Galbraith on Greece

[shiny!]

Re: Greece Reverts to the Classics

it won't really be the eotwawki until you've run out.

Holy crap, you're right! Not trading, not trading...

[Chris Coles]

Re: Greece Reverts to the Classics

Holy crap won't help you when you eventually run out.

[Thailandnotes]

Re: Greece Reverts to the Classics

http://www.pappaspost.com/texas-prof...uction-greece/

Galbraith Op-ed in Boston Globe

[GRG55]

Re: Greece Reverts to the Classics

http://www.pappaspost.com/texas-prof...uction-greece/

Galbraith Op-ed in Boston Globe

Couldn't agree more. The German's abject fear of inflation combined with their seemingly Teutonic predilection for austerity have combined to forge one of the most destructive policy frameworks imaginable.

[gnk]

Re: Greece Reverts to the Classics

Greece was on the path of (self) destruction long ago. Assigning blame to the IMF and the EU is like solely blaming the doctor and ignoring how the patient irresponsibly lived decades earlier. The other lesson learned here is that non-viable countries will always be a target to more efficient, viable ones.

That said, "German" firms should not be looked at as foreigners - it's like saying New York banks are taking over the other states in the US. It's a Union, for gods sake, it's not there fully, quite yet - but that's where it's going.

As for the structure of the Euro and Germany's influence, that's another topic. That's monetary and fiscal policy on an EU - wide scale.

But, yes, austerity on inefficient/corrupt/dysfunctional country hurts. I do lament the ongoing loss of independent businesses - to be replaced by chains. However, prior to the crisis, many of these businesses as well as farmers got free money from the EU (grants/subsidies, and many still do) and most were notorious tax evaders. And many of the state owned assets were the realm of the political party in power - loaded with patronage and bloated workforces and administratively incompetent.

Just trying to be a little balanced here. As for the tax evasion - it is still rampant, unbelievably so, yet to be honest, compliance is slowly improving.