Peter Schiff: Greek Tragedy! When Will Greek Banks Reopen?

(Before It's News)

By: Voice of Reason

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In the first video, roughly two months ago Peter Schiff spoke about the impending doom that was coming soon to Greece, but as usual, everyone pooh pooh’s Peter Schiff. See if the scenario he describes below sounds familiar? If not, turn on your news!

Much like the liberals in the U.S., in Greece, dirty politicians pandered to special interests, and to the uninformed voters who actually believed there was such a thing as a free lunch, and because people were dumb enough to believe it,  the Greek politicians went on promising the Greeks “social equality,” and all the same nonsense we hear Obama and his clapping seals promise idiot liberals here in the United States. There’s just one problem, and it should be starting to come into focus, even for the slow liberals out there… If not, TURN ON YOUR TV!

SOCIALISM ONLY WORKS IN GREECE AS LONG AS THEY HAVE ANOTHER COUNTRY’S MONEY - PETER SCHIFF

In the remaining videos below, you will quickly learn that the world has woken up to the inevitable. Greece is imploding. All their banks are closed and will remain that way for a week. The Euro is tanking… and this isn’t even getting started yet!

As you listen to different pundits on the the matter of Greece today, may I encourage you to look at the giant pink elephant in the room. I mentioned this last week, but it might resonate a bit more now: The Euro zone has a GDP or approximately $16 TRILLION dollars with all the countries combined. The U.S. has a GDP of approximately $15 TRILLION dollars with all the states combined. As you listen to Greece’s potential fate, think of which states in our Union are on cruise control to be Greece within our union. Why? Because it’s coming! 

Do you recall what I asked you to keep in mind as Peter Schiff discussed Greece? Here is why: For years we’ve heard, If Greece goes, so does the Euro. After doing a few searches, I just wanted to get a feel for what people were saying. One gentleman responded to the following question: “How/why does the Euro currency collapse if there are sovereign defaults in the Eurozone?” Here was the response:

I think that the previous answers have not considered an important point relating to why the Euro currency would collapse if there are sovereign defaults. If defaults occur in uncompetitive Eurozone peripheral countries such as Greece, Portugal, Republic of Ireland, Italy, Spain, etc. (the PIIGS), then there will be a massive financial crisis, huge recession/depression, a big output gap, high unemployment rate, a credit freeze, usurious interest rates for defaulted sovereigns and perhaps riots and social instability in a worst case scenario. 

You could check a 100 sites, get a 100 different answers, but i promise you this… they’ll all be bad when they predict what this means for Greece. As Peter put it, “Greece is just shuffling the chairs on the deck of the Titanic…” What’s my point?

As I said, the Eurozone has about a $16 TRILLION dollar economy. The U.S. has a $15 TRILLION dollar economy. Greece accounts for under 5% of the Eurozone’s GDP. How does that compare to states here in the U.S. like California, Illinois, New Jersey, or New York? Those are all  cauldrons of liberal idiocy, and every one of them is a financial disaster. Forget about cumulatively, take them as individuals. Would you agree any of them contribute far greater to our country’s GDP than Greece does? Now, add them up. 

The problem with Socialism, Communism, Progressivism, or whatever they want to call it: Sooner or later you run out of other peoples’ money. It’s happened everywhere it’s ever been tried. Guess what? The U.S. Petrodollar is over halfway phased out as the World’s Reserve Currency. Once that process is complete, and we can no longer fire up the printing presses… We’re going to be a bankrupt nation, with a worthless dollar, no one to lend to us, no way to print money like we have for decades, and then American’s will finally see what what has been staring us in the face. 

THAT’S WHEN AMERICANS BETTER PRAY THEY WERE SMART ENOUGH TO BE STASHING FOOD AWAY WHILE THEY COULD!

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European markets followed their Asian counterparts sharply lower on Monday after Greece failed to strike a deal with its international lenders to secure more funding.

The debt-stricken country also introduced capital controls and said it will keep its banks shut this week.

Here’s the latest Greece coverage from CNBC:

Greek referendum gamble by Tsipras unleashes chaos

Capital controls: Greeks and tourists to be hit hard 

Global markets slide on Greek crisis fears

Will a Greek tragedy be the euro’s downfall?

We’ll keep you up to date with all the latest news in the live blog below.

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All over Athens people have been queuing tonight, but the lines outside the National Bank branches were by some distance the longest, reports Jon Henley.

And that’s because the National Bank supplies the banknotes, and lots of other Greek banks, by midnight on Sunday, had no more of those.

“People are feeling very concerned … very insecure,” said Maria Poulimeniou, outside the National Bank on Eleftherios Venizelos street in Kallithea, a southern Athens suburb.

“The situation changes from one minute to the next. First they say the banks will be closed on Monday, now for the whole week.”

Pouleminou, who works in the finance department of a shipping company, said she had tried the local branch of her bank, Alpha, but “they had nothing left. Empty. So I’m here. I’m taking out the limit – €600, it is here. But they say after midnight it will be €60. That’s why there’s a queue.”

People queue up to withdraw money from an ATM outside a branch of Greece’s National Bank in Athens, Greece, 28 June 2015. Photograph: Simela Pantzartzi/EPA

While Greece’s government announced on Sunday night that the country’s banks would not open on Monday, that capital controls would be introduced and limits set on withdrawals, there was no official confirmation yet of what those limits would be. But there were at least 70 people queuing outside this one branch, and most National Bank branches on the way back into town had similar lines.

As their debt-laden, all but insolvent country – and the eurozone – entered uncharted territory last night, it seemed plenty of Greeks were taking no chances.“I’m not taking out all I have,” said Stathis, 58, who described himself as a private sector employee.

“But the government has just said the banks will stay shut for a week, so I’m here to take out what I need for that – maybe a couple of hundred euros.” He was quite clear about who he though was responsible.

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