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The Greek Tragedy
by Marathadi-Saamiyaar Sun Jun 28, 2015 1:04 am
....Greeks - the model dumbos of Europe - will surely vote against austerity. Greece will pull out causing a mess in the world market
Didn't I say before Europe decided to help to Greece 1, 2 yrs ago that Euro should throw out Greece, and the World should cut their losses?
Marathadi-Saamiyaar- Posts : 17675
Join date : 2011-04-30
Age : 110
Re: The Greek Tragedy
by rawemotions Sun Jun 28, 2015 11:48 am
Apparently there are polls which state that 57% favor a deal with the creditors. However there is a lot to learn here.Marathadi-Saamiyaar wrote:
....Greeks - the model dumbos of Europe - will surely vote against austerity. Greece will pull out causing a mess in the world market
Didn't I say before Europe decided to help to Greece 1, 2 yrs ago that Euro should throw out Greece, and the World should cut their losses?
France and Spain are bigger economies with underlying fiscal issues. They do not want a domino. So already France is making noises of being the go between. Effectively France will lend on its own 1.5 Billion by June 30 to prevent a default, and
will let EU pay it back if the Referendum is successful.
However the issue raises a larger question about a country's economic choices
a) Indiscriminate public spending and lack of fiscal prudence when planning national budgets
b) Joining a common currency and agreeing to strict future fiscal discipline (given that (a) has happened) that can be kept
only under the assumption of massive growth in exports, savings, income and real-estate prices.
c) Giving up on one's own currency comes with a price that the country cannot excersize monetary policy on its own.
and drives up cost of borrowing, when fiscal discipline cannot be enforced.
d) An assumption that going to a common currency also adopted by strong countries will shield weak ones. This did not
hold true, because there are tools like Bond Yields that lets investors judge each country separately even if they all
use the Euro
e) When a person's pension is hit, it is very cruel. In Greece, (b) is the reason pensioners are hit now.
Because the person is already old and cannot contribute.
Britain did a smart thing, when they chose to participate in EU, but stopped short of adopting the Euro and
retained Pound Sterling. When the chips are down, a country needs to have full power on the central bank that
controls monetary policy.
What China is doing to effectively excersize control in IMF/AIIB/ADB etc.. is very important to prevent future instability for the country from external raiders. India should follow the same
rawemotions- Posts : 1690
Join date : 2011-05-03
Re: The Greek Tragedy
by Marathadi-Saamiyaar Sun Jun 28, 2015 11:55 am
The question is how far should one go in appeasing the losers with the argument that there would be bigger tragedies if they are not appeased periodically.
Isn't this the operating model in any field these days ? no one is willing to call the bluff and prepare for the worst case scenario. That is bcz the world is of the rich, by the rich, and for the rich.
Isn't this the operating model in any field these days ? no one is willing to call the bluff and prepare for the worst case scenario. That is bcz the world is of the rich, by the rich, and for the rich.
Marathadi-Saamiyaar- Posts : 17675
Join date : 2011-04-30
Age : 110
Marathadi-Saamiyaar- Posts : 17675
Join date : 2011-04-30
Age : 110
Re: The Greek Tragedy
by Hellsangel Mon Jun 29, 2015 6:11 am
I bet the Turks are now gleeful. After being given the runaround in joining the EU, they must be happy that they never joined.
Hellsangel- Posts : 14721
Join date : 2011-04-28
Re: The Greek Tragedy
by Propagandhi711 Mon Jun 29, 2015 9:36 am
Marathadi-Saamiyaar wrote:
....Greeks - the model dumbos of Europe - will surely vote against austerity. Greece will pull out causing a mess in the world market
Didn't I say before Europe decided to help to Greece 1, 2 yrs ago that Euro should throw out Greece, and the World should cut their losses?
your talents are wasted in kansas and on such. you should setup a shop in venice beach, ca and advise world leaders on the future
Propagandhi711- Posts : 6941
Join date : 2011-04-29
Re: The Greek Tragedy
by Marathadi-Saamiyaar Mon Jun 29, 2015 9:43 am
Propagandhi711 wrote:Marathadi-Saamiyaar wrote:
....Greeks - the model dumbos of Europe - will surely vote against austerity. Greece will pull out causing a mess in the world market
Didn't I say before Europe decided to help to Greece 1, 2 yrs ago that Euro should throw out Greece, and the World should cut their losses?
your talents are wasted in kansas and on such. you should setup a shop in venice beach, ca and advise world leaders on the future
That will be of no use bcz the world leaders are in cahoot with the financial looters (aka LEADERS). If at all, people listen to Swamis...to some extent...
Marathadi-Saamiyaar- Posts : 17675
Join date : 2011-04-30
Age : 110
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