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Greece...
Comments
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The only winners, as always, will be the very people that caused the mess in the first place - the banks.
Look at the facts ...
New head of greece - goldman sachs employee
New head of italy - goldman sachs employee
New head of ECB - goldman sachs employee
Can't pay your debts?
No problem just sign over your ports, bridges, toll roads and other infrastructure to us.
When gangsters do this they call it a protection racket.
When these liars and thieves do it they call it restructuring the debt or some other cosy euphemism.
They made the bad bets and the ordinary people have to pay for their losses.
This is nothing short of corruption and theft on a grand scale."The problem with quotes on the internet is that you never know whether they are genuine or not" -
Albert Einstein0 -
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None of these countries were forced to borrow the money in the first place. If they had decided to live within their means, none of this crap would have happened.
I have to disagree.
The politicians were indeed forced to borrow the money.
And they spent it, as all politicians do, by buying votes.
The source of the problems that greece, and other countries face, is the theft and corruption that has taken place at a national level by banks and their puppet politicians.
Nations have been hijacked and taken over by these parasites and until we see drastic reform of the political and economic landscape we will just lurch from one crisis to another."The problem with quotes on the internet is that you never know whether they are genuine or not" -
Albert Einstein0 -
The IMF's December projection had Greece running a primary surplus of 0.2% of GDP in 2012. It is a projection though and one of the expectations, privatising 20 billion euros worth of assets, seems especially dubious.He's saying their tax take is higher than their total government expenditure except for the cost of servicing interest on their existing loans."The state is the great fiction by which everybody seeks to live at the expense of everybody else." -- Frederic Bastiat, 1848.0 -
But these countries are no longer independent units in charge of their own destinies. With a common currency and no trade barriers, they have no way to protect their manufacturing sectors against German imports.None of these countries were forced to borrow the money in the first place. If they had decided to live within their means, none of this crap would have happened.
The long-run view was that all the manufactured goods were going to be made in Germany, and Germany would have full employment. The rest of Europe would have to find other jobs for people, or learn to live with high unemployment. Either way, the Germans would have to subsidise them, because even the Germans can't sell their products after bankrupting their customers.
It seems the only people who didn't understand the inevitable restructuring were the Germans themselves."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
But these countries are no longer independent units in charge of their own destinies. With a common currency and no trade barriers, they have no way to protect their manufacturing sectors against German imports.
Which part of Greeces manufacturing base was lost to cheap German imports?
Experience would tell me that people buy German goods because they like them, not because they are cheap.0 -
I didn't say they were cheap. Though obviously, with a floating currency, as a country's imports increase they will tend to become more expensive, and this will tend to deter people from buying them, even if they do like them.Which part of Greeces manufacturing base was lost to cheap German imports?
Experience would tell me that people buy German goods because they like them, not because they are cheap."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
The Germans have now leaked their plan for taking direct control of Greek government spending.
Perhaps one day the other 16 will realise they have to work out their own salvation without Germany. If they kick the Germans out of the euro, the euro will fall, while the Deutschmark will go through the roof. Then they've got a chance."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
The Germans have now leaked their plan for taking direct control of Greek government spending.
Perhaps one day the other 16 will realise they have to work out their own salvation without Germany. If they kick the Germans out of the euro, the euro will fall, while the Deutschmark will go through the roof. Then they've got a chance.
http://hat4uk.wordpress.com/Spearheaded by Berlin, the Troika engaged in overseeing Greek debt management effectively cut out the possibility of a disorderly default late yesterday. In a strongly-worded proposal circulated to EU finance ministers, a German proposal called for Greece to cede sovereignty while all Greek State income to go first to creditors – by law. This is, basically, the takeover of a sovereign EU member State in order to calm markets and protect exposed banks in the eurozone and elsewhere.
Judging by the Greek media I’ve been scanning so far this morning, the average Greek has no idea as yet that the Troika of credit managers is effectively taking over the country. Needless to say, the BBC hasn’t got it, neither has Sky News. But reports are firming up and beginning to appear in German media, where headlines like ‘Greece asked to give up sovereign control’ are running. The FT has also obtained a copy of the German ‘recommendation’.
It's a takeover, make no mistake about it. Think about the implications, how many Brits want closer integration with this type of European Union?
edit: FT link http://www.ft.com/cms/s/0/33ab91f0-4913-11e1-88f0-00144feabdc0.html0 -
Can't see Cameron saying much, not after he's been nagging the eurozone to get its act together and do something. Well there was that curious incident in the night-time when his natural Europhobia took over and he vetoed the eurozone's attempt to do something, but he'll try not to make that mistake again.It's a takeover, make no mistake about it. Think about the implications, how many Brits want closer integration with this type of European Union?
But this is when Britain should be selling an alternative vision of Europe. Normally a hard sell, because people don't like us, but when the Germans go too far, that should be our chance. Cameron's not the man though. Nobody wants to buy a vision built on what Cameron thinks about Europe."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0
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