June 13, 2012 SouthAmerica: Regarding gold and Greece... Capital Account â June 12, 2012 From Crowd Funding Europe's Future to the Future of Gold and the US Dollar! - June 12, 2012 <iframe width="420" height="315" src="http://www.youtube.com/embed/QJBRirqogXo" frameborder="0" allowfullscreen></iframe> .
June 18, 2012 SouthAmerica: The Greek election results from this weekend has improved the crisis and economic situation in Greece: the only way you can believe that is if you are âBrain Dead.â ***** The New York Times â June 18, 2012 âMarkets Signal Initial Relief at Greek Election Resultsâ By: Stephen Castle ...The election results, however, are destined to spark a period of intense horsetrading among political parties in Greece to form a coalition government, followed by a second negotiation to secure concessions on loan terms from international lenders. ...In Athens, with most of the votes tallied, New Democracy led with 29.6 percent of the vote and 129 of the 300 seats in Parliament. Syriza had 26.9 percent and 71 seats, and the center-left Pasok party was in third with 12.3 percent of the vote and 33 seats. The extremist far-right Golden Dawn party surprised some by maintaining its level of support from the last election on May 6, securing 6.9 percent of the vote and 18 seats. With Syriza pledging to stay out of government and lead opposition to austerity, political leaders and financial markets know that the political situation in Athens remains complex. Pasok officials had said they would insist on Syriza being part of any coalition they would join, though it is unclear whether or not this is a negotiating ploy. While Greeceâs international lenders insist that the basis of the bailout agreement must stay intact, there is speculation that Athens might be given more time or better terms to pay back loans, and that European funds might be used to try to spark economic activity. âYou are betting on the ability of the Greek politicians to form an effective coalition government and making a judgment on the leeway there is to re-negotiate their program,â said Mr. Wattret of BNP Paribas. âIt is pretty obvious that the current arrangements require adjustment, but there is a balance between what Greece wants and what the other member states will accept.â Source: http://www.nytimes.com/2012/06/19/business/global/daily-euro-zone-watch.html?pagewanted=all ***************** Greece: Population: 10,767,827 (July 2011 est.) 10,000,000 (June 2012 est.) 9,500,000 (June 2013 est.) Labor Force: 5 million (2011 est.) 4.5 million (2012 est.) 4 million (2013 est.) Note: Reduction in population = all kinds of qualified people getting out of town for greener pastures. And many of these people are taking what is left of their money with them to invest somewhere else - translation: the best qualified people in Greece are leaving the country with major capital flight. Unemployment skyrocketed reaching a high of 21.9% in March 2012, leaving over a million jobless. At the same time, youth unemployment reached 52.8%. GDP (official exchange rate) US $ 312 billion (2011 est.) US $ 285 billion (2012 est.) US $ 270 billion (2012 est.) GDP â real growth rate -7% (2011 est.) -8% (2012 est.) -5% (2013 est.) Greece has a capitalist economy with a public sector accounting for about 40% of GDP. A developed country, the economy of Greece mainly revolves around the service sector (85.0%) and industry (12.0%), while agriculture makes up 3.0% of the national economic output. Immigrants make up nearly one-fifth of the work force, mainly in agricultural and unskilled jobs. Regarding tourism a very important sector of Greece's economy: Before the Greek Crisis: Greece attracts more than 16 million tourists each year, thus contributing between 18.2% to the nation's GDP in 2008 according to an OECD report. The number of jobs directly or indirectly related to the tourism sector were 840,000 in 2008 and represented 19% of the country's total labor force. After the Greek Crisis: It is a good place to go to participate in major riots. And don't forget to take with you a supply of âMolotov cocktailâ if you want to have some fun in Greece. Gross external debt: US$ 583.3 billion (30 June 2011) Note: The Globe and Mail (Ca) â March 16, 2012 âGreek Bailout 2 just a Band-aid solutionâ Debt-wise, Greece is now actually worse off than when the whole mess of the second bailout began. After the private sector haircut, which, together with the European Central Bank swap, amounts to a $138-billion (U.S.) debt writedown, Greece is now in line for $170-billion in new loans, an additional $38-billion âpro-growthâ lending facility from the IMF, and a standing $40-billion reserve loans facility for its banks. As of today, the expected Greek bank bailout bill stands at $63-billion. Behind all that looms another $20-billion yet-to-be-announced lending package that will be required to get Greece over its 2012 targets, given the deterioration in its GDP. All in, Greek debt could rise by as much as $130-billion with Bailout 2, although the most likely number will be closer to $100-billion. This would bring Greeceâs gross external debt from 192 per cent of GDP projected before Bailout 2 to more than 225 per cent, using IMF figures. ***** In a nutshell: If you where in âpanicâ on Friday because of the Greek election over the weekend, then you should be even in more âpanicâ today as the bank runs start to spread like wildfire. The smart money has been leaving Greece as fast as they can, before the entire herd get spooked and start the final stampede. .
June 18, 2012 SouthAmerica: Besides, an imploding economic and financial system with major human capital and capital flight that has been underway, and further austerity in the way in the near future... And let's not forget the European Union sanctions on sale of Iranian oil to the members of the EU. And the consequences that this policy will have on the Greek economy, since Iran has been the major source of oil to Greece. Yes, we are going to have economic growth in Greece in the coming years. In your dreams!!!!! .
June 19, 2012 SouthAmerica: I had listed above the GDP growth rate of Greece as follows: GDP â real growth rate -7% (2011 est.) -8% (2012 est.) -5% (2013 est.) I wast watching Bloomberg TV a few minutes ago, and a Bloomberg news reporter was reporting from Greece, and he said that the Greek economy shrunk by 9.5 percent in 2011, and in 2012 the shrinkage it is even worse. GDP â real growth rate (revised figures) -9.5 % (2011) -10 % (2012 est.) -8 % (2013 est.) GDP (official exchange rate) (revised figures) US $ 312 billion (2011 est.) US $ 280 billion (2012 est.) US $ 258 billion (2013 est.) The Greek economy is imploding faster than most people realized. .
There is only about ~900 billion paper and coin dollars. There is about ~14 trillion dollars worth of credit supplied by banks. There is about ~55 trillion dollars in total debt, again, supplied by banks. What backs the dollar is the faith that the 14 trillion dollars will some day pay the 55 trillion dollars off. Looks like US is operating a Ponzi/Pyramid/Heads I win Tails You lose scam on global scale since Nixon Shock.
. September 16, 2012 SouthAmerica: The Meltdown continues in Greece.... Max Keiser: latest on Greek economic crisis â September 15, 2012 <iframe width="560" height="315" src="http://www.youtube.com/embed/dOy0uL_LTZ0" frameborder="0" allowfullscreen></iframe> In this edition of the show Max interviews Yanis Varoufakis from yanisvaroufakis.eu. He talks about the latest developments on Greek economic crisis and the total deterioration of Greece's economy and society. Yanis Varoufakis is a political economist, author and an active participant in the current debates on the global and European crisis and the author of The Global Minotaur. He is also a Professor of Economic Theory at the University of Athens as well as Economist-In-Residence at Valve Corporation. .