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Greece and why they have no money!
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swinewho



Joined: 17 Aug 2009

PostPosted: Sun Feb 19, 2012 9:25 pm    Post subject: Greece and why they have no money! Reply with quote

http://www.channel4.com/programmes/go-greek-for-a-week/episode-guide/series-1/episode-1

You can get the episode from the usual sources....

Quote:
Three British families try out the tax, pensions and work practices that caused Greece's economic crisis and brought on the austerity measures aimed at cutting the deficit and qualifying for EU bailouts.

A 54-year-old British hairdresser discovers the generosity of the Greek pensions system, which still allows hairdressers, pastry chefs, radio continuity announcers and people in almost 600 other jobs to retire aged 53 at 90% of the final pension because their jobs are defined as hazardous.

A bus driver reaps the rewards of the Greek approach to state-run services, where bus drivers could be paid up to almost double the national average salary and receive extra bonuses for arriving at work early and for checking bus tickets.

And a British surgeon is delighted to discover how paying income tax the Greek way will transform his disposable income.

The personal experiences of the three main characters are supported by expert interviews that establish the patterns of tax evasion, corruption and mismanagement that have helped to sink the Greek economy.

http://www.channel4.com/programmes/go-greek-for-a-week/episode-guide/series-1/episode-1
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comm



Joined: 22 Jun 2010

PostPosted: Sun Feb 19, 2012 9:56 pm    Post subject: Reply with quote

Here's the problem:
The general population were told by their politicians that they could have all of these things AND a sustainable budget. I sincerely doubt that other Europeans would turn down such an offer. As with all deficit spending, politicians were buying votes from major financial institutions which had a vested interest in a high sovereign debt AND the destruction of smaller institutions which would accompany a collapse.

Having been promised a significant pension, citizens likely had little if any savings to live on during retirement and are now doomed to fail with the State. Rather than joke about how gullible the Greeks must have been to vote for lying politicians like this one, we should examine the effects of pairing social programs with deficit spending. Such an arrangement invites politicians to provide services without raising taxes, buying votes at the cost of their nation's future.
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The Floating World



Joined: 01 Oct 2011
Location: Here

PostPosted: Sun Feb 19, 2012 10:55 pm    Post subject: Reply with quote

Hee hee, if you said to my Dad and his mate's you were 'going Greek' for a week, you wouldn't half get some funny looks.
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Died By Bear



Joined: 13 Jul 2010
Location: On the big lake they call Gitche Gumee

PostPosted: Mon Feb 20, 2012 2:52 am    Post subject: Reply with quote

There was a pretty good (streaming) show on This American Life about Greece and it's people and why they all ran out to buy a Mercedes and a 2nd home when the Euro came to town. "It was like a manna from heaven' ... said the chemist that was being interviewed.

Airports that were never built, lakes that were never there but needed saving, companies that were only real on paper, you name it - they pulled it. You have to look at the Greek mindset and then look at the Germans. The Greeks could never in a million years be anything like the Germans. Never. They should have never been allowed in the EU to begin with.
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The Floating World



Joined: 01 Oct 2011
Location: Here

PostPosted: Mon Feb 20, 2012 4:43 am    Post subject: Reply with quote

Died By Bear wrote:
There was a pretty good (streaming) show on This American Life about Greece and it's people and why they all ran out to buy a Mercedes and a 2nd home when the Euro came to town. "It was like a manna from heaven' ... said the chemist that was being interviewed.

Airports that were never built, lakes