Thanks My Ladies for letting us share from your private chatroom today:
MY LADIES: GOOD MORNING...THANKS PRINCESS ...I HAVE MY SNEAKERS ON AND AM READY TO CATCH UP TO YOU...LET'S START DIGESTING ALL WE HAVE HERE.
PrincessDD: I have conflicting articles on Greece taking or NOT taking the Plan B.
Schäuble says Greece default, euro exit looks inevitable
French prime minister takes a different view, urges Greece to resume negotiations https://www.irishtimes.com/news/world/europe/sch%C3%A4uble-says-greece-default-euro-exit-looks-inevitable-1.2265610
MY LADIES: WELL PLAN "B" IS CONTOLLING DAMAGE, SO IF GREECE DOES NOT PAY ON TUESDAY THE ENTIRE EUROZONE GOES INTO PAN "B" BY DEFAULT
PrincessDD: WOW: Pushed by sanctions, Russia pivots to China https://www.japantimes.co.jp/opinion/2015/06/28/commentary/world-commentary/pushed-by-sanctions-russia-pivots-to-china/#.VY_z67zL9z0
5:00 AM] Princess DD: <<< The European Central Bank Will Cut Off The Greek Banks Today http://www.forbes.com/sites/timworstall/2015/06/28/the-european-central-bank-will-cut-off-the-greek-banks-today/
MY LADIES: SO THIS IS WHAT WE'VE BEEN TALKING ABOUT, LET'S LOOK AT THIS CLOSER
THE JOB OF THE ECB;
For the European Central Bank is only supposed to be offering support to the Greek banks if they are solvent
BUT THEY ARE NOT PAYING THEIR DEBT
and in the absence of a debt deal they’re quite clearly not solvent
SO NOW WHAT HAPPENS??
LONG BEFORE THAT , WHAT WILL HAVE TO HAPPEN IS WE WILL SEE THE FED MAKE AN ANNOUNCEMENT SAYING WHAT???
BUT THEY WILL START PRINTING AGAIN AND THEN WHAT WILL HAPPEN????
if the banks are not solvent then they must be bailed out
HOW DOES THAT HAPPEN
And the only way that this can be done is by a return to the drachma.
in the absence of some major change in the next couple of days Greece is both in default and leaving the euro:
MY LADIES: NOVA TELLS US THERE HAS NOT BEEN A BANK HOLIDAY SINCE 1929
WELL GUESS WHAT???
1) The European Central Bank is expected to end emergency lending to Greece’s banks on Sunday, the BBC understands.
2) The country’s banks depend on the ECB’s Emergency Liquidity Assistance (ELA). Its governing council is meeting later.
3) Greece will probably have to “ announce a bank holiday on Monday, pending the introduction of capital controls”, a source told the BBC’s Robert Peston.
AND THAT'S NOT ALL..
Here’s how the basic problem works out:
Greece stands on the brink of a banking collapse and disorderly exit from the euro after its creditor powers lashed out at Athens’ plans to hold a referendum by vowing to pull the plug on the country in just three days.
Eurozone finance ministers last night withdrew tentative plans to release €15bn to the debtor country, after Alexis Tsipras, the Greek prime minister, said he would put the “humiliating” package of austerity demands to a public vote on July 5.
Unless the cash-strapped country can scramble together €1.55bn Tuesday, it will become the first developed country in history to default on its International Monetary Fund loan on June 30.
On the same day, it’s €240bn rescue programme will also formally expire throwing its banking system into turmoil.
MY LADIES: ARE WE UNDERSTANDING THE MAGNITUDE OF WHAT IS HAPPENING HERE???
THERE IS A REAL POSSIBILITY OF THE AFTERSHOCKS FROM GREECE SPREADING THROUGH THE EURO ZONE.
WILL THE UNION BE ABLE TO HOLD TOGETHER??? WE JUST DON'T KNOW YET BUT WE WILL SURE BE WATCHING.
