Sorry about this OUG
Will you forgive me for being honest?
I have not got a clue what you are talking about.
But am sure you do not either.
Just this, how come you want to talk about the Greek crisis here?
But thought it was bought about by Australian superannuation system in the now dead thread.
You laugh too much at your own jokes and the rhyming stuff just makes it harder to read.

Thought I'd try something different for a change… Here's something to chew over – with apologies to Azimov.

• Zeroth Law - "A banker may not harm a government, or, by inaction, allow a government to come to harm."
• First Law - "A banker may not injure a corporate customer or, through inaction, allow a corporate customer to come to harm."
• Second Law - "A banker must obey orders placed by human customers except where such orders would conflict with the First Law."
• Third Law - "A banker must protect its own existence, as long as such protection does not conflict with the First or Second Law."

Don't be fooled by the apparent sequence of preferential treatment. That Third Law is a potential logic trap.

Alternatively – with apologies to my grandmother – we could:

Out Law One - "Do not borrow money you cannot afford to repay."
Out Law Two - "Do not loan money you cannot afford to lose."

Hi Belly, amongst other things Eliot Wigginton might have had Greece in mind when he said,

"Life isn’t worth living unless you’re willing to take some big chances and go for broke."

If the entire world goes bankrupt, no one will be in debt any more.
So all countries can start from scratch and accumulate more debt.
This debt will be different, because it will be fresh debt.

That's a logical inconsistency, Arjay.

>>Pericles not everyone one lost.If you have worthless monopoly money that can be used to hedge real assets,even if that asset depreciates by half,you have moved from monopoly money to a real asset.<<

It is a close variant of the one-under-god fallacy, which states that "if you can touch it, it is by definition more valuable than paper money". He uses it to describe gold (as have you, in times past), but it applies equally to property.

The only opportunity you would have to exploit the value of the asset you have, is to turn it into "monopoly money", as you call it. For example, they reckon that it will take forty years for the Irish population to grow enough to fill the empty houses (assets) that were built during the Celtic Tiger days.

Everyone lost. There were no winners. You can't eat houses, or exchange them for a meal down the pub.

But, offer the pub "monopoly money", and hey presto!

Grub's up.

thats ok mr bell
so lets begin with explaining perries/quote..

"""A credit default swap (CDS)
is a financial swap agreement..""

a financial SWAP agreement
ok pery..so what they swapping..is derived from other financial instrunments{THAT HAVE DEFAULTED}>...[its like me swapping my bad debt..for your bad debts[and because we both thing them valueless

I BOUGHT YOUR BAD DEBT
you bought mine[it muddies the waters

think..greece and its secret...plus the one who dun it bying bonds KNOWING they will default

and deefault they did
other bankers too a haircut..NOW THEY NEED A BAILOUT

cause debt is debt
not value

""that the seller of the CDS will compensate the buyer
in the event of a loan default or other credit event.""

what was grece[pa credit event?]
of a debit payoff?

the deefault shoulda worked
BUT IT DIDDNT..its not govt who should be bailing out..BUT THE DERIVITAVES[greece sue them that got the derived proffits]

GREECE>>"'The buyer of the CDS makes a series of payments (the CDS "fee" or "spread") to the seller and, in exchange, receives a payoff if the loan defaults.""

sop greece deefaulted
and what?[govt lol puts the debt onto the people..lol
not the derivitives SUPOPOSED TO PFROTRECT AGAINST DEFAULT

""In the event of default the buyer of the CDS receives compensation (usually the face value of the loan), and the seller of the CDS takes possession of the defaulted loan."

vase closed
PAY of the derivitaves[pay back govt
CONNED into gifting away all public service and pensions
for auterity..when its derived debt..upon debt iupon debt..you recognised as value..[but missed seeing the truth for the greed..]

you wanted high rates
meaning send some other mug broke

[went broke]..
then you..valued the debt as a deriviative[securtised]
BUT DEBT*..from go to woe*..its to clever by half..[just like howard thuinbk greedy carbon taxation..and juliar deliverd it

look belly
forget definitions

think...you know what words mean

what it...""credit'?
its having a lot of something
be it land..or other asset..cash or other

ok now say you owe me..something

if you default..what do it get?..nuthing
you de-faulted

so lets join together
A credit plus a default..
so what does default of credit indicate?

now say you got a ton of defaults
and so do i ...

say i value mine at full face value
[DEFAULTED ON ALLREADY..ie irrecoverable debt...
and SWAP IT..for your fully defaulted debt...lol

we got a debt swap
both got NOTHING!..yet we can sell it
put value on our irrecoverable debt lol

*SWOP
my debt for your debt

we will call it
A credit default swap (CDS)

and then we sell them as value..for quick bon*us

[and hope they buy a insurance..underwriting them
as rerally being traded debt swops..[that pays out
when debt became super debt..[or A credit default swap (CDS)]

but no their too clever
the scam is too big to fail

govts will accept the debt swaps and love it
SEIZE BACK THEIR ASSETS..lock em up for treason

or visit the wikiseed/wikigeld
next year will be truelly hell[the end times long predicted]
if we dont wake up...hell on earth..natzies got nuthing on what happens next[just like way back in ww1

http://youtu.be/WWc8-P29wIc

dont say you didnt know
http://www.youtube.com/watch?v=WWc8-P29wIc&feature=player_embedded