The Greeks could start the process of ending it tomorrow if their government chose to begin withdrawing from the Euro. As long as they stay in the Euro, they're ultimately dependent on other countries to give them money (not just due to their debts, but also because Greece is running a deficit even before debt payments).
I was speaking to a Spanish business colleague of mine the other day who recently moved to the US with his family. We both agreed that Spain should abandon the Euro immediately, as in over the weekend, and also both agreed that Spain would in fact not leave the Euro. What's happening in southern Europe is a tragedy.jult52
Why start with austerity? Why doesn't your timeline begin with a government taking on more debt than it can ever possible service or pay back?
JR, what's your point and how does it rebut Freddie's at all? Is it not true that international enforcement of joblessness and humiliation on a nation has a terrible track record? I don't think so. If the scales are now weighing "satisfaction at seeing the ant and the grasshopper play out on a national stage" and Freddie's scenario, does it really matter which year you define to be Act I of this tragedy?
Wasn't meant to rebut anything. It was just a question.
The timeline should begin with the Greek upper and upper middle classes basically not paying any taxes for a generation or two. Certain sectors of the Greek elite are actually exempt from taxes, under the constitution, I believe. People who criticize the Greek state for "borrowing too much money" while failing to criticize the state for failing to enforce tax law are simply running interference for the neoliberal/fascist quasi-junta now looting the country.
Do you read the Post-Keynesian/MMT guys at all, Freddy?
Not sure-- got a link or two?
My hope is that those who tolerate the GD for their own neoliberal purposes have learned their history well. IOW, GD will get the Old Yeller treatment sooner rather than later. Time will tell if my optimism is well-placed.
Freddie - the MMT guys can be found at new economic perspectivesMMT economist Michael Hudson's America’s Deceptive 2012 Fiscal Cliff (a 4 part series) is a must read.As is William Black's The Great Betrayal and The Cynicism of Calling it a Grand BargainYves Smith's Naked Capitalism blog
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