Joe
Its only the public servants who are branded like that and their poor work performance, comes down to 1 thing, Job security.
They simply cannot be fired and I believe they continue to enjoy this priviledge at the expense of the tax payer.
Interesting view on Greece
- Thread starter Intrinsic_Value
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Joe
Its only the public servants who are branded like that and their poor work performance, comes down to 1 thing, Job security.
They simply cannot be fired and I believe they continue to enjoy this priviledge at the expense of the tax payer.
BV, yourth3e poicture you painted was very shallow mate, ro at least that' sthow it came acorss. You suggested the local Greeks didn’t care about the inconvenience you endured by missing a boat or something - perhaps, this is because they KNOW there would be inconveniences and that was the point of their striking, and the issue they were striking against, they figured was bigger than YOU missing a boat (?)
Those Greeks in Greece know their history and understand their situation at least tas well as you do wouldn't you say, do you think the majority of them would describe it the way you did ?
I'm not so sure they would agree it is as simple as you put and therefore the Greek people not as dumber either
Lucky Winston has me on ignore
Its certainly not simple
Of course not, so why would you suggest an accurate way to describe the whole complex situation is to say that the Greeks are spolit and selfish like you did, using am example of them not being as concerned at the inconvenience their strike caused you personally in a 1 off instance, as they are about the reason striking ?
That was very simplistic, do you really think it was an accurate portrayal of something so complex.
Geia hara
Then again, it was just one quick post
That was very simplistic, do you really think it was an accurate portrayal of something so complex.
Geia hara
Then again, it was just one quick post
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True, we've now left Greece but despite the small inconveniences we'll miss it. Food and Accom there was much cheaper than the other EU countries we've been to and ordering food was real easy because their menus are also in English.
We're now driving through the eastern side of Italy, we spent a couple of nights in Venice and are heading North. We're staying around lake Como, lake Magiore and then driving through Lugano and the Swiss alps towards Geneva where we'll stay and look around. We're flying home to Sydney soon. I can't wait...
new article in Vanityfair
Beware of Greeks Bearing Bonds:
http://www.vanityfair.com/business/features/2010/10/greeks-bearing-bonds-201010
Great read.
Some jokes flying around some traders desks today:
Greece society has become an equal opportunity criminal.
Reading between the lines could the be the reasoning for the relaxation of the implimentation timescale for the BASIL III capital requirements.
I am still holding to the view that Greece will definately default on its debt obligations once it no longer runs a structural deficit.
And i dont use words like definately, often.
Beware of Greeks Bearing Bonds:
http://www.vanityfair.com/business/features/2010/10/greeks-bearing-bonds-201010
Great read.
Some jokes flying around some traders desks today:
Greece society has become an equal opportunity criminal.
Reading between the lines could the be the reasoning for the relaxation of the implimentation timescale for the BASIL III capital requirements.
I am still holding to the view that Greece will definately default on its debt obligations once it no longer runs a structural deficit.
And i dont use words like definately, often.
????
I came across it last week, this is probably the worst written report I've ever seen.
It seems to me that its written by a person who assumes things and at the same time doesn't check the accuracy of the rest of the information he's been supplied.
There are many inaccuracies there starting with the obvious, i.e the 1.2trillion $ debt (who are the Greeks the USA? ) The 65,000 Euro annual wages for railway employees, that the Greeks don't pay taxes, that they get a pension at 50yo etc etc
Why doesthe article say this - and what does it mean ?
By Michael Lewis•Photograph by Jonas Fredwall Karlsson
October 1, 2010
IV, did you really find the article accurate & informative ? Seriously ? I felt if you really beleived Greeks were backwards people it did an ok job of poking fun (*read taking the p 1ss out of them) but not much more...
By Michael Lewis•Photograph by Jonas Fredwall Karlsson
October 1, 2010
IV, did you really find the article accurate & informative ? Seriously ? I felt if you really beleived Greeks were backwards people it did an ok job of poking fun (*read taking the p 1ss out of them) but not much more...
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Me too...
What was so intereseting on the first page that woud have made IV pay attention though ?
I found it hard to get past bits like this :
And They Invented Math!...
(about George Papconstantinou, Greece's finance minister) ...he comes across less as Greek than as Anglo—indeed, almost American.
Athens somehow manages to be bright white and grubby at the same time. The most beautiful freshly painted neoclassical homes are defaced with new graffiti. Ancient ruins are everywhere, of course, but seem to have little to do with anything else. It’s Los Angeles with a past.
I don't know, probably just me...
What was so intereseting on the first page that woud have made IV pay attention though ?
I found it hard to get past bits like this :
And They Invented Math!...
(about George Papconstantinou, Greece's finance minister) ...he comes across less as Greek than as Anglo—indeed, almost American.
Athens somehow manages to be bright white and grubby at the same time. The most beautiful freshly painted neoclassical homes are defaced with new graffiti. Ancient ruins are everywhere, of course, but seem to have little to do with anything else. It’s Los Angeles with a past.
I don't know, probably just me...
