However, I see some of this as equivalent to a drug addict borrowing money from the drug pusher. You get in deeper and deeper and there is just no way out.
Hey, the junkie was wrong to be a junkie.
The junkie was wrong to borrow from the pusher.
The junkie was wrong not to find a way to pay back the debt.
But right now, Greece is quitting the game. They won't borrow more, and they won't be getting the junk any more. Yes, they are failing to honor their obligation to the drug pusher, but they seem to be getting cleaned up.
Who is the real problem: Greece? or the EU?
Explain to me how Greece is cleaning up? They are demanding to borrow MORE money without out imposing needed cuts in social spending.
I don’t think that’s a good analogy. For one thing, I won’t believe the Greeks are “getting cleaned up” until those idiotic government pensions disappear. Secondly, I don’t think there’s any comparison between an individual drug addict and an entire nation. If a nation can’t meet its obligations, then it should probably cease to exist.
“Who is the real problem: Greece? or the EU?”
Wrong question. It’s not who but what.
And the answer is socialism.
L
“Who is the real problem: Greece? or the EU?”
Both are equally irresponsible. The Greeks, for far to long have lived under very generous government pension and welfare policies that they could not afford. While the EU has been enslaving and gouging the Greeks for every single penny. This should be a lesson for all parties involved but somehow I suspect nothing will change.
I don’t think the Greeks want to quit the EU. They want more money, with no strings attached.
You are incorrect in that they will not borrow more. They are trying to do just that. When they find out that no one will loan to them then they will go to the loan sharks.
That is when things will get nasty.
Bingo.
It doesn’t really matter how the Greeks got into this situation, the relevant question from their perspective is : “what now?”
They need to repudiate and move on.
“You must always pay your debts — you signed up for the loan, you must honor the obligation...”
Ok, let’s take a look at our own debt situation. Think Federal Reserve...
The Fed was set up 100+ years ago by the Banksters with the help of Woodrow Wilson. This was never supposed to be for controlling money in the USA. The Treasury was responsible.
The Fed (Banksters) have created the debt. “0” of course doubled the debt, by rewarding the Banksters in a bailout...with OUR money. It is time we took the high road. The Banksters created the debt, let them own it! It is not my, our debt! Let them pound salt! (Or Sand!).
And for us to avoid the ‘Greek Tragedy’, we need to get out money out of the hands of the Banksters...before they steal it! Gold, silver...
I think silver coins may be best...
Back in 08 I was a speaker at a conference in Barcelona that was sponsored by some agency associated with the EU. At the end of the conference everyone including myself was handed a free Apple IPod. I couldn’t believe their generosity as there over 100 people in attendance. Now, it makes perfect sense. They were giving away other people’s money.
Might just be China. MUCH larger ramifications for the US as their *Market Rout* worsens.
Though the Adriatic *bail-in* solution will no doubt find some adherents here, as well.