Xenogiannakopoulou resigns page 1
Exi5tentialist
10th February 2012, 04:36 PM
Greek TV is reporting that the deputy foreign minister Mariliza Xenogiannakopoulou has resigned. Greece is ablaze tonight. Ostensibly they don't like the bailout deal. I think they should just stop winding each other up with long names.
FedUpWithFaith
10th February 2012, 06:51 PM
The Greeks need to default and leave the EU. It will be bad but the current course is worse than hopeless. Austerity just yields positive feedback spiralling ever down. The Europeans are behaving idiotically. You can't sustain such a diverse assemblage on a single currency without real federalism and a banker of last resort which the ESCB has been staunchly against (even though if half-heartedly keeps acting in that role by half-measures). Otherwise, regional differences in productivity tear the system apart. The can is just getting kicked down the road and putting the entire EU at greater risk.
ficus
12th February 2012, 12:25 AM
The Europeans are behaving idiotically. When has it been otherwise? The only reason the continent didn't spiral out of control during the last half century, was it being under external control; half of it under the Russia, the other half under the U.S.
Exi5tentialist
12th February 2012, 12:33 AM
I thought it was just that the Greeks had long surnames, but I'm relieved that it's all about the Europeans just being idiots. Thank goodness. For a moment there I thought we might have to get our heads around the crisis of capitalism. Europeans being idiots is far easier to cope with, thank you.
FedUpWithFaith
12th February 2012, 12:53 AM
I thought it was just that the Greeks had long surnames, but I'm relieved that it's all about the Europeans just being idiots. Thank goodness. For a moment there I thought we might have to get our heads around the crisis of capitalism. Europeans being idiots is far easier to cope with, thank you.
The European crisis is needless, avoidable, and not really a failure of capitalism. It is a failure to understand the true nature of sovereign fiat money and the nature of how current account imbalances work under a joint currency. Americans share the same stupidity about money as our government is not like a household and can't be forced into bankruptcy despite what most of us believe. We are fortunate though that our founders federalized state relationships and later enabled a lender of last resort. Nevertheless, our states can go bankrupt since they have to pay their debts in the currency of the US.
The European crisis is needless, avoidable, and not really a failure of capitalism. It is a failure to understand the true nature of sovereign fiat money and the nature of how current account imbalances work under a joint currency. Americans share the same stupidity about money as our government is not like a household and can't be forced into bankruptcy despite what most of us believe. We are fortunate though that our founders federalized state relationships and later enabled a lender of last resort. Nevertheless, our states can go bankrupt since they have to pay their debts in the currency of the US.
Exi5tentialist
12th February 2012, 01:05 AM
"failure to understand" - idiots, then
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