Germany is the country that has never repaid its debts. It has no standing to lecture other nations
- Thread starter JamesL
- Start date
no kidding. there are some greeks left who may remember their previous bout with hyperinflation one of the worst in history.
"5. Greece 1944
How does 18% inflation – every… single… day – sound? We’re just getting warmed up, but that’s exactly what happened in WWII-era Greece. Their monetary value halved every few days. Greece’s fiscal budget balance went from a sizable surplus on the eve of the war to a deficit three times that size the very next year. The culprit: a dramatic drop in foreign trade thanks to World War II. When Axis powers invaded Greece later that year, things went form bad to worse.
Axis powers forced Greece to support 400,000 Axis soldiers and offer them financial indemnity. That cost Greece a fortune. Of course, occupations are rarely good for business, and national income in Greece plummeted 70% in the early years of the war. As tax revenues evaporated and Greece couldn’t pay its war bills, the country resorted to using its central bank to print the money it needed. The result was one of the worst cases of hyperinflation in history."
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the more dynamic a society the more economic mobility between the rich and the poor,
Pull out? You are already out lol. What else you wanna do? Move your friggin island right in front of Lybia?
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Did I not put you twice on ignore already? Seems this site has some issues with blocking users.
HSBC? Mate in case you are missing something, UK banks are left to be the most exposed among any financial institutions to Greece's bad debt. Maybe cleaning house first might be a higher priority than falling right into the next sinkhole.
HSBC? Mate in case you are missing something, UK banks are left to be the most exposed among any financial institutions to Greece's bad debt. Maybe cleaning house first might be a higher priority than falling right into the next sinkhole.
After facts and figures this thread descended into the typical Nazi and Worldwar 2 accusations against Germany and now we reached a new low point with the educated and wise Visaria arriving. Time for me to check out and let two wise men talk to each other about historical facts and muse about future events.
Should get quite entertaining with one not even knowing who paid what in Europe and the other not knowing anything about European institutions. Dumb and dumber quite literally.
Cheers
Should get quite entertaining with one not even knowing who paid what in Europe and the other not knowing anything about European institutions. Dumb and dumber quite literally.
Cheers
actually this isn't quite accurate. Pikketty had it correct however. Germany received --Wiki says 50%, Piketty says 60%-- debt relief, but in any case not 90%, and Greece was a party to the agreement. Germany was given 30 years (according to Wiki) to repay the banks and governments it owed money to and has fulfilled its obligation under the agreement..
It seems the Gavin Schalliol Translation of the Die Zeit interview at the original link has been taken down. . Here is a link to another copy of Schalliol's translation, posted at zero hedge, that is working for the moment at least. It looks as though zero hedge is not bothered by copyright issues. http://www.zerohedge.com/news/2015-...ebts-it-has-no-standing-lecture-other-nations
this number comes a lot closer to what most likely the amount might have been. But historians agree that the exact sum of the concessions has never been clear because the outstanding debt was not clear either. In any case Germany has fulfilled its obligations. Some might argue that it was unfair that Germany was not forced to repay the full amount, but we should remind ourselves that Germany was spared from becoming a farming state for a purpose and this purpose Germany fulfilled perfectly, not sure whether our British and French neighbors would have lived so safe and comfortable if the Russians had set their front lines right at their garden porches. In the case of Germany it went right through the middle of Berlin and middle of the country. Germany paid a hefty price for its transgression, both financially and via 40 years of division.
Only if you measure it based on material possessions and cost of nice to have conveniences, otherwise no freakin' way.
BTW guys, I'd just like you all to know I have hidden CCTV footage of volpunter responding to this thread in realtime. I invite you to review it: