Trader: Peoples savings will vanish within the next twelve months

[Melena]

Euro market can't crash until I make millions off of selling purple drops to them in Diablo3.

But in reality, shit sucks. Feels like the whole world is collapsing except the few percent rich at the top.

justasplanned.jpg

[Cephius]

I'm saddened by the number of people who vest even a semblance of trust into banking institutions, government, or some other action which you give your money to someone based on a promise or agreement to pay them back or for them to pay you back. Everything is up front with me. I have no credit cards. I have no loans. The worst I suffer is my paycheck being put on a pay card that I immediately withdraw and distribute to where that money needs to go. If I need to pay for an online subcription..I put some money on my debit card and do it that way. It's not always the most simple or convenient way of doing things, as I'd certainly benefit from the luxury of a credit card, meaning I could buy something now and pay later, but such is life.

Now, anybody who was stupid enough to trust their savings to a bank are going to get what is coming to them. If shit hits the fan, what are they gonna do about it? This world of ours fucking sucks and being apart of the system means you're gonna get fucked by the system. Dems is dah roolz.

I've read this a few times, and I still have no clue what the hell you're talking about. The video in the OP isn't talking about credit cards or savings accounts.. it's talking about the stock market in general, currency strength, and treasuries/bonds. Why the hell are you talking about bank savings accounts? Those aren't going anywhere because they're not investments, and in the unlikely event the bank you keep your money in fails, your savings are federally insured. What "system" is going to fuck you, exactly?

Please, as someone else said in this thread, learn the difference between savings and investments before going all chicken little.

[Baha]

The Euro was an idiotic idea when it was first suggested. The countries involved are too different. And why on earth they even let Greece in is beyond me. They include illegal activity such as prostitution and drug sale on their income sheets. Since Greece broke free from the Ottoman empire 182 years ago, they've spent half of the time in a state of default.

The only idiotic thing about the Euro was that it didn't have enough leverage to enforce things. Why? Because France and Germany (amongst others) were, as always, loathe to give up their precious sovereignty.

I can fully understand why the people of Germany are pissed off. Out of all the countries in Europe, their tax payers have lent the most money to Greece. Money that will essentially never be seen again come October when Greece is doomed to go bankrupt.

The Germans and Dutch are massively shooting themselves in the foot right now. Instead of focusing on solving the issues at hand, and prevent them from occurring again in the future they're trying to score votes on the home front. Insulting the Euro countries in trouble and trying to wring them out to punish them "because it's their fault" is one of the biggest contributors to the panic at hand. Publicly and unilaterally dismissing viable ways to solve the crisis isn't helping any either.

The Germans also benefited massively under the Euro, but that's easily brushed aside, since it doesn't support the current rhetoric.

[Gwynplaine]

This guy's comments from OP's video doesn't really deserve its own thread. It's true the world economy is in the shitter. But he's a fool to desire a recession or depression, and also for thinking "Goldman Sachs rules the world". The bit about savings as mentioned in the thread title was only barely reflected so I don't see the point.

I will only say that Keynesian economics is one of the biggest factors at the heart of any lack of savings to the extent that it is true. When you have a heritage of terrible presidents - from Bush after 9/11 urging Americans to go out and shop, to Obama stumping for his latest stimulus bill - who chant the Keynesian voodoo then savings of course will evaporate.

Production is the primary behind all economics, not consumption. You can't eat the cake you don't have.

[Xno Kappa]

Investing in them diapers yo!

[Plow]

This guy's comments from OP's video doesn't really deserve its own thread. It's true the world economy is in the shitter. But he's a fool to desire a recession or depression, and also for thinking "Goldman Sachs rules the world". The bit about savings as mentioned in the thread title was only barely reflected so I don't see the point.

I will only say that Keynesian economics is one of the biggest factors at the heart of any lack of savings to the extent that it is true. When you have a heritage of terrible presidents - from Bush after 9/11 urging Americans to go out and shop, to Obama stumping for his latest stimulus bill - who chant the Keynesian voodoo then savings of course will evaporate.

