tag:blogger.com,1999:blog-3240565408401956331.post6400451733303056785..comments2023-07-08T05:49:38.333-04:00Comments on Larry Davidson's Thoughts on Macro and Other Stuff: Greece: The Tail Wagging the DogUnknownnoreply@blogger.comBlogger7125tag:blogger.com,1999:blog-3240565408401956331.post-83225182249911937262015-02-04T16:05:45.677-05:002015-02-04T16:05:45.677-05:00This reply to my reply is from Charles....“Maybe ....This reply to my reply is from Charles....“Maybe . . . but, does she have the cojones?”Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3240565408401956331.post-45628904115444217772015-02-04T15:45:42.983-05:002015-02-04T15:45:42.983-05:00It is a tough and complicated problem. The countr...It is a tough and complicated problem. The country that birthed democracy, ruled the Mediterranean, conquered Turkey several times, was the breadbasket for civilized Europe faces the challenge of not being able to produce enough services and products to support is debt. As Alkis stated that whole eastern European area could fold with Greece and resort to radical action. If Europe was really united as is the US then Greece would be similar to Florida where the primary industries are oranges, tourist and phosphate. Its 19 M population has a high percentage or retired who do live off taxes. 60% of the employed people are just above or at the poverty level for wages. However, Florida has many government subsidies paid for indirectly by the people in the other states. The US will not let any state fold. The big difference is the Florida has to have a balanced budget <br /><br />Greece and many other European countries do not have to have a balanced budget and as we all know there is no such thing as a free lunch.Jameshttps://www.blogger.com/profile/16257806506590834840noreply@blogger.comtag:blogger.com,1999:blog-3240565408401956331.post-91736971598002054582015-02-04T10:01:44.292-05:002015-02-04T10:01:44.292-05:00Mr Marangos,
Thank-you for your reply -- it under...Mr Marangos,<br /><br />Thank-you for your reply -- it underscores the pain felt when a country takes on too much debt and ignores decades of requests for change. The EU does what it does because there are signed treaties that require it to do so. Future generations are being hurt not because of the EU. They are hurt because of the behaviors of their parents with regard to debt and to modernizing their economy. My post argued not so much for austerity but for sensible reform. I believe there should be some debt reorganization that follows real economic reforms. No excuses....real reforms. Larry Davidsonhttps://www.blogger.com/profile/10028971586654033347noreply@blogger.comtag:blogger.com,1999:blog-3240565408401956331.post-80210798712534368182015-02-04T04:44:00.096-05:002015-02-04T04:44:00.096-05:00SYRIZA stands for Coalition of the Radical Left.
...SYRIZA stands for Coalition of the Radical Left. <br /><br />How have the austerity measures benefit the Greek people in the last 5 years? Unemployment is increasing, poverty is increasing, suicides in Greece have been increasing. <br /><br />I do believe that each person, entity, country, should be responsible for their actions. The same stands for Greece. But I get the feeling that the EU, the ECB and the IMF sometimes behave as a punishing body (or three). Should this be the case: "I will help you but you will make all reforms that I ask you to do". Is that why the EU was formed? <br /><br />As a citizen of the country that is under austerity measures right now, I really can't tell you what I feel about it. On the one hand, I see that corruption and inefficiency in Cyprus can only be tackled by external (i.e non-Cypriot) bodies who have no connections or relations with government officials and all they want is to get their money back. On the other hand, I see a society where the gap between classes has widened, I see my generation (people in their 30s) who cannot even think of having a second child because they can't afford it and I see people like me who are ready to pack their bags and leave the country, leaving their family behind.<br /><br />Where do we (or the EU in that case) draw the line? <br />I am not an economist, but I am a pragmatist. In the case of Greece it is not black or white. Greece has asked for restructuring of the debt and they want to negotiate. EU should be a negotiator and not a dictator.<br /><br />And a sidenote:<br />Radical Lefts in Greece represent a very small percentage of the population. The ~40% of SYRIZA in the recent elections came from people who are desperate, who have lost their jobs, who have seen their loved ones commit suicide, who have been encouraged by the words and speech and promises of Mr. Tsipras. If anything history has taught us, if that if this government fails, then I am afraid people will turn to the other extremes, call me Golden Dawn, the Greek neo nazi group. Alkis Marangosnoreply@blogger.comtag:blogger.com,1999:blog-3240565408401956331.post-83533838057636732552015-02-03T12:32:25.730-05:002015-02-03T12:32:25.730-05:00Merkel?Merkel?Larry Davidsonhttps://www.blogger.com/profile/10028971586654033347noreply@blogger.comtag:blogger.com,1999:blog-3240565408401956331.post-41417258464111940152015-02-03T12:05:52.255-05:002015-02-03T12:05:52.255-05:00Dear LSD. It’s ground hog day/ déjà vu all over ag...Dear LSD. It’s ground hog day/ déjà vu all over again. We’ve seen this play play out many times last century and will see it again this century . . . looks like starting with Greece.<br /><br />Developing or economically weak countries (haven’t verified but mostly are socialistic/communist-leaning) don’t manage their income and expenses, get relief from the IMF, World Bank, Federal Reserve, EU, etc., promise to behave then don’t, then ask forgiveness—specifically debt forgiveness—and/or devalue their currencies. Yep, taxpayers are left to pay the bill.<br /><br />The IMF, World Bank, Federal Reserve, EU, etc. are too eager to help out said countries—or else be held accountable for causing misery/deflation/social unrest, etc. if more aid and debt forgiveness isn’t given.<br /><br />It’s a never-ending death spiral circling the drain. And, not to be chintzy with criticism of poor fiscal management—as the Fuzz Meister says—the U.S. is nudging up against that condition.<br /><br />The world is a poor learner. History repeats itself but the world student class of late 20th century and the new class entering the 21st aren’t reading the lessons. So, who’s stepping up to be the bad ass Mr. Chips?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3240565408401956331.post-69679314985752921812015-02-03T09:48:13.570-05:002015-02-03T09:48:13.570-05:00Beware of Greeks bearing .... IOUs.
I watched the...Beware of Greeks bearing .... IOUs. <br />I watched the Greek riots on TV. The place is in ruins.<br />The problem with socialism is that, pretty soon, you run out of the other guy's money.<br />Why criticize Greece. It is just a microcosm of the US in a few years.Fuzzyhttps://www.blogger.com/profile/11438679628562995612noreply@blogger.com