Txdigest.com

Bob, in his opening monologue explained how many of Greece's 7000 ATMs are already out of cash.

The government is closing the banks tomorrow, and they may remain closed until the country takes a vote on whether to stay with the Euro on July 5th.

The Euroean Central bank has bailed them out twice already to the tune of over 200 Billion Euros..and to be bailed out again, Germany and other countrys are demanding that Greece cut pensions and other social programs..drastically.

Greece has refused to do that. Greeks typically retire with cushy pensions at 52..something that the countrys that would have to bail Greece out can't even dream about.

Being tied to the Euro means. Countrys like Greece can NOT print more money..they are more like Detroit that's they are the U.S. government.

They're stuck.

Greece has 25% unemployment, which is identical to what the U.S. had in the great Depression.

Polls done recently have shown that Greeks favor staying with the Euro, but doing so would mean that Greece will have to give in to the large tax increases and spending cuts that the ECB demands.

At some point Euro countries could cut Greece loose..and they would have to return to some version of their previous currency..the Drachma.

Every dollar you think you have in the bank isn't there. It has been loaned to someone else. TEN TIMES!
It's called factionalized banking. Just like in Greece.

planosteve wrote:Every dollar you think you have in the bank isn't there. It has been loaned to someone else. TEN TIMES!
It's called factionalized banking. Just like in Greece.

No, the problem for Greece is that..they cannot get any loans. The country's credit has been destroyed.

do you think that there will be chaos and rioting in in the near future in Greece Gentlemen . Heard there was some a few years ago but I guess that it settled down ,

yeah Greg , thanks , how do you think that it will go , whats your opinion ??

ralph wrote:do you think that there will be chaos and rioting in in the near future in Greece Gentlemen . Heard there was some a few years ago but I guess that it settled down ,

What they have..says Bob Brinker..is "financial chaos."

I'd say anything could happen.

The best case scenario for Greece is..people agree to submit to the ECB and the freebies are drastically cut.

so, probably rioting and burning , think that also happened a few years back , think it was Greece . Best thing would be to be a small rural farmer in a small community far from the big cities I guess . After the grocery stores are empty will goods still be delivered .