Greeks Are Panic-Buying Food And Pulling $1 Billion A Day Out Of Banks

[Finalygotabeltfed]

Greeks pulled their cash out of the banks and stocked up with food ahead of a cliffhanger election on Sunday that many fear will result in the country being forced out of the euro.

Bankers said up to 800 million euros ($1 billion) were leaving major banks daily and retailers said some of the money was being used to buy pasta and canned goods, as fears of returning to the drachma were fanned by rumors that a radical leftist leader may win the election.



Read more: http://www.businessinsider.com/tag:r...#ixzz1xlz6qwAL

http://www.businessinsider.com/greek...f-banks-2012-6

Kind late to be prepping ain't it? They've watched this train wreck happening for a long time and are just now reacting?

I saw a sign once at a training facility that said: When you can hear the drums beating for war, its too late to train the troops. Evidently the Greeks have had their earplugs in or their heads up their asses and couldn't hear the drums.

[Boris]

New Democracy has been telling voters they must choose between the euro or the drachma, while SYRIZA promises to end the austerity measures imposed by Greece's international lenders, such as salary and pension cuts, that have driven many Greeks into abject poverty.

Read more: http://www.businessinsider.com/tag:r...#ixzz1xm3zkZKC

I'm just puzzled on how these lefties intend to "end austerity measures"? It seems like just aiming to grab power. There are no money left and no one is lending to them. It's going to be hyperinflation real soon.

[Finalygotabeltfed]

I'm just puzzled on how these lefties intend to "end austerity measures"? It seems like just aiming to grab power. There are no money left and no one is lending to them. It's going to be hyperinflation real soon.

Coming to the US soon.

[Boris]

Coming to the US soon.

well, that goes without saying and many other Euro countries are on the same track too.

In all countries where lefties took over, there were people and resources left to rob, to support commie ways (not cheap). I just don't see what their plan is. Once hyperinflation hits, they are back to square one, everyone has to cut down on food and luxuries.

[Gadsden]

Don't know how many of you folks read Survivalblog.com, but this is something that Rawles warned about years ago. It will be fairly unlikely to see people lined up at banks and ATM, and when you do, it is far too late. At that point, if you are not ahead of the mob of sheep, you are screwed. The REAL bank runs will happen weeks and days before the visible one via wire transfers, etc.

[Finalygotabeltfed]

Don't know how many of you folks read Survivalblog.com, but this is something that Rawles warned about years ago. It will be fairly unlikely to see people lined up at banks and ATM, and when you do, it is far too late. At that point, if you are not ahead of the mob of sheep, you are screwed. The REAL bank runs will happen weeks and days before the visible one via wire transfers, etc.

Daily read......from day one of its existance. And yes, every word of Jim's predictions and information has come true to the letter.

[sacksjacked]

The eurozone is just a mess right now. Greece should have never been part of the EU to begin with. I have visited Greece a couple times, nothing against the country. However they have no economy whatsoever. Highly dependent on the tourism industry. This mess they are in was inevitable.

[ShadeWPI]

I'm just puzzled on how these lefties intend to "end austerity measures"? It seems like just aiming to grab power. There are no money left and no one is lending to them. It's going to be hyperinflation real soon.

While the outcome is not exactly effective, the process is actually fairly simple. The first thing you do is sieze as much propery as you can get away with, then you absolve yourself of your debt "Sorry, I'm just not going to pay you back for that loan" You then issue a new, soft currency that only has value within your country. If you have anything worth exporting, you hope that the countries you owed money to will continue to buy your exports (your only source of hard currency for imports) and you limp along. Domestic products aren't a major issue but imports go through hyper inflation since they must be purchased with hard currency.

[ShadeWPI]

most of the Eurozone has a higher debt to GDP ratio, higher unemployment, 2x the tax rate, higher unbalanced obligations (something the would be debt to a company but magically isn't debt to a country) lower growth and higher budget deficites. Also, there's generally less faith in their future growth, so they also pay higher intrest rates. The US pays about 2% on its debt while Greece is north of 7% and Spain and Italy are a hair under 7%.

As bad as things are in the US, the US could achieve a balanced budget and debt reduction by raising the agragate tax rate from 20% to 30%. In greece, this is already 60% with a deficite of 15% of GDP, they would need to increase the agragate tax rate to more than 75% to solve the issue with increased taxes.

[Knob Creek]

I'd just like to clean out my 401K without taking a bath on interest to be paid.