Interesting World Greek Debt little country big problem even bigger implications

 So Greek owes so much money they are not in very good shape at all what do you do when a country needs to declare bankruptcy.  Supposedly they barely have enough money in the treasury to make there interest rate payments.  Yet everybody is standing around hoping the whole thing doesn't collapse.

What WSJ had to say.
"Call me a heartless cynic, but I have to admit, I’m kind of enjoying the current European crisis over Greece’s fiscal mess. It’s full of laughs.
“Greece did not ask for any financial support,” proclaimed European Council President Herman Van Rompuy — as he and 26 other European leaders busied themselves in Brussels concocting bailout schemes that Greece apparently didn’t ask for.
But that wasn’t even Van Rompuy’s best line. This was: “We fully support the efforts of the Greek government and their commitment to do whatever is necessary including adopting additional measures.”

That just killed me. Greece is on the brink of bankruptcy. Spiraling budget deficits threaten to blow up Portugal and Spain. The euro is under ferocious speculative attack.
And after weeks of careful deliberation, the EU decides to…well, do nothing — no default, but no EU bailout either. Apparently, the EU wants to roll the dice on the very nation that got it into this mess in the first place.
Now, that’s funny.


40% of the jobs in Greece are state jobs.  So if the country were to default or stop payment of government employees.  What would happen?  What would those 40% do?   Yet who wants to write the Grecian a better note with less interest or extend there debts.    If you ask me there best hope is default.  Say screw you bankers thanks for the money. 


WSJ talks about it and compares what the EU did today as trotskiesh.   take a look at the link below.

http://blogs.wsj.com/deals/2010/02/11/mean-street-what-leon-trotsky-teaches-us-about-the-greek-crisis/


also another little boutique closed on wall street some are saying its a sign of more to come but this article shows this company may have had some very unique problems.  with over 4million in legal fees associated with a fight between the owners.

The New York-based company, with a reputation as a strong derivatives trading firm, had been in talks for almost a year with Braver Stern Securities Corp, a mortgage boutique that former Bear Stearns Cos Chief Financial Officer Sam Molinaro was advising, according to people familiar with the matter.

In one lawsuit, filed in June 2008, one of the firm's co-founders, Bert Cohen, said the other, Bradley Reifler, had sent him an e-mail that said "your kids think you are nuts... you are a bitter lonely ass... you are dead to me."  sounds like they don't like each other and the great think is with social networking you can let everyone know how much you dislike each other

Reifler, head of institutional trading at failed commodities broker Refco until 2000, wrote on what appears to be his Twitter profile that he is now "starting Forefront Advisory with non-criminal partners."


Also another great piece on "God's Work"  a famous quote by Blankfein
I just wish I had started Goldman Sachs

http://blogs.wsj.com/deals/2010/02/11/is-goldman-just-a-big-hedge-fund/

Copenhagan 19 people arrested for pocket knives

"Earlier, police said they had detained 19 people, mainly for breaking Denmark's strict laws against carrying pocket knives or wearing masks during demonstrations."    From Yahoo So I want to know how did these people get arrested for carrying pocket knives it doesn't sound like they were wielding the knives on anyone.  Were the cops putting there hands in everyones pockets?  Is everyone searched?    How do you get arrested for pocketknives?   Anyway why can't you carry a pocket knife?  WTF

"Inside the Bella Center, the European Union, Japan and Australia joined the U.S. in criticizing a draft global warming pact that says major developing nations must rein in greenhouse gases, but only if they have outside financing. Rich nations want to require developing nations to limit emissions, with or without financial help."   The rich can pollute as much as they want and now we limit how much the poor can emit.  For years the polluting companies would just go out and dump there trash in poor countries.   Now they limit them.  This is crazy, but necessary?  

Anyway the most interesting thing about all of this is that nobody is mentioning climate gate that was put on the back burners.   What about the scientists who were falsifying data.   Now they are getting as many scientists as they can to sign a petition saying they believe in man made climate change.   To get grants to do research you have to get money from the companies, and government that want to see carbon tax and made made climate change accepted as fact.   Seems like something is fishy around here.

Goldman again

Lloyd Blankfein i'm so jealous

I love news about Goldman it is almost always entertaining and important.  The intro is the best I love how this writer Chris Nichols  describes Goldman

"The vampire squid/investment bank/robber baron corporation without equal, Goldman Sachs, has hoisted the white flag. The humiliating surrender is complete.
Yes, the New York firm, known best for draining us regular folks of our hard-earned wages and our life force while simultaneously enriching a cackling cabal of Savile Row-suit-wearing, cigar-smoking bankers, has seen the light and decided to take a stand against doling out excessive pay. Cash bonuses for executives will not come to pass in 2009."

They Made So much money they had to delay payment for five years. I think they will be allright. GS is taking over the world so i think they will only be richer in 5yrs so i don't see why they think it looks so much better check it out.

