that Covenant with all of its laws statutes and ordinances. To make it simple “You obey and I bless you.” ” You disobey and I punish you and remove you from the land.” Someone is always sent to warn the people. But usually they kill him because the only god that they obey is themselves. But this attitude does not negate the Covenant which is an eternal non- revocable covenant. That is the problem in its most simplistic form. The God of The Covenant established the only economic system that works. The money changers were always thieves and still are. Understanding their game does not ensure security and leaves you always reacting to their schemes versus rating their game and living the way we are supposed to in freedom and dignity. No false hope here …we will suffer and it is our own fault.

    • JOSEPH FOSTER

      I agree with most of your comments, the elite of society leads the masses like a flock of sheep the majority of the people are fed propaganda that they begin to believe what they were told. History reveals for centuries the Monarchy sends the poor to war to steal other people land and wealth, to give them incentive to die for the Monarchy, they use patriotic music, they use flags to drape the dead soldiers coffin, and use medals to reward the widow of the dead soldiers, if he is fortunate to be alive they paste those medals on the chest of the soldier.

      Joseph Foster, Author ‘’Seeing Red’’ ‘How America is losing the future’ Available at: http://www.amazon.com/Seeing-Red-Joseph-Foster/dp/1613468121/

      • http://gillysrooms.blogspot.com GILLYSROOMS from Australia

        JOSEPH FOSTER the difference between the Greeks and the USA is simple, the greek people have voted for socialist parties to default and not pay back the capital and the inyerest, whereas only the Republican Congressmen have gotten close to defaulting on the USA interest by leaving to the last minutes to increase the debt ceiling and pay the interest and some airport wages. The Obama led Democrats have not even raised the possibility of defaulting, however if the Republicans win at the next elections then we might expect the USA to default in any number of more ways than the USA nearly did under the Democrats last year. Now I’m not implying that the Republicans are socialists but they have already shown part of their true colours last year and anything is possible from after the elections and going forward even if the Republicans do not get their way and the Democrats win again.

        Whilst many of you readers dont see it the way I do …the Republican antics last year proved the immorality of some congressmen who were prepared to ruin the value of your own laws which state that a contract is enforceable even if it was not to the total benefit of its parties. A loan must be repayed under the terms of the agreement or subsequent mutually negotiated agreements otherwise a lender might assume a higher risk against that borrower including your own government bonds despite the Federal Reserve keeping them artifficially low. Keeping the rates too low usually leads to other costs like higher bank fees or rationing which I’m sure is already occuring.

        My perception is already that the Republicans might default in the future…that perception was earnt by your congressmen and women last year and you are unlikely to ever reverse it in my mind no matter how you might like to tweet your future policies. IMO It was a serious breach of confidence ….not a smart bluff by bright politicians.

        I stand by my previous statement that the Greeks need to be sent into true bankrupty which is what they have voted for by electing a socialst government whose policy states that line of action. The G8 members who today have stated they wish to keep the Greeks inside the EURO ZONE are acting like ENRON accountants who want to delay the serious consequences to another period by not having to deal with it now.

        The G8 members and their advisers are IMO totally wrong in delaying the inevtable consequences of the official default of the Greek government which has the total support of its own people.They wrongly believe they will be able to keep the benefits of their fraudulently acquired loans, however to let them keep these winfalls would be totally unwise as unjust to honest borrowers. Why would the G8 member countries let bank robbers or corporate theives keep their stolen money without a severe penalty? What message is that going to give other debtors nations and businesses if there are not going to be no consequences for a default.? What message are you sending all your home and chattle borrowers in the USA? That it is ok not to pay? Do you think the Asian nations will continue to export to your country if it becomes known that your government will support the non-payment for those goods? I dont believe that the G8 members have really considered the true consequences of their actions this week are going to lead to into the future. The future will be very bleak for individuals as well as for all businessees.

        Why would the spanish even bother to try to pay some of their loans by even using the $500 Million gold hall a US court sent them after it was recovered by a team of sea explorers who risked their lives to retrieve if the G8 will let them off the hook?

        Free Enterprise, capitalism and even socialisms run on local and international contract laws being enforceable, but once that link is weakened…we have nothing but wild west Chaos.

      • Vigilant

        “…whereas only the Republican Congressmen have gotten close to defaulting on the USA interest by leaving to the last minutes to increase the debt ceiling and pay the interest and some airport wages.”

        Think again.

