EURO Collapse

[Driver man]

Looks like the Euro is about to collapse. $US should get quite a boost.

[MaryB]

USD might go down with it do to derivatives!

[jcwit]

USD might go down with it do to derivatives!

Nope, it ain't gonna happen. Why would you want it to?

[MaryB]

Who said I wanted it to. Sheesh, banks have bought up all kinds of derivatives to bet on Greece and there has to be a loser... the entire derivatives market is 20 times the entire earths GDP so it is a disaster in the making

[9w1911]

No one knows US banks bailed out Europe soon after our own bail out, our interests are intertwined.

[JeffinNZ]

The EURO will survive. Greece needs to pull its head in. Typical modern day thinking. "Oh yes, we'd love to borrow all the money" followed 20 years later by "You want us to pay it back?" Spain and Portugal are the same.

The major worry is Comrade Putin is sniffing around Greece now playing the nice boy card.

[jcwit]

Life will go on.

[Lead Fred]

Like a house of cards, the bubble is getting ready to burst

[nagantguy]

It's a lesson in financial musical chairs, eventually the music stops and someone is left without a seat. Small island nation, huge superpower single family household the end result is the same when you borrow more than can ever ever be paid back and devalue your curency be printing mad money it has to end badly. At least for the common folks bankers and politicos always seem to come out all right.

[runfiverun]

yeah but everyone is doing it,, so it must be the right thing to do.

[williamwaco]

Greece going broke will affect Europe about like Wichita Falls going broke would affect the USA.

[dtknowles]

Greece going broke will affect Europe about like Wichita Falls going broke would affect the USA.

not Wichita Falls, Porto Rico

Tim

[bob208]

If there is a collapse in this country I see the cities becoming real bad. but the guy out in the country that owns his land with no bills will muddle through.

[starmac]

Life will go on.

Been hearing this as long as I have been alive, and it is true, but also decieving.

[snowwolfe]

Collaspe? The Euro is stronger against the dollar now than it was three months ago. Personally I think if Greece collaspes it will be about the same as me forgetting to pay a friend back $10.

Stock market is weird to say the least. All it does is wait on rumors then everyone sells or buys. The sellers think its a great time to get rid of it, the buyers always use the line "its a good time to buy".
If you listen to the day to day babble you will go nuts.

[Hickory]

The EURO will survive. Greece needs to pull its head in. Typical modern day thinking. "Oh yes, we'd love to borrow all the money" followed 20 years later by "You want us to pay it back?"

You might be right.
Back in the late 70's we (US) bailed out Mexico's economy when the peso was worth about 5¢.
When it was time for repayment the US forgave the debt, if we (US) does the same thing with Greece, then it can only get worse then it would be if nature were to take it's course now.

[texassako]

I heard them say only 3 percent of the Euro GDP is tied up in the Greece bailout. They will both get over it, and hopefully the Greeks will learn something from it.

[perotter]

The EURO will be as good has it has been. The only thing that would collapse it in the near future would be if Germany quit using it.

[popper]

Spain, Portugal, Ireland, Puerto Rico, Japan, Cypress, Greece, France, Italy, USA, etc. When you read the Obamatrade docs, don't have a heart attack, or maybe? Euro's problem is they can't by law, print money so they have to make up a scheme to let them do the same thing as print money. Let's see, WWI followed a worldwide depression, as did WWII, anybody for WWIII?

[TXGunNut]

Only thing that concerns me about Greece's default is reports about Putin sniffing around trying to capitalize on the situation, so to speak. One report had it that Greece was admitted to the EU to keep Russia from exercising undue influence on them, seems that didn't work out.

[Silfield]

Only thing that concerns me about Greece's default is reports about Putin sniffing around trying to capitalize on the situation, so to speak. One report had it that Greece was admitted to the EU to keep Russia from exercising undue influence on them, seems that didn't work out.
Putin sniffing around is a dangerous scenario-he has already had talks with Tsipris on numerous occasions.
http://www.independent.co.uk/news/world/europe/greece-crisis-alexis-tsipras-woos-vladimir-putin-as-greeks-rush-for-their-savings-10333104.html
Putin having a foothold in the Mediterranean is a worrying thought.

[snowwolfe]

Greece defaulted and the sky didn't fall.

[10 ga]

Greece, 26% unemployment for adults, 55% for under 20 somethings, FULL retirement for many at age 45 and for all at 55, full lifetime welfare support if unemployed. Typical libtard state only now they have run out of other peoples money. There is no such thing as "earning your own way" or a "work ethic" in Greece. Miniscule manufacturing or even agricultural production as that requires effort and work. The only thing I'd invest in in Greece is an Ouzo distillery! Just the facts, and only the facts! 10

[pressonregardless]

Hopefully Greece will tell the EU & IMF to pound sand.

[MBTcustom]

Been hearing this as long as I have been alive, and it is true, but also decieving.
A very wise man once said: "you'd be surprised what you can live through".

[NavyVet1959]

Personally, I think that if a city, state, or country wants to borrow money (bonds, loans, or whatever), they should have to put up something for collateral, just like a regular person might have to. If they decide to default on that debt, the creditor should be able to take possession of that property. Maybe that would cause the politicians to reconsider the borrowing?

Hmmm... I wonder what the mortgage value of the Parthenon would be...

https://upload.wikimedia.org/wikipedia/commons/thumb/d/da/The_Parthenon_in_Athens.jpg/260px-The_Parthenon_in_Athens.jpg

[bob208]

it is not the people. I worked with some Greeks . hard working did some of the dirtiest jobs in the plant showed up every day. its the government trying to run everything. same as here.