If anything it will encourage the executives to continue pillaging at unimaginable rates and to continue passing compensation back so as not to turn a profit which if you don't make a profit you don't pay taxes.   I bet I'll pay more taxes in the next couple of years than goldman will.   Take some time read the article. its funny

check out a cool blog i wondered upun http://www.russiablog.org/

Dubai and Iran the middle east is poppin

So I've been reading this Book about the history of Iraq and it seems that Iran is pushing the same buttons Iran did before the Iraq invasion.  Previous to the 2003 invasion like  in the 90's Iraq had refused to cooperate with the UN Nuclear arms team.   This led to tension between the American's especially and the Iraqi's Before the 2003 war Iraq even allowed the UN Nuclear teams to come in and show that there were no nuclear weapons.  But we (USA) were already pissed and ready for regime change.  The Iraqi's since the British left has had many regime changes many of which were helped by the CIA and American Intelligence.  This latest regime change (getting rid of Saddam) was the second attack with mainly our troops and the first time we had massive troops there and proceeded with the regime change.

How history repeats itself.   During the Iranian election you may have heard people using the term regime change.  And we(USA) were definitely pushing toward it.  Today Iran is directly disobeying the UN security council and the USA.   I think they are trying to get us to force in a "regime change" slash another front in the war on terror.   This could lead to many interesting things.   So if I were you I would pick up a book on Iraq and think about what Iran is saying and who is still coordinating our foreign policy (CFR/Int'l Bankers)  


Take a look at these articles  

Iran won't talk to West on nuclear program 

 

Europe's Secret Nuclear Weapons: What Should NATO Do?

Dubai mega-tower `last hurrah' to age of excess 

The Dubai article is fun check it out

 

Today we are p

FDIC is 8+Bill In the hole. Typical gov't agency.

The FDIC fund that insures bank deposits is $8.2 billion in the hole.
The Federal Deposit Insurance Corp. released its latest set of grim banking data moments ago. The FDIC had to set aside $21.7 billion for expected losses on future bank failures as the total number of "problem" banks rose to 552 from 416.  

During the 1930s, the United States and the rest of the world experienced a severe economic contraction that has now been named the Great Depression. In the United States, during the height of the Great Depression, the official unemployment rate was 25% and the stock market had declined 75% since 1929. Bank runs were common place because there wasn't any insurance on deposits at banks, citizens ran the risk of losing all of the money that they had deposited if their bank failed.<sup>[6]  

as the FDIC website says THE FDIC</sup>  is an independent agency created by the US Congress to maintain stability and public confidence in the Banking System


^{Now the insurer is running a deficit?  How does this happen?  So our they going to print more money or borrow more money or are those the same thing?   So if we the people pay taxes to support a bankrupt company that is supporting a bankrupt borrowing system.  Doesn't it seem like we are on the hook for that?}  

The 'Real' Jobless Rate 17.5%

The 'Real' Jobless Rate  17.5%  All gov't statistics are fake.  Ahhh.  

Why does the gov't try to manage the statistics to make things look unduly good.  If you are trying to manage expectations shouldn't you tell the truth.  So when people find out the truth things don't plummet.

It's like my personal selling teacher always told me you should underpromise and overperform.  To me it seems like they are setting them selves up for failure.


the number dwarfs the statistic most people pay attention to-the U-3 rate-which most recently showed unemployment at 10.2 percent for March, the highest it has been since June 1983.The difference is that what is traditionally referred to as the "unemployment rate" only measures those out of work who are still looking for jobs. Discouraged workers who have quit trying to find a job, as well as those working part-time but looking for full-time work or who are otherwise underemployed, count in the U-6 rate.
With such a large portion of Americans experiencing employment struggles, economists worry that an extended period of slow or flat growth lies ahead.
"To me there's no easy solution here," says Michael Pento, chief economist at Delta Global Advisors. "Unless you create another bubble in which the economy can create jobs, then you're not going to have growth. That's the sad truth."
Pento warns that forecasts of a double-dip ("W") or a straight up ("V") recovery both could be too optimistic given the jobs situation.

Gold is it in more than one way

Gold hits record near 1150/oz its a great time to own gold or own Goldman.  Recently Goldman and Buffet started a 500million dollar charitable donation, while tipping its employees 19billion dollars.   It seems to me there trying to appease the masses.   And then today on Yahoo there was pretty much a piece of "News" telling us that we should forgive and forget and they even talked about how theres all these conspiracy theories and how we should take it as a joke, he said take it like jay leno.   Even though at points it seems like they admit its goldman's way to pretend they are saving the world and doing "God's Work"  Watch the video and see for yourself.   Goldman Says "Sorry" And The World Moves On. 

Well anyway Gold seems like it would have been a great buy a couple of months ago and may still be a good buy with more reserves being transfered into gold.  also with our federal reserve policy if there is inflation gold goes up and if there isn't gold goes up.  But at least for our dollar sake gold is hitting high's in other currencies too.


Gold traders are awaiting key U.S. consumer price index numbers later in the day for clues as to the next direction of trade, both due to its effect on the currency markets and on bullion itself, which is often seen as an inflation hedge.
"Low inflation pressures are traditionally a negative for gold prices," said HSBC analyst James Steel in a note.
"If, however, weak inflation data are seen as allowing the Fed to continue to pursue easy monetary policies, this may be seen as supportive of gold."
Gold rose in currencies other than the U.S. currencies, reaching its highest since late February in euro terms, since early March in sterling terms, and since early May when priced in the Australian dollar.