AND AGAIN PLEASE REMEMBER THIS IS ALL DESIGNED TO LOOK LIKE DRAMATIC TRAUMA, BUT WE KNOW BETTER DON'T WE??
THERE IS A PLAN IN PLACE THAT HAS BEEN NEEDED FOR A LONG TIME, OUR CURRENT BANKING SYSTEM IS NO LONGER WORKING, WE NEED SOMETHING NEW WITH CHECKS AND BALANCES IN PLACE.
THIS IS ALL WHAT WE'RE WATCHING, THE NEW SYSTEM UNFOLDING AND MANY CORRECTIONS AND DEBT PROBLEMS BEING TAKEN CARE OF.
THE DOLLAR WILL CORRECT ALSO BUT NOT UNTIL THE VERY END, MAYBE MIDDLE OF THE YEAR OF 2016 OR LATER AND A CORRECTION IS NOT A CRASH.
SO WE CONTINUE TO STUDY THIS NEW BANKING SYSTEM WITH EXCITEMENT AND CURIOSITY. EACH AND EVERY COUNTRY WILL HAVE TO BE A PART OF IT. EACH AND EVERY COUNTRY !
PrincessDD: So the real plan here is to get each country using their own asset backed currency? Crashing the old system and getting each country online with the new system and a stable currency?
MY LADIES: IN A NUT SHELL...
PrincessDD: So Tuesday will be the fall of the whole house of cards possibly and that will start the domino effect we talked about yesterday.
So the EU is planning the exit for all the countries involved or is that the part of the IMF and they are pretending to be trying to save them in some negotiated debt agreement and payments? Im guessing that is just a refinancing of the old debt….Only with some political conditions added to the deal.
MY LADIES:CORRECT, THIS IS ALL JUST RESTRUCTURING...DO YOU REMEMBER ONE OF THE FIRST CALLS NOVA AND I DID OVER AT KTFA??
WE WERE EXPLAINING ALL THIS BACK THEN, WE WERE EXPLAINING THE CHRISTINE LEGARDE HAD BASICALLY TOLD ALL THESE GOVERNMENTS THEY NEEDED TO FIND A WAY TO FIX THEIR OWN, THEY NEEDED TO NOT RELY ON THE CENTRAL BANKS TO FIX ALL THE BOO BOO'S
SHE BASICALLY TOLD THEM " LOOK, YOU BREAK IT YOU BUY IT "
NOW THAT IS WHAT WE'RE SEEING IS STARTING TO HAPPEN.
PribcessDD: Greek Government Favours Drachma - Won't Bow to Blackmail (From a couple of weeks ago) http://www.marketoracle.co.uk/Article50925.html
PrincessDD: Its all falling into place.
MY LADIES: RIGHT WITH A LITTLE DRAMA SPRINKLED ON TOP...
PrincessDD: Nostalgia for drachma grows as crisis continues in Greece (They seem to be rallying for it)
Those in favour of returning to the drachma on the rise https://www.irishtimes.com/business/economy/nostalgia-for-drachma-grows-as-crisis-continues-in-greece-1.2262530
PrincessDD: Last month in May, A town in Ireland started using their punt currency again. http://www.telegraph.co.uk/finance/financialcrisis/9294385/Irish-town-returns-to-the-punt.html
MY LADIES: SEE LOOK HERE PRINCESS, THIS TOWN IN IRELAND IS BRINGING THEIR CURRENCY BACK TOO.
THERE IS A REFERANDUM COMING IN THE UK NEXT WEEK ALSO TO DECIDE WHETHER TO STAY OR TO LEAVE THE EURO... WE LOOK AT THE ARTICLE YESTERDAY REMEBER??
As Irish voters go to the polls to say yes or no to more EU control over the country's finances, one town has resurrected the punt as a way of boosting trade.
PrincessDD: Lots of trading in the UK with the Renmimbi Yuan too. http://www.telegraph.co.uk/finance/china-business/11699296/Renminbi-trading-in-the-UK-is-booming-and-the-Government-loves-it.html
LINK TO PART 2