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Central banks
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    This guys are working hard :-)

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  • 11 Replies sorted by
  • the banks got bailed out, we got sold out!

  • Exactly: We (EU taxpayers) are not paying to help Greece, but to help the banks.

    We save the banks while Greek kids are starving (no exaggeration!).

  • Yep - it annoys me intensely that we're propping up a system (banking) which clearly is broken and is never going to work (except for the bankers). Joke: what's the collective noun for a group of bankers? A "wunch".

  • Zero Hedge Reads

    Projected PIIGS Pillage: 3233.5 Tons Of Gold To Be Confiscated By Insolvent European Banks

    While hardly discussed broadly in the mainstream media, the top news of the past 24 hours without doubt is that in addition to losing its fiscal sovereignty, and numerous other things, the Greek population is about to lose its gold in a perfectly legitimate fashion, following amendments to the country's constitution by unelected banker technocrats, who will make it legal for Greek creditors - read insolvent European banks - to plunder the Greek gold which at last check amounts to 111.6 tonnes according to the WGC. And so we come full circle to what the ultimate goal of banker intervention in the European periphery is - nothing short of full gold confiscation. So just how much gold will be pillaged by the banker oligarchy (it is amusing how many websites believe said gold is sacrosanct by regional national banks, and thus the EUR is such a stronger currency as it has all this 'gold backing' - hint: it doesn't, as all the gold is about to be transferred to non-extradition countries)? As the World Gold Council shows in its latest update, between all the PIIGS, who will with 100% certainty suffer the same fate as Greece (which has shown that unlike during World War 2, it is perfectly willing to turn over and do nothing) there is 3234 tonnes of gold to be plundered. And likely more as further constitutional amendments will likely make the confiscation of private gold the next big step. how much does this amount to? At today's prices this is just shy of $185 billion. Of course by the time the market grasps what is going on the spot price of the yellow metal will be far, far higher. Or, potentially far, far lower and totally fixed as the open gold market is eventually done away with entirely in a reversion to FDR gold confiscation and price fixing days.

    The chart below shows total gold holdings for the top 40 countries. Little Ireland is off the chart with just 6 tonnes of gold.

  • @nomad " are starving (no exaggeration!). " Man, this is a huge exaggeration, and populism. The minimum wage in Greece: 668 euro, Poland: 317 euros. I bet that the prices are similar, and no one says that in Poland, children are starving.

  • Sorry, but I have friends with relatives in Greece. Minimum wages mean nothing if you don't have work.

    There are families now for whom they even turned electricity off. Plus, some kids are so underfed that authorities decided to feed them at school even in the middle of all the fund-cutting. It's not funny to live in Greece these days if you are not a rich ship owner, who moved his money to Switzerland in time…

  • @nomad No, I'm sorry. My ignorance needs to be improved. I can not argue with facts. Blood just flooded me as I see what happened to this beautiful country, with such a beautiful history as Greece. Nobody is blameless.

    1. the Allies, who after World War II, helped right-wing extremists to win the civil war that only Greece did not fall into the sphere of influence USSR.
    2. The banks who lent the money, hoping that later on the cheap will buy the wealth of Greece
    3. The Greek government to deceive everyone around
    4. The Greek trade unions, which have been absurd to social security benefits
    5. The Greeks, who were deceived by the state without paying taxes
    6. The Union, which took Greece to the EU and euro zone

    My friends had emigrated to Greece in early 2001. When they arrived on holiday, they said that there need not work at all because the social is so large that it can easily survive without a job. It was SICK. As I hear today that the Greeks show Angela Merkel as Hitler and saying that Germany must pay for their debts because 70 years ago, Hitler attacked Greece .... - I'm sorry, but this is a slight exaggeration. I come from a family of the worker-peasant and credit is the last thing I need to take. But if I take it , I will try to pay off because otherwise it would be theft. Once again I apologize for my ignorance, I did not know that the Greeks so fucked up their country.

  • It is true that children are being fed now in Greek schools by a government programme, because many are underfed. This is a disgrace. It doesn't matter if Greek politicians ran the country into the ground -> You feed those kids!

    As for the Greek loans, that is just to pay back their own banks. Papademos is a pawn for Goldman Sachs.

  • Don't you just love self-subjugated slavery

    Greece isn't an aberration, they are just leading the charge, other countries will follow.

    On the upside, sales of super yachts are up, go go trickle down effect...............

  • Sure, a happy few will cater on those yachts for minimum wages…

  • The 'monarchs of money' and the war on savers

    The world's central banks have printed unimaginable amounts of money in recent years. Neil Macdonald explores what this means for the global economy and for your financial well-being.