Backdoc discusses Greece

"RUN, RUN, AS FAST AS YOU CAN, YOU CAN’T CATCH ME I’M THE GINGERBREAD MAN"

RUN, RUN, AS FAST AS YOU CAN TO THE NEAREST ATM IN GREECE! OH NO, THE DARN THING IS EMPTY! 

WITH CAPITAL CONTROLS BEING PUT INTO PLACE AND GREEK BANKS CLOSING FOR 6 DAYS, I THINK SOMEONE TRIPPED THE GINGERBREAD MAN!

YES, THE CREDITORS HAVE TURNED OFF THE LIQUIDITY SPIGOT TO GREECE! AHHH, BUT NOT TO WORRY SAYS GERMANY, WE ARE SAFELY HEDGED AS I SAID THEY WOULD BE A FEW DAYS BACK! 

SO WHY NOW DOES GREECE TAKE A 6 DAY BANKING HOLIDAY? MMMM

WELL, THAT WOULD TAKE US THROUGH TO SATURDAY. ALSO REMEMBER BANKS ARE CLOSED FOR MOST BUSINESS ON SUNDAYS SO THEY GET A PASS FOR SUNDAY! 

NOW WHY TRY TO OPEN ON THE 6TH?

WE KNOW THE BRICS BANK OPENS ON THE 7TH RIGHT? RIGHT! SO WHY NOT TAKE A HOLIDAY TILL THE 8TH? MMMM

WELL, IF THEIR NOT CAREFUL AN ACCIDENT COULD HAPPEN! HEEE HEEE

REMEMBER, JUST THE OTHER DAY GREECE SAID THEY WANT A JUBILEE! ALL DEBTS FORGIVEN! 

IS THAT TOO MUCH TO ASK FOR ON A 50 YEAR JUBILEE YEAR, ACCORDING TO THE BIBLE? MMMM

OF COURSE JACK LEW HAS TO GIVE LIP SERVICE, COME ON BOYS WORK IT OUT WILL YA, HUH,? WILL YA? SLAP! OK SORRY! 

COME ON JACK, YOU KNOW THE CREDITORS ARE HEDGED JUST LIKE YOU HAVE THE U.S., YOUR JUST WAITING TO COLLECT ON THAT LIFE INSURANCE POLICY WITH A NEW GOLD BACKED SYTEM READY TO ROLL FROM EAST TO WEST! LOL

OH WASN’T THAT JUST TERRIBLE! GOSH! YOU SHOULD BE MORE CAREFUL NEXT TIME! LOL

WITH GLOBAL FUNDING FALLING INTO PLACE AS WE SEE DAILY NOW, A REGIONAL PROCESS IS UNDERWAY! YESTERDAY WE SEE A MEASLY 21 BILLION DROP INTO THE BRICS BANK FROM CHINA SAVERS!

CHINA WILL ALSO LEAD THE 100 BILLION DOLLAR AIIB (ASIAN INFRASTRUCTURE BANK), AND HAVE VETO POWER OVER IT JUST LIKE THE U.S. HAS IN THE IMF! 

TODAY WE SEE INDONESIA CONTRIBUTE AN ADDITIONAL FUNDING OF 672 MILLION TO THE AIIB! MMMM

SO, CAN I RAMLE JUST A BIT ON THE GREECE FALL OUT FOR A MOMENT? THANKS. 

MACEDONIA WANTS THEIR MONEY OUT! WE ALSO SEE TONIGHT THAT AUSTRALIA HAS LOST MILLIONS ALREADY IN THE STOCK MARKET OVER THIS! THE DAM IS BEGINNING TO BREAK NOW.

CHINA’S MARKET IS APPROACHING BEAR MARKET TERRITORY OVER THIS GREECE SAGA! 

U.S. FUTURES ARE DOWN 264 POINTS ON THE DOW AS I WRITE THIS. 

FINALLY, THE MARKETS ARE IN REALITY MODE AS A BAILOUT IS NOW A FOREGONE CONCLUSION! CARL ICAN THIS PAST WEEK HAS BEEN SAYING THE MARKETS ARE OVER VALUED! MANY OTHER SIGNIFICANT PLAYERS HAVE BEEN TOOTING THE SAME HORN!

IS THE GREAT RE-PRICING ABOUT TO BEGIN? WELL, IMO I THINK SOME CORRECTION WILL HAPPEN HERE AS THE EURO DROPS AND THE DOLLAR RISES, BUT I THINK THE MARKETS WILL MAKE A REBOUND RECOVERY AFTER THE SHOCK! 

MAYBE WE WILL SEE A 10 PERCENT DROP FOR NOW AND A RECOVERY BUT "LOOK OUT BELOW" IN EARLY SEPTEMBER WHEN THE FED PLANS ITS FIRST RATE HIKE!! REMEMBER, "EAST TO WEST” F26! 

NOW ITS BACK TO THE EURO.

WE KNOW THAT MOST BRITAN’S WANT OUT OF THE EURO AS THEY AWAIT A REFERENDUM VOTE ON THE MATTER! NOW IF ANY OTHER COUNTRY EVEN BLINKS ON EXITING THE EURO ITS CURTAINS!  

LET’S TALK ABOUT GREECE’S DEBT. REALIZE THAT THEY DON’T WANT TO PAY ANYTHING BACK TO THE ECB AS THEY HAVE STATED BECAUSE THEY SAID THEY WERE TRICKED INTO THIS FIAT CURRENCY AND WANT A JUBILEE! MMMM

NOW IF THE OTHER COUNTRIES WANT TO STAY IN THE EURO THE REMAINING COUNTRIES WILL HAVE TO PAY OFF GREECE’S DEBT! HOW WILL THEY DO THAT? THEY WILL TRY TO DO IT THROUGH THE QE (QUANTITATIVE EASING) PROCESS! 

WELL, THE PROBLEM HERE IS THE ECB HAS ALREADY DONE SUCH AN AGGRESSIVE PROGRAM ALREADY. IN FACT, THEY HAVE TRIED TO BUY MORE BONDS THAN EXIST! NOW THAT DOESN’T PASS THE SMELL TEST RIGHT? RIGHT!

THERE ARE SOME SAYING DRAHGI OVER STEPPED HIS AUTHORITY! MMMM WITH QE ALREADY ON STEROIDS I FIND IT CHALLENGING AT BEST TO EXPECT ANOTHER COUNTRY LIKE ITALY, SPAIN, OR PORTUGAL TO HAVE TO PAY OFF GREECE’S DEBT WHEN THEY ARE ALMOST AS BAD! CATCH MY DRIFT? THOUGHT SO! BY THE WAY, SOME ADJOINING COUNTRIES BY GREECE THAT ARE NOT IN THE EURO MAY IMPACT THE EURO AS WE’VE SEEN IN OTHER ARTICLES.

WELL GUYS, THE "ACCIDENT ON PURPOSE" HAS BEGUN! 

WITH IRAQ WAITING LIKE THE REST OF US, THEY CAN’T WAIT TO DO THEIR JOB! 

FUNDING FINDS ITS' WAY FIRST, WHICH WE ARE SEEING. THEN, THE FIAT IN ITALY MAY BE THE NEXT TO GO, AND I DON’T WAN’T TO BE IN THAT KIND OF VEHICLE WHEN YOUR IN AN ACCIDENT! HEE HEE 

RUN, RUN, AS FAST AS YOU CAN, EAST TO WEST!

8@8, DOC

REMEMBER GUYS, THESE ARE JUST MY THOUGHTS AS I SEE THEM, IN MY OPINION!