“If you owe the bank $100 that’s your problem. If you owe the bank $100 million, that’s the bank’s problem”. –J. Paul Getty
And when banks and other lenders have recklessly advanced 100’s of billions to book the appearance of short-term profits?
That which cannot be repaid, never will. One of these days, that simple fact will take the upper hand over the relentless central bank extend and pretend schemes. Greece could be the poster child for this revelation in the near future. But whether it is days or months away, truth will have its way. Assets will be marked down, impossible currency unions will break apart and the world will finally rebuild from this crazy, crazy, chapter of debt mania.
With Greek officials hinting they could be forced from the euro and the country’s creditors growing frustrated with the government’s foot-dragging, analysts are asking what might happen if talks break down. Here is a direct video link.