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I understand your opinion Martinghoul but it is simply just wrong. You wrote, "It normalizes interest rates to their long-term structural and fundamentally justified levels." Do you understand that is complete bullshit...as if you could know what that was? I suppose you could point at it...

Martinghoul, you are spreading misinformation. There is no 'haircut' in the London Clearing House (LCH) move and there was no informal private then public disclosure...that is all crap. They, as the clearing house for the trades, simply raised the capital reserve for dealers margin accounts...

Good answer!

But it has the effect of raising interest rates for debts to levels that no growth sovereigns cannot afford...please explain what market that is good for.

The market is now broken for all the PIIGS debt. The structure of the last EMU bailout for Greece and the response of Merkel and Sarkozy to the Papandemonium, opening the possibility and challenge that an EMU member could and should exit, was the last straw. The message from Greece was that if...

Berlesconi is not the issue. The bus goes over the cliff no matter who the driver is....Italy will have a high cost of debt that it cannot afford...immediately caused by the ridiculous Greek scheme that makes Sovereign debt impossible to insure (because CDS has been castrated) and thanks to...

Public Debt, External Debt expressed as percent of GDP is a confusing mess that does not tell you the health of country. The issue with debt is what was it invested in...Debt has to be assessed in terms of assets....Public Debt to aggregate assets would be an interesting metric. Expressing as...

SomeYoungGuy, You are doing the right thing...might add that you should think real estate; get a lot while you are young.

We are reaching the point where there has to be admission that the money is lost and is not going to be repaid under any plan. The issue has shifted to who is going to take the hit and how the hit (writedown) is going to be structured to control collateral damage. The candidates are the...

We don't really have to discuss that it is bad for pensioners to lose money. They will need help. It doesn't all have to come from inefficient government services. With regard to 'inflation' , 'deflatioin', it is hard to talk to you because you are trapped in an aggregate demand paradigm...

You are thinking about people who will lose thier 'pensions'...think also about all those whose life savings were in their homes and businessess. Losing your savings and having your pension reduced is terrible. It happened to the Argentines, the Iclelanders, the Russians in recent times. Did...

It is what it is...some people didn't have anything to lose, those who did, need to start again. The alternative is to build sand castles against the tide. What is 'biflation'...if you are going to say that it is both...then you have destroyed the meaning of either.

Well that is something anyway...so, tell me...is the right off of debt inflationary or deflationary?

That's the thing about having loaned money that can't be paid back and that has no collateral that can be used to make a recovery. At some point you have to admit there is no hope with debt restructuring; you have to admit that the money is lost, and you have to write it off...no matter what...

OK, so back to the point...I believe all my data about Iceland is correct. I got the infor from reading article about the Iceland Economy during the past year...including the CIA country informatiion (which is not current)...Articles were in bloomberg and other credible publications. S&P...

DMTB, yes, I meant to write 'Iceland', but I wrote 'Greece' by mistake. Thankyou for getting the context. Clearly, Martingoul is not crazy...at least not on this evidence.

Martingoul, I don't understand your response. You said that my assertions about Iceland's economy where wrong. I didn't quote any facts about the Greek GDP or its Sovereign Debt Ratings. I ask you to back up your claim that my data about Iceland was wrong...and you post charts about Greece...

Martingoul, I can cite to the figures and statements I posted. They come from articles published this year. Before I do that, I think, since you challenged the figures asserted, it is up to you to post support for your refutation. I notice you didn't say anything but that its not right. What...

Jueco, Martingoul makes a good point. Japan has been increasing its base money supply for years and the effect has simply been to increase excess reserves in thier system...same as is happening here...same as what happened in the Great Depression. Japan is anonther example of how you don't get...

Jueco, we have been talking past each other. You don't get my nuances and you don't have an attitude to put them together. As you acknowledge, there is no time to lay out a thesis here step by step. If I am not clear and I have tried to say too many apparently different things that can be...