Greece just wiped out US stock maket

[John in Plano]

and just listening to a guy on radio , he makes the point that austerity is coming to the Greeks no matter this latest vote . That being the case , why not stiff the euro bankers and be independent as possible while you suffer ?? That makes sense to me , he11 , the Greek people that just voted didn't agree to these agreements with the euro bankers .

Why would any country or bank in the euro zone accept a new Greek currency after being stiffed by Greece for billions and billions ?

[planosteve]

The gold standard only works when fiat money is forbidden. That is because of Greshams Law. When more than 1 type of money is circulated, the one prefered will be hoarded and the others will be spent. A good illustration was when silver coins were replaced by crap metal silver coated coins. Within a few weeks, the silver coins all disappeared from circulation. I got as many as I possibly could and still have them.

[GFB]

and just listening to a guy on radio , he makes the point that austerity is coming to the Greeks no matter this latest vote . That being the case , why not stiff the euro bankers and be independent as possible while you suffer ?? That makes sense to me , he11 , the Greek people that just voted didn't agree to these agreements with the euro bankers .

Ralph, if Greece leaves the euro, that will de facto "stiff" all the creditors.

So..what do they do next?

They will have no money..no one that will LEND them money..no economy..and a bunch of people that have been trained to receive endless free stuff from the government.

A government that now has no money..not even a currency.

Onwards and upwards!

[ralph]

I suppose that they wouldn't , might be part of the plan of the Greek people as Russia , China come courting JiP . I don't know , this is really my first in depth conversation on Greece , the 'euro' and international finance . That being said , if I was a Greek person and in my situation , well , I'd just stay in Greece . Think that that's what Greek people did for a few thousand years I think .

[ralph]

and just listening to a guy on radio , he makes the point that austerity is coming to the Greeks no matter this latest vote . That being the case , why not stiff the euro bankers and be independent as possible while you suffer ?? That makes sense to me , he11 , the Greek people that just voted didn't agree to these agreements with the euro bankers .

Ralph, if Greece leaves the euro, that will de facto "stiff" all the creditors.

So..what do they do next?

They will have no money..no one that will LEND them money..no economy..and a bunch fthat have been trained to receive endless free stuff from the government.

A government that now has no money..not even a currency.

Onwards and upwards!

suppose that they will barter , reissue the drachma for internal use , grow food , fish , service tourists and I have mentioned that Russia and China might come calling . The ones that have been living on retirement will be out in the cold I suppose . ------- Course Greg , I don't know whats going to happen , just interesting to me as I learn a bit from this thread . Seems to me that its every man for himself in Greece and the best place to be is in some small farming village , far from the city where everyone knows everyone else . ------------ I hear more talk on Rush , should be an interesting topic as things settle down or escalate .

[ralph]

and forgetting about Russia and China it looks like it was the rural types in Greece that told the city folk and gov employees to drop dead . ---------- --- http://fortune.com/2015/07/06/what-gree ... e-bullied/ --- interesting article and might explain the way that Greeks voted as they voted .

[GFB]

Angela Merkel and Francois Hollande have met and have decided to tell Greece to pound sand..no more money until they pay back what they already owe..(yeah, right)

..same from the IMF.

Stick a fork in that country..they're done!

[GFB]

Next up:

Drachma 2.0

[ralph]

good , be interesting to see what happens . Seems to me that the gov / city people won't be able to retire , will have to work and be paid in local currency or chickens and olives if they get paid at all . Be interesting to see what happens . Any speculation on what happens next Greg , JiP or anyone else ??

[GFB]

good , be interesting to see what happens . Seems to me that the gov / city people won't be able to retire , will have to work and be paid in local currency or chickens and olives if they get paid at all . Be interesting to see what happens . Any speculation on what happens next Greg , JiP or anyone else ??

I don't know, but I like your "chickens and olives" based economy!

[ralph]

well , if you already have a donkey , some hand tools , seeds , a paid mortgage or hereditary farm , a friendly village , fishing nets , a 12 foot boat and oars plus a Lupara [and some walking around Drachmas in your pocket] , what else do you need ?? --- https://en.wikipedia.org/wiki/Lupara ---

[ralph]

Bobby Jindal is [KINDA] saying on Cavuto that Americans should look to Greece to see how Greeks handle things in their third world economy and should pick up some tips on what to do in an economic collapse . He never said that Americans should learn to garden , buy luparas and grow chickens but he might mention those skills in one of his next speeches .

[GFB]

Had to look up Lupara..never heard that word.

But Bobby Jindal plans to run on a platform of.."get ready for financial collapse?"

..oh yes..sounds like a winner.

[ralph]

aww Jindal , ain't got a chance in my opinion but he was LOOSELY talking about economic collapse , mentioned 'peurto rico' going down . He might be on Cavuto business sometime later in the day , early evening . Ted and Trump are still my guys , Jindal is just another of the herd of repubs but I won't call him a rino , don't know enough about him !! ---- Got no chance imo though .

[ralph]

lupara is just an Italian sawed off double barreled shotgun . They are just a 18 and a quarter inch double barreled coach gun in the USA . Lupara may be shorter than a legal American sawed of 12 gauge coach gun . Nice guns , also known as cowboy or stagecoach guns in the USA .

[Cowman52]

Make you a bet, the Greek economy goes bust, how long before some one, Russia, china, America, someone , is shamed into providing food, fuel, medicine, to the Greeks who can just continue along on their merry way of living high off the hog without paying for it.
They don't intend in any way to go along with any austerity measures, and will have the blessings of whom ever.

[ralph]

well , I think that it MIGHT be a good move for Russia or China but I don't know if Greece has any strategic value to them other than being in that part of Europe . Maybe 'turkey' will move in with some falafel , garbonzos and cous cous .

[Cowman52]

Putin with a naval base on the med, just how valuable would that be? Not so much for actual use but to stick it to the rest of NATO.

[ralph]

thanks COWMAN , and I am just reading , found some info about the Marxist president of Greece and the story that he is friends with Putin . And yeah , a base in the med , probably sounds good to the Russians .

[John in Plano]

Which country will be next to say goodbye to the Euro and stiff a bunch of greedy industrialists and bankers ?