Submitted by Reggie Middleton on 12/04/2012 11:03 -0500
Bond
default
Germany
Greece
Gross Domestic Product
International Monetary Fund
Rating Agencies
ratings
Recession
Last week I warned if readers were tired of hearing me say "I told you so", they should ignore the topic of Greece, and a month ago I warned "As The Year Comes An End The Ability Of Greece To Kick The Can Mirrors The Chances Of A Man With No Feet". Eleven months ago, I publicly displayed the relatively simple mechanics behind a SERIAL Greek default (that's right, multiple bacl to back defaults), both on CNBC and on my blog... This situation will simply get worse, considerably worse, before it get better. I demonstrated in the post The Ugly Truth About The Greek Situation That's Too Difficult Broadcast Through Mainstream Media that anyone who purchased the last set of bailout bonds from Greece will simply lose their money as well (that's right, just like those who purchased the previous set) since Greece is still running deep in structural problems and can't afford the interest nor the principal on its borrowing. It's really that simple. The aforementioned link has an embeeded spreadsheet that walks you throught the scenario as well as my opinion on CNBC.
February 11, 2012, S&P at 1358, (roughly where it is right now on Dec. 3rd)
more wit Reggie,,,,,,,,,,,,,,,,,,,,,,,,,
http://www.zerohedge.com/contributed/2012-12-04/promised-greece-guts-naive-investors-once-again
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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