SHould we be sympathetic to the Greeks?
Here are people who have built a huge State apparatus that does nothing but pay salaries, who dont pay their taxes to fund the State, who borrow beyond their ability to re-pay, complain when half the debt gets forgiven and becomes someone else*s loss, and who riot when the lenders decide the free ride must end.
The cost of the *punitive* enforced austerity program envision by the rest of Europe would be: less of the near non-existent government services, an extension of the retirement age, and taxes that get actually collected. This seems a better deal than what the Irish and the Portuguese got.
The alternative, which the Greeks may actually vote for, will involve: a new currency nobody wants, a vast sucking sound as Euros disappear and bank deposits in the New Drachma become worthless, and 10 years of pariah status among neighboring nations and lenders, at the end of which they will have much hardship, an even larger public sector, and 25% annual inflation.
Welcome to Argentina, but without globally competitive agriculture, neighbors growing at 5-7% p.a. nor commodity customers growing at 9-12% p.a.
LOL.....good points Musk. They just never learned to capitalize on their talent.
Cheers to all good sports!
So far I've been right in regards to buying over the past 3 months. Being overly bearish hasn't paid off. Look back on my picks. Most have been good entry points.
Just taking profits Musk that's all. I like to post real time trades for my records and learn from my mistakes how far from top/bottom I sold/bought.
There's nothing wrong with ANR at all. It's always in my radar. Besides Draghi just confirmed he's up to the helicopter challenge. Looks like he wants those CN price to income ratios of housing move up from 55:1 to 100:1 and EM to catch up. Bullish for ANR...at least until this thing burst.
gl…(good luck.. in a Musky way, that is)
Owning cash Eurosin Europe looks like a good hedge on your EUO short. There’s always the possibility that ousting Greece from the club, could actually strengthen the euro. Because of this, I trade...never go long.
btw. I’m out on my ANR at the opening today.
I do not trade EUO. I buy spec exel options AT $2 for them to go down to 20cents in a day for trading :)
I bought april 27 18,000 shares EUO @16.75.
I Own 150,000 Euros in cash in europe @1.6%.
Plan to keep both of those positions for a very long time.
I’m out of my today’s EUO because the written statement says “...at least through mid-2013” and in the conference as we speak he said “…beyond 2013”…overall is a vague statement for a sure trade ST…long term is a different animal. What’s your average price here?
From your link: “According to a recent poll in the Greek newspaper Kathimerini, 66 percent of Greeks believe that returning to the drachma would be bad.”
…looks like a majority of Greeks agree to bailout German and French banks…in case of a referendum, that is.
btw. a better use of doc’s neurons is not on spec biotech but on the consequences to the dollar and his EUO with Ben’s imminent announce of a mega Q3,Q4,Q5…