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i think you need to read between the create 'flair' of the article. After all its a journalistic article, not an economic thesis, so it needs an entertainment factor as well.
But Michael Lewis is no ordinary financial journalist.
Google his back ground, i read his first book 'Liar's Poker' which was written after the 1987 stock market crash. Another great read in my opinion.
Michael Lewis presents facinating insights into the financial world (but written with a sense of flair) that are not available to the 'average person' because of his unique background.
By the way this article is not 'unique' to the Greeks, Michael takes the micky out of every financial fallacy he sees as well as the uncontrolled greed that is 'the street'.
To put the above article into perspective maybe people should read:
http://www.portfolio.com/news-marke...folio/2008/11/11/The-End-of-Wall-Streets-Boom
http://www.vanityfair.com/politics/features/2009/08/aig200908
These two articles were written by Michael during the recent GFC financial crisis and ties back to his original book 'liars poker'.
If you read this article first, then his new piece concerning the Greek financial crisis might make more sense.
But Michael Lewis is no ordinary financial journalist.
Google his back ground, i read his first book 'Liar's Poker' which was written after the 1987 stock market crash. Another great read in my opinion.
Michael Lewis presents facinating insights into the financial world (but written with a sense of flair) that are not available to the 'average person' because of his unique background.
By the way this article is not 'unique' to the Greeks, Michael takes the micky out of every financial fallacy he sees as well as the uncontrolled greed that is 'the street'.
To put the above article into perspective maybe people should read:
http://www.portfolio.com/news-marke...folio/2008/11/11/The-End-of-Wall-Streets-Boom
http://www.vanityfair.com/politics/features/2009/08/aig200908
These two articles were written by Michael during the recent GFC financial crisis and ties back to his original book 'liars poker'.
If you read this article first, then his new piece concerning the Greek financial crisis might make more sense.
Yeah the stuff about the monks is probably less relevant (although there is some potential hidden meanings).
But its the 'feel' that caught my interest, especially in light of the BASIL III implimentation time table that has been extended way out into the future.
Now why has this been done???????
read between the lines.
It also increases my near certainty that Greece will default on its bonds, whether this is a direct default or default by stealth remains to be seen.
But this this also correlates to the timing of a secular bear market. In in 20th century we had 3 secular bear markets each lasting from 16-21 years, with the average return during these secular bear martets being a meagre 1.5%pa
If we are in a secular bear market, the starting date is 2000, so on an average secular bear market timetable one could expect the current potential secular bear market to conclude around 2015-2020.
Now as of 2010 we are in a current cyclical bull market (from the march 2009 lows), so if the overall market is a secular bear, then future 'factors' will need to come into play to bring the market down again (but from which leavels i dont know, i only know that the more the market goes up, the more it will have to gravitate back to the low mean return of a secular bear market).
Could greece defaulting on its bonds be one of those catalysts? If so the potential time table starts sometime post 2011 (ie on current information if greece can keep to its restructuring timetable, it should start to generate a structural budget surplus from 2012, at this point it will be able to default on its debt obligations without creating internal chaos).
Obviously these are just opinions of mine.
But this this also correlates to the timing of a secular bear market. In in 20th century we had 3 secular bear markets each lasting from 16-21 years, with the average return during these secular bear martets being a meagre 1.5%pa
If we are in a secular bear market, the starting date is 2000, so on an average secular bear market timetable one could expect the current potential secular bear market to conclude around 2015-2020.
Now as of 2010 we are in a current cyclical bull market (from the march 2009 lows), so if the overall market is a secular bear, then future 'factors' will need to come into play to bring the market down again (but from which leavels i dont know, i only know that the more the market goes up, the more it will have to gravitate back to the low mean return of a secular bear market).
...
Obviously these are just opinions of mine.
The only thing IV that I know about securlar bear and bull markets over the 20th century is well located property just keep going up and up in price.
Cheers,
Oracle.
Another interesting article on Greece:
'Beware of Greeks Bearing Bonds'
http://www.vanityfair.com/business/features/2010/10/greeks-bearing-bonds-201010
Some amazing examples of their system such as railway network, education, taxes, pension deficits etc.
'Beware of Greeks Bearing Bonds'
http://www.vanityfair.com/business/features/2010/10/greeks-bearing-bonds-201010
Some amazing examples of their system such as railway network, education, taxes, pension deficits etc.
An Awesome video by a Greek comedian, but some many underlying truths in the 'quips'.
Why is it that sometimes only the 'artists can play truther to the truth.
https://www.youtube.com/watch?v=Zvl9N9GdraQ
My favourite video of the month
Why is it that sometimes only the 'artists can play truther to the truth.
https://www.youtube.com/watch?v=Zvl9N9GdraQ
My favourite video of the month
What I find personally interesting is where are all the screams against me.
Last time I posted about Greece being one big national Ponzi scheme, everyone, came out of the woodwordks to attack me.
And yet fast forward a couple of years, tax receipts now down massively on the change of government. Why?
I made some money already before on Greek asset plays, but not interested this time around. Not being compensated for the risk
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