Default by Greece ‘Almost Certain’: Greenspan
Its funny cuz my immediate thoughts were along the line of "there's Greenspan shilling again".
No disrespect to you Mr. Shill, of course.
"There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crises should come sooner as the result of a voluntary abandonment of further credit expansion, or later as final and total catastrophe of the currency system involved."
- Ludwig von Mises
got this from the Money Changer Franklin Sanders
Whoa, whoa, whoa! Rumors of settling the Greek government's financial crisis are way overblown. The argument is not whether Greek will default or not, but how to handle the inevitable default. Do they outright stop paying on their bonds? Or "roll them over" for later payment? Or call in the bonds & issue new ones with longer maturities? Germans are insisting that at least a third of the bailout fall on private creditors. Anyway you cut it, (1) it ain't been settled yet and Greece will run out of money in 8 weeks, and (2) Greece will default.
Right, Greek government is in debt up to its ears, more than $42,888 per person, not solvent like the US with a government debt of $44,900 per capita.
Now y'all explain to me, because I want to know, how the US is in better shape. I'm waiting.
Bummer we have to wait 8 weeks. I'm ready to see the sucker fail.
I know it is to good to be true but it would be just awesome to short the equities market and see it come down to about dow 6000 and then buy agq calls with both hands as soon as Benny fires up the presses. It couldn't be that easy though so I'm not gonna get my hopes up.
I'd like to find an article on just what effect a bailout will have on their books and how much that will prolong the problem. The only way it defaults is if the powers that be decide to position themselves on the other side of the trade.
I could actually see Benny letting this happen as money would run the bonds, thus replacing the demand that the fed had artificially created just in time for the end of QE.