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Greece ditches the Euro. Greece becomes monetarily non-sovereign.
Greece defaults on its debts held by foreign currency (Euro), then starts over in its own currency. Greece can make its economy and all rules associated with its sovereign currency that it wants.
HOWEVER, the Elites in the Eurozone won't want that. They would much prefer Greece be poor and miserable. Expect them to inflict further economic pain on Greece even if it considered such an idea.
Elite European workers are tired of working till their 67 so Lazy Greeks can retire when they're 50. And they're tired of loaning them money to spend in their cafes, eating feta cheese all day.
When Greek leaves, a millstone will have been removed from the neck of Elite Eurozone workers. The Greeks will have to make their own cars, wine, cheese, Greek yogurt, clean their own hotel rooms.
I think you're largely correct. Part of the effect of the Euro and the levels at which everyone joined has given Germany a circa 20% labor cost advantage which is part of the reason why their products dominate Europe and so much wealth has been flowing there.
For Greece, the best move is to start trading the drachma on world currency markets to establish a stable value, drop the Euro and adopt the USD for a year years, then switch back to the drachma when conditions are right.
I think the only way to start would be for Greece to first start making central payments to its people and businesses in Drachma, and then demanding only Drachma as payment for taxes. Otherwise few would have any reason to hold, use or invest in or with Drachma.
Elite European workers are tired of working till their 67 so Lazy Greeks can retire when they're 50. And they're tired of loaning them money to spend in their cafes, eating feta cheese all day.
When Greek leaves, a millstone will have been removed from the neck of Elite Eurozone workers. The Greeks will have to make their own cars, wine, cheese, Greek yogurt, clean their own hotel rooms.
They're going to be very busy.
Elite means 1%.
You know.. the one's still selling the idea that Austerity cures recessions. LOL, is this recession number 4 since 2008? How's that working for them?
The Eurozone like everything is a SCAM designed to widen the gap between the 1% and everyone else.
Elite - a select part of a group that is superior to the rest in terms of ability or qualities. Look it up.
It describes Elite European workers perfectly. They're better than the rest of the workers (French, Italian, Spanish). Greeks are left out because there are no Greek workers, only loafers.
Elite - a select part of a group that is superior to the rest in terms of ability or qualities. Look it up.
It describes Elite European workers perfectly. They're better than the rest of the workers (French, Italian, Spanish). Greeks are left out because there are no Greek workers, only loafers.
By elites, I meant the 1%.
There is no evidence to suggest Greek workers are any worse than German workers or French workers.
The Euro was created to widen the gap between the rich in the poor. Consolidating currency of all member nations reducing them to "states" allows the elites to enact across the board budget cuts to shed the public sector.
There is no evidence to suggest Greek workers are any worse than German workers or French workers.
The Euro was created to widen the gap between the rich in the poor. Consolidating currency of all member nations reducing them to "states" allows the elites to enact across the board budget cuts to shed the public sector.
I think the largest defect of the EU system is that their money and system almost guarantee success of the exporter states. And they should be successful. Except that within the EU there cannot be net success everywhere. So Germany is bound to do well, Greece not. A Greece can never import enough Euros through exports. For all sorts of reasons, that is just Greece. And of course they cannot create their money. So the inevitable IMO is still happening.
There is no evidence to suggest Greek workers are any worse than German workers or French workers.
The Euro was created to widen the gap between the rich in the poor. Consolidating currency of all member nations reducing them to "states" allows the elites to enact across the board budget cuts to shed the public sector.
Greek's problems are entirely self-inflicted. They borrowed money to finance early retirements, holidays, short hours, and paper pushing bureaucrats.
It is no different than if you or I quit our job, borrowed money from the bank and hung around Starbucks all day. This is exactly what they did.
Elite does not mean 1%. It means what it means, not what someone wants it to mean.
It means better than most, superior in some way. Elite troops, elite athletes, elite craftsmen, etc. Marxists are turning it, as part of their project to control language and make it serve them, into a term of resentment instead of recognition. Recognition is bad because it explicitly says that some workers, for example, are better than others, an apostasy to Marxists. So, they work on converting elite into a servant of their cause. Another expression of class hatred.
In the end, with the meaning gone, expressing what it means will be impossible and soon, even thinking it will be, too. That's the goal.
Greek's problems are entirely self-inflicted. They borrowed money to finance early retirements, holidays, short hours, and paper pushing bureaucrats.
It is no different than if you or I quit our job, borrowed money from the bank and hung around Starbucks all day. This is exactly what they did.
Elite does not mean 1%. It means what it means, not what someone wants it to mean.
It means better than most, superior in some way. Elite troops, elite athletes, elite craftsmen, etc. Marxists are turning it, as part of their project to control language and make it serve them, into a term of resentment instead of recognition. Recognition is bad because it explicitly says that some workers, for example, are better than others, an apostasy to Marxists. So, they work on converting elite into a servant of their cause. Another expression of class hatred.
In the end, with the meaning gone, expressing what it means will be impossible and soon, even thinking it will be, too. That's the goal.
No, Greece's problems are self-inflicted by adopting the Euro. Nothing more, nothing less.
No, Greece's problems are self-inflicted by adopting the Euro. Nothing more, nothing less.
If they had not adopted the Euro, they would not have been able to live high on the hog, like they have. They would not have been able to import food, wine, tea, coffee, clothes: all the things they've been enjoying all those years and not making. (This will be us too, if the $ loses it status.)
Serial Drachma devaluations would have made them rely on their own work to survive. Instead of whining about repaying money they borrowed, they would have been whining about have to get up a 7 in the morning to go to work.
If they had not adopted the Euro, they would not have been able to live high on the hog, like they have. They would not have been able to import food, wine, tea, coffee, clothes: all the things they've been enjoying all those years and not making. (This will be us too, if the $ loses it status.)
Of course they would. Greece used its sovereign currency. No one else can issue the Drachma except Greece. Greece can limitlessly create the Drachma.
No, it will not be "us." No foreign country can make the United States default.
Quote:
Originally Posted by Troyfan
Serial Drachma devaluations would have made them rely on their own work to survive. Instead of whining about repaying money they borrowed, they would have been whining about have to get up a 7 in the morning to go to work.
That is the case with all fiat currency. Monetarily sovereign Greece didn't have to borrow from anyone. Monetarily non-sovereign Greece has to ask the ECB for more Euros. ECB says no, Greece defaults or goes further into debt.
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