Production is the primary behind all economics, not consumption. You can't eat the cake you don't have.

what the fuck...

[Drex]

The only idiotic thing about the Euro was that it didn't have enough leverage to enforce things. Why? Because France and Germany (amongst others) were, as always, loathe to give up their precious sovereignty.

The Germans and Dutch are massively shooting themselves in the foot right now. Instead of focusing on solving the issues at hand, and prevent them from occurring again in the future they're trying to score votes on the home front. Insulting the Euro countries in trouble and trying to wring them out to punish them "because it's their fault" is one of the biggest contributors to the panic at hand. Publicly and unilaterally dismissing viable ways to solve the crisis isn't helping any either.

The Germans also benefited massively under the Euro, but that's easily brushed aside, since it doesn't support the current rhetoric.

I'm sure if we just print these countries a little more money, things will get better guys!

[Baha]

I'm sure if we just print these countries a little more money, things will get better guys!

I'm sure if we bully and humiliate this puny, beaten-up weakling he'll man up and get his shit in order!

Yeah, neither of those is really going to work out real well, for anyone involved.

[Drex]

I'm sure if we bully and humiliate this puny, beaten-up weakling he'll man up and get his shit in order!

Yeah, neither of those is really going to work out real well, for anyone involved.

Apparently, refusing to loan someone money when they have a clear history of repeatedly defaulting is bullying and humiliating! Fascinating.

[Gwynplaine]

Apparently, refusing to loan someone money when they have a clear history of repeatedly defaulting is bullying and humiliating! Fascinating.

My emotions want it therefore its right. How dare you be so mean and make me feel bad. Damned lousy facts and reason.

[Baha]

Apparently, refusing to loan someone money when they have a clear history of repeatedly defaulting is bullying and humiliating! Fascinating.

I don't know what filters over to the US, but the bickering back and forth on this issue has been shameful. German officials were calling for Greece to be denied from voting on EU matters, the whole Venus De Milo debacle, individual member states demanding extra guarantees before they would deign to help (sup Finland), and a lot of brusque ignoring of sovereignty sensitivities. The greek media has been equally idiotic, with cries of "economic nazism" and subtly pointing out that it was still owed some of the reparations of WW2.

The cuts Greece is being forced to make are unrealistic (both in numbers and in the timetables) and clearly intended to be punitive. Yeah, they fucked up big time, but how will breaking their meagre economy even further help? Countries like Germany, Holland and Finland are being hard-line because it resonates with their voters at home. Not only their media, but also their politicians are painting Greece in the worst light possible. Deservedly so? Probably, but it's not at all conductive to fixing the problems.
You cannot have a union, of any kind, solely when things go well. You cannot simply throw your weight around whenever you want something.

Greece itself made a huge problem for the whole Eurozone, but you can hardly keep blaming solely them for the way it's currently spiralling out of control.

[Kuya]

This guy's comments from OP's video doesn't really deserve its own thread. It's true the world economy is in the shitter. But he's a fool to desire a recession or depression, and also for thinking "Goldman Sachs rules the world". The bit about savings as mentioned in the thread title was only barely reflected so I don't see the point.

I will only say that Keynesian economics is one of the biggest factors at the heart of any lack of savings to the extent that it is true. When you have a heritage of terrible presidents - from Bush after 9/11 urging Americans to go out and shop, to Obama stumping for his latest stimulus bill - who chant the Keynesian voodoo then savings of course will evaporate.

Production is the primary behind all economics, not consumption. You can't eat the cake you don't have.

I dearly hope that if another financial shock happens, and puts us further down the rabbit hole, your beliefs will die down there.

[quannum]

down is up

[Plow]

remember what the doormouse said

[Uzor]

The cuts Greece is being forced to make are unrealistic (both in numbers and in the timetables) and clearly intended to be punitive. Yeah, they fucked up big time, but how will breaking their meagre economy even further help? Countries like Germany, Holland and Finland are being hard-line because it resonates with their voters at home. Not only their media, but also their politicians are painting Greece in the worst light possible. Deservedly so? Probably, but it's not at all conductive to fixing the problems.
You cannot have a union, of any kind, solely when things go well. You cannot simply throw your weight around whenever you want something.

