The Greeks should vote “no!”

The Washington Times ^ | July 2, 2015 | Peter Morici

[Tolerance Sucks Rocks]

Sunday, Greeks should vote “no”!

Hellenic voters are being asked whether they accept the terms offered by the European Union, European Central Bank and International Monetary Fund to extend the bailout for Athens‘ troubled finances or give Prime Minister Tsipras a mandate to insist on a better deal.

Those conditions include more cuts in government supported pensions, higher taxes and labor market reforms other European governments’ are often not inclined to accept in the conduct of their own affairs.

Urging a Yes vote, European leaders and their supporters in private institutions claim more austerity would reinvigorate the Greek economy and permit Greeks to keep the euro as their currency, but such claims simply contradict the facts.

Already, the Troika, led by Merkel and IMF Managing Director Christine Legarde, has imposed five years of budget cuts, higher taxes and labor market adjustments. The Greeks have endured a 25 percent contraction in GDP, 25 percent cut in private sector wages and 25 percent unemployment.

Greece’s debt to GDP ratio has soared from 130 percent to 180 percent of GDP, and that is an impossible burden to repay.

The only solution is for Greece to replace existing bonds with securities having longer maturities and paying lower interest rates, and with reduced face value—essentially, a haircut for creditors.

European governments, either directly or through EU institutions, hold about €100 billion ($111 billion) of Greece’s foreign debt, and Merkel flat out refuses to entertain German taxpayers taking losses.

Yet, neither Germany’s finance ministry—nor any other European government or competent private institution—has tabled a credible analysis demonstrating how more austerity and labor market reforms (read more layoffs and wage cuts) will instigate growth and not result in even bigger losses for bondholders down the road.

[Tolerance Sucks Rocks]

PING!

[Jack Hydrazine]

SR382 Greece and the American Revolution
by Bill Still
https://www.youtube.com/watch?v=gedsFXDgRsQ

[Jack Hydrazine]

It’s time for the Euromorons to stop giving money to a failed collectivist country. It’s time to let them suffer for their own moral failings.

Let them print their own money at cost, reduce taxes, reduce government regs, and make it easy individual, free enterprise to take hold of the country so they can be financially self-sufficient.

[C. Edmund Wright]

Yeah, this is liberal on liberal crime........

[Nextrush]

The Greek government is fighting the tyranny of the EU and its austerity.

Greece’s government includes the conservative Independent Greeks and their leader Defense Minister Panos Kammenos.

These folks are not the fascist Golden Dawn.

Greece is opposing the EU corporatists, the big banks, big business and big government types that push open borders Amnesty, Gay Marriage with persecution of those who oppose it, International Trade Deals and Climate Change policies to favor big business and crush small business and individuals.

[MUDDOG]

I wonder if the current Greeks are really descended from the ancient Greeks, or are mainly descended from the Slavs who invaded Greece in the Middle Ages.

Now with DNA testing, it might be possible to answer that, just as recent DNA tests showed that Kennewick Man really was an American Indian.

[Vigilanteman]

Nobody has yet given a coherent argument as to why it is so important for Greece to keep the Euro, a currency whose main reason for invention was because the European bankers (especially the French) were jealous of the U.S.dollar.

[Tolerance Sucks Rocks]

Greece is opposing the EU corporatists, the big banks, big business and big government types that push open borders Amnesty, Gay Marriage with persecution of those who oppose it, International Trade Deals and Climate Change policies to favor big business and crush small business and individuals.

I sincerely hope that you are right.

[Lurker]

Bull hockey. The Greeks want more of other people’s money without strings.

L

[af_vet_1981]

It’s time for the Euromorons to stop giving money to a failed collectivist country. It’s time to let them suffer for their own moral failings. Let them print their own money at cost, reduce taxes, reduce government regs, and make it easy individual, free enterprise to take hold of the country so they can be financially self-sufficient.

Yes, but what about Greece ... ?

[The Antiyuppie]

Well, what Drudge has posted about the possibilities of the Greek government “disappearing” deposits in banks over a certain (rather low) amount should send worldwide shivers Monday, true or not. Liberal on liberal crime has quite a few collateral victims, not all of them liberal.

[MeneMeneTekelUpharsin]

Bull hockey. The Greeks want more of other people’s money without strings.

All creditors should pretend they are deaf and can't hear the plea by Greece for funds.

[Koracan]

Can not live of your legendary ruins forever.
Got to do something NOW.

Athens


Berlin

[immadashell]

Socialism will not work, whether in one country, a multi-state region such as Europe, or the entire world. Ludwig von Mises explained that socialism is not an alternative economic system. It is a program for consumption. It tells us nothing about economic production. Since each man's production must be distributed to all of mankind, there is no economic incentive to produce anything, although there may be the incentive of coercion and threats of violence. Conversely, free market capitalism is an economic system of production, whereby each man owns the product of his own labors and, therefore, has great economic incentives to produce both for himself, his family, and has surplus goods to trade for the surplus product of others. Even under life and death threats neither the socialist worker nor his overseer would know what to produce, how to produce it, or in what quantities and qualities. These economic cues are the product of free market capitalism and money prices.

The end result of Socialism is the creation of totalitarian regimes where the only people with the products they need are those with the most coercive power. In recorded history these are the dictators, the aristocracies and the monarchies where power is concentrated and available only to the few who are able to raise and maintain the biggest armies. There is no room in any socialistic society for the free individual. The Founding Fathers were well aware of this when they designed an instrument which limits the power of government and provided a means (the Second Amendment) to enforce it.

[vette6387]

“Greece is opposing the EU corporatists, the big banks, big business and big government types that push open borders Amnesty, Gay Marriage with persecution of those who oppose it, International Trade Deals and Climate Change policies to favor big business and crush small business and individuals.”

What? Greece is a deadbeat country with a population that thinks the rest of the EU should support their lazy asses. Just what in the wide world of sports doe any of that other crap have to do with their financial situation. I think you may be on the wrong forum. Try DU! You’ll fit right in!

[quantumman]

Treat them like the deadbeats they are - cut up their credit cards and let them tighten their belts until they learn to live within their budget.

[Jack Hydrazine]

“Yes, but what about Greece ... ?”

Let them consult with the Spartans and Thespians!

[Nextrush]

I think what I said stands up well.

Greece has had a socialist system that failed it.

Austria in the 1930’s had a bit of a fascist state going led by Kurt Schuschnigg.

Schuschnigg called a referendum on a Wednesday night for the following Sunday on his country’s independence after an even worse fascist dictator began intimidating him.

Adolf Hitler moved his jackboots across the border quickly and swallowed up Austria.

When we look back on this conflict between two authoritarian states in 1938, its easy to figure out who the worse was.

I think we can see who the worse is in this situation as well and its the European Union.

[plain talk]

Yep. The Greek saga is on display for all to see what becomes of socialist welfare states.