Quote: (05-06-2010 06:01 PM)Pepini Wrote:
Here´s my two cents on the greek crisis:
- Euro is a mistake from the begining. Having a common currency, but not having a common government is something doomed to failure. Thinking that countries like Portugal and Germany can have the same currency, knowing the differences between the two countries is a complete nonsense. Germany has their own national interest, Portugal has also their own, how on earth can they share the same currency?
Europe could and should have a European government. The biggest problem is European national selfishness. Europeans don´t like European Union. They just know it´s necesary cause no indivdual european country has the means to compete with US.
It´s not cultural and ethnical diversity that stops a European government, look at India.
- In 8th of February of 2010 a group of Hedge Funds had dinner in a Manhatan private house. The theme of the dinner was the colapse of the Euro or at least bringing parity between the Dollar and Euro. Three days after the dinner, Euro dropped from $1,50 to bellow $1,36 (although Euro value was inflated). One of the Heged Funds was Soros Fund Management, LLC. Soros is famous for breaking the bank of England in the 90´s winning 1 billion dollars in one day.
http://online.wsj.com/article/SB10001424...74392.html
- From all the Eurozone countries the weak link was Greece. Years of public waste, corruptions, bonuses to public servants just for arriving on time, using a computer, retirement age at 55, etc, etc.
I´ve just find out that in Portugal it will be a national holyday for public servants just cause the pope is visiting us. WTF?
I read there´s a greek island with the population of 100 people with 30 teachers. The next step would be Portugal (the who cares country), but investors already realised that Eurozone is weaker than they thought, so they will probably move directly to Spain which is a medium heavywheight. With Zapatero commanding Spanish government I have doubts that Spain can resist. Rumours is spanish government is already seeking a loan from IMF, cause no way Eurozone has enough money to bail out Spain if time comes. Spain is different than Greece for the Germans cause their bank exposure is much higher.
- Germans with their usually myopia didn´t understood as fast as the french(although the latter were more exposed to Greece) that the pressure form the markets wasn´t on greece but all Eurozone, instead they enjoyed more spreading the idiotic idea that greeks were lazy, they should sell some islands, etc. How could Greece face the market alone?
Helping Greece at the right moment would in the end be helping themselves. But the germans are known for they own way of being. This way of being where the obedience of law no matter what, is and will always be the only guidance this people believe in. It has proven wrong in the past when they killed 6 millions inocents and is still now when they should WITH ALL THE OTHERS MEMBERS OF THE EUROZONE have bailout Greeks before the debt crisis spread to other countries. For the third time in recent history germans will commit suicide deeply damaging Europe, this time with their inaction. Suposedly a call from Obama threatening for the SEC to pursue the Deutsch Bank for the same scames as Goldman Sachs, helped the German decision of backing the bailout plan.
- IMF and others Eurozone countries will bailout Greece. IMF shouldn´t bailout Greece. Not because ít´s a finantial arm of the US, but simply because it´s Eurozone fault and they are responsible and sould have to deal with their problem. Germany and all the other eurozone countries can´t simply look the other way. It´s Greece fault no doubt. But they are not the sole responsible. ECB with it´s iresponsible public loaning politic - favouring the germans export of products, bought by iresponsible south european countries on credit - as a share of the actual disaster.
http://www.cato.org/pub_display.php?pub_id=11722
- The austerity measures now implemented by george papandreou are wrong. The treatment will inevitably kill the patient. Three persons were killed yesterday cause some protesters sended molotov Cocktails inside a greek bank. The blood from this three people are on the hands of the greeks, speculators and germans (not that this last two give a f*ck).
From what I´ve been hearing the measures taken by greek governments are even more severe than the ones IMF proposed.
- It seems Obama already created a credit line from the FED to ECB. Again pragmatic americans will have to bailout idiotic Europeans. The question if they have money for it comes to my mind.
- There has to be some kind of regulation against speculators and rating agencies. Sometimes a brake on the selvajary of capitalism must be created. Speculators and rating agencies are not doing good, they´re doing evil. If markets were to exist freely withouth regulation antitrust laws wouldn´t exist.
- Euro will no colapse neither the Eurozone. But big changes will be made. Like Buffet said when they asked him about Euro colapsing "I don´t like horror movies".
- I´m by no means an economist nor I pretend to be one, I´ve been following Greece crisis cause I knew it would hit Portugal and the whole Eurozone.
As for the comparisons between Greece and Argentina, I think there´s some huge differences that must be taken in account, simplistic has it may be seen Greece is in the developed country club which give him more power regarding decisions, Argentina wasn´t. Althogh buying greek houses might be a good moove, I doubt they will have the same levels of profit and keeping in mind that political instability can change conditions.
Ps: BTW miss Roosh insights in his economy posts.
I started to lose interest in your post from the beginning. Quite generic.
I stopped reading when you Godwined it. Not quite so sure what 6 million dead jews have to do with this.