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Old 09-28-2011, 02:55 PM
 
Location: Sputnik Planitia
6,966 posts, read 9,741,726 times
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Greece - the next Lehman bros, some sobering analysis of what is upcoming from global financial expert Satyajit Das:

http://video.ft.com/v/1185437572001/...e-next-Lehman-

Another good read from this author:

Amazon.com: Extreme Money: Masters of the Universe and the Cult of Risk (9780132790079): Satyajit Das: Books
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Old 09-28-2011, 06:23 PM
 
Location: Sierra Vista, AZ
16,597 posts, read 22,046,405 times
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Greece is only a problem because we worry about how the Money Lenders will collect their silver coins. They could always have a Communist revolution nationalize their banks, print a new currency and withdraw from the euro.
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Old 09-30-2011, 10:11 PM
 
Location: City of North Las Vegas, NV
11,496 posts, read 8,305,407 times
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yes but will that new money account for anything? They will need to borrow money again right away and who is to give them then?
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Old 09-30-2011, 10:44 PM
 
Location: Sierra Vista, AZ
16,597 posts, read 22,046,405 times
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Why are we worried about which money grubbers get their gold coins, If Greece were not in the euro they could print currency and take care of themselves. The whole country is the size of a small state. Apparently the whole world rises and falls over these parasites getting their money
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Old 09-30-2011, 11:48 PM
 
Location: Los Angeles area
14,017 posts, read 18,927,024 times
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Quote:
Originally Posted by Boompa View Post
Why are we worried about which money grubbers get their gold coins, If Greece were not in the euro they could print currency and take care of themselves. The whole country is the size of a small state. Apparently the whole world rises and falls over these parasites getting their money
You've got it backwards; Greece itself is the parasite. They should never have been admitted to the Eurozone in the first place, and they started way too late putting their financial house in order. Now the German taxpayer is bailing them out.
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Old 10-01-2011, 12:53 PM
 
Location: Ohio
22,798 posts, read 16,016,362 times
Reputation: 19288
Quote:
Originally Posted by WildWestDude View Post
yes but will that new money account for anything? They will need to borrow money again right away and who is to give them then?
No one.

Quote:
Originally Posted by Boompa View Post
If Greece were not in the euro they could print currency and take care of themselves.
Greece tried that, uh, for several centuries, and failed, miserably.

Quote:
Originally Posted by Escort Rider View Post
You've got it backwards; Greece itself is the parasite. They should never have been admitted to the Eurozone in the first place, and they started way too late putting their financial house in order. Now the German taxpayer is bailing them out.
The EU was stupid. They rushed to expand and now they're paying the price for their stupidity. They should have made Greece balance their budget, reduce their debt to 3% of GDP and then prove they can manage it by running it for 10 years before being admitted.
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Old 10-01-2011, 01:59 PM
 
2,515 posts, read 1,825,283 times
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Quote:
Originally Posted by Boompa View Post
Greece is only a problem because we worry about how the Money Lenders will collect their silver coins. They could always have a Communist revolution nationalize their banks, print a new currency and withdraw from the euro.
The problem is this. Banks have borrowed money to buy sovereign debt instrument. If Greece defaults then they will default as well. If they default then the people that borrowed money to loan it to them default as well. This is causing a bank run.
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Old 10-01-2011, 09:20 PM
 
5,410 posts, read 10,357,376 times
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Quote:
Originally Posted by newonecoming2 View Post
The problem is this. Banks have borrowed money to buy sovereign debt instrument. If Greece defaults then they will default as well. If they default then the people that borrowed money to loan it to them default as well. This is causing a bank run.
How is THAT a problem?

Becomes Game Over for the Globalony Economy and the end of the nonsense.

A Beautiful Thing.

Collapse the mess, and use a local currency.

Go Greece Go!
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Old 10-02-2011, 08:33 AM
 
11,129 posts, read 10,687,879 times
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Quote:
How is THAT a problem?

Becomes Game Over for the Globalony Economy and the end of the nonsense.

A Beautiful Thing.

Collapse the mess, and use a local currency.

Go Greece Go!
What's happened in Greece is really pretty tragic. Its common to blame greedy bankers for what has gone wrong in the western world. However, anyone who knows much about Greece would have to put a substantial amount of the blame on the population in that country. Greece was given a huge opportunity when it was allowed to join the Eurozone. It previously had been a relatively poor country. A wise government would have appreciated the opportunity that it was getting and would have behaved with some fiscal prudence. Because of mismanagement that opportunity has been squandered. Many young Greeks will now pay the price for irresponsibility by older generations.

Much of the Greek economy is compromised of a bloated government or civil service sector. The people demanded and got completely unaffordable and unworkable retirements at young ages. On the other hand, Greeks don't like taxes very much and took every opportunity they could not to pay them. When questioned about this tax evasion, the typical Greek responds that government officials are a "bunch of crooks".

Some cultures shun work more than other cultures do. Some people are looking for a "soft deal in life". Germans, on the one hand, tend to be very hard workers who literally built a new nation out of the ruins of World War II that has achieved great respectability the world round. People retire later in Germany and the school system trains the work force to do actual jobs that are available in the economy. Germany has weathered the worldwide recession better, so far, than any other major country has.

There is nothing beautiful about the collapse in Greece. It is going to create a lot of hardship for younger generations who did not behave irresponsibly. When Greece ends up out of the Eurozone and goes back to a currency like the Drachma, ordinary Greeks will learn that things they need from outside their country like oil, automobiles, steel, electronics, and pharmaceuticals will be virtually unaffordable. Many innocent people will pay.
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Old 10-02-2011, 08:41 AM
 
Location: Sierra Vista, AZ
16,597 posts, read 22,046,405 times
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Quote:
Originally Posted by WildWestDude View Post
yes but will that new money account for anything? They will need to borrow money again right away and who is to give them then?
Tourism is one of Greeces main source of cash. Look at where Korea got from nothing. Besides the problem is not how they do it but why it affects everyone else.
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