"Greece is a Failed, Corrupt State"

Mike Shedlock

Strong messages from the head or the IMF, the head of Deutsche Bank, and the president of the Bundesbank are highly likely to drive Greek voters away from New Democracy and Pasok in the June 17 elections.

The Guardian writes It's payback time: don't expect sympathy – Lagarde to Greeks.

Mike Shedlock

Mike Shedlock is a registered investment advisor representative for Sitka Pacific Capital Management.

Most Recent Articles

Join the Debate

24 Comments So Far

Blair31 Wrote: May 27, 2012 8:21 PM

Greece should clean up its act. Pericles, and the other Athenian leaders, and even King Leonidas of
Sparta, would be rolling over in their graves, if they weren't cremated.

Flag as Offensive

Post Comment

capitalust Wrote: May 27, 2012 7:10 PM

"given there is no provision to kick any country out of the eurozone, he just might believe it."

There are no explicit provisions to kick California and Massachusettes out of the U.S. but we need to do it. Probably Vermont as well. Talk about "failed" and "corrupt" states! Maybe we could get China to take California in lieu of payment of our $2T debt (depends on just how stupid they are). It would be fun to see all the lefties there learning firsthand what communism really is all about! I think a communist regime in California would know just how to deal with a Gay Pride parade.

Flag as Offensive

Post Comment

Michael in the P/R of ATL Wrote: May 27, 2012 8:58 PM

Don't forget the also-failed state of Illinois, where corruption and debt reign supreme. Obama is trying to do for the Republic, what his "philosophy" has done for the "Land of Lincoln".

Flag as Offensive

Post Comment

Topeka Wrote: May 27, 2012 4:55 PM

People, people,

Judging the Greeks by their govt and their rioters is judging America by Obama, the Democratic party, Democrats, Unionists, Occupiers, and Thugs...

Hard working Greeks have been forced out of their homes; boarded up their businesses; and are very, very scared.

Certainly we know this - but the reason I bring it up? B/c we will be in the same position: WE WOULD BE But For the Reserve Currency (aka the Petrodollar).

I for one, do not, in fact, REFUSE, to be "accountable" for the LEFT's crimes!

My famiy HAS ALREADY PAID AND GOES ON PAYING for their crimes. We cannot pay more, even with an extractor...

Greece should go into a "bankruptcy" to unwind its debts: Not IMF's

Dead Man Walking on Kensyian Power...

Flag as Offensive

Post Comment

capitalust Wrote: May 27, 2012 7:16 PM

Yes, but "the Greeks" elected these knee-walking turkeys, and the responsible ones (if there are any left) haven't overthrown them. And the "hard working" people in the U.S. ALLOWED the left to take over bit by bit. We warned them COUNTLESS times what was being done to them. They ignored it. Even in the critical 2008 election when the commies took over, more than enough conservatives "stayed home" to allow the hardcore left to win. SO, it is now time to pay the piper in both failed, corrupt states. Is that on "Kenysian" power? or "Kenyan" power?

Flag as Offensive

Post Comment

Topeka Wrote: May 27, 2012 4:40 PM

So the IMF has to screw an EU nation now that cannot live up to its obligations b/c of socialism: so rather than screwing a 3d nation that cannot live up to its obligations b/c Generalisimo has to fly around all day in his jet going on vacation.... ummmm...

and so they try using the same playbook.

Sure why not?

When Generalisimo cannot pay b/c he lost all the money in Monte Carlo ( or equivalent); IMF just demands that some peasants get shot, businesses are ruined, homes destroyed, ... whatever

it doesn't really matter as long as Generalisimo can hit his tee time on time.

Now, we see the same thing happening in Greece - only it's Over-Paid Socialist Bureaucrats with More Benefits than Gd vs. the Kids who Got a T-shirt (maybe).

;-)

Flag as Offensive

Post Comment

Topeka Wrote: May 27, 2012 4:43 PM

btw... they cannot pay.

so itching about it won't help.

and "shooting" the people who were working, and are working to pay the bills won't help either...

