This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Greek Default and a World Without Big Banks

The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.

NEW YORK ( TheStreet) -- For many years, a widely circulated cliché in the West was that in China's predominant dialect, the symbol/word for "crisis" represented both "danger" and "opportunity." While it is now generally agreed by linguists that this is a fallacious interpretation, that does not detract in any way from the obvious wisdom inherent in the myth.

It is one of our collective vices as human beings that we can often only be motivated into (re)action when threatened with some sort of crisis. In this respect, it becomes obvious that while a crisis confronts us with "danger" in one form or another that it is also a "window of opportunity" for some positive action in dealing with one or more serious problems.

With it now being patently obvious to everyone that Greece's "debt crisis" must end in default (and that such default is imminent), this has now solely become an exercise in finding and extracting the best "opportunities" which present themselves. In this case that opportunity is patently obvious: our chance to completely rid ourselves of the parasitic Big Banks.

Here we must first back up a little to make our case for "banker-cide." It won't take long. First of all, it has been many decades since our largest financial institutions have made any positive contribution to the global economy. By and large, these oligopolies have abused their positions of trust and power by devoting all of their energies to two endeavors (excluding the $100's of billions of illegal money-laundering in which they engage each year): they finance "M&A activity" and they make enormous bets on any and every aspect of the global economy in their private casino, the derivatives market.

Regarding the first half of their activities, multinational banks have been the primary facilitators for turning our entire world into a collection of oligopolies and monopolies. It is one of the most elementary principles of capitalist theory that all monopolies and oligopolies are unmitigated "evils" in economic terms.

They are wholly parasitic, grossly inefficient, and (by definition) stifle if not eradicate all competition in the marketplace. In other words, in a world totally dominated by oligopolies it is an obvious oxymoron to even use the phrase "free markets." Global markets have never been less free in all of human history. And now we have the opportunity to rid ourselves of the worst of these Oligarchs: the banksters.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $128.46 -1.50%
FB $78.97 -1.79%
GOOG $558.40 0.53%
TSLA $203.34 -1.86%
YHOO $44.28 -0.38%

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs