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Greece, the economy, and a maelstrom of discontent.....

 
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PaunchyBald
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Greece, the economy, and a maelstrom of discontent.....
« on: February 18, 2012, 06:56:22 AM »

What happens when the Greek economy collapses due to the inevitable default, and the Greek expulsion from the Euro?  I'm not quite ready for the worldwide depression I think will follow.  I had hoped to  have another two years to prepare.  I don't listen to any of the Fox, or AM radio talking heads.  NPR and the intergoogles are my primary news sources.  I only state the bit about the news, so that no one thinks I'm a John Bircher or something.  I do fear the riots and violence when the spit hits the spam.  I don't live far enough away from an urban jungle, albeit a relatively small one.

I'm worried that I won't be able to afford to buy the fuel needed to commute (30 minutes round trip per day).  Food won't be difficult, I grow most of our vegetables, and deer/squirrel are plentiful as are chickens and eggs.  Owe less than 24K on the house-90% equity, vehicles paid off.

Will the bank call in my loan when the collapse starts?  Or will they wait?  Way too many people owe way too much on way too little.

Just some maundering and rambling thoughts from a tired old man, too old and tired to struggle through this crap all over again.
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MFAWG
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Re: Greece, the economy, and a maelstrom of discontent.....
« Reply #1 on: February 18, 2012, 09:31:29 AM »

I would stock up on gold. And TV dinners.
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The things that will destroy America are prosperity at any price, peace at any price, safety first instead of duty first, the love of soft living and the get rich quick theory of life. -- Teddy Roosevelt
MFAWG
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Re: Greece, the economy, and a maelstrom of discontent.....
« Reply #2 on: February 18, 2012, 09:40:55 AM »

I am curious: Other than the increased predilection for a certain part of the US population to pee themselves in fear, how is this any different from the collapse of Irelands economy on 2008?
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The things that will destroy America are prosperity at any price, peace at any price, safety first instead of duty first, the love of soft living and the get rich quick theory of life. -- Teddy Roosevelt
PaunchyBald
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Re: Greece, the economy, and a maelstrom of discontent.....
« Reply #3 on: February 18, 2012, 11:38:04 AM »

Did Ireland default?  What exposure did US financial institutions have in that  particular collapse?  Serious question 'cause I really don't know.  It is my understanding(and I could very well be wrong, wouldn't be a first) that the level of exposure is much greater in this instance.  I didn't hear about the Irish rioting in the streets and torching buildings, although the Greeks are well known for rioting.  Is the Eurozone sturdy enough to prop up Portugal as well?  How about Spain?  What of the impending 'haircut' Italy's creditors will likely have to take?  The German economy actually shrank last quarter, and Germany is the cornerstone of the EU/Eurozone.

I can envisage all this halting, even reversing, the fragile economic recovery currently in progress in the US.

The pension fund I paid $350 a month into for 20 years is bankrupt, I might see $100 per for a lot less time than that.  I'm still young enough, that my SS retirement age is 68+, IF SS even exists then.  See payroll tax cut.  Not that a payroll tax cut isn't a good idea, but to take it from SS, is no better than robbing Peter to pay Paul.  It would be the same if were taken from income taxes.  The deficit grows, the debt grows larger. How do we as a nation, get out of this situation?

On top of all that;  I was out working in the yard and garden just a bit ago.  My 35 year old tiller died in the middle of a job.  I thought I'd start the lawn tractor to charge the battery, and it started blowing oil out the exhaust, liquid oil and smoke too.  Now I have to replace 'em.  More economic hardship.

Oh, yeah.  About the peeing part, Depends!   Grin
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Blader
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Re: Greece, the economy, and a maelstrom of discontent.....
« Reply #4 on: February 18, 2012, 11:54:24 AM »

I'm not quite ready for the worldwide depression I think will follow.  I had hoped to  have another two years to prepare. 

The *feces* hit the fan 4 years ago. We are still in a depression. What's another 5-10% when we're already at 15-20% real unemployment?

Anyhoo.  Everybody who would normally be counted upon to do the riot and mayhem thing is stoned on meth and too preoccupied about getting their next hit to really give a *feces* about much of anything else.
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MFAWG
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Re: Greece, the economy, and a maelstrom of discontent.....
« Reply #5 on: February 18, 2012, 01:04:18 PM »

Did Ireland default?  What exposure did US financial institutions have in that  particular collapse?  Serious question 'cause I really don't know.  It is my understanding(and I could very well be wrong, wouldn't be a first) that the level of exposure is much greater in this instance.  I didn't hear about the Irish rioting in the streets and torching buildings, although the Greeks are well known for rioting.  Is the Eurozone sturdy enough to prop up Portugal as well?  How about Spain?  What of the impending 'haircut' Italy's creditors will likely have to take?  The German economy actually shrank last quarter, and Germany is the cornerstone of the EU/Eurozone.

I can envisage all this halting, even reversing, the fragile economic recovery currently in progress in the US.

The pension fund I paid $350 a month into for 20 years is bankrupt, I might see $100 per for a lot less time than that.  I'm still young enough, that my SS retirement age is 68+, IF SS even exists then.  See payroll tax cut.  Not that a payroll tax cut isn't a good idea, but to take it from SS, is no better than robbing Peter to pay Paul.  It would be the same if were taken from income taxes.  The deficit grows, the debt grows larger. How do we as a nation, get out of this situation?

On top of all that;  I was out working in the yard and garden just a bit ago.  My 35 year old tiller died in the middle of a job.  I thought I'd start the lawn tractor to charge the battery, and it started blowing oil out the exhaust, liquid oil and smoke too.  Now I have to replace 'em.  More economic hardship.

Oh, yeah.  About the peeing part, Depends!   Grin

The Irish absolutely DID riot in the streets.

The cynic in me suspects that it didn't get much coverage here because Ireland went 'Full Supply Side' in 1997, and the whole ball-o-wax collapsed a couple of years after the usual suspects on this side of the pond started pointing to it as a HUGE success.
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The things that will destroy America are prosperity at any price, peace at any price, safety first instead of duty first, the love of soft living and the get rich quick theory of life. -- Teddy Roosevelt
dystopia
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Re: Greece, the economy, and a maelstrom of discontent.....
« Reply #6 on: February 19, 2012, 01:00:52 PM »

I've been waiting for the *feces* to hit the fan for months.  Caused me a lot of stress and made some bad moves in the stock market trying to anticipate it (but have recovered since).  I have no clue anymore, but this should be an interesting week.
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