This is where Obama is taking us.

Discussion in 'Politics' started by usmcstinger, Nov 5, 2012.

  1. usmcstinger
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    usmcstinger Silver Member

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    ATHENS, Greece — Greece's coalition government faces a crucial test in Parliament as unions on Monday launched three days of escalating strikes against austerity proposals that must win lawmakers' support if the debt-crippled country is to get more aid and stave off bankruptcy.
    The conservative-led coalition that has governed Greece since June will later Monday present the country's fourth austerity package in more than two years to Parliament. The drastic spending cuts and tax hikes demanded by the country's bailout creditors aim to save some (EURO)13.5 billion ($17.3 billion) in 2013-14. If lawmakers reject them in a vote Wednesday, Greece faces the prospect of losing vital rescue loans that have kept it afloat since May 2010.
    The next loan installment of (EURO)31.5 billion out of a total of (EURO)240 billion is already overdue and without it, Prime Minister Antonis Samaras has said Greece will run out of euros on Nov. 16. If the country cannot raise any more funds from elsewhere, it would quickly find it impossible to pay its debts. The government would then be forced into issuing its old currency, the drachma, to pay bills and wages. As well as pushing the country out of the eurozone, this could trigger a nightmare of bank runs, hyperinflation and currency depreciation that would vaporize savings and put even the most basic goods out of the reach of many Greeks.
    If the country was forced into a default and began printing its own currency, the entire eurozone's finances would become increasingly shaky as markets would assume other countries in the eurozone might be the next to go. Investors would begin to pull their money out of the region or demand higher returns to keep it there.
    Greek unions start 3 days of anti-austerity action | Comcast
     
  2. BlindBoo
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    BlindBoo Gold Member

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    We're Not Greece | RealClearPolitics

    <snip>
    No, we're not. Our issues are entirely different. To the extent that the crisis in Europe has lessons for the United States, they go the other way.

    First, we are lucky to have a robust federal government, which the European Union lacks. Early in the recession, the feds were able to offset problems in the country's most troubled regions with a stimulus program (and also with that auto bailout that so many, including Mitt Romney, opposed). The stimulus should have been bigger, and it should have extended over a longer period. But it helped.

    Second, we bailed out our banks right away and also have a more effective central bank. We thus avoided some of the problems now facing Europe, notably Spain. Again, we need to do more, not less, to deal with the damage caused by the housing bubble, which is especially threatening in parts of California. But the U.S. bit the bullet immediately to deal with potential insolvency in the banks, and the Obama administration's stress tests helped restore confidence in the system.

    By contrast, Europe created a common currency without a central bank as powerful as the Federal Reserve, and without a continental fiscal policy that cuts across its member states. In a genuine federal system, the better-off states help the states that fall into trouble. Greece needs both reform and large transfers from the wealthier states of Europe -- yes, that means Germany -- to reverse its economy's free fall.
    <snip>
     
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  3. asaratis
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    asaratis Uppity Senior Citizen Gold Supporting Member Supporting Member

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    Ahh! Redistribution of wealth again! When they run out of other people's money, where do they go?

    BROKE AGAIN! We need more money. Send us your money so we won't have to work for a living!
     
  4. rightwinger
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    rightwinger Paid Messageboard Poster Gold Supporting Member Supporting Member

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    Obama is taking us to Greece now?

    I thought he was just buying us free cell phones?
     
  5. freedombecki
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    freedombecki Let's go swimmin'! Supporting Member

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    Obama gives cell phones.

    Romney gives jobs.

    I'll take the jobs guy. :D
     
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  6. asaratis
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    asaratis Uppity Senior Citizen Gold Supporting Member Supporting Member

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    Obama gives lies and creates false hopes!

    Obama is a goddamned Marxist!

    Romney is a capitalist!


    I'll take the capitalist ANY DAY!!!
     
    Last edited: Nov 5, 2012
  7. NoNukes
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    NoNukes Gold Member

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    These idiots try to associate anything about socialism with Greece. Why do they not equate it with Germany or other successful European countries?
     
  8. NoNukes
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    NoNukes Gold Member

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    I have some prime property in Florida that you might be interested in.
     
  9. rightwinger
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    rightwinger Paid Messageboard Poster Gold Supporting Member Supporting Member

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    Romney is giving out blow jobs?

    He is getting desperate
     
  10. freedombecki
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    freedombecki Let's go swimmin'! Supporting Member

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    I'll trade my prime property in Florida for your prime property in Florida. :muahaha:
     

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