Oh Shit!!!

Posted: 20 Feb 2012 in Economics, Globalism, Politics, WTF Files
Tags: , ,

I didn’t know what to name it either, my reaction works.

Think shit is bad now? Read this and know.

H/T cmblake6:

So Bad I Can’t Think of a Suitable Title
Posted by Ann Barnhardt

I have been warning my cattle industry clients FOR YEARS to get out of debt as quickly as possible, and not just for the obvious business reasons. I have been telling them that the government WILL NOT HONOR any contracts or terms on mortgages or notes when the system collapses and the banks are all nationalized. Your 20-year note at 5%? Yeah, the government will change that once your bank has been eliminated. Still there are scads of people who simply cannot comprehend a lawless environment wherein there is no rule of law, and thus no recourse of any kind.

Well, maybe you will believe me now, because the European Central Bank has just arbitrarily changed the terms of all of its Greek bonds with zero engagement with the market or any judicial review. They just changed the terms of their Greek bonds with the wave of their hand. In doing this, they have utterly SCREWED everyone else holding Greek paper, essentially making all other Greek bonds worthless with zero salvage value.

More.

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