Greece itself made a huge problem for the whole Eurozone, but you can hardly keep blaming solely them for the way it's currently spiralling out of control.

Some of the cuts are unrealistic, yes. But not all of them. The timeline is unrealistic too, yes. But there's a reason for the demand. If they keep doing what they're doing, no amount of money will save them either way. It's not Europe's responsibility to keep them afloat and just throw money at them whenever they need it. Greece isn't a spoiled offspring of they European nations; they're their own country and should be able to support themselves. If they don't change, giving them some money might keep them afloat for another year. But they're doomed to crash either way. I mean; look at them right now. Despite all of the money we've loaned to them, they will still likely default within a month - and even if they make it past October, it is extremely unlikely they will make it past a year. Cutbacks are needed. The thing is; they could have stopped at the first stimulus package and accepted the small compromises they were required to make for that one (mainly, increased retirement age). But they realized that money wasn't enough. In order to get further stimulus packages, they were required to to make more cutbacks of increasing difficulty.

The European nations didn't make such harsh cutbacks to be mean; they did it to cover their own asses. Because if Greece defaults, they won't get their money back. That's not the only problem, though; since Greece is a member of the Euro, it would affect all other nations tied to the Euro - which isn't good, since several other Euro nations have a bad economic situation, as well, which would further decrease their situation. So naturally they want to do what they can to help Greece to not default. As a matter of fact, every country in EU would get affected by Greece defaulting, hence why most all countries chipped in to lend them some money to try and get them out of the situation.

But, like I said earlier, at one point it's pointless to stop trying though and it's better to just cut your losses. If they can't even survive a year on the current money they've received including the massive cutbacks they've been forced to make, lending them any more money would just delay the inevitable. Even IF the rest of Europe kept throwing money at them for a long enough time to allow them to get out of the situation, they would be in such massive debt that it'd have been pointless anyway. Not only that, but it would upset the population of all other countries.

As it's standing right now, Greece has an unemployment rate of 16.6%, and all of the cutbacks will only increase the unemployment rate. It's a downward spiral, and no matter what amount of money you throw at them won't get them out. It's not bullying or "economic nazism". It's facts, politics and realizing when to cut your losses. A bank would never lend money to a person who's spent half his adult life in a state of default. Why should the rest of Europe throw money at a country who's gone bankrupt over 5 times since 1800, and who's spent half of it's life in a state of default?

[Kuya]

The problem is, if Greece defaults, several European banks will go down with it because they hold some of that Greek debt. It's going to be 2008 all over again.

[Uzor]

Yes, hence why most all European countries tried to help them out, like I said. But at some point they had to realize it's just a pointless endeavor.

[Kuya]

Wasn't the first bailout Greece received conditioned on the promise that Greece implement austerity measures to raise its revenue? I'm leaning towards the argument that the rest of the Eurozone, specifically Germany is demanding too much austerity from Greece in exchange for more money to pay off debt. Which is ironic if you think of some of the reasons WWII happened.

[Cephius]

Wasn't the first bailout Greece received conditioned on the promise that Greece implement austerity measures to raise its revenue? I'm leaning towards the argument that the rest of the Eurozone, specifically Germany is demanding too much austerity from Greece in exchange for more money to pay off debt. Which is ironic if you think of some of the reasons WWII happened.

Yes, in fact today Greece rolled out their plan to implement a property tax, problem is with unemployment so high it's basically political suicide. Not that they really have much choice at this point with all the pressure Germany is putting on them. Not sure what's going to end up happening over there, from what it sounds like a property tax is only the beginning.

[Kuya]

I am wondering if France and Germany really are taking into account just what is politically feasible for the Greek government to implement. I am hoping that these two countries aren't just pushing for these austerity measures based on some need to make the french and german public feel that they're not just giving the greeks free money, but that's what it looks like to me.