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News & Analysis
Thursday, March 04, 2010 – by
Staff Report
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Posted by Cooper on 3/4/2010 2:46:44 AM
"Tough love" for Greece.....So who is going to give the the 'tough love' message to the bankrupt United States Federal government, and almost all of the other bankrupt 'several' states? And when? When the US reaches the same level of debt to GDP as Greece? Ohhhh...they are already there...hmmmm..... If a child sees a parent hypocritically disciplining one sibling while overlooking the other one's faults, what message that does send? Does that build trust, respect, honesty, self-discipline?
Posted by Adrian W on 3/4/2010 9:44:49 AM
Blame whomever they want to for this disaster. The inevitable still looms large over their heads. Somebody will suffer for this. Whom and how? Thats the real question.
Its like the Pusher blaming the drug addict. Sick, however, you look at the situation.
Reply from the Daily Bell:
"It's like the Pusher blaming the drug addict."
Very good.
Posted by Bob on 3/4/2010 12:21:25 PM
What of Greek gold reserves? I hear they have quite a bit. Why keep reserves but for times like these? Of course why would they spend their gold if they think you can get off the hook for free.
Posted by MetaCynic on 3/4/2010 12:24:29 PM
That many Greeks as individuals had nothing to do with the events leading to this crisis doesn't change the fact that, one way or another, the national government, as will most others, must find a way to live within its means.
It could default on its bonds and withdraw from the EU, yet the fact remains that it is still spending, for the benefit of its supporters, more than it receives in taxes. Since it can then no longer borrow from foreigners, its only options are to borrow internally, inflate its domestic currency, cut spending or raise taxes.
The last two are political third rails, and the first will raise interest rates. That leaves the inflation option, and we all know where that leads.The Greeks can strike, riot and blame others for their predicament, but they will end up paying the price for their folly just as a now addicted heroin user, enticed by a bargain price for his drug, must eventually somehow deal with the painful reality of his addiction.
Posted by Ted Slack on 3/4/2010 12:27:52 PM
This article's paragraph, included and slightly adulterated, elegantly explains the world condition.
The ( __Your nation here__ ) are not culpable as a "nation" for what has happened to them.A system has been foisted on ( __Your people here__ ) that first lavished money on them and now threatens to bankrupt or ruin many. Any human being would accept 'free" money. And any human being would likely find fault with the idea that having accepted the free money he or she would now be subject to an entirely different and punitive lifestyle for an indeterminate period of time. An understanding human nature, knowledge of history, and careful observation are prerequisite to comprehension of the monetary facts of life.
Reply from the Daily Bell:
Very good! Yes, it can happen elsewhere.
Posted by V. Heddins on 3/4/2010 12:47:03 PM
If the EU doesn't bailout Greece and Arnie gets some dialing for dollars for California then lookout US Greenback dollar. Signal received, Buy the EU sell the USD. Warning ! Danger ! Danger ! If it happens like that I'm ready to make some cash on it, the markets will respond.
Posted by Goldfinger on 3/5/2010 5:25:55 AM
The Telegraph article is right on the money and spot on! The Greeks can stage as many protests as they want, and blame everyone else for their incompetent behavior which has gone on for decades. Now it's time to see if they are serious or just a backward third world country of opportunists.
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