Greece Gets Downgraded, Again

Amazing what a difference one year can make -

On July 27, 2011, Standard & Poor's Ratings Services lowered its long-term sovereign credit rating on the Hellenic Republic to 'CC' from 'CCC'. At the same time we affirmed the short-term rating at 'C'. The outlook is negative. Our recovery rating of '4' for Greece remains unchanged, indicating an estimated 30%-50% recovery of principal by bondholders, including on those bonds subject to a 20% reduction in net present value (NPV) as estimated under the Institute for International Finance (IIF) proposal.

The Real Effect
From 2009 -

Think of it as a game of musical chairs where there are 300 million players and only a million chairs and the leader is reaching for the volume knob and if you lose, you lose everything you own.

Well, well. This statement was made before the Greece situation even hit and let's look at the preliminary fallout - "...indicating an estimated 30%-50% recovery of principal by bondholders". Of course, certain institutions will argue that they, the elite, cannot possibly take a haircut because they are far to large and important to face the ramifications of their financial decisions. And the bribed politicians will naturally agree with their inescapable logic. So the natural conclusion is certain parties will take minimal to no haircut at all, while other parties "do their duty to country" and eat junk bond cake to the tune of 80-100% losses.

Naturally, your resistance to such brilliance will be portrayed as "unpatriotic" and "unreasonable". Eventually this will be viewed as outright terrorism as people refuse to take one on the chin for the upper class. Such is the nature of globalism. It destroys because it is a failed ideology and its adherents do not take no for an answer.