Abaddon_Ambrosius
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Ah, another reason the US probed Swiss banks
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Italian anti-mafia prosecutors said they seized a record $6 trillion of allegedly fake U.S. Treasury bonds, an amount that’s almost half of the U.S.’s public debt.
The bonds were found hidden in makeshift compartments of three safety deposit boxes in Zurich, the prosecutors from the southern city of Potenza said in an e-mailed statement. The Italian authorities arrested eight people in connection with the probe, dubbed “Operation Vulcanica,†the prosecutors said.
http://www.bloomberg.com/news/2012-02-17/italy-police-seize-6-trillion-of-fake-u-s-treasury-bonds-in-switzerland.html
That's Trillion. With a T.
I wonder how many of those are in circulation, and what % that adds to the "bad debt" balance?
Even a fraction of that would play havoc with the banking system.
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NuEM
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Ah, another reason the US probed Swiss banks
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Funny I heard the same thing years ago. Nothing came out of that. At least nothing we know of.
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Rosaria
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Ah, another reason the US probed Swiss banks
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Abaddon_Ambrosius posted:
Italian anti-mafia prosecutors said they seized a record $6 trillion of allegedly fake U.S. Treasury bonds, an amount that’s almost half of the U.S.’s public debt.
The bonds were found hidden in makeshift compartments of three safety deposit boxes in Zurich, the prosecutors from the southern city of Potenza said in an e-mailed statement. The Italian authorities arrested eight people in connection with the probe, dubbed “Operation Vulcanica,†the prosecutors said.
http://www.bloomberg.com/news/2012-02-17/italy-police-seize-6-trillion-of-fake-u-s-treasury-bonds-in-switzerland.html
That's Trillion. With a T.
I wonder how many of those are in circulation, and what % that adds to the "bad debt" balance?
Even a fraction of that would play havoc with the banking system.
There's something fishy, and really odd, about this entire thing. I'm doing a little more research on it now.
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bstulic
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Ah, another reason the US probed Swiss banks
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NuEM posted:
Funny I heard the same thing years ago. Nothing came out of that. At least nothing we know of.
One or two years ago. Big headlines for a day, then nothing
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NuEM
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Ah, another reason the US probed Swiss banks
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To be honest I was a bit surprised to learn these things even exist physically.
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Rosaria
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Ah, another reason the US probed Swiss banks
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Nigerians. Of course. Apparently they're no longer content with email scams and mail order brides.
Put your tinfoil hat on....what do you want to bet that the investigation leads to Iran within a month?
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NuEM
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Ah, another reason the US probed Swiss banks
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Are fake treasury bonds any less real than official ones? 
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Sin_of_Onin
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Ah, another reason the US probed Swiss banks
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NuEM posted:
Are fake treasury bonds any less real than official ones?
Well they are certainly more real than the Greek ones your peeps are holding.
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Rosaria
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Ah, another reason the US probed Swiss banks
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NuEM posted:
Are fake treasury bonds any less real than official ones?
Well...that's a toughie. At this time, they're not sure the bonds are completely fake. Uh oh.
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NuEM
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Ah, another reason the US probed Swiss banks
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@SoO: Thanks to conservatives. I don't know what their plan is, but it doesn't seem to be working. Greece is kaputt. Maybe they want it to hit rock bottom and then start "privatizing" everything, which means selling everything for 1 Euro to big fat corporations.
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Rosaria
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Ah, another reason the US probed Swiss banks
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NuEM posted:
Thanks to conservatives. I don't know what their plan is, but it doesn't seem to be working. Greece is kaputt. Maybe they want it to hit rock bottom and then start "privatizing" everything, which means selling everything for 1 Euro to big fat corporations.
I think its too late for privatization. Banks already had to stick their necks out and are going to lose billions which the intellectually challenged are cheering, why would they invest more at this point? What are you going to privatize? The Great Greek Collective of Brotherhood of Strength Light and Power?
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Abaddon_Ambrosius
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Ah, another reason the US probed Swiss banks
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Rosaria posted:
What are you going to privatize? The Great Greek Collective of Brotherhood of Strength Light and Power?
Well, the Greeks spent a lot of history as slaves to the Romans.
Maybe Germany is getting back into the human trafficking biz?
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Bjorvald
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Ah, another reason the US probed Swiss banks
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These bonds are dated 1934? Wouldn't they be long-matured by now?
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NuEM
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Ah, another reason the US probed Swiss banks
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Rosaria posted:
What are you going to privatize?
Don't be so naïve. There's plenty of assets in Greece, and enough who are drooling at the thought of getting their hands on them for free.
