Greek debt crisis: Panic buying as Greeks fear losing savings

Marousi:  Business has been so brisk in the giant Kotsovolos appliance and electronics store in this upper-middle-class suburb of Athens that you might think a sale was on. But, no. It is panic buying, those who work here say.

Increasingly concerned that greater economic trouble lies ahead of them, and limited in how much cash they can take out of banks, Greeks have been using their debit cards to buy ovens, refrigerators, dishwashers – anything tangible that can hold its value in troubled times.

“We have sold so much,” said Despina Drisi, who has worked in the store for 12 years. “We even sold display models. People have been pulling at my sleeves. We’re spacing things out now to cover the holes on the shelves.” Continue reading

Cyber War Underway

Certainly we hear about eBay being hacked. In fact, it was just revealed that a second security flaw exists. And, we all heard about the Chinese indictments last week. Don’t assume, however, that this means we are on top of the problem. Rather, we (at best) are top of the tip, almost oblivious to the enormous iceberg underneath. This was made plain in recent reporting by Bill Gertz, perhaps America’s preeminent national security reporter. Gertz is the reporter who initially broke the story on my Pentagon findings that there was evidence of financial terrorism at work in the 2008 market collapse. Continue reading