Greek Debt – today’s the big day for Greece.
What happens when you can’t pay your debts?
Well, normally you simply go bankrupt. Greece has discovered that since it joined the Euro the game of not being able to pay your debts is played in a slightly different way. The last time this happened, the ECB decided it didn’t really want Greece to go bankrupt because they would be left with an enormous debt on their books. There were other complications too. If Greece could get out of paying its debts by declaring bankruptcy then chances are, other countries like Spain, Cyprus, Portugal and Ireland would all follow suit.
Greek debt – the paper money fiasco continues
When you’ve managed to con everyone into thinking that a common currency, the Euro, can solve all of Europe’s problems you really don’t want the whole thing to unravel in front of you. So the ECB did what central banks always do, they bailed Greece out with a bigger loan by simply printing more money. Shame they didn’t read my newsletter. I’ve just gone through my members list and you know what? I can’t see a single member who works at any of the central banks. That’s a real shame because I keep telling everyone:
“You cannot solve a debt problem with more debt”.
The Greek debt is no different to any other debt. It’s not that I’m being clever here – we all know this is true. It’s just that the banks are stupid enough to think they can keep getting away with it and let’s be honest, they’ve been getting away with it far longer than anyone would have ever thought possible.
Few people seem aware of the fact that very little of the money from the last round of lending to Greece ever found it’s way to the Greeks. Over 92% of the 284 billion dollars lent to Greece went straight back to the banks in interest repayments. The Greeks have realised that they will never be able to pay back what it owes. I suspect they have known for some time.
Soon everyone will realise they can never pay back the huge sums they have borrowed. Isn’t it a banker’s job to realise long before anyone else?
Greek debt – who will pay?
Officially the smelly stuff hits the fan on the 28th February but, with the usual delays in the system, today is really the last day to realistically sort it out before the Greek banks run out of money. It’s the last day for the ECB to try and fudge the loan for another six month OR accept the fact that the Greeks are bankrupt and cannot pay back the money they owe.
Meanwhile the silly game of politics continues. What a farce. The Greek debt symbolises everything that is wrong with fiat currencies and the central banks that control them.
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6 Comments
At £100 to double-you’re not really competing with large scale seasoned professionals.
Once you go down the doubling numbers you begin to compete in effect with institutions and or Goverment policy etc(as that kind of continual doubling becomes an Intrest to the other 7 billion people and stated Goverment)
As a result-after a handful of these ‘doubling’ moves…the ability and time and competing positions from other investors and said governments etc just make the ability a compounded hardness.
Hopefully as we become more sophisticated we can enjoy these posts but realise they are like any other headline….attention seeking!
I’m afraid that none of that is even remotely true, Gerry. Remember, DYWTAM was written by not one, but two, multi-millionaires using these very techniques. I suspect that you’ve been ripped off in the past by the many “get rich quick schemes” that are out there. That’s a real shame. Having done all of the fourteen levels myself, (and I watch others do the same every week), I feel highly qualified to disagree with every single one of your comments. If you’re not rich now then you have to change your thinking if you want to make serious money. Here’s the thing; “If you keep doing what you’ve always done – you’ll keep getting what you’ve always got”. Stop and think about that for a minute. I don’t know if you live in a two million pound house but if you don’t, here you are telling someone who does that this won’t work. Really? The DYWTAM Programme is a genuine no-nonsense guide on how to become a millionaire – and absolutely anyone can do it.
Barry, is it only 10 issues of Double your way to a Million? A friend of mine who is interested wants to know, thanks.
Yes. That’s correct. One a month for ten months.
hi barry i am interested in your horse racing course and your recommendation of using isiris,i understand kevin booth has resigned from isiris do you still recommend we use this company still thank you,and also i notice on your websitethat it is still dated 2017 .
Good question. I have not used the Isiris service recently. I had a brilliant 11 year run but eventually I got closed down by all the bookmakers. I guess that’s a real sign of success but it was fun to do and I actually miss it. I did not know that Kevin had actually retired but I understand that the results this year have been extremely good. Maybe regular readers who still use Isiris can update me on that one and let me know how they are doing.