Yeah. Well, good luck with all that.
Notes Terry H, via email:
The problem w/ other people’s money is that eventually you run out of it.
Greeks were not willing to tax themselves enough to pay for the entitlements they wanted, so they borrowed it. The debt has now risen to a large enough share of the economy that they cannot even service the debt load, much less the entitlements. The shit has hit the fan.
The debt held by Greece’s neighbors is large enough that allowing default was unpalatable. Greeks, long addicted to free money, have similar feelings w/r to going back to work and earning their own way. What to do?
In a move that defies conventional logic yet makes perfect sense if you allow up to become down, Greece’s Euro comrades have decided to advance nearly 1 trillion dollars to Greece and fellow deadbeat PIGS. Such a deal for the PIGS.
Having grown too big to fail, Greece has co-opted its neighbors into funding a system of *social justice* that it would not pay for on its own. Better still (for the Greeks) the neighbors do not have any rights to participate in Greecian governmental affairs to ensure that they will eventually be repaid.
Now that Greece has been given carte blanche access to the money store, it will be interesting to see how much of the debt is ever repaid.
Nice work if you can get it.
Of course, the problem comes down the road, when you run out of countries to hit up. Or, in the case of a the US, when you run out of states willing to pay for the fiscal irresponsibility of other states.
If you think Greeks vs. Europ police was bad, wait until you see Californians vs. Texans…
California.
you can take it
oh.
he has magic shoes.
Every day is an adventure when you have magic shoes.
Californa vs Texas won’t be as hard as you think Jeff. California supported Obama, so they get bailed out. Texas didn’t, so those eeeeevvvoolll knuckle dragging bitter clinging flyover country racists get to pay!
Because of the justice…
And why, pray tell, is the Fed buying all the Euros that anyone wants to sell? It’s clearly a losing proposition, as the rest of the investors on earth are shorting Euros as much as possible.
Oh, wait…I forgot…Short selling, is a capitalistic, free market mechanism, and as such must be inherently evil.
George Soros could not be reached for comment. He’s to busy shorting the Euro…
Amazing. We’re going to be in bondage to the world’s biggest creditor nation AND to the Euro-sloth debtor nations. We must be dressed too provocatively or something…
This is the predictable and known ending of the policies that Teh One, nishit, and their merry little band of leftists wants to inflict upon our country.
To quote Warren Buffet:
“You don’t default when you can print your own currency”
So we got that going for us. Sure, it’ll cost $6,000,000 to hire a midget to harass JD for an evening, but still.
Searching for virtue in a whorehouse. Good luck with that.
taking out new credit cards to pay off the old maxed out ones so you can then run the old ones up to the max again works so well in the private sector. Government’s ability to use force to collect revenue and to print money to pay with only mean they can push things to a much worse end than us folks can in our private lives.
The Greeks were willing to tax themselves (or rather, each other but some selves) high enough to pay for the entitlements they wanted. In doing so, they not only ground productivity to a halt, thy also resulted in driving out enough productive, enterprising countrymen but also have stagnated birth rates. There hasn’t been any economic growth for decades to absorb their self indulgence or their borrowing.
Sounds familiar.
[…] how will people bring me the money they’ll need to buy the […]
Oh no, here’s another radical racist:
We’re told by nishi that this is our future. Well, the future just called and said it has its balls in her mouth.
Wait, bh, aren’t the Greeks like Transformers or something? Don’t they sprout wings and jet packs and shit and fly off to another planet, cackling lustily?
Heh, I forgot about that option, Pablo.
http://www.cnbc.com/id/37084075
US exposure on Greece is 50 billion. 50 billion here, 50 billion there, and pretty soon it is some serious bucks.
I wish everyone would relax about the eurozone’s financial problems.
This is just part of the process on the way to becoming that “one world state” that will finally deliver the social justice, and freedom from work that to this point have been the exclusive property of government workers.
Soon we will all work three days a week producing nothing but hot air and paperwork at $450,000 a year. Tragically, there won’t be anything to spend it on since socialists have an aversion to production.
Well, North Korea seems to do pretty well with those prison labor camps. I’m sure that our statist administrators will be a little find someone to work in them.
Pol Pot smiles. It’s all right on schedule.
Here‘s a bit of Becker:
pol pot would have killed all harvard-yale people at this point
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My money is on the Texans.
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