{"id":9622,"date":"2015-07-02T05:59:52","date_gmt":"2015-07-02T10:59:52","guid":{"rendered":"http:\/\/olduvai.ca\/?p=9622"},"modified":"2015-07-02T06:01:33","modified_gmt":"2015-07-02T11:01:33","slug":"9622","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=9622","title":{"rendered":"Forget Greece \u2026 China Is the Real Threat"},"content":{"rendered":"

Forget Greece \u2026 China Is the Real Threat<\/a><\/h3>\n

When the ATMs Went Dark \u2026<\/strong><\/p>\n

There\u2019s a time for calm, rational behavior \u2026 and a time to panic. On Tuesday, investors in U.S. stocks decided not to panic. Monday\u2019s\u00a0sell-off halted. But it did not reverse.<\/p>\n

And it left the street with its worst half-year performance since 2010. Gain for 2015 so far? Zilch. But have we seen the top? We will have to wait to find out.<\/p>\n

Fox News reports that Greeks are eyeing Bitcoin to protect their savings. At\u00a0midnight\u00a0Tuesday night, the Greek government defaulted on a \u20ac1.5-billion loan repayment to the IMF. And it has imposed a 60-euro-a-day limit on cash withdrawals.<\/p>\n

\"50\"As of today, depositors reportedly only get 50 euro per day, because the banks have run out of 10s and 20s.<\/p>\n

This leaves many Greeks short and looking for alternatives. Pity those who were last in line at the ATMs before they went dark. Says a restaurant owner in Athens, quoted by the Associated Press:<\/p>\n

\u201cYou don\u2019t know what can happen. In my case, I have money, and I don\u2019t have money in a sense. I have it in the bank, but I can\u2019t get it in my hands. It\u2019s crazy.\u201d<\/p><\/blockquote>\n

As we\u2019ve been pointing out, money in the bank is not the same as money in hand. The first is just a loan to what could be a bankrupt institution. It could be worth nothing. The second is cash \u2013 ready, handy, and extremely useful.<\/p>\n

In a financial emergency, there won\u2019t be a liquor store in town that won\u2019t welcome you as a customer. A Greek butcher\u2026 also to Associated Press:<\/p>\n

\u201cI have no cash to pay for meat supplies for next week because of the capital controls. Sooner or later, probably in this month, I\u2019ll have to let 10 people go.<\/p>\n

The people are buying with cash, not credit cards, and the problem is the customers don\u2019t have cash.\u201d<\/p><\/blockquote>\n

…click on the above link to read the rest of the article…<\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Forget Greece \u2026 China Is the Real Threat When the ATMs Went Dark \u2026 There\u2019s a time for calm, rational behavior \u2026 and a time to panic. On Tuesday, investors in U.S. stocks decided not to panic. Monday\u2019s\u00a0sell-off halted. But it did not reverse. And it left the street with its worst half-year performance since […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[5728,6805,6190,130,238,1167,500,501],"class_list":["post-9622","post","type-post","status-publish","format-standard","hentry","category-economics","tag-acting-man","tag-atms","tag-bill-bonner","tag-china","tag-economic-crash","tag-greece","tag-market-collapse","tag-market-crash"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9622","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9622"}],"version-history":[{"count":3,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9622\/revisions"}],"predecessor-version":[{"id":9625,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9622\/revisions\/9625"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9622"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}