Skip to comments.Greek Economy Shrinks 20 Quarters In A Row So Far
Posted on 08/18/2013 12:11:50 PM PDT by ClaytonP
A ParaPundit post from a few months ago: Greek Economy Shrinks 19 Quarters In A Row So Far. The Greeks have now reached an even worse milestone: 20 quarters (5 years) going down and still counting.
The 24% contraction since 2008 is similar to the US Great Depression contraction of 27%. So the Greeks will probably surpass the worst US economic contraction some time in 2014 or 2015.
You might think that central bankers and economists know how to avoid economic contractions that severe. But Greece gave up having its own central bank when it joined the Euro zone. The entry into the Euro zone also emboldened northern European banks to irresponsibly loan the Greek government far too much money. The Euro enabled a double whammy: bigger bubble and less control of the aftermath.
Another socialist success story.
I’m pretty sure Obama is using Greece as a template for his economic plan.
Thanks like $5 bucks worth of decline.
Time for Greece to withdraw from the Euro and bring back their currency and devalue it. Their economy would begin a recovery within two years.
Coming to an America near you, soon.
Guys. I got a fever. And the only prescription is more socialism.
Look at what Greece can produce (natural resources) as compared to what the U.S.A. can produce. A country’s potential wealth depends on whether or not it has much in the way of natural resources (oil, metals, arable land, etc.). Greece will be an austere nation sooner or later. Sooner or later, when we have new leadership in business, academia and politics, the U.S.A. will be quite prosperous again.
Greek Economy Shrinks 20 Quarters In A Row So Far
It’s Socialism???... after all.. WHAT COULD GO WRONG!...
FREE LUNCHES are getting pretty expensive..
I know.. this post does not translate into Greek well..
or UKEnglish, French, German, Chinese or Russian..
Kind of like us.
Damn, El-presidente is going to have a hard time catching up to that impressive record!
But since GDP is a nonsensical number designed by Keynesian numbskulls who think government spending contributes to economic growth, then what could you expect?
Now, it's true that the Greeks are undergoing serious economic pain, but starving the government beast is the only way they can hope to grow again.
Various locales such as Korea, Hong Kong, Taiwan, Singapore and Japan have proven that a smart and industrious people is sufficient natural resource in the modern world.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.