Saturday, June 6, 2015

Molon Labe

Greek banks on verge of total collapse:
While the Greek government believes it may have won the battle, if not the war with Europe, the reality is that every additional day in which Athens does not have a funding backstop, be it the ECB (or the BRIC bank), is a day which brings the local banking system to total collapse.
As a reminder, Greek banks already depends on the ECB for some €80.7 billion in Emergency Liquidity Assistance which was about 60% of total deposits in the Greek financial system as of April 30. In other words, they are woefully insolvent and only the day to day generosity of the ECB prevents a roughly 40% forced "bail in" deposit haircut a la Cyprus.
Greece will default, and with that default the European Union quietly dies. Who are the Germans going to send into Greece to collect their debts - elderly pensioners and Turkish immigrants? Who's going to fight to preserve an anti-democratic, anti-national institution like the EU? The Greek government is giving its people a chance to run on the banks before their deposits are confiscated, or "bailed in." If the Germans want their money, I hope the Greeks tell them, "Molon Labe."

I submitted an article to Return of Kings yesterday about the lessons we can learn from the last time the West experienced total socio-political-economic collapse. Back then, the deposing of the last Western Roman emperor, Romulus Augustulus, is generally taken by historians to be the moment when the Western empire finally died after a century of lingering illness. If current trends continue, the future is not going to be a multicultural wagon train to the stars like in Star Trek. The North American continent will fragment into several constantly warring regional powers and squabbling tribes. Europe will be a mostly Islamic ocean with a few islands of holdout Europeans. That's pretty much the setting of my upcoming series of dystopian novels. It's depressing to imagine it, but Mike Judge's Idiocracy is probably the most prophetic film of our time.

6 comments:

  1. I'm not sure if you are familiar with the back story of Firefly/Serenity, but it seems at least somewhat plausible- America's and China's leadership, wealthy citizenry and a skeleton workforce flee Earth as civilization collapses.

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  2. If Greece goes into bankruptcy, it will be the immediate downfall of the socialist government there, who would be utterly discredited. Only one Greek political party will benefit from the final death of the Greek economy, and they will not be liked by the Atlanticist elites of Western Europe and the United States.

    I respect emergency prop funds to be given at the last minute to prevent total disaster.

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  3. Shows how shallow and embryonic your understanding is of the situation. The vast majority of Muslims in Europe are economic or welfare migrants and when things turn for the worse, they will simply return permanently the homes they claimed to flee from and now only vacation in. A fraction will remain, and a fraction of it will turn into terrorists that then operate in a poor and confused but increasingly hardened Europe.

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    1. This is one occasion where I would be happy to be proven wrong. When they're motivated, Europeans are exceedingly efficient at removing unwanted minorities. I hope the Muslims leave of their own accord. I don't want them to be evicted the hard way.

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    2. "Europeans are exceedingly efficient at removing unwanted minorities"

      What do you base this on? I can only thing of three circumstances that deal with removing or evicting "foreign elements" in Europe:

      1) Jews and gypsies being evicted from one European country and moving on to the next in ages past.
      2) The Moors of Iberia being forced out after centuries of fighting in ages past.
      3) The Nazi exterminations during the Second World War.

      The first isn't efficient, but harsh, arguably appropriately so.

      The second was not efficient or hard.

      The third was very efficient and hard but has to do with Nazi fanatics.

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    3. Guess this didn't warrant a reply.

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