The Greek crisis began exactly on the Pi turning date to the day. Now, Greek demand for gold coins is rising as common citizens worry that Greece will exit the Euro. They have been taking cash out of the banks hoarding and buying gold coins as well according to the U.K. Royal Mint. But the bulk are simply hoarding cash and we are starting to see US dollars flowing to Greece in the physical context. This is all about confidence. The uncertainty of the future causes people to hoard. This is a historical trait that extends back into ancient times. Politicians can write laws to try to prevent human nature, but they will fail every time.
Greece should default on its national debt in euros and start over. Whatever they owe in Euros is twice as much as what they would have owed had they remained out of the Euro as did Britain. It would be only fair to move to a two-tier system now. They create the drachma once again and an external drachma with a lower value linked to the Euro for those debts.
Interest rates in Greece have now reach US 1981 levels 3yr notes trading 21.68%!!!!
