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How will the collapse of the Greek economy impact precious metal prices?

Alex D. from TRIBE on Utility Room

Jeffsus

TRIBE Member
I think that the EU is nervous about what precedent that the Greek bailout re-negotiations might set for other countries....

Let's just call a spade a spade. The EU == Germany. Merkel probably wants out of it as much as the rest of them.

The Germans are tired of carrying the rest of Europe. The only thing they're nervous about is how to undue the Euro. Every German I know would be happy to have the Deutsche Mark back.

-jM
A&D
 

Jeffsus

TRIBE Member
You cannot compare Iceland and Greece ....

Can't I ?

It seems I just did.

However I see your point.

My question is, do you see mine? Shit can go to all hell in Greece, economically, but they will continue to raise lamb, feed themselves, make great liquor and have really attractive gay athletes. This isn't going to change just because of some arbitrary financial troubles.

After all, to whom do they owe that money? Are those people going to come in with tanks and demand Euros?

Merkel would have none of that.

-jM
A&D
 

Jeffsus

TRIBE Member
I think it was pretty straight forward.

It's what the USSR did in the late 80s, it's what Germany did during the Weimar era, it's what Greece is going to do now, it's what the USA will eventually have to do,

Is to admit that the financial system is impossible, it bankrupts everyone in the end,

-jM
A&D
 
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Jeffsus

TRIBE Member
If nobody can pay the bills, then the bills must come down.

People will still go to work, frankly people will work for free if you force them.

I mean are the Greek people that lazy?

-jM
A&D
 

Klubmasta Will

TRIBE Member
i'm hoping the IMF will grant greece a short extension, the greeks will vote yes to the austerity measures (i.e. staying in the EU) in sunday's referendum and, hopefully, the EU gives some concessions to greece.

i've done a bit of reading on this, but i have not found a good description of the new austerity measures being proposed by the EU/IMF. i assume they will include layoffs of civil servants, privitization of government assets, cuts to minimum wage, increase in cigarette/alcohol taxes. i have not seen mention of increased income taxes or other taxes, so i am wondering if that is included.

house prices in greece are down 40% since 2008, median incomes have dropped 22% in last 5 years (while dropping 38% for 18-24 year olds), unemployment i'm sure is way up. i'm not sure how much more "austerity" the greeks can take.

i recall reading a vanity fair article in 2010 that claimed greece's public services wasted tons of money, corruption was rampant at all levels of government, and there was no punishment for individuals not paying taxes. Beware of Greeks Bearing Bonds | Vanity Fair

i would love to know how much of that is true, and whether greece can be saved from its financial condition.

i love greece, especially the islands. we have spent weeks on milos, naxos, crete, spiros and paros, and plan to go back several times in our lifetime.

i shudder to think of greece going bankrupt, its banks becoming insolvent and its citizens starving.
 

Jeffsus

TRIBE Member
...increase in cigarette/alcohol taxes.

You know Will, I used to have a lot of respect for you.

But I am shocked, SHOCKED, I say, that you suggest raising alcohol taxes.

These are the GREEKS after all, they are the founders of Western Civilization!

I get it, you and MoFo are Chinese, and maybe don't understand the perpetual evils that a tax on Alcohol would mean....

Please don't suggest that a tax on alcohol is the answer to this problem. In return I'll continue to each rice and chicken balls or steam cod or whatever you want, just NO TAX ON ALCOHOL (anymore than already exists).

-jM
A&D
 

Klubmasta Will

TRIBE Member
^ i didn't suggest the increased cigarette/alcohol taxes. i expect those would be part of any current or proposed greek austerity measures, cuz that's usually on the suggestion list.
 
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Bass-Invader

TRIBE Member
Can't I ?

It seems I just did.

However I see your point.

My question is, do you see mine? Shit can go to all hell in Greece, economically, but they will continue to raise lamb, feed themselves, make great liquor and have really attractive gay athletes. This isn't going to change just because of some arbitrary financial troubles.

Your point was that since iceland survived it's banks defaulting relatively unscathed, that greek's government would similarly survive a default.
I am not arguing that in the long term Greek default is a worse choice than continuing to submit to troika imposed austerity terms - it might not be. However, the consequences of a Greek default will be far more savage for Greece than what we saw in Iceland so comparing the two only serves to handwave that fact away.
 

Puma

TRIBE Member
in the end Greece borrowed so much money that they have no way to pay it back. who is the fool here the people who lent them money that they could never pay back or the people who borrowed the money. Taking on more and more bailouts and credit is not going to work. It will only make things worse. They have no choice they have to default if not now then somewhere in the near future. Greece will default at some point and so will many other countries and regions. If Greece would of defaulted years ago when this all started they would of defaulted on 40 billion instead of the 200+ billion that they have to default on now. How can a small country like Greece pay back 200+ billion when they cant even pay back 40 billion what kind of logic is that.

Unfortunately politicians are under the mantra that debts don't matter and the amount of money that can be borrowed is unlimited. With absolutely no care of how that money will be payed back. let the next guy worry about that. We will see in the end if that is true or not but history has proven other wise.
 

wickedken

TRIBE Member
Unfortunately politicians are under the mantra that debts don't matter and the amount of money that can be borrowed is unlimited. With absolutely no care of how that money will be payed back. let the next guy worry about that. We will see in the end if that is true or not but history has proven other wise.

No one wants to hear it especially you Torstar Beliebers but its happening in Ontario as well.
 
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wickedken

TRIBE Member
Gonna be interesting. No one actually knows how much the Germans Dutch and French actually will have at risk. Entertaining to watch but not when it somehow impacts my holdings, somehow.
 

Klubmasta Will

TRIBE Member
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Interchange

TRIBE Promoter
Greece is on the Bucket List for me, this is a really selfish post, but i wonder how it will affect travel prices ?
 
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