[popper]

Zimbabwe, Sudan and Somalia in being in arrears to the IMF. Add some more. Major bond holder for Pueto Rico will not negotiate. Usa will end up bailing them out.

[andremajic]

Most people don't care about Greece, but you should be paying attention. Their welfare state, and spending patterns are very close to the U.S. They defaulted faster because Greece is a small country. US will take longer to default, but simple math says it has to happen as well.

Greece is just the canary in the coal mine.

[knfmn]

Personally, I think that if a city, state, or country wants to borrow money (bonds, loans, or whatever), they should have to put up something for collateral, just like a regular person might have to. If they decide to default on that debt, the creditor should be able to take possession of that property. Maybe that would cause the politicians to reconsider the borrowing?

Hmmm... I wonder what the mortgage value of the Parthenon would be...

https://upload.wikimedia.org/wikipedia/commons/thumb/d/da/The_Parthenon_in_Athens.jpg/260px-The_Parthenon_in_Athens.jpg

Jesus, don't say that with all the crooked politicians we have in office! It will just give them ideas. Obama would happily mortgage all of the BLM and national park land if it meant he could provide "free" healthcare and college to all the democrats. We would be speaking Chinese within five years.

Putin sniffing around is the thing that scares me. Like him or not, the man has giant cajones and is not afraid to push back if he's pushed. Our leadership is crazy enough to make it our problem if he decides that having a presidential palace on the Mediterranean sounds like a good idea. WWIII has been mentioned in this thread already and I don't like our odds if it happens.

[popper]

http://cnsnews.com/news/article/terence-p-jeffrey/15-weeks-treasury-says-debt-has-been-frozen-18112975000000 More smoke & mirrors.

[starbits]

Hmmm... I wonder what the mortgage value of the Parthenon would be...

I wonder what the mortgage value of Southern (Sacramento south) California would be.

Starbits

[NavyVet1959]

I wonder what the mortgage value of Southern (Sacramento south) California would be.



Before or *after* it slides off into the Pacific Ocean?

[popper]

Interesting article, seems 27 countries are 'at-risk'.
http://www.breitbart.com/big-government/2015/07/02/crash-alert-international-reserves-fall-first-time-since-lehman-brothers/

[GREENCOUNTYPETE]

A very wise man once said: "you'd be surprised what you can live through".

I think it was his wife that said , " I am not sure I want to find out"

[Duckiller]

So. Cal is not sliding off into the ocean. We are moving north. Eventually we will block San Francisco's access to the Ocean. We have a very high mortgage value, just need more water from up north.

[NavyVet1959]

So. Cal is not sliding off into the ocean. We are moving north. Eventually we will block San Francisco's access to the Ocean. We have a very high mortgage value, just need more water from up north.

With water comes mud slides... Enjoy the ride... :)

[A pause for the COZ]

Greece defaulted and the sky didn't fall.

True, but thats not the point. The EU can absorb Greece's losses and not flinch.
The rest of the Takers on the Euro are watching to see what happens.
If Greece can get by with out paying whats owed. Why would any of the takers pay?
Paying is not in their nature. its the taking they are good at.

[perotter]

Personally, I think that if a city, state, or country wants to borrow money (bonds, loans, or whatever), they should have to put up something for collateral, just like a regular person might have to. If they decide to default on that debt, the creditor should be able to take possession of that property. Maybe that would cause the politicians to reconsider the borrowing?

Hmmm... I wonder what the mortgage value of the Parthenon would be...

https://upload.wikimedia.org/wikipedia/commons/thumb/d/da/The_Parthenon_in_Athens.jpg/260px-The_Parthenon_in_Athens.jpg

That wouldn't even slow them down one little bit. It would be better to make it extremely easy for them to quit paying back what they barrow. That way nobody would barrow them anything.

[missionary5155]

If there is a collapse in this country I see the cities becoming real bad. but the guy out in the country that owns his land with no bills will muddle through.

And plenty of ammo or the capability to reload fired brass.
If you have not read "Patriots" and or "Survivors" I would recommend them as good idea books.
Mike in Peru

[opos]

My "millennial" grandson in law indicated that our money is no good so we should let him "mine for bitcoins"...that from an unemployed video game player....I asked him since our money is no good why he's so interested in getting his hands on it...he went back to his keyboard...Ahhhhh family.

[MaryB]

There are $3 TRILLION dollars in Greek derivatives out there hanging over the markets...


True, but thats not the point. The EU can absorb Greece's losses and not flinch.
The rest of the Takers on the Euro are watching to see what happens.
If Greece can get by with out paying whats owed. Why would any of the takers pay?
Paying is not in their nature. its the taking they are good at.

[dtknowles]

There are $3 TRILLION dollars in Greek derivatives out there hanging over the markets...

Somebody with a lot of money is going to win big and someone with a lot of money is going to lose big. Derivatives are just legal big time gambling unless they are hedging and own underlying bonds. Some fund or brokers might go bust. It is all part of the game. If anyone's pension fund invested in this kind of stuff, I feel sorry for them.

Tim

[popper]

http://www.bloomberg.com/news/articles/2015-07-14/blackrock-sees-40-haircut-on-puerto-rico-debt-in-restructuring
Same for Puerto Rico.
The real reason for the EU NOT falling apart is the bankers want money. Just like here. They will probably keep Greece in, bailing out behind closed doors. They are willing to let the investor take the hit while they get cash for trade commissions. Factoid - there is no way these countries can pay the interest on the loans, much less the principal, ever. Someone is going to get a hair cut even if it is just devaluing the currency (then everybody but Hillary gets hit). Called 'restructuring'.
Another interesting one: http://www.wantchinatimes.com/news-subclass-cnt.aspx?cid=1203&MainCatID=12&id=20150714000077
Interesting read on what brokerages do.