Greeks Rush to Gold

[EE_]

Tuesday, June 21, 2011 Greeks Rush to Gold

In an effort to protect themselves from from the collapse of their banks and government, Greeks are rushing to the only money that governments can't mess with, gold.

Greek citizens are emptying savings accounts and buying gold as they brace themselves for the possibility of a sovereign default and runs on the country’s banks, FT reports.


Sales of gold coins have soared as savers seek a safer and fungible source of value. “When the global financial crisis started, our sales of coins to investors overtook bullion for the first time,” said Harry Krinakis, at Sepheriades, a Greek precious metals trader. “Now the sales ratio has reached five to one.”


Monthly bank withdrawals were running at €1.5bn-€2bn ($2.2bn-$2.9bn) in the first quarter. Last year, depositors withdrew €30bn from Greek banks, equivalent to 12.3 per cent of total savings, according to the Greek central bank.

Take notes, this could be the U.S. down the road.

http://www.economicpolicyjournal.com/2011/06/greeks-rush-to-gold.html

[mick silver]

some here in the usa are a head of the game

[joboo]

mmm...fungible...

[Serpo]

When the SHTF who do you call.........................your bullion dealer.

[Horn]

When the SHTF who do you call.........................your bullion dealer.

In the U.S. and some other countries it is the Payday Loan center.

[Shami-Amourae]

Anonymous said...

Those dopey Greeks.
Apparently they haven't gotten the message "you can't eat gold".
__________________________________

[beefsteak]

In the U.S. and some other countries it is the Payday Loan center.

How sad is that?

[Hatha Sunahara]

The Greeks have figured out that they are victims of a swindle, and they don't want to pay. They can see the effect their refusal to pay will have on the Euro, and the lending banks, and the smart ones are buying gold now. I wish I could say Americans are that courageous and smart by doing the same thing, but they are not. Except for the people on this forum and few others.

Hatha

[PatColo]

The Greeks have figured out that they are victims of a swindle, and they don't want to pay. They can see the effect their refusal to pay will have on the Euro, and the lending banks, and the smart ones are buying gold now. I wish I could say Americans are that courageous and smart by doing the same thing, but they are not. Except for the people on this forum and few others.

Hatha

Thread: "Debtocracy" - Greek Film Shows Way Out Of Debt Bind (http://gold-silver.us/forum/showthread.php?51188-quot-Debtocracy-quot-Greek-Film-Shows-Way-Out-Of-Debt-Bind)



following is a paste-job from Stirling's blog, check the links for original/full articles & video (which I haven't watched yet):


Debtocracy - The video that has helped to empower the People of Greece (with English subtitles) ~ link (http://www.youtube.com/watch?v=qKpxPo-lInk)



Greek Film Shows Way Out Of Debt Bind ~ link (http://www.henrymakow.com/greekfilmmakescase.html) ~ Another great article by Henry. The link to the film is the one just above this story, or can be linked from this story. Stirling

Defined by Russian economist Alexander Sacks in the 1920's, "odious debt" (http://articles.cnn.com/2003-12-15/world/sprj.irq.france.debt_1_iraq-debt-iraq-conflict-iraq-money?_s=PM:WORLD) is incurred by a despotic power, "not for the needs or in the interest of the State, but to strengthen its despotic regime, to repress the population that fights against it, etc., this debt is odious for the population of all the State."

He went on. "This debt is not an obligation for the nation; it is a regime's debt." Sack called it "a personal debt of the power that has incurred it." When this power falls, that debt "consequently . . . falls with the fall of this power."
Sack also considered a debt odious when, "the loans incurred by members of the government or by persons or groups associated with the government to serve interests manifestly personal - interests that are unrelated to the interests of the State." A bribe is an example of a manifestly personal interest.

Now, in order for a debt to be deemed "odious," Sack said that the lender must also be aware that the loan is "contrary to the interests of the nation."

In this case, Professor Sack said, "the creditors have committed a hostile act" against the people. They can't therefore expect that a nation freed from a despotic power will assume the 'odious' debts, which he called "personal debts of that power."