Flag as Offensive

Post Comment

capitalust Wrote: May 27, 2012 7:19 PM

Can we at least shoot ALL union members? Every last person on the dole? Every leftist politician who panders to the "needy"? That would be a start. Maybe those left could actually put together some kind of viable effort and rebuild their country in less than 100 years. As ti is, there is no hope of any positive developments ever. They have terminal socialism.

Flag as Offensive

Post Comment

Bob DD Wrote: May 27, 2012 1:30 PM

Hey Mike, what the Hell do you think is here in the USA? Read your title!~

Flag as Offensive

Post Comment

Harlandaily Wrote: May 27, 2012 12:09 PM

Has it got 5 bullets or six ? Well does it ?...Punk !
How many shots over the Bow does it take ?
Answer: Too many, just sink them.
ROFLMAO.... The USA is a targeted.

Flag as Offensive

Post Comment

hblackman Wrote: May 27, 2012 12:06 PM

Greece deserves to fail miserably.

Greek disability groups expressed anger Monday at a government decision to expand a list of state-recognized disability categories to include pedophiles, exhibitionists and kleptomaniacs.

Flag as Offensive

Post Comment

Reginald10 Wrote: May 27, 2012 9:12 PM

"Kleptomaniacs" - ah, so the Greek government is disabled?

Flag as Offensive

Post Comment

Andy440 Wrote: May 27, 2012 11:45 AM

We've had the advantage of observing the European financial train wreck BEFORE it hits our shores. Avoiding the fate of Greece requires, on our part, immediate corrective action and a change of course away from Keynesian deficit spending and the Federal Reserve's stranglehold on the U.S.Monetary policy of the past 80 years. With the current cast of characters in both parties in Washington DC, who would much rather watch the ship go down than change course, that simply isn't likely to happen. So, what COULD BE a 'teachable moment' for the U.S. is instead a 'preview of coming events'.

Flag as Offensive

Post Comment

capitalust Wrote: May 27, 2012 7:23 PM

Good luck with that. Time to admit that the U.S. has terminal socialism. Your choices are to JOIN the b*astards and start sucking on the teat (as long as it lasts, which isn't long now); perform a very late term abortion on yourself (seppuku); or flee while you can (which will not be much longer). Sorry, no other choices. 52% of the people already have incentives to vote for the Communist Organizer in Charge (they are receiving the stolen goods). Once the left achieved that, it was all over.

Flag as Offensive

Post Comment

Snarkasterous1 Wrote: May 27, 2012 11:07 AM

I, for one, am encouraged by European leaders showing some spine in standing up to the economic blackmail being attempted by Greece.

As always with libbies, it's "about the children." If the more-productive and -responsible nations of Europe (e.g., Germany) refuse to bail out the profligate, corrupt, hugely over-entitled Greeks, then "mothers unable to get access to midwives" will result.

Bunk! This is similar to California (liberal bastion closer to home!) where, unless the more-productive (e.g., conservative, hard-working) taxpayers won't fund yet MORE profligacy and union-supporting cronyism, "teachers will be laid off, and the children will suffer."

Bunk!

Vote RIGHT in 2012!

- Snark

Flag as Offensive

Post Comment

Doug4749 Wrote: May 27, 2012 12:20 PM

Re CA - you forgot fire and police protection. 'They' always say that fire and police protection will suffer greatly if (you name it!) new tax doesn't go through. Then 'the children', and don't forget all the libraries and parks that will be closed...
It wouldn't be so bad (to my way of thinking) if they'd WISELY spend ONLY the money they take in.

Flag as Offensive

Post Comment

Rick 2811 Wrote: May 27, 2012 10:39 AM

What am I missing here? If Greeks don't want to help themselves by cutting back on much of everything to save it all, why should others want to, or be willing to? Californians you are next !

Flag as Offensive

Post Comment

Greg1084 Wrote: May 27, 2012 9:51 AM

Andy: "Here's a dollar, Otis. Now use it to buy a sandwich."
Otis: "Sure thing, Andy."
Everyone knows what Otis is going to do with the dollar, especially Andy and Otis. And everyone knows that it does no good for Andy to give Otis the dollar. But he does it anyway out of--what? The goodness of his heart? No. Because it absolves him of the real responsibility he has to Otis and to the community that he and Otis both live in. Just giving Otis the dollar will make Otis just a little more ill, but everything else will remain the same. Andy has not the vision to see Otis reformed and a productive member of his town. I don't think anyone envisions Greece any differently. Another case of the soft bigotry of low expectations.

Flag as Offensive

Post Comment

capitalust Wrote: May 27, 2012 7:25 PM

Now if only Greece would check itself into Andy's jail, we can get on with things.

Flag as Offensive

Post Comment

Frank130 Wrote: May 27, 2012 8:49 AM

Greece should simply not have been given the repeated "bailouts" it wanted during these last few years. The corrupt bankers & politicians were just postponing the inevitable... short term monetary & political gains made at the expense of huge, unsustainable long term loses. It should have been allowed to default, everyone should have absorbed the pain of a default & then it would have been forced to either go to the Drachma sooner (in place of the Euro) or be forced to balance its budget if it wanted to stay with the Euro in the future.

Flag as Offensive

Post Comment

Frank130 Wrote: May 27, 2012 8:51 AM

The USA is following the lead of Greece as our Federal Reserve prints up money out of thin air & the corrupt & cowardly US politicians refuse to stop our fast growing unsustainable debt.

Flag as Offensive

Post Comment

capitalust Wrote: May 27, 2012 7:30 PM

Why should Greece have to do these things when Spain, Portugal, Italy and now France are all still drunk sailors on a binge? The entire EU system (economics, politics, "constitution", leadership) is fundamentally flawed, and doomed to fail from the get go. We are now watching the painful part of the Greek Tragedy. Coming soon to a failed Union near you, the Spanish Tragedy, the Italian Tragedy, the Portugese Tragedy, and many others. If Germany doesn't dump Merkel and get out from being the patsy paying for all of these useless bailouts, you will see a German Tragedy at some point. Somewhere along the way, prepare fo the American Tragedy!

Flag as Offensive

Post Comment

para_dimz Wrote: May 27, 2012 8:05 AM

The last few lines are very telling. The creditors refuse to believe, much less take responsibility that they could ruin a nation by drowning it with debt. You would think a sober analysis of a countries ability to repay would cause lending to stop way short of this point.
One might conclude, absent any other rational explanation, that this was deliberate. If the creditor class exclaims "preposterous" then I have no option save they are idiots with more money than brains. I tend to the malicious explanation. The tactic at the end of the article attributed to Lagarde reinforces malice as a motive. She's a fool for believing absolution lives there.

Flag as Offensive

Post Comment

capitalust Wrote: May 27, 2012 7:32 PM

Maybe its like realizing your dog is slowly dying and in great pain. The only humane thing is to put it out of its misery. Maybe Lagarde is ready to shoot Greece through the head.

Flag as Offensive

Post Comment

New comments on this article - click to refresh

TownhallFinance.com makes available to the viewer a variety of independent sources that offer trading and investment advice and related services and products. TownhallFinance.com does not itself offer, verify, sponsor, or promote, directly or indirectly, any investment or trading advice, or information or any product or service offered by these independent sources. Every investor or trader should consider all advice and all offerings of products and services on their own merits and for suitability to the individual's personal needs and circumstances. Before using this site, please read our complete Terms of Service by clicking here. Make TownhallFinance.com your premier source for stock market and financial market information. Individual investors enjoy our worldwide investor seminars and trading seminars. Our investment advisor seminars keep financial advisors up to data with CEUs, and this site provides investors, traders, and advisors with the latest stock market analysis tips, information and research tools. Be sure to be a part of our options day trading tips and picks from professional day traders and various trading, investing and advisor Webcasts and financial podcasts.

Ed Morrissey	Video: Weiner polls second in mayoral race as campaign expands
Ed Morrissey	Open thread, live video: Oversight hearing into IRS non-scandal featuring official taking the Fifth
Ed Morrissey	Miller: On second thought, the Q&A dodge was my idea
Ed Morrissey	Breaking: FBI shoots, kills person of interest in Boston bombing after man attacks agent; Update: Linked to triple homicide?
Allahpundit	Quotes of the day
Mary Katharine Ham	Report: Oversight on IRS targeting came from Washington all along

"Greece is a Failed, Corrupt State"

Mike Shedlock

Most Recent Articles

Sign-Up to receive Updates from TH

Video