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Keep a close eye on the Greek situation. It is a prelude for what awaits the US, courtesy of Obama. I guess the Nobel laureate Stiglitz, the champion of Keynesian economics, got it completely wrong. What a surprise! Spending into oblivion would be considered idiocy by even a child, but not to a liberal Nobel laureate in economics.
Let this be a valuable lesson for the libs. Wait................ forget it............. liberals will never learn from such events and will "lead the nation" headlong over a cliff. I hope there is water over the cliff and not only rocks.
Quote:
Originally Posted by L.Funk
hawkeye2009 !!! ... Damn Well Said !!!
Indeed ..... Your words are as "Golden Nuggets Of Wisdom" !!!
How absolutely pitiful these clueless blighters have become !
ARRRRRRRRRRRRRRRRRRRRRGH !!!
Cheers / Old Sgt. Lamar
Who would you want to get the Republican nomination?
George Papandreou is losing support of his government. There's only 2 votes keeping him in the majority.
They are tossing this albatross to the people and washing their hands of making "decisions".
The people will never vote for more austerity measures and a 50% loss on investments.
Except that he already agreed to the deal with Merkel and Sarkozy. He wants it both ways, but I think we see where this is heading and it ain't gonna be pretty.
Except that he already agreed to the deal with Merkel and Sarkozy. He wants it both ways, but I think we see where this is heading and it ain't gonna be pretty.
The riots in Greece are getting pretty bad. The military is going to side with the people. It will get ugly.
The riots in Greece are getting pretty bad. The military is going to side with the people. It will get ugly.
But that will not solve the economic reality. The only people willing to lend them any money is the EU and that comes with strings. So you accept the conditions or you go bust. Greeks are between a rock and a hard place and the military do not have a solution to that.
But that will not solve the economic reality. The only people willing to lend them any money is the EU and that comes with strings. So you accept the conditions or you go bust. Greeks are between a rock and a hard place and the military do not have a solution to that.
Sarkozy and Merkel have to be wondering at this point who that was sitting across from them when they brokered that deal on behalf of Greece. If the clown didn't have the mandate to discuss and agree to terms they should have known about it long before this. Perhaps they should have resorted to dropping leaflets?
Greece has been the obstinate child in the room refusing to eat his vegetables and Dad has issued the edict no one leaves the table until all the veggies have been eaten. So now they're all just sitting there P/O'd.
They were living way above their means long before they joined the European Union. I wonder why they were invited in the first place.
We wish?!? That is insane! Greece defaults, German banks default and for some reason you think that their is no link to American financial institutions and investors?
We wish?!? That is insane! Greece defaults, German banks default and for some reason you think that their is no link to American financial institutions and investors?
I hust have to say something here. When I was growing up in the 50's and 60's these countries in southern Europe were, POOR POOR POOR. By todays standards they were truely third world countrys. I went to school with Greek, Italian and Spanish immigrant kids and I heard many storys about just how very poverty stricken it was. Canadian and American kids used to go to Europe in those days and live offf a dollar or two a day. I worked with a Portugese guy in the 70's who worked overtime at his job for 2 years just to buy the clothes he needed when he came to Canada.
So, what happened in these countries that increased the living standard by a factor of 20 or so? Well , it sure was not a 20 fold increase in productivity, that's for sure. It was because they joined the EU and reaped the benefits of the productive economys outside of their own countries. That, and financing the national lifestyle on borrowed money.
Forget about the crooked bankers, the IMF and the global economy as being factors for a minute even if they did play a part in the whole mess. Their part was also responsible for the people of these countries being able to live WAY above their means for the last 30 years or so.
The crash is forseeable and unavoidable as long as the people of any country think the country can spend way over their productivity forever.
Let it be a lesson to us here in North America. The same thing will happen here for sure unless our governments get their out of control spending stopped.
We need to control our spending but the situation is not analogous to the PIGS. As you point out these economies were simply not first world economies. They were just able to finance their deficits and raise their living standards not by productivity but by borrowing cheaply based on German and the other Northern European countries productivity.
Now they can't and will be reduced to their normal third world status unless they find a way to be competitive. America still has a bounty of things going for it like agriculture, high tech, population mobility etc.
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