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Ze, 'Ow you say, Deflation Watch. Eurozone edition
Comments
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German consumers couldn't afford to buy what German producers were making. Rather than cut sales they sold abroad.
Clear and concise.
And when their customers abroad couldn't afford the things they were making, they loaned them the money to buy them.
Which, as it happens, those customers can't afford to pay back.If I know and the bloke that wrote my economics 101 text book knows and all the people that read that book know that a deficit has to be financed by the surplus country they !!!!!! didn't the Chancellery know that?
Hoping it all fell down on someone else's turn in office?
Political suicide to tell the German people their entire economic success is an illusion, based on a totally unsustainable economic model?“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
They are doing their best to get the money back. Why malign them for doing so.HAMISH_MCTAVISH wrote: »So was it individuals or government in Germany that loaned unsustainable amounts of debt to Greece?
Why do you think lenders have no obligation to ensure their money can be paid back?
Are the Greeks actually collecting any taxes yet?0 -
Would the Greeks have been allowed to borrow all this money if they had not been in the EU?0
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First responsibility has to be with the individual though. Cannot spend your whole life blaming others whilst failing to address the issues.
For someone that abhors the blame culture you don't mind playing the blame game yourself.
Irresponsible borrowing and irresponsible lending have helped guide us to our current location. If lenders and borrowers had taken more responsibility for themselves, each other and the wider economy things might be different.
UK 10 year borrowing costs are 1.9% - I think lenders are deranged lending at those rates when the government's stated target is a 2.0% devaluation. The government are irresponsible too and I fear they'll just keep borrowing until they can't borrow any more.0 -
For someone that abhors the blame culture you don't mind playing the blame game yourself.
Irresponsible borrowing and irresponsible lending have helped guide us to our current location. If lenders and borrowers had taken more responsibility for themselves, each other and the wider economy things might be different.
UK 10 year borrowing costs are 1.9% - I think lenders are deranged lending at those rates when the government's stated target is a 2.0% devaluation. The government are irresponsible too and I fear they'll just keep borrowing until they can't borrow any more.
I agree, but have not joined in myself so feel the right to comment on those that have and are now trying to blame everyone else.0 -
They are doing their best to get the money back. Why malign them for doing so.
Are the Greeks actually collecting any taxes yet?
You do love blaming the greeks while trying to hold the germans blameless.
But the reality is that irresponsible lending and irresponsible borrowing are two sides of the same coin.
You can't have one without the other.
The blame must be shared equally, for without irresponsible lending Germany would still be the economic basket case it was a decade ago, and it's growth since then was wholly reliant on what has been a mirage.
It will soon enough revert to being the "sick man of Europe" again though.
Now that it's run out of junkies to push it's debt, and products, onto.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
UK 10 year borrowing costs are 1.9% - I think lenders are deranged lending at those rates when the government's stated target is a 2.0% devaluation. The government are irresponsible too and I fear they'll just keep borrowing until they can't borrow any more.
The lenders borrow at the deposit window at 0.5%, then lend to the government at 1.9%; what is deranged about that?“The ideas of debtor and creditor as to what constitutes a good time never coincide.”
― P.G. Wodehouse, Love Among the Chickens0 -
HAMISH_MCTAVISH wrote: »You do love blaming the greeks while trying to hold the germans blameless.
Now that it's run out of junkies to push it's debt, and products, onto.
Guess it's just my protestant upbringing where getting into debt was considered quite close to murder on the moral scale. Getting into debt and then not repaying it was 10 times worse and a cause of genuine shame.
Think Germany will do OK. The Chinese middle classes love German cars.0 -
Guess it's just my protestant upbringing where getting into debt was considered quite close to murder on the moral scale. Getting into debt and then not repaying it was 10 times worse and a cause of genuine shame.
Think Germany will do OK. The Chinese middle classes love German cars.
I agree with you:)
Both paragraphs.:):)
Still believe the Germans are morally culpable."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
Think you're on your own there.grizzly1911 wrote: »I agree with you
Both paragraphs.:):)
Still believe the Germans are morally culpable.0
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