"Rather Cut Off My Arm Than Pay Back What Greece Borrowed".... Varoufukis
- Thread starter Scataphagos
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You sound like Elizabeth Warren. I'm not supporting bailouts of banks or anyone else. All I'm saying is we should tread carefully when we are advocating passing laws that suddenly cut creditors off at the knees. I thought the way Obama ran roughshod over creditors in the GM and Chrysler bankruptcies was very unfair, but it was an omen of his general approach to the law and constitutional limits.
It's not like PR can't go into default on the bonds. Then it becomes a matter of restructuring them or litigation.
this all seems like a cruel banker joke.
as if greece, a sovereign, should worry about paying back an institution which can create euros at will. if the ECB is concerned about their bank investors... which is why they have been nursing this issue along... let make one big greece print. This is fiat currency... its essentially political crony run garbage. Its not like its backed by gold or silver. Its one big banker game and the bankers get to electronically print as much money as they wish. I just hate reading these articles which neglect to mention the money is just a fiat currency.
Greece is a sovereign. if it wishes to default it may.
It can default... raise its maritime shipping rates on a relative bases and and see who comes out on top. If greece were serious about its future perhaps it would tie is currency to something real. their drachma 2 might become the strongest currency in the world. Fiat currencies are not going to work forever anyway... not when greedy politicians, private bankers and the ability to raise income taxes are involved.
The private bankers have overplayed their hand the last two decades. They need to stop this inflation zero interest crap and the crazy govt spending. The system needs a re set so that value and profits go to those who produce... not just the financiers, politicians and cronies.
as if greece, a sovereign, should worry about paying back an institution which can create euros at will. if the ECB is concerned about their bank investors... which is why they have been nursing this issue along... let make one big greece print. This is fiat currency... its essentially political crony run garbage. Its not like its backed by gold or silver. Its one big banker game and the bankers get to electronically print as much money as they wish. I just hate reading these articles which neglect to mention the money is just a fiat currency.
Greece is a sovereign. if it wishes to default it may.
It can default... raise its maritime shipping rates on a relative bases and and see who comes out on top. If greece were serious about its future perhaps it would tie is currency to something real. their drachma 2 might become the strongest currency in the world. Fiat currencies are not going to work forever anyway... not when greedy politicians, private bankers and the ability to raise income taxes are involved.
The private bankers have overplayed their hand the last two decades. They need to stop this inflation zero interest crap and the crazy govt spending. The system needs a re set so that value and profits go to those who produce... not just the financiers, politicians and cronies.
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Good! On the banks, she's been spot on.
You might also want to read into the deal GM creditors got during being "roughshodded".
Greece can be a model for other countries. It owes its main foreign investors over 250 billion– the European Union (EU) and the International Monetary Fund- let alone others.
Their answer " hahahaha, you'll never see a dracma".
So now they can use that huge amount to pay for pensions and all the things greek people want. Its brilliant.
Their answer " hahahaha, you'll never see a dracma".
So now they can use that huge amount to pay for pensions and all the things greek people want. Its brilliant.
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