Yet they refuse austerity?

Greek banks are preparing contingency plans for a possible "bail-in" of depositors amid fears the country is heading for financial collapse, bankers and business people with knowledge of the measures said on Friday.
The plans, which call for a "haircut" of at least 30 per cent on deposits above €8,000, sketch out an increasingly likely scenario for at least one bank, the sources said.

http://www.ft.com/cms/s/0/9963b74c-219c-11e5-aa5a-398b2169cf79.html

So creepy, this will only create fear of putting money in the banks. If I lived in Spain or Italy I would try to pay off my debts and buy as much gold anonymously, or just buy gold and just pay interest and hide the gold. If the government can just go into your account and plunder it as they see fit then nothing is safe. The government can always seize cars, property and other fixed capital, but gold is at least easy to hide and universally accepted as valuables.

If it gets too worse maybe take big credit and buy gold with it, what can they do if everyone just have debt and no capital? They can throw you in prison, but at least your family would be safe and when you got out you would still have the gold. Even if it is stealing to it this way, it's not like the government is not corrupt and only looking after it's own employees families at the expense of you, so why not fight back dirty?

Might have to do it here as well in 10-20 years if this continues.

How long before the politicians do the same thing here?

Quote from: tac on July 04, 2015, 06:30:03 AM
How long before the politicians do the same thing here?

They will not tell you until they have done it. 

Quote from: Mountainshield on July 04, 2015, 05:12:03 AM
So creepy, this will only create fear of putting money in the banks. If I lived in Spain or Italy I would try to pay off my debts and buy as much gold anonymously, or just buy gold and just pay interest and hide the gold. If the government can just go into your account and plunder it as they see fit then nothing is safe. The government can always seize cars, property and other fixed capital, but gold is at least easy to hide and universally accepted as valuables.

If it gets too worse maybe take big credit and buy gold with it, what can they do if everyone just have debt and no capital? They can throw you in prison, but at least your family would be safe and when you got out you would still have the gold. Even if it is stealing to it this way, it's not like the government is not corrupt and only looking after it's own employees families at the expense of you, so why not fight back dirty?

Might have to do it here as well in 10-20 years if this continues.

Good advice. Even at a low rate of say 7%, that's still less than the 30% theft by the govt.

Greeks are turning to Bitcoin to protect their money from bail ins and capital controls.

Quote from: TowardLiberty on July 05, 2015, 09:44:16 AM
Greeks are turning to Bitcoin to protect their money from bail ins and capital controls.

While Texas demands their gold back. Is Greece our canary in the coal mine?
I'd say yes, and sooner than people can imagine.

Quote from: Solar on July 05, 2015, 10:17:55 AM
While Texas demands their gold back. Is Greece our canary in the coal mine?
I'd say yes, and sooner than people can imagine.

The leftists in Greece are on the verge of plunging the entire country into fiscal chaos. I wonder where they think the money is going to come from to prop up their fiscal insanity?

Quote from: supsalemgr on July 05, 2015, 10:28:01 AM
The leftists in Greece are on the verge of plunging the entire country into fiscal chaos. I wonder where they think the money is going to come from to prop up their fiscal insanity?

I just heard a Greek woman say that she was voting No, because she didn't want any more austerity.  What does she think Greece will do?  Print money like we do? 

The 'NO' (austerity) voters won; 61-to-39. 

-Or, 61-to-39; socialism winning over common sense.

Bye-bye, Greexe ('x', for 'exit').  Enjoy the return of the drachma...  The paper it'll be printed on will be worth a little more than the currency-numeration it portends to represent.

As for the German-PM:

http://www.spiegel.de/international/europe/merkel-s-leadership-has-failed-in-the-greece-crisis-a-1042037.html

The Nikkei Index opened with an immediate 2.08% drop.
Hong Kong's Hang Seng Index: minus 3.18%.
DAX (Germany): down a full percentage-point.

Quote from: Dori on July 05, 2015, 11:07:41 AM
I just heard a Greek woman say that she was voting No, because she didn't want any more austerity.  What does she think Greece will do?  Print money like we do?

That is just what they want to do, as I understand it. It is a cycle of borrow, bust, devalue, and lower prices across the board. Everyone works for peanuts for a while
and the tourists flock Greece, thanks to its beautiful Mediterranean qualities, spend all kinds of money there, and the country becomes prosperous again. 

Quote from: red_dirt on July 06, 2015, 06:37:24 AM
and the tourists flock (to) Greece, thanks to its beautiful Mediterranean qualities, spend all kinds of money there, and the country becomes prosperous again.

I'd bet against it.  That was Greece's problem to begin with.  -Basing their entire economy on the tourist industry.  To the average globetrotter; you see one craggy, beachless, sun-parched Greek Isle... you've seen 'em all.  As for the ruins...  Everybody has ruins.

Quote from: kit saginaw on July 06, 2015, 08:45:20 AM
I'd bet against it.  That was Greece's problem to begin with.  -Basing their entire economy on the tourist industry.  To the average globetrotter; you see one craggy, beachless, sun-parched Greek Isle... you've seen 'em all.  As for the ruins...  Everybody has ruins.

Almost no market is completely safe, even heavy industries that there will always be demand for. Northern Europeans will always have demand for sunny beaches, cheap beer/food and general nice weather that make us look like red crab people. (edit: as long as we can afford by not fuck up our own economy due to pinko's lol)

Spain has done this magnificently in Costa Blanca and in around Valencia region, a housing boom that made hundred of thousand of British and Scandinavian purchase fixed Spanish Property and cars have generated enormous tax income in addition to demand for services related to the tourist industry. Even if it made a housing bubble, once that stabilizes the property and infrastructure will still be there. The nice thing with having hundred of thousand annual visitors is huge amount of capital which will be predictably spent because the northern Europeans have invested their future holidays for decades to come into the region so the market is a lot more predictable than say Greece or Tunisia. And then add the Spanish culture which is very open and hard work oriented compared to the xenophobic lazy greeks.

Nobody wants to invest fixed property in Greece, the country is always unpredictable due to pinkos and communist, they get most of the illegal immigrants from Turkey and Libya etc and they were way to late in offering cheap holiday property. Now that most people have invested in Spain people want to go on vacation with friends and neighbours so Spanish tourism will only continue to grow as long as they don't fuck up their economy. But the Costa Blanca is the most conservative and right-wing region in Spain, they know capitalism works because it has made them rich 

Greece need a Franco, there I said it.

Quote from: kit saginaw on July 06, 2015, 08:45:20 AM
I'd bet against it.  That was Greece's problem to begin with.  -Basing their entire economy on the tourist industry.  To the average globetrotter; you see one craggy, beachless, sun-parched Greek Isle... you've seen 'em all.  As for the ruins...  Everybody has ruins.

You are right, but that boom bust cycle has repeated in Greece many times, or so I have been told. I mean, the super rich in their yachts are not going to get tired of Greece.

I love how the media tries to analyze this situation, like its something deep, requiring "expert opinion"...  The truth is that its very simple:  You can't violate the natural laws of economics anymore than you can violate the laws of Physics...  If you choose the adolescent world of Communist economics, the bill will come due one day...

Greece's bill has come due and they have neither the means nor the will to deal with it...  IOW they believe the EU will bail them out or they aren't hungry enough yet...