The EU are just idiots to make money available to Greece. The situation is bad, is getting worse, and will only get better after a collapse. Sending money to Greece is like the Joker piling up money so that he can set it on fire.
Posted on 10/20/2011 2:59:04 AM PDT by TigerLikesRooster
'No Question Greece Will Default': Economist
Published: Wednesday, 19 Oct 2011 | 11:37 AM ET
By: Margo D. Beller
Special to CNBC.com
Greece will default, U.S. economist Martin Feldstein told CNBC Wednesday, and it might be good for the country to leave the European Union.
"Somebody may write the check so that they get past the deadline, but there is no question Greece is going to default," Feldstein said, referring to the Oct 23. meeting of European leaders in Brussels trying to come up with a solution to the euro-zone crisis.
The troubled nation has too much stacked against it including a debt-to-gross-domestic-product ratio of 150 percent, double-digit unemployment, and "GDP falling at a very fast pace," said the Harvard professor and president emeritus of the National Bureau of Economic Research.
"I think if they could [leave the European Union] without being punished by the rest of the EU members, that would be a good thing for them," he said of Greece.
(Excerpt) Read more at cnbc.com ...
P!
They effectively have. This car broke down many exits back. Just because other EU nations are pushing it doesn’t mean it’s still running.
The EU are just idiots to make money available to Greece. The situation is bad, is getting worse, and will only get better after a collapse. Sending money to Greece is like the Joker piling up money so that he can set it on fire.
The sooner the better.
Stop pouring good money down that socialist hell hole.
perfect analogy. I move more cash to the sidelines every day in anticipation. The mini-melt 2 weeks ago was enough to convince me..this is not going away easily.
“...people riot and make it clear that they have no interest in any sort of voluntary fiscal reform.”
Spoiled children...It reminds me of the red-faced kid at the store who is throwing a tantrum ...screaming and kicking because mom won’t buy him ____________ (fill in the blank).
WHY were those idiots parading yesterday? And who or what were they protesting? A government which THEY elected having to clean up the mess THEY made with widespread dole fraud and ridiculous ideas like retirement at age 50?
A workshy culture top-heavy with government workers. They may not appreciate the irony but it is hilarious to see government offices occupied by protesters, many of whom no doubt work for the civil service already. Magistrates are taking cases on a go-slow basis? No change there then.
The euro is a worst-case scenario come to life. Without the single currency currency Greece must countenance problems of its own making and the rest of Europe, while they may help Greece recover through the normal, natural economic processes, isn’t dragged down with it. Now we have the (relatively) healthy countries voluntarily infecting themselves with debt and deadbeats.
Centralized government and endless flows of tax revenue are so ingrained in the European psyche that they are now demanding that Britain participate in the euro/Greek bailout - even when the UK is not a member of the currency! The Tories are demanding exit from the EU and rightfully so but Cameron seems destined to betray his own party.
Duh, who’da thunk it? Another 300 billion euro down the rat hole. They kicked the can down the road to the same inevitable conclusion.
talk about entitlement
The Greeks are willing to burn down their country if the rest of Europe (and the US thru the IMF) wont continue to fund their “right” to retire at age 58 (or under 50 on partial “pension” for women with children)
http://aleksandreia.wordpress.com/2010/03/08/greek-retirement-age-and-more-on-the-greek-debt-crisis/
It is found here.
There has been, is, and will be a big push to throw money at Greece, or any other European nation for that matter, that is facing economic collapse because they are “too big to fail”. These efforts will reduce the amount of capitol available to our economy (more devalued dollars will be printed) and raise our taxes.
Unfortunately all too many of our “professional” politicians think it is our duty to help others. While charity, and that is what it is, is nice we must also remember that it begins at home, both internationally and nationally.
It is time we closed all our bases, brought all our troops home.
Let Europe burn as they created such a Parasitic Society they need to cleanse it themselves.
For too long we have kept the world at peace so the silly leftists could grow Parasite Nation while we spent our treasures keeping them from killing each other.
It is time to end it and watch them self destruct.
It’s been obvious for years. The elites just can’t come to grips with the fact that their Eurodreams are dying.
We are just as doomed as Europe. Look at SS and Medicare. Grandpa will cut your GD throat the minute you talk about cutting him off the welfare juice. And it IS welfare. Think about that for a moment — even on THIS website!!!, probably half the posters talk about gramps deserving all that cash, because “he worked his whole life and paid into the system.” Never mind that for the last 10,000,000,000 years any “conservative” who could read could go to any one of a billion different sources and find that a huge majority of SS recipients get ALL their contributions back, WITH INTEREST in X amount of years, but live for X plus Y years (and Y is a big number). Welfare plain and simple, and it WILL destroy this country.
Greece might as well get it over with. The recovery won’t have a chance until after the fall.
But every time so far an austerity measure has passed.
Every austerity measure that passes causes GDP to go down and thus revenues go down.
The EU wants to tax into prosperity.
Ecconomists are in the habit of predicting the past.
An ecconomist on CNBC was stating that the euro will not exist in 10 years (but it will likely happen sooner)
The reason for the extra special violence today is that THIS austerity vote includes union busting provisions.
No more cushy union deals.
I don’t know what will happen next. If Greece defaults, the EU will have serious problems. If they don’t, Germany has to bail them out (which won’t last long).
This is being framed as “racial” in some circles, so the EU has been very hesitant to make demands of the PIIGS.
And also remember that all the SS money paid in went to the general fund. The original reason was to stop the risk of deflation, but all that money is gone.
To pay the current retirees, workers have to be taxed. The Ponzi scheme will fail soon.
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