An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
The EU is right. During the first decade of the EZ, Greeks awarded themselves pay increases totaling 50%, while Germans kept their pay increases to a level that resulted in the standard EU inflation target: just below 2%. Greece became uncompetitive.
Time for the Greeks to grow up: abide by the rules and norms of the Eurozone or get out.The UK and some other European countries are "out". Can't see the problem with being "out".
Blaming this on the Greeks is like blaming poor US homeowners for the mortgage crisis. No income verification, down payment bundled into the loan, triple-A rated, investors doubling down as rates skyrocketed.
The EU was a con game from the very start. The idea of delegating control of one's sovereign economy to a foreign power is ludicrous. Greece is just the demonstration of rental capitalism scaled up to nation scale.
That they haven't defaulted yet is incredible and just goes to show the iron grip of the bankers.
"That they haven't defaulted yet is incredible and just goes to show the iron grip of the bankers."
There is nothing increible about It. As long as they follow the troika dictate they will not default. The fact that they haven't defaulted is not incredible, It shows how weak they are. They should have defaulted long time ago.
4 comments:
The EU is right. During the first decade of the EZ, Greeks awarded themselves pay increases totaling 50%, while Germans kept their pay increases to a level that resulted in the standard EU inflation target: just below 2%. Greece became uncompetitive.
Time for the Greeks to grow up: abide by the rules and norms of the Eurozone or get out.The UK and some other European countries are "out". Can't see the problem with being "out".
It was the Greek One Percent that scammed their nation. Now the One Percent are still cashing in on it, but the Greek people pay.
Blaming this on the Greeks is like blaming poor US homeowners for the mortgage crisis. No income verification, down payment bundled into the loan, triple-A rated, investors doubling down as rates skyrocketed.
The EU was a con game from the very start. The idea of delegating control of one's sovereign economy to a foreign power is ludicrous. Greece is just the demonstration of rental capitalism scaled up to nation scale.
That they haven't defaulted yet is incredible and just goes to show the iron grip of the bankers.
"That they haven't defaulted yet is incredible and just goes to show the iron grip of the bankers."
There is nothing increible about It. As long as they follow the troika dictate they will not default. The fact that they haven't defaulted is not incredible, It shows how weak they are. They should have defaulted long time ago.
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