Well, you'd think so...in the real world.
But ever since CME and MF Global penned some all-new and creatively illegal rules...as did the ECB by magically placing the ECB only in first position on Greek Bonds in the event of a default...
...I've concluded we now live here:
...so I won't hold my breath now for real and legal.
Well heck they sound like a great investment! I am sure that someones retirment is buying into them!
I dont watch tv but surely they are touting them as the'bedrock of financial security' buy Greek bonds today!
"On hire from Swiss or Sweden, be me Christain, be me heathen,The Devil to the sabre I shall put"
It cannot trigger a default for the purpose of credit derivatives, as that would put GS and JPMorgan on the hook to payout, and therefore, become insolvent. Do you really see that happening? To me, that just seems impossible.
Kind of like the big 5 are on the hook for robosigning?
Of course, they write down principal, get to take that as a writeoff, then are reimbursed through HAMP and get to count that amount towards the 25 billion they owe. If you ask me, it seems like they get their money, a tax writeoff and immunity from class actions and the only people that pay are the taxpayers.
The exact same thing will happen here.
The Apostle Paul told us to not worry about anything.
- Philippians 4:6-7 “Be anxious for nothing, but in everything through prayer with thanksgiving, let your requests be made know to God”
What should we do instead of worrying?
1. Pray for what you need as well as for what you want.
2. Tell God that you are thankful for what he has already given you.
3. Request from God everything you need for the day, every day.
Libertatem a Calumnia (Freedom from Oppression)
Greece today, the rest of the world in the near future. Keep prepping, folks.
http://www.zerohedge.com/news/scanda...european-banks
That was quick. Here is your bailout mechanism for those poor banks.