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Rosaria
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Ah, another reason the US probed Swiss banks
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Abaddon_Ambrosius posted:
Rosaria posted:
What are you going to privatize? The Great Greek Collective of Brotherhood of Strength Light and Power?
Well, the Greeks spent a lot of history as slaves to the Romans.
Maybe Germany is getting back into the human trafficking biz?
The only reason Greece is a problem to the EU is that the EU ignored its own laws. Bstulic is right though, you think unemployment is a drag now, wait until Croatia joins.
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Rosaria
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Ah, another reason the US probed Swiss banks
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NuEM posted:
Rosaria posted:
What are you going to privatize?
Don't be so naïve. There's plenty of assets in Greece, and enough who are drooling at the thought of getting their hands on them for free.
Okay shoot. List some of their assets.
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NuEM
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Ah, another reason the US probed Swiss banks
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Rosaria posted:
Okay shoot. List some of their assets.
Whatever let them export goods worth 22 billion Euros in 2011. May not be much, but when you can acquire that basically for free?
If it's not that then what is the plan? Are they just being dumb? Quite possible I admit.
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theredkay1
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Ah, another reason the US probed Swiss banks
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yogurt
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the end
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Rosaria
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Ah, another reason the US probed Swiss banks
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NuEM posted:
Rosaria posted:
Okay shoot. List some of their assets.
Whatever let them export goods worth 22 billion Euros in 2011. May not be much, but when you can acquire that basically for free?
If it's not that then what is the plan? Are they just being dumb? Quite possible I admit.
The plan is for Greece to default and be ejected, or elect to leave, the EU. The EU has spent two years dealing with, and avoiding dealing with, the Greeks. They still have Italy, Spain, and Portugal to work through. They have a time and monetary limited LTRO that has to extend over multiple countries and their banks. Its a Herculean task with or without Greece. It may not feel like it but the rest of the world needs the EU to succeed and be strong. You have to decide if Greece is worth it, both in time intensity and financial cost. The rest of us just have to wait.
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Rosaria
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Ah, another reason the US probed Swiss banks
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theredkay1 posted:
yogurt
old rocks
the most advanced mens hair coloring technology
the end
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Sansfear
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Ah, another reason the US probed Swiss banks
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Rosaria posted:
The plan is for Greece to default and be ejected, or elect to leave, the EU. The EU has spent two years dealing with, and avoiding dealing with, the Greeks. They still have Italy, Spain, and Portugal to work through. They have a time and monetary limited LTRO that has to extend over multiple countries and their banks. Its a Herculean task with or without Greece. It may not feel like it but the rest of the world needs the EU to succeed and be strong. You have to decide if Greece is worth it, both in time intensity and financial cost. The rest of us just have to wait.
And you can be sure that Italy, Spain and Portugal are watching and taking notes to see exactly how Greece is handled so that they can use that info against the EU when it comes their turn in the hot seat.
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Abaddon_Ambrosius
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Ah, another reason the US probed Swiss banks
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NuEM posted:
Rosaria posted:
Okay shoot. List some of their assets.
Whatever let them export goods worth 22 billion Euros in 2011. May not be much, but when you can acquire that basically for free?
If it's not that then what is the plan? Are they just being dumb? Quite possible I admit.
Right. Free.
Greece has about €372B in outstanding debt. The deals on the table lately are telling the debt holders to take a SEVENTY PERCENT haircut on that. That means (calculating)... that lousy €22B output (which is probably nothing near that really) would be "free" to the tune of €260B.
So, yeah. Not free. More like > TEN YEARS worth of the country's total exports.
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Ashmaele
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Ah, another reason the US probed Swiss banks
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theredkay1 posted:
yogurt
old rocks
the most advanced mens hair coloring technology
the end
The Parthenon
Oracle of Delphi
SPARTA
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-Espiritu-
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Ah, another reason the US probed Swiss banks
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theredkay1 posted:
yogurt
old rocks
the most advanced mens hair coloring technology
the end
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Espiritu - SWTOR (retired)
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NuEM
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Ah, another reason the US probed Swiss banks
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Abaddon_Ambrosius posted:
Right. Free.
Greece has about €372B in outstanding debt. The deals on the table lately are telling the debt holders to take a SEVENTY PERCENT haircut on that. That means (calculating)... that lousy €22B output (which is probably nothing near that really) would be "free" to the tune of €260B.
So, yeah. Not free. More like > TEN YEARS worth of the country's total exports.
You are under the misleading assumption that's the debt holders who will get that stuff.
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