Greece will default on their EU creditors because they know that they have a Russian safety net. After Russia helps Greece become a sovereign state, Russia will request that Greece votes to repeal the economic sanctions against them. Greece has every reason to default, knowing Russia has their back and Russia has every reason to have Greece's back. Win-Win for both countries. Complete loss for the EU. The Greece debt is listed as an asset because the creditors expect to be paid back. That 323 billion euro debt must be absorbed by the creditors and now that asset becomes a liability. How will this effect the European Market? DAX German Stocks FTS Eurofirst 300 Index DAX is higher than it was before the 2008 crash. I couldn't find any sources of the FTSE Eurofist 300 Index that went back beyond 5 years. However, even within that limted timeframe, the FTSE index is in uncharted territory. Point being : European stocks are in a bubble. When Greece defaults, that backlash will hit the European economy. The question is, where do Investors go to find a safehaven for their money during a financial crisis?
03-28 23:26 - 'David Andolfatto (Vice President, Federal Reserve Bank of St. Louis): "I think that Bitcoin could be the world's next great safe asset."' (andolfatto.blogspot.com) by /u/eragmus removed from /r/Bitcoin within 206-211min
“I have my doubts that [bitcoin] could be a good currency,” says David Andolfatto, a St. Louis Federal Reserve Bank economist who’s hosting a public discussion on bitcoin later this month, “but I can see some modest value if a growing number of merchants start accepting bitcoin.”
The cryptocurrency Bitcoin is a payment system with monetary objects called bitcoin and a monetary policy prescribed as deterministic path for the supply of bitcoin converging to a finite upper limit. I view Bitcoin as a potentially promising payment system, saddled with a less-than-ideal money and monetary policy. David Andolfatto David Andolfatto & Marcela M. Williams, 2012. "Many moving parts: the latest look inside the U.S. labor market," Review, Federal Reserve Bank of St. Louis, vol. 94(Mar), pages 135-152. David Andolfatto & Constanza S. Liborio, 2012. "Identifying structural and cyclical shocks across U.S. regions," Economic Synopses, Federal Reserve Bank of St David Andolfatto: So good evening everyone. Ladies and gentlemen, it's a great pleasure for me to be here tonight to speak to you on the subject of bitcoin and on the nature of these virtual currencies, this virtual currency revolution that's upon us and what it portends in the way of the evolution of our money and payments system. David Andolfatto, who is the Vice President of Research at the Federal Reserve Bank of St. Louis, recently let it be known that bitcoin may work as a store of value.The comments related to this topic came during a recent interview on the Epicenter Bitcoin podcast.. In the past, Andolfatto has written on the concept of a Fedcoin, which would be a fork of Bitcoin that is redeemable at a one-to David Andolfatto Play Many people think of Bitcoin as the ultimate contender against the power of central banks, most importantly the Federal Reserve System.
Interview with David Andolfatto, Economist at the Federal Reserve Bank of St. Louis
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