Can Kicking

From Denninger, “It didn’t work (again)”.

This:

There’s a not-so-silent bank run in Greece.  This will spread.

Indeed it will. Will it spread here? Probably not this time. However, dear readers, you do realize that it is only a matter of time until something, some event of this magnitude impacts your local (see local) AO.

If you look back on many of my posts over the last two years, you will see the occasional flag raised in this manner. Again, we are talking probability and causality, not a known quantity. I talk about these things as a warning and predictors of future events. Watching the way things trend is valuable, even at the local level.

Heads up. This week will be incredibly bumpy…

Weekend Radar

Going to be fairly warm down here in Atlanta.

I plan on getting in a few mountain biking miles with my oldest and maybe some trail time practicing bushcraft like skills. There is PT in everything this time of year in the south. It becomes an endurance challenge for simple excursions – especially with little girls.

Look out for Greece & Spain before Sunday is out. It won’t be the end of the EU or Euro, but more of a weather vane of the next two quarters.

I had thought about commenting on yesterday’s amnesty announcement, and then I read this here at the Belmont Club via CA. Like CA says, the comments are indeed priceless. Though, this latest vote buying move may be for naught if Vox’s prediction comes true. I’m not sure if I buy that. There doesn’t seem to be enough momentum in the political sphere to accomplish something so drastic this close to the election. I do however, personally believe, that despite anything the republicans (in name only) throw out there, President Urkle will be reelected despite actual vote count…

 

The Opening Stages of Global Conflict

Great title eh? In lieu of actual content today, here’s something worth your time. Via Kerodin:

The situation is becoming, in the minds of the average Greek, Us versus Them…as such matters always devolve when push comes to shove. People fall back to Tribe.

The Greek national Police Union is now threatening to arrest IMF and EU officials for blackmail and other crimes against the Greek people.

Good on the Greeks.

I have respect for any people, even people I must put in the category of Enemies, who have FU in their DNA. (I do not consider the Greeks enemies, at all. They are Socialists, but the Banksters knew that when they loaned the money…)

We are watching the opening days of our next global war, folks.

Original Zerohedge here:

In a letter obtained by Reuters on Friday, the Federation of Greek Police accused the officials of “…blackmail, covertly abolishing or eroding democracy and national sovereignty” and said one target of its warrants would be the IMF’s top official for Greece, Poul Thomsen.

The threat is largely symbolic since legal experts say a judge must first authorize such warrants, but it shows the depth of anger against foreign lenders who have demanded drastic wage and pension cuts in exchange for funds to keep Greece afloat.

The bankers want their pound of flesh with interest. No bankruptcy for you! Indebted servitude for eternity! Cue maniacal laughter.

I say they show ’em Iceland Part II -The Sequel.

 

 

The Worst is Yet to Come

I agree with most of this.

Uncomfortably viewing the banking sector as a curse (and not a cure) for our problems, he sees the Japanese Zombie bank experience playing out which guarantees sustainable growth is not around the corner and suggests we would be far better off medium-term if bank defaults occurred and the painful medicine is taken.

I have no financial sector debt or equity exposure either.

Collapse: War as the other hand moves

Go read this bit by Kerodin.

Here is the Silicon Greybeard post referenced in the bottom.

China is a myth. At it’s core, this statement rings true:

I have held for a long time that the rise of China is a Zero Sum game, slightly modified: Every dollar they earn is a direct result of American policies.  The day America chooses to gut the Chinese, it is a simple matter of closing the ports to her imports.

A little pain here…and an E.L.E. in China (Extinction Level Event).

Better believe it Suzi. You can wax poetically all you want about the new Chinese century, and how wealth is shifting east, and I will still echo the concept above. America holds all the cards here, sovereign debt or not.

With regard to war in Europe though. It has been made abundantly clear that the people on the EU have no intention of shrugging off their banking masters’ chains. Berlusconi & Greek Papa-whatever’s resignations are clear signs that the ruling class is still very much calling the shots and running the show.