“What is best for Greece is to declare bankruptcy, “
In what Court?
Who???
"What is happening right now is a historical anomaly. Never in the thousands of years of recorded history have we had interest rates at zero or negative. We are destroying the people who save and invest for the future. They are being wiped out at the expense of the people who bought four or five houses with no money down and no job. We are destroying the people that all societies throughout history have needed the most."
They may be the people society needs most, but they're not the people politicians need most.
Politicians need people who's votes they can buy as cheaply as possible. The problem is that the votes of the people who save and invest for the future are too expensive.
Cheaper votes must be found, and they will be found. If they're not available domestically, they'll be imported from other countries.
What is he buying?
He is buying China. Evidently he doesn’t care that their companies are crooked from top to bottom, and that Xi has restored totalitarian rule and is ruining the country.
I met Jim Rogers at a motorcycle rally during the Clinton years. He’s an egotistical whack job. One of the guys asked him about a certain stock and he told him that he didn’t give advice because his opinions could effect the market drastically. He did say that Clinton would be the last Democrat president.
Thank you.
Eating our seed corn - we will starve to death in the cold and dark....
All this stuff about monitary iassues reminds me of an essay I wrote on the suject. Here is the last paragraph.
Now all this seems fairly insane, until you realize that every member of the G-20 behaves in much the same way, and do understand their precarious situation. With the recent debt ceiling deal the accumulated obligations of this country exceed our GDP, allowing us to share the dilemma Greece presently faces. By 2037 the CBO reports national debt will become 200% of GDP to reach that of Japan. Since all currencies have about this same connection to reality, finding one or several of sufficient magnitude and viability to replace the dollar as a worldwide medium of exchange and store of value becomes perplexing.
An individual country might think they have a solution, but they know they must also survive during the resulting chaos as all countries seek similar solutions. They see the daunting specter of disaffected holders sending trillions of dollar denominated bonds to the marketplace when there are no buyers unless prices are severely discounted. They are also frightened by the image of a devastated U.S. economy, because feeding the insatiable desires of U.S. consumers has been a mainstay of their prosperity.
I imagine something like the final scene in “The Good The Bad and The Ugly”. The members of the G-20 are standing in a circle with open graves behind them. They are all contemplating how they are going to successfully outdraw the other nineteen members and survive the resulting mayhem, which Lee Van Cleef’s character did not.
Because it’s hard to buy stuff people aren’t selling?