        Capping the debt ceiling would not automatically send the US into a default situation, and it’s the politics of fear on the part of Obama & Co. that have implanted this falsehood in so many minds.

        If you imagine that continued perpetual raising of the debt ceiling is something good, then that brands you as a socialist. Reducing spending overall, including the reduction/elimination of fraud, waste and abuse, would allow for not only a halt to the ever-increasing indebtedness of the US, it would also facilitate a reduction in the debt limit in the long run.

        And wake up to the fact that politicians of all political persuasions, Dem and Repub, have put us into this situation.

  • Damn Buster 2012

    Read the book “After Shock”There is lots of questions,that common people like you and I,are asking.”After Shock” will answer a lot of them.Good Luck To All Of You,and GOD BLESS AMERICA!!!!!!!!!

  • James

    The interest on our national debt is $479 billion, annually. “Thou shalt not charge usury, neither shalt thou pay it.” We haven’t defaulted on our debt yet, but when we borrow money to prevent default isn’t that just postponing the inevitable?

    • JOSEPH FOSTER

      Yes it is Ponzi scheme you keep borrowing, the money borrowed goes for more spending and payment of the interest on the previous and new loan, the process continues until finally no one wants to loan you more, at that point in desperation you begin to print more money to sustain your habit of spending, as you print more one day you wake up and find a loaf of bread cost $10,000. It happened in Germany they were using the paper money as wall paper. The current US debt is close to 15 trillion no political party will ever be able to introduced severe Austerity measure to reduce this large deficit, when they tried in Greece those that favor drastic cut have been voted out of office, based on this lesson we now learn that the USA is heading for default. the exact date is not known, however Economist predict when the debt reaches 110% of GDP the balloon will bust, It is now around 100% of GDP. Joseph Foster, Author ‘’Seeing Red’’ ‘How America is losing the future’

    • http://gillysrooms.blogspot.com GILLYSROOMS from Australia

      Yes, James, Vigilant and Joseph Foster you are all right. I,m very aware of the history of how we have arrived at this serios situation, but I’,m discussing the hear and now of politics and deficits. Cutting taxes is not going to solve your problem but increasing taxes without increasing expenditure will help you get out of your mess still, and increasing taxes and reducing waste and unecessary expenditure will help you even more. The question you have to work out what to cut that wont disrupt and increae civil unrest and whilst I may make my own suggestions in this forum…it will up to your citizens to work that one out.

      Calling me a socialist Vigilant does not ad to your credibility as a good debater…it seems many of your posters in this forum will throw around a lot of political names against people who dont agree with you or say yes yes sir three bags full.

      What I like about Bob Livinstons forum is that I dont get censored like did happen in the Rupert Murdoch’s News Ltd group papers in Australia. Freedom of expression in debates in this forum should help you look outside your own set box of insular views. There is no point in people debating in total agreement and not be open to thinking outside the square otherwise you will be going around and getting nowhere.

      What your country needs are trully courageous leaders who are going to be HONEST to your voters and not play your republican games and I’m not implying that the OBAMA lead Democrats are being honest far from it, but when [and we have the same political problem in Australia] when you have so many politicians trying to win votes by deception it would be almost impossible for any candidate to win with expressing their version of the truth…except for DR RON PAUL who has proven his honesty, but still you Republicans have rejected him. as we where rejected by the mainstream voters in Australia 40 years ago when we stood as candidates using slogans TAXATION IS THEFT. The reality is your voters already know the truth about the state of your countries finances and just like the Greeks they are being comforted by the normality with which the Federal Resrve and most Congressmen and women make the populace feel safe that thinks will be ok, that is part of the problem. The current population does not want to be responsible for previous borrowings just like the greeks…and everyone is hoping that there is a magical accounting solutions to every countries economic problems.
      iT IS THIS VERY ISSUE …THE ACCOUNTING PRACTICES OF ALL GOVERNMENTS ARE DIFFERENT TO THAT WHICH APPLY UNDER THE LAW IN CORPRATION AND TAX LAW AND THE POLITICIANS KNOW IT.but still the general public still thinks our genius politicians and Federal Reserves will be able to solve the financial problems. NO HOPE

  • Vigilant

    “If you imagine that continued perpetual raising of the debt ceiling is something good, then that brands you as a socialist.” That is NOT an accusation, it’s a conditional statement.

    So let’s hear your answer: Do you believe that continued perpetual raising of the debt ceiling is something good?

    If the shoe fits, then wear it. If not, fine.

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