My 401K hates Greece.
Prime Minister George Papandreou to offer resignation.
http://www.bbc.co.uk/news/world-15575198
I guess if you can get off the Hindenbug and make a run for it, you better!
LOL!
Merkel blasts ‘lazy’ Greece and Portugal
http://www.eutimes.net/2011/05/merkel-blasts-lazy-greece-and-portugal/
German Chancellor Angela Merkel has this week sparked a wave of outrage across Europe by calling on Portugal, Spain and Greece to raise their retirement ages and reduce their leave. She warned that German aid to these countries could be cast into doubt should southern European countries fail to adopt the work ethic of her countrymen.
“It’s not just about getting any further into debt in countries such as Greece, Spain and Portugal, people should not be allowed to receive pension before their German counterparts”, Angela Merkel told supporters at a political rally in Germany.
“We all have to put in some effort. This is important, we cannot have the same currency, yet some have an abundance of holiday leave and others have very little”, reasoned the German Chancellor.
“We cannot stand by these countries and allow them to act the way they have up until now. Germany will help, but only if these countries demonstrate they are putting in the necessary effort”, added the Chancellor.
The Greeks intend to give everybody a haircut.
In the world.
Italy is calling for Berlusconi’s resignation too...
Shouldn't be a problem, since he's a confidence man.
So collapse already! Let’s get it over with.
Tuesday, November 1, 2011, 4:54 pm, by cmartenson
I am issuing an Alert tonight. After examining the data, I have come to the conclusion that the possibility of a European centered systemic banking crisis is unacceptably high and that there are certain actions you should take.
For my new subscribers, I will only send an Alert when I am personally moved to action, or would be if I were not already as prepared as I am. That is, the point of an Alert is action. I do not wish to add to anxiety, especially unnecessarily, and take my responsibiliites in this regard very seriously.
That said, tomorrow I am going to get more cash from the bank to hold in reserve until things clear up (or break down). The idea here is that cash will be a very useful commodity to hold and then deploy should the banking system suffer some sort of a freeze-up for any length of time.
The risk now is that the Greece situation spills over into Portugal, Italy and Spain; if only because more people wake up to the idea that these economies are just as incapable of servicing their outstanding debt as Greece. The warning signs are as ominous as any since the crisis began in August of 2007.....
MUST.NOT.LET.THE.PEOPLE.VOTE
When isn't it? That should be a standing headline.
Maybe a collapse will be the best thing that could happen to them in the long run. The bailouts need to end, they need to take the fall for their bad policies and behavior. Only then will they learn from them and correct them.
is INTRADE giving odds on a NATO occupation yet?
Oh, BS.
Maximum Social Security benefit in the US: $28,392/year.
Maximum social insurance benefit in Greece: $101,927/year.
Average Social Security benefits in the US is $14,124/year. I wasn't able to find a specific number for Greece, but I saw a news report in the past couple of days that indicated it was approximately double that of the US.
Tax rates in Greece are 7% on the employee and 14% on the employer. The next result is that contributions are about 50% higher for each employee.
Normal retirement age is 65 in Greece, 66 in the US. Early retirement age in Greece is as early as 50.
Even if G-Pap were to resign it isn’t really going to help the dire financial straits Greece is in.
Could we send all the occupy whatever folk over there?
It’s so great over there because they have these great social systems, and besides these occupy whatever folk would fit right in.
This might turn out to be an interesting weekend - that’s when devaluations, coups, etc. usually take place and why traders clear their accounts on Friday and re-enter on Monday.
Why is the whole world economy hanging on the daily rambling and status of the Greek economy? Why is it important enough to swing the markets by billions and billions if not trillions of dollars more than the Greek economy is worth?
The Greek economy can’t be any more important than say a few minor states here in the U.S.
We used to see currencies fail without the slightest notice to the market.