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overtheedge
Member since May 2012
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Greece Is Fixed! Oh, Wait... - John Rubino - Dollar Collapse

This might just be the most prophetic statement yet.
"A few months of breathing room just gives savers a chance to get out in a leisurely rather than panicked way."

Bank runs tend to become complete panics.
So instead of runs, the savers will casually stop-by and withdraw some money in the next few weeks.

The public reacts to what is perceived as important.
Casual doesn't even raise a blip on their panic radar.

This gets even more mileage through the routine of can-kicking.
If the public gets the idea that the can-kicking works over and over again, their normalcy-bias gets reset.
In 4 months, the general public will ho-hum the events, very possibly until its too late.

Always bet on human nature.

Commented 3351 days ago

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Beginning of the headline :Minutes ago, eurozone finance ministers announced that they've agreed to give Greece four months of breathing room in which to get its financial house in order. In that time, Greece will either work out a debt restructuring with its creditors or create a fully-functioning economy capable of managing the developed world's second highest ratio of government debt-to-GDP. And they'll do these things while increasing the number of public sector jobs and limiting the privatization o... Read More

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