The cost for Greece to bail out the (European) banks was their youth's future.
Notice I didn't say the other way around - the cost for Europe to bail out Greece. Some would say: "The Greeks borrowed too much money, they deserve their fate". True, they borrowed too much money, as did every other developed nation on the planet, as I showed very recently. The only country that doesn't borrow too much money is Germany, because they sell everything they make to countries who borrow too much.
Regardless, saving banks at the expense of the future of the country's youth is the decision all developed countries implicitly made 6 years ago. Many of these countries still enjoy unfettered access to credit markets and/or money printing privileges and hence have not come to the same realization that Greece (and Spain) has - i.e. that they made a Faustian Bargain and sold their children into abject poverty to save the ultra-wealthy.
Just this week, Greek debt was "upgraded" by the U.S.-based ratings agencies - as a nice dog bone for being such a good and subservient debt slave: "Greece gets ratings upgrade as economy finally bottoms out".
This is what it looks like when dumbfucks tell each other that a pseudo-economy has "bottomed out":
Second only to Japan which prints its entire deficit and then some...
Current yield 6.5% down from ~40%
Let's see apply 6.5% interest to 175% of GDP/Debt and the ongoing cost of bailing out the banks is a ludicrous 11% of GDP on a continuing basis - forever, and ever. To put that into perspective, the much defamed U.S. defense budget is 4% of GDP.
And Greek stocks
I think someone figured out that this illusion is ending:
2 Year View:
Greek stocks: 10 Year View
A glimpse into the Dow's future:
What does this have to do with me?
Nothing - for those who blindly make the Faustian Assumption: "It can't happen to me". Once the developed nations can no longer borrow or print money with impunity, they will all be Greece, and then some...
