In Greece today, the real rebels aren’t the thousands of protesters angry at the government’s austerity measures, but these few honest, rugged souls who are flourishing on the merits of their own hard work, innovation, and cooperation with others in their local community. These emerging barter and alternative currency networks are happening at the intersection of the most stalwart conservative values and the most ardent hippie ideals:
“Part alternative currency, part barter system, part open-air market, the Volos network has grown exponentially in the past year, from 50 to 400 members. It is one of several such groups cropping up around the country, as Greeks squeezed by large wage cuts, tax increases and growing fears about whether they will continue to use the euro have looked for creative ways to cope with a radically changing economic landscape.”
As Greece lurches on the precipice of default on its sovereign debt, a default that could bring down banks across Europe and precipitate a global financial panic, a consensus is building that there is but one way out.
First, a structured default on the Greek debt, giving creditors a major haircut, but compensating them with eurobonds of half the face value of the Greek bonds, guaranteed by the European Central Bank.
For the first time in Greece a documentary produced by the audience. "Debtocracy" seeks the causes of the debt crisis and proposes solutions, hidden by the government and the dominant media. (Subtitles)
I was working out today and got my over consumption of CNN International at the gym. One thing I noticed was that CNN was going out of its way to show the gold price. Before and after each commercial for the hour I was in the gym, they threw the price of gold up on the screen, nothing else, just GOLD and a huge red arrow pointing down. It was very strange. It definitely felt like they were cheer-leading the price down. Obviously the talk of the day was Greece, but it seemed the second fabricated "story" of the day was the gold price decline. It made me want to run and buy more....
'Germany may be ready to surrender in fight to save Greece'
as Germans are preparing for the worst scenario
Listening to NPR this morning, I heard that French bonds were going to be downgraded because of the Greek debt crisis. "Well at least they won't be able to blame THIS on the 'Tea Party'", I thought.
Minutes later Allan Sloan from Fortune magazine starts talking about the "fanatics" in Washington that caused the crisis in confidence leading to this situation. He stopped short of blaming them for the mortgage bubble, but kept talking about the Republican Party and the presidential candidates as lacking "grownup" leadership.
- History of Gold by National Mining Association
Entry examples [Mark Twain notes bracketed]:
- 4000 B.C. Eastern European area begins to use gold to fashion decorative objects. The gold was probably mined in the Transylvanian Alps or the Mount Pangaion area in Thrace.
- 3000 B.C. The Sumer civilization of southern Iraq uses gold to create wide range of jewelry...
Just when the DOW had been rallying...
Greece is the Eurozone's economic equivalent of Hitlers bunker in Berlin...the bankers last stand. The international nature of the eurozone is such that if Greece falls then the other "PIIGS" are dust and you'll see the banks implode across Europe.
In other news...gold stocks are doing rather nicely. :)