Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with Bank of New Zealand, including news the Greek Prime Minister George Papandreaou has reversed an earlier plan to hold a referendum on Greece's membership of the Eurozone after Germany and France threatened to withdraw bailout payments.
Tbe Greek government faces a vote of no confidence later tonight and could collapse within days.
Many political and financial leaders are now openly talking about Greece defaulting and exiting from the euro.
Meanwhile, the political crisis in Italy also deepened with calls from key figures in the Italian poltiical scene for Prime Minister Silvio Berlusconi to resign amid a split in his cabinet over austerity plans.
Italian bond yields have surged to unsustainable levels in recent days.
US and European stocks surged on news of the Greek reversal.
The New Zealand dollar also rose.
Markets will be focused on the G20 summit in Cannes on over then next couple of days and on non farm payrolls data due in America later tonight.
In Oakland Occupy Wall St protesters clashed in bloody riots with police after a head injury to a Marine. The port was shut down by the protests.
No chart with that title exists.
37 Comments
Crikey...Bernard is up at Sparrow F....
You can't have democracy in a banker run state. I am gutted :,<(
there's a song in there somewhere skudiv...Cause you can't rollerskate in a buffalo herd....
I think we'll use Dang Me by Roger Miller
Dang me Dang me
They oughta take a rope and hang me.......
"US and European stocks surged on news of the Greek reversal." Rally Time
"Bank of England should be left alone to police banks, says Governor Sir Mervyn King
The Bank of England must be free to police banks as it sees fit, and not be restricted by a specific set of rules, the central bank's governor has told MPs."
"Dam peasants think they have a right to tell me what to do....."
“What needs to change in the culture of regulation is to get away from this game in which the regulators write ever more complex regulation and the banks and their lawyers [create] new products which are the same essentially as the previous products but defined in such a way as to not to be caught by the latest rule and regulation,” the Governor said.
Sounds similar to the Tony Molloy interview. People are 'gaming' the excessive/poor regulation.Volatility, volatility. The speculators love it. The highly leveraged margin trading speculators must be making billions. I wonder if some of them are helping write the politicians utterances, or at least have access to what they are going to say before they say it. The sooner we have a Tobin Tax the better.
Bankers and politicians - 1
People and democracy - 0
And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.
- Thomas Jefferson, 3rd US President, in a letter to John Taylor in 1816
Banking was conceived in iniquity and was born in sin. The Bankers own the earth. Take it away from them, but leave them the power to create deposits, and with the flick of the pen they will create enough deposits to buy it back again. However, take this power away from them, and all the great fortunes disappear, and they ought to disappear, for this would be a happier and better world to live in. But, if you wish to remain the slaves of Bankers and pay the cost of your own slavery, let them continue to create money and control credit.
- Attributed to Josiah Stamp by Silas W. Adams in The Legalized Crime of Banking (1958).
It is just disgusting ...is it not...?
One little outing ,two phone calls later and George is looking for the out door....even with an orderly unwinding this will end badly......obscenely badly.
A democracy where you must tick moraly irreconcilable options proffered is no longer a democracy.....and you can apply that where ever you like.
I would like to know what the Greek 99% are pondering.
If I had a messsage for Georgie the eel , it would be not to take any comfort from this little act of contortion as he is about to find out he has just wriggled into an even tighter corner.
Be afraid George P. ....be very afraid.
They are probably thinking what I'm thinking. .o0(Buy some rope, make a knot using 13 coils)
Forget the neck breaking coils skudiv...I wanna see em dance a bit.
George did an Alan Joyce, Christov? Everyone knows that the Greeks need 100% write-off - 50% just isn't going to do it. So George grounds his airline, and gets the backroom discussions going again. It doesn't really matter if he's the CEO next week...the union(s).. have been warned....an most importanatly...taken notice...
That may well be Nick....But I like to see the Greek arbitrator thats going to direct the people to go back to their business...move along....comply.
Everyone also know those write offs don't come without concession......if he thinks for one moment he's got the cards to take the pot...he's dreaming....lying...or guilty of treachery at the highest level of office.
But I see what your saying....just see different outcomes.
And that's no joke Joyce!
Thx, C ! That's my Christov's giggle for Friday...right up there with "Not happy, Jan"....
I have come to the conclusion that very few people realise how unsolvable this is. Can Kicking into eternity doesn't sound like much fun, unless you like 50% haircuts every year. Fractional reserve banking and fiat currencies, are the most toxic, unstable form of money possible.
In fact skudiv it is completely solvable...it's jus that it would involve the annilation of at least one third of the developed world.....maybe more I don't really know....but you know, one day a comet passes by with an inaudilbe swish....another day....well...who knows eh..?
I guess it depends on splitting hairs....there is no relatively painless solution....and that 50% is apparantly not 50% of the total greek debt.of 350billion?
I think a depression is a given and that we will have "annilation of at least one third of the developed world" quite why only 1/3rd I dont know....whats left after the EU and US go bye bye? Japan is a basket case anyway....there isnt much left of the developed word by that stage.
I think I saw $150b is ECB so they wont take a haircut....100billion is greek pensions, if they take that hair cut they are bust.....the remainder about 100billion is private holders (banks)....so they take a 50% cut, but thats only 15% (ish) of the total greek debt....even if its 100% loss for private ppl (read banks) its still only about a 30% write off and it needs to 60 to 75%minimum.....so the next stage is the greek pensions are wipred out....spot the riots.
So by this stage the ECB debt is all thats left.....greece will be anarchy anyway with no Govn. If I was the Greek PM I'd default now and save the greek pensions.....it might save his neck from a lynch mob.....and im not so sure thats so far fetched.
In terms of pensions, read that as where NZ's kiwisaver funds will go.......after our Pollies "direct" the funds where to invest......the writing is on the wall me thinks.
regards
Great bit of theatre isn't it....a Greek Tragedy anyone.....hahahaha
What did Merks and Sark say to George in Cannes....or...what did George demand from them...!
Greek farce? fantastic comedy of errors, Coro has no patch on this (not that I watch that cr*p anyway) however the outcome determines our lives fro the next 30 years.....so we are involved to the gunnels....
Cannes, I suspect it was along the lines of "if you have to flee Greece to stop being lyched you wont be landing in the EU" type of message......
regards
Lots of angry people with guns will make the final decision.
The only thing in doubt is how much the crooks can get away with before then.
Sadly Chris-M you are spot in your prediction. While there has been no real threat of guns, the Greek government sacking its top military people is a clear indication things are not well within. Greece folding is going to be the begining of a very troubled time in Europe and around the world... people are getting angry and the hippies chanting and banging drums of the 99% will be replaced by something a tad more malevolent... there will be power plays and maybe the assasination of an Archduke in a nondescript European counry (figuratively speaking of course - think WW1) and the powder keg may just blow, it is Europe after all and you don't want to irritate the Germans... or maybe not and the real 99% just keep paying the fat cat bankers and the world remains relatively well...
NEWS FLASH....!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Word has leaked of just how the G20 summit procured a reversal of the proposed Greek referendum from George Papendreo.
Apparently when the dessert menu arrived George P.'s had only a single choice on offer , it read as follows...
ANTIDOTE.
Take the money George and enjoy splendid relief from your impending death.
We trust your Pasta Primavera was satisfactory.
whew!.....shirtless.
I think they told George how essential Greece is to the coming attack on Iran, and it will all go away if he lets the expansion of Nato bases continue.Not to mention finding an enrichment facility in Syria,is very handy in this stage of the game.
Why the EU will never absorb Zorba the Greek http://hat4uk.wordpress.com/2011/11/03/why-the-eu-will-never-absorb-zor…
thanks A.J...good read......don't know why some of your links don't activate....so I'll put it up again
.http://hat4uk.wordpress.com/2011/11/03/why-the-eu-will-never-absorb-zorba-the-greek/#comments
Courtesy of Andrew J.
Seems the Labour Party economic plan involves telling voters to trust cunliffe to be able to walk on water....the promised release of their accounting spreadsheet to answer Keys "where is the money?" question amounts to a big fat nothing.....
what do the greeks actually produce in terms of an industry?the answer is nothing.
germany and france will continue without them because they produce things people in other countries want.With their profits they can go and lie on the beaches in greece.
They are into shipping in a fairly big way, they have alot of Olives and general agriculture, then there is the Tourist industry. Dont underestimate what countries produce, its easy to make flipant remarks, I wouldn't be thowing stones in a glass house if I was a Kiwi.
How's this for a true Greek story. Talking to a BB client yesterday. Lives in Eltham up in the hills north east of Melbourne. His parents retired to Rosebud down on the Mornington Peninsula, (2 hours south of Melbourne) to a brand new 3 bedroom brick and tile house on a medium sized section 30 years ago. Still in excellent condition. Father passed away some years ago and mother passed away last month. Being too far south to manage as an investment decides to sell. Sets price. RE agent says too high, will have to drop it. Says no, put it on the market at that price. Sells two days later. Unconditional sale, 30 days settlement. For lease sign in the front before the ink is dry. RE agent advise the purchasers were middle aged couple, not BB but GenX. Already own 136 properties in the area. (that's one-hundred-and-thirty-six). Nationality Greek. Their rates bill must be $140,000 pa. Insurance $130,000 pa.
yes a spot of reading for you ngakonui gold....
http://en.wikipedia.org/wiki/Greece#Science_and_technology
it all helps.....
Greeks pay insurance, I dont think so ;-).
Listening to BBC Radio this morning , an interviewer nabbed someone at random on the streets of Athens ... and the interviewee ( a young lady ) expressed full support for Greece's PM , George Papansayno ,
... we want our salaries put back to where they were before the EU meddled in our affairs , and we want our entitlements fully returned to us ... was the gist of her message .. .. ..
The old reverse referendum doubletalk eh 86......confuse em and lose em.
Too quiet for too long!......."experts" warn chch of another big sod on the way....
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