Again no trades for me today. We’ve got some stocks that are moving nicely for us lately and I’m letting our positions do the work. More trades coming soon, so as always, stay tuned!
Greece and its financial crisis are all over the news. Again. As usual. It’s important to remember that this is a country that they’ve been trying to “fix” Greece’s economy for many years now. Remember also that this is a Greece economy that, with the help of the shysters at Goldman Sachs, hid billions of dollars of debt for many years that finally got revealed a couple years ago. This is also a Greece economy that lost tens of billions of dollars hosting the 2000 Olympics. Bet the Greeks wish they’d spent that money on something sustainable and not completely worthless just ten years later.
Do we even know what the Greeks and the EU and the Germans are arguing about anymore? Is it really “austerity”? Or is it the “long-run” catching up with a bankrupt economy that’s never actually recovered from the 2008 financial crisis and the trillions in losses that it wrought on the banking system.
Which leads to the next question — is it all about the banks still? Will whatever “plan” or “agreement” the EU comes to this time simply be another stealth bank bailout?
I wrote this back in 2011 about Greece and the EU. It’s shocking how you could literally copy and paste my commentary from back then and use it again for these latest Greek EU Grexit “crisis”:
“I’ve got Europe crisis fatigue. This stupid ‘bail out the banks in the name of saving the EU’ game will last til the money runs out. Their system is bankrupt without some major overhauling within the next two years. Or we can have endless so-called ‘crisis’ over there til the collapse truly comes. Stop the games now while you still can, EU! The only answer is to write down the debt obligations on every single country’s balance sheet, forcing all the banks who stupidly invested in that crap to lose everything and wipe out their shareholders and force big losses and ownership on every lender they had and to allow capitalism to rebuild the system.”
The EU-crats made their choice and it’s still the same: “We can have endless so-called ‘crisis’ over there til the collapse truly comes.”
You don’t even realize just how endlessly repetitive this whole Greece EU Grexit stuff really is, do you?
Remember some of these recent of Greece’s many sovereign and bank debt crises?
- Cyprus, hype-rus; losing the stock market war March 20, 2013 | By Cody Willard
- The Europe crisis jumps the shark Feb. 13, 2012 | By Cody Willard
- Revolution Investing links: Greece collapse is bullish, Dick Cheney on twitter and more Sept. 12, 2011 | By Cody Willard
- Size matters: Greece vs Apple April 5, 2011 | By Cody Willard
- Revolution Investing Video: Don’t Panic over Greece May 25, 2010 | MarketWatch.com
Has anybody made money trying to game these endless Greece EU Grexit crises? No. Have lots of people lost money selling out of Greece EU Grexit fears? Yes.
How many folks have freaked out about Greece and other EU crises over the last five years as they sold their Apple or other stocks when prices were much lower than today’s quotes? I’d pointed out back in 2011 that Apple’s market cap was bigger than the entire GDP of Greece, both were in the $300 billion range. Apple is now worth more than twice the entire GDP of Greece and there are now dozens of U.S. companies that are worth more than the entire GDP of Greece of $240 billion. In that same article, I asked, “Will Apple sell fewer iPads in 2013 if Greece and Spain leave the euro and go back to using their own currencies? No!”
Let’s keep our perspective, let’s keep using our playbook, and let’s stick with Revolution Investing as the world’s revolutions, big and small, turn all around us.