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Greek Economy Shrinks 20 Quarters In A Row So Far
ParaPundit ^ | 8-17-2013 | Randall Parker

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.


TOPICS: Business/Economy
KEYWORDS: depression; eu; greece; greek

1 posted on 08/18/2013 12:11:50 PM PDT by ClaytonP
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To: ClaytonP

Another socialist success story.


2 posted on 08/18/2013 12:32:07 PM PDT by Standing Wolf (No tyrant should ever be allowed to die of natural causes.)
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To: Standing Wolf

I’m pretty sure Obama is using Greece as a template for his economic plan.


3 posted on 08/18/2013 12:48:01 PM PDT by Mastador1 (I'll take a bad dog over a good politician any day!)
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To: ClaytonP

Thanks like $5 bucks worth of decline.


4 posted on 08/18/2013 12:50:43 PM PDT by Paladin2
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To: ClaytonP

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.


5 posted on 08/18/2013 12:52:41 PM PDT by MinorityRepublican
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To: ClaytonP

Coming to an America near you, soon.


6 posted on 08/18/2013 12:59:48 PM PDT by F15Eagle (1Jn4:15;5:4-5,11-13;Mt27:50-54;Mk15:33-34;Jn3:17-18,6:69,11:25,14:6,20:31;Ro10:8-11;1Tm2:5-6;Ti3:4-7)
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To: Standing Wolf
Another socialist success story.

Guys. I got a fever. And the only prescription is more socialism.

7 posted on 08/18/2013 1:04:51 PM PDT by St_Thomas_Aquinas
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To: F15Eagle
It's already here; just going to grow and get much worse over the next 3½-yrs. The past 4½-yrs were just a 'tune-up' to see what he/they could get away with. Now they know.
8 posted on 08/18/2013 1:06:16 PM PDT by carriage_hill (Peace is that brief glorious moment in history, when everybody stands around reloading.)
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To: ClaytonP

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.


9 posted on 08/18/2013 1:27:24 PM PDT by familyop (We Baby Boomers are croaking in an avalanche of rotten politics smelled around the planet.)
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To: ClaytonP

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..


10 posted on 08/18/2013 2:06:14 PM PDT by hosepipe (This propaganda has been edited to include some fully orbed hyperbole..)
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To: ClaytonP

Kind of like us.


11 posted on 08/18/2013 2:20:39 PM PDT by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped.)
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To: Standing Wolf

Damn, El-presidente is going to have a hard time catching up to that impressive record!


12 posted on 08/18/2013 3:29:15 PM PDT by logic101.net (How many more children must die on the altar of "gun free zones"?)
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To: ClaytonP
The "economy" hasn't shrunk, GDP's shrunk.

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.

13 posted on 08/18/2013 4:56:58 PM PDT by BfloGuy (Keynesians take the stand that the best way to sober up is more booze.)
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To: familyop

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.


14 posted on 08/24/2013 2:12:41 AM PDT by 9YearLurker
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