Greek Austerity

[Burke]

"Under the bailout conditions adopted last year, Greece needs to cut public sector workers by 25,000 in 2013 and a total of 150,000 by the end of 2015.
The job cuts have sparked friction with Samaras' junior coalition partner Fotis Kouvelis, head of the moderate Democratic Left party, who is citing Greece's soaring unemployment rate.

"Facing a sixth consecutive year of recession, the heavily-indebted country has been relying on international rescue packages to avoid bankruptcy.
A return to growth initially foreseen for 2012 is now not expected before 2014."

http://iphone.france24.com/en/201303...more-austerity

And they still may have to leave the Euro:

"BERLIN (Reuters) - Greece remains the biggest risk for the euro zone despite a calming of its economic and political crisis and may still have to leave the common currency, a senior conservative ally of German Chancellor Angela Merkel said."

http://mobile.reuters.com/article/id...30309?irpc=932


Essentially, the Greek entitlement state has failed and is being bailed out by its creditors who are demanding that it be less of an entitlement state as a condition.

Investor Jim Rogers has said many times that Merkel is doing things in Germany to make things look better and that after the election this year it will begin to deteriorate there too. However, I'm not sure what the Germans are doing.

There is no question what's happening here, though. "Helicopter Ben" is printing $85 billion a month and keeping interest rates at nearly zero. The burning question among many financial types is which will happen first: a bond crash, a stock market crash, a dollar crash, or any combination of the three.

Any way you slice it, this will not end well.

[theorangebluewinagain]

Governments are the devil, free markets are salvation.
Ben will exit and leave this mess to someone else, look at Japan, they have had 7 financial priministers in 5 years. Japan has reached the point of no return, default is the end game there too. We are headded there unless we cut this God Damn spending addiction

[Burke]

When people are free to produce, trade, and keep what they make, there is prosperity.

When half or more of a nation is living a parasitical existence off the other half and is running the show, you are going to have poverty, suffering, and death.

One way or another.

And quite likely something much worse.

[busigator96]

What if there are enough resources to feed, house, and clothe everyone? Why worry about money?

[Burke]

The "reasource" that is responsible for prosperity is the rational human mind.

Working and producing.

Each for himself.

Every alternative to that is some kind of slavery.

[gator85jd]

Originally Posted by Burke

When people are free to produce, trade, and keep what they make, there is prosperity.

When half or more of a nation is living a parasitical existence off the other half and is running the show, you are going to have poverty, suffering, and death.

One way or another.

And quite likely something much worse.

Europe is tired of bailing out Greece. Greece is riddled with parasites -- the road down which the U.S. is traveling. Just look at the anger from the government employees' unions recently.

So the question should be asked: who will bail the U.S. out after the parasites overtake the producers -- Mexico?

[gatorman_07732]

Originally Posted by busigator96

What if there are enough resources to feed, house, and clothe everyone? Why worry about money?

That would be a utopian vision that would be against the concept of private property