Looks like Greece is going down

Discussion in 'Europe' started by Luddly Neddite, Jun 6, 2012.

  1. Luddly Neddite
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    Luddly Neddite Diamond Member

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    Greece Still Going Broke, Now Faster And With More Broke-Ness

    hey, I've got an idea. Why don't we vote for the pubs cuz they've said they're invested in making the rich richer and wanna put the rest of us on a financial diet.

    YOU know, The European Austerity Diet.

    That way, the US can go broke, stop fooling around with this silly "most powerful nation on the planet" nonsense and then, the pubs can laugh at our stupidity.

    Naw, never mind. Ain't nobody dumb enough to vote for such stupidity.
     
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  2. Avatar4321
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    Avatar4321 Diamond Member Gold Supporting Member

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    Greece is going down because they spent themselves into a hole.

    In fact, the whole EU is going down within the next year because of countries like Greece draining the rest of them.

    Had they significantly cut their taxes and significantly cut their spending, then perhaps they could have saved their nation. Now it's going to reset. along with much of the world.
     
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  3. Avatar4321
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    Avatar4321 Diamond Member Gold Supporting Member

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    Oh. and I think some people need to apologize to Glenn Beck for saying he was crazy for predicting Greece's downfall 4 years ago.
     
  4. Two Thumbs
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    Two Thumbs Platinum Member

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    Damn, how fukken desperate are you retards?

    Seriously people, it was a recall election. Granted Walker WAS THE ONLY GOV TWO EVER WIN A RECALL, but that doesn't mean OBAMA IS GOING TWO LOOSE.

    or does it?
     
  5. CaféAuLait
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    CaféAuLait This Space for Rent

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    How in the heck is this the 'pubs' fault, or anything to do with such?

    BBC News - Q&A: Greek debt crisis
     
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  6. percysunshine
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    percysunshine Gold Member

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    Why don't we vote for the pubs cuz they've said they're invested in making the rich richer and wanna put the rest of us on a financial diet.

    If Greece had an anti-BigGulp law, they would be peachy keen fine right now.
     
  7. g5000
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    g5000 Diamond Member

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    The conservative government of Greece ran up huge debts, but with the aid of Goldman Sachs, JP Morgan, et al, was able to hide those debts. Much the same way Enron had off balance sheet debts.

    When the socialist government took over in 2009, they discovered this massive hidden debt and revealed it to the world. Things have gone downhill ever since.

    The Greeks and Italians had shitty credit ratings before joining the euro. Once they were able to cook the books enough to get into the euro, their credit ratings were increased to almost the same level as Germany.

    This is like giving someone with a bad credit rating a platinum credit card with no limit. Greece and Italy went on big spending sprees.

    As did Spain.

    All of this was fueled by financial houses using derivatives to move all that risk around. They used derivatives to find suckers to take on all that tremendous risk.

    Turns out those suckers were the people managing your retirement money. The same suckers who bought all the mortgage risk.

    Everyone thinks the housing bubble and the sovereign debt bubble and the commercial debt bubble are all unrelated. That's because they don't know they were all part of the derivatives bubble.

    That's what we are experiencing now. The deleveraging of the derivatives bubble.

    Our pain is being artificially mitigated with a massive US Treasury bond bubble.

    The financial houses of Europe are asking the ECB to fund a massive Eurobond bubble, but so far Germany has been saying, "Nein! Nein! Nein!"

    Germany has a pathological fear of inflation dating back to the Great Depression. They just aren't paying attention to the velocity of money right now, but they better start.

    Sooner or later, something will give.

    It could be Greece leaving the Eurozone, or it could be Germany giving the green light to the monetization of trillions upon trillions of debt.

    My guess is the latter. Because Greece leaving the Eurozone will trigger a gigantic chain reaction that risks plunging all of us into a great depression.
     
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    Last edited: Jun 6, 2012
  8. Soggy in NOLA
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    Soggy in NOLA Platinum Member

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    Do you ever tire of being an abject fucking retard?
     
  9. Soggy in NOLA
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    Soggy in NOLA Platinum Member

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    Careful, your third grade edumacation is showing again.
     
  10. Katzndogz
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    Katzndogz Diamond Member

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    Greece started hammering the public with higher and higher taxes until the public stopped paying them almost completely. That's what usually happens to the abused, eventually they get tired of being abused.
     

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