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:reuters.com,0000:newsml_L5E8HD53H#ixzz1xlz6qwAL

http://www.businessinsider.com/gree...d-pulling-1-billion-a-day-out-of-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:reuters.com,0000:newsml_L5E8HD53H#ixzz1xm3zkZKC
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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.

 

[MA_Shooter]

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.

Unlike our govt, they can't print more money. Hard to believe they don't see spending as an issue. I too would like to know how they are going to end the austerity measures.

 

[Finalygotabeltfed]

They call it "austerity", rational people call it "living within your means".

Since when did people get and accept the notion that one(whether a country or an individual) can spend more than they take in and not eventually have to face the fact that they are in debt?
This whole situation is a result of a dishonest money system/s, where "evidence of debt" is used as an asset. Seems our founding fathers were on to something when they declared that only silver and gold be used.

 

[MA_Shooter]

They call it "austerity", rational people call it "living within your means".

Since when did people get and accept the notion that one(whether a country or an individual) can spend more than they take in and not eventually have to face the fact that they are in debt?
This whole situation is a result of a dishonest money system/s, where "evidence of debt" is used as an asset. Seems our founding fathers were on to something when they declared that only silver and gold be used.

I'm not sure when it all started but allowing people to default on their mortgages, student loans, and corporate bailout just reinforce the notion that you don't need to be fiscally responsible. Every time I bought a house the bank approved me for way more than I ever wanted or could reasonably afford to repay. I looked at the amount they wanted me to take and the monthly payment and thought to myself..how the hell would I ever pay that much each month? What if I lost my job or had to replace the roof/furnace/car etc.. Unfortunately, quite a few folks took the bait and we ended up paying for it when they couldn't. My parents always used cash and only got credit cards later in life and then only used them in an emergency (like if the refrigerator or the car died). Even then, they paid it off the next month. I know a lot of people that have thousands of dollars on credit cards and it doesn't concern them in the least.

 

[Finalygotabeltfed]

I'm not sure when it all started but allowing people to default on their mortgages, student loans, and corporate bailout just reinforce the notion that you don't need to be fiscally responsible. Every time I bought a house the bank approved me for way more than I ever wanted or could reasonably afford to repay. I looked at the amount they wanted me to take and the monthly payment and thought to myself..how the hell would I ever pay that much each month? What if I lost my job or had to replace the roof/furnace/car etc.. Unfortunately, quite a few folks took the bait and we ended up paying for it when they couldn't. My parents always used cash and only got credit cards later in life and then only used them in an emergency (like if the refrigerator or the car died). Even then, they paid it off the next month. I know a lot of people that have thousands of dollars on credit cards and it doesn't concern them in the least.

Yes, it doesn't concern them because they are making the minimum payments and getting by....for now. They have no clue as to how much they are paying on their debt long term.....they also don't know the value of money beacause it was too easily obtained by them. If they had to work harder to get it, they'd appreciate it more and be more responsible in spending it. Many rude awakenings are going on now and are yet to come.

 

[ShadeWPI]

"Allowing" People to default on loans ISN"T the problem - that's an accepted risk one takes when they make the loan.

The problem arises when you create avenues to:

Interupt the Secured Loan process by preventing or limiting the lenders ability to claim collateral property used to secure a loan
Compensate private lenders with public funds for losses encured on a defaulted loan (Loan Market Manipulation)
Forcibly Eliminate Debt through court action (Bankrupcy) and provide no future avenue to recover losses, even if the person later achieves significant financial sucess (lenders lost tens of millions of dollars in the 1990s when Donald Trump filed for personal bankrupcy. Despite his current success, those lenders have no avenue to recover their losses - Oh, the the Trump Towers, he retained posession of as his "personal residence" during his bankrupcy filing)

These public manipulations of the lending market fuel irresponsible lending and irresponsible borrowing.

 

[Boris]

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.

I don't know how self sufficient Greece is in terms of food, power generation, factories. If they need to import those things for hard currency or gold, they won't likely get it from just tourism or olives.

Other "totalitarian" states, started with strong "police" force and confiscated guns, gold ... then "redistributed wealth" in .gov's favor. Sounds like America, right? Well, I don't know how much they can milk their citizens for. The objective is to downgrade everyone's life so much that people would be greatful for breadcrumbs. Starting another war is an excellent idea too, solves a lot of problems at the same time.

 

[WanMan99]

Time to pull up a chair, make some popcorn and take some notes..... This will be us within 12 years (optimist) unless something drastic happens first.

 

[beaker]

They must be terrorists! Imagine stocking up on food to feed their families because of a high level of uncertainty! What evil nasty people they must be!

I hope nothing close to the worst scenario happens there. It could just be a preview.

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:reuters.com,0000:newsml_L5E8HD53H#ixzz1xlz6qwAL

http://www.businessinsider.com/gree...d-pulling-1-billion-a-day-out-of-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.

Sent from my Galaxy Nexus using Tapatalk 2

 

[sacksjacked]

They call it "austerity", rational people call it "living within your means".

I agree. Unfortunately for a lot of people out there, "living within their means" is uncharted territory. That's sad. Greece is prime example.

 

[Da_lucche]

Shades of Argentina 2001

- - - Updated - - -

Time to pull up a chair, make some popcorn and take some notes..... This will be us within 12 years (optimist) unless something drastic happens first.

Yup. I "call dibs" on a water crisis in the next 20 years that over shadows the wars for oil that we have going on now.

 

[ShadeWPI]

Well, looks like Austarity won at the polls this weekend. Greeks voted to accept the pains of living within their means in the short term rather than causing economic disaster for them and the rest of Europe.

Maybe the United States and the rest of Europe will take notice and make changes, but most likely they will wipe their brow, let out a sigh of relief, pat themselves on the back about another crisis averted and return to business as usual.