A view of the problems in Greece

[Bluegrasscard]

 

 

Does not paint a pretty picture.

 

Markets are down today due to concerns with Europe debt issues.

[Getslow]

Nigel Farage has had some good ones in his time in the European Parliament. Just search for him on YouTube and let the rants begin.

[coldweatherfan]

Y'all, if we don't change our direction as a country. We're Greece in the not too distant future.

[Clyde]

Y'all, if we don't change our direction as a country. We're Greece in the not too distant future.

 

How so?

[StickerMann]

Current debt equals 105% of GDP--And rising rapidly??? Bad math!!

[Clyde]

Current debt equals 105% of GDP--And rising rapidly??? Bad math!!

 

Agreed on the bath math but our sitch and Greece's sitch are not similiar . US can do things that Greece couldn't.

[StickerMann]

Agreed on the bath math but our sitch and Greece's sitch are not similiar . US can do things that Greece couldn't.

 

Agree that the situations are different at this point, but its obvious we are headed in a similar direction, and need to change course while we still can. The rioting in Greece is due to the inability of the government to pay the insane retirement benefits (retire @ 50 with full bennys) promised to the millions of govt. workers, etc. If we think we can sustain these work 20 years and retire @ full salary for the rest of your life bennys that many governmental agencies (fed, state, local, etc) have, we're kidding ourselves. The bill is coming due and we can't pay??

[Clyde]

Agree that the situations are different at this point, but its obvious we are headed in a similar direction, and need to change course while we still can. The rioting in Greece is due to the inability of the government to pay the insane retirement benefits (retire @ 50 with full bennys) promised to the millions of govt. workers, etc. If we think we can sustain these work 20 years and retire @ full salary for the rest of your life bennys that many governmental agencies (fed, state, local, etc) have, we're kidding ourselves. The bill is coming due and we can't pay??

 

I'm certainly no expert but isn't one big difference that the US can print more money where the Greeks are limited by the euro? Not an ideal sitch to print more money but it is a much better solution that what Greece has to work with.

[Larry Warner]

Agree that the situations are different at this point, but its obvious we are headed in a similar direction, and need to change course while we still can. The rioting in Greece is due to the inability of the government to pay the insane retirement benefits (retire @ 50 with full bennys) promised to the millions of govt. workers, etc. If we think we can sustain these work 20 years and retire @ full salary for the rest of your life bennys that many governmental agencies (fed, state, local, etc) have, we're kidding ourselves. The bill is coming due and we can't pay??[/quote

That part can be paid. Those retirement benefits are paid by those employees during their work period, who put in a very generous percentage of their pay, and who DO NOT pay in to social security.

[Know It All]

I'm certainly no expert but isn't one big difference that the US can print more money where the Greeks are limited by the euro? Not an ideal sitch to print more money but it is a much better solution that what Greece has to work with.

 

Greece couldn't default. In other words, inflate their economy, to pay their old bonds with new bonds. Something along the lines of that. Their government also lied about financial information to institutions loaning them money, along with the board in charge of the euro. I think you're partially correct.

[Bluegrasscard]

I'm certainly no expert but isn't one big difference that the US can print more money where the Greeks are limited by the euro? Not an ideal sitch to print more money but it is a much better solution that what Greece has to work with.

 

The US is the only country that can only do that since it is the reserve currency of the world. Once the USD loses its status as the global reserve currency our ability to 'print money' will be gone. And the USD will be subject to standard market forces as other currencies are today. And that likely translates into hyper-inflation when the world figures out how many recently printed dollars there are.

[Clyde]

The US is the only country that can only do that since it is the reserve currency of the world. Once the USD loses its status as the global reserve currency our ability to 'print money' will be gone. And the USD will be subject to standard market forces as other currencies are today. And that likely translates into hyper-inflation when the world figures out how many recently printed dollars there are.

 

So we agree that the Greece situation is not similar to the U.S. in regards to going bankrupt?

[Know It All]

^ From what I have read, that day is rapidly approaching.

[Bluegrasscard]

So we agree that the Greece situation is not similar to the U.S. in regards to going bankrupt?

 

The mechanics would be different. But any nation that overspends is subject to repercussions. Can we agree on that as well?

 

Actually taking the advice of Getslow I have watched a few more of Mr. Farage's rants. His theme is interesting. His focus is less on the mechanics of the situation as it is the loss of sovereign freedom by countries and the statements from his fellow members of the European Parliament. Notice that in the video originally posted he starts with the fact that the Greek government is an unelected 'puppet' government. So like the Southern states after the civil war - Greece is ruled by outsiders right now. A troika is his term since there are 3 overseers apparently.

 

According to Mr. Farage the Euro and its problems are leading to a loss of sovereignty and freedom.

 

Here is another interesting 3 minute rant by Mr. Farage from November 2010.

 

 

Is there a parallel to this problem in the US?

 

Well, what outside, non-elected entity has enormous power and controls most of our way of living?

[Clyde]

The mechanics would be different. But any nation that overspends is subject to repercussions. Can we agree on that as well?

 

Actually taking the advice of Getslow I have watched a few more of Mr. Farage's rants. His theme is interesting. His focus is less on the mechanics of the situation as it is the loss of sovereign freedom by countries and the statements from his fellow members of the European Parliament. Notice that in the video originally posted he starts with the fact that the Greek government is an unelected 'puppet' government. So like the Southern states after the civil war - Greece is ruled by outsiders right now. A troika is his term since there are 3 overseers apparently.

 

According to Mr. Farage the Euro and its problems are leading to a loss of sovereignty and freedom.

 

Here is another interesting 3 minute rant by Mr. Farage from November 2010.

 

 

Is there a parallel to this problem in the US?

 

Well, what outside, non-elected entity has enormous power and controls most of our way of living?

 

Absolutely we can agree that overspending can lead to problems. I just think people make too big and quick of a jump to equate our current or future situation with what has happened in Greece.