Political, financial turmoil in Greece

it's always us plebs at the bottom of the food chain who end up carrying the can for politician's stupidity

Post of the day, Rhodes - I doubt if we'll see any politicians going short when it all comes tumbling down.

No you won't find any shortage of those nor of many people at the top of the income bracket.

A good explanation of the knock-on effects of financial ups and downs:

Finally, last week, rumours swept the money markets that the European Central Bank was about to print more money – so-called quantitative easing – to bail it out of its latest crisis; this time, brought on by concerns Greece will tumble out of the eurozone after an election later this month.
The pressures between the strong franc and weak euro became intolerable, and the Swiss threw in the towel. The cap had to be lifted, and the franc instantly jumped 39 per cent against the floundering euro – the biggest single-day move for a rich nation’s currency in four decades. It ended the day ‘just’ 17 per cent up in a market that considers a two per cent move dramatic.


Read more: http://www.dailymail.co.uk/news/article-2915018/EUROGEDDON-shocking-new-price-Swiss-cheese-chocolate-means-Europe-s-single-currency-dream-heading-disaster.html#ixzz3PAzQa9wP
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The clue to why EVERYONE is affected is in those paragraphs. The EU, like the US, has been keeping the plates spinning by 'Quantitative Easing' - printing money without any assets to back it up.

Anyone that thinks this is going to end well should read up on the Weimar Republic.

Anyone that thinks this is going to end well should read up on the Weimar Republic.

That thought is really scary. Yet with the printing presses and resulting hyperinflation, what else could the consequence be?

I am really not sure what is going on. But I hope they leave.

If they leave, the eurozone quickly collapses in financial chaos, which will spread elsewhere. If they don't leave, it will delay the eurozone collapsing in financial chaos, which will spread elsewhere.

Sooner or later, the eurozone is going to collapse. Germany is rumoured to have a nice stock of new Deutchsmarks printed in readiness, and has finally succeeded in getting some of its gold back from the US. Though it's probably the gold the US stole from Ukraine, but hey ho!

France is doubtless making similar forward plans for the inevitable. It's all very interesting, though this is probably a good time for anyone in the eurozone to stock up on tins, candles, loo roll, blankets, that sort of thing...

Thanks for the tip, Bonny. I've already got most things, but I will look at the loo roll situation. Although I could get a bit fed up with beans and pasta.

Well, sensible people like ourselves, who tend to live quietly and sensibly, and can be resourceful when needed, will probably weather the storms OK.

But people who have been living way beyond their means, buying flashy junk on credit, etc., are in for some very nasty shocks indeed as the world goes back to sane banking practises and national economies based on reality, not jam tomorrow and complicated ponzi schemes involving junk bonds.

http://www.theguardian.com/commentisfree/2015/jan/22/qe-eurozone-confidence-trick-quantitative-easing-money-circulation

That's quite a good piece about the ongoing fraud being committed by assorted European bankers and politicians.

Thanks, Bonny. It is good.

I am not surprised so many Greeks have turned their back on the establishment, Lily, what has happened there is beyond shocking.

The middle classes have become paupers, the poor are destitute, while the people at the top who caused this disaster are totally unaffected - while inflicting 'austerity' on the rest of the populace, to pay off unpayable debts. While the heads of the EU print money to buy junk bonds...

Utter, complete fiscal madness! There is no way it can carry on like this, IMO, an almighty crash is inevitable.

If Greece leaves the eurozone, they will be in a mess, but it will be their own mess, in their hands to deal with it. Best thing they could do is go back to the drachma AND leave the EU.

They will then be free to sell their fine produce to anyone they want - Russia was a big market, till all the sanctions nonsense started.

They may never get rich on agriculture, shipping and tourism, but at least the money they do make won't be siphoned off to benefit Soros and similar scum.

Yes, they will most likely have a period of difficulty but then they can get on with it. Their future will be in their hands instead of psychopaths.

http://news.sky.com/story/1414691/greek-election-syriza-party-leads-exit-poll

Polls have closed in the Greek elections which could see the radical leftist Syriza party take power, that has pledged to ditch painful austerity measures imposed during the economic crisis.

It is leading exit polls ahead of the official election result with between 35.5% and 39.5% of the vote, compared to between 23% and 27% for the New Democracy party, led by incumbent Prime Minister Antonis Samaras.

Victory for the opposition party would set the stage for a clash with European creditors....more at link.

Numbers crunched here:

http://www.zerohedge.com/news/2015-01-25/greek-exit-polls-hint-massive-victory-syriza-live-webcast

http://news.sky.com/story/1414691/greek-election-syriza-party-set-to-take-power

Greek Election: Syriza Party Set To Take Power
Predictions suggest Greece's radical left-wing Syriza party is currently just one seat short of an overall majority.

Fasten your seat belts, ladies and gentlemen, it's going to be a bumpy ride.

Looks like the wheels are very rapidly falling off all the Globalism nonsense; to mix metaphors, Greece looks like being the first domino to fall, as the Spanish Podemos party has come from nowhere with similar policies.

Sigh....

Don't ask me what happens next, Lily, I have absolutely NO idea. Not least because the incoming Greek government also wants to leave NATO and kick out all foreign bases, among other things.

It's all going to be most interesting.....

Yes it will, at the very least.

http://www.independent.co.uk/news/world/europe/greece-elections-syriza-and-eu-on-collision-course-after-election-win-for-leftwing-party-10001701.html


“A vote for Syriza is a vote for anger,” says Professor Hatzis. There is fury that the better-off and the oligarchs have succeeded in avoiding paying for a financial disaster that was largely of their making. He says that Mr Samaras’s government wanted to satisfy the demands for reform by the Troika by introducing “across-the-board cuts in order to avoid structural reform”. The corrupt clientist system in which financial oligarchs had a large measure of control over Greek politics was largely the creation of the New Democracy and Pasok parties that lost so heavily in the election. “The Greek government has protected the oligarchy and the cartels over the last two years,” says Professor Hatzis.

Sounds familiar; the Westen world is full of angry people, all angry for much the same reason.

Well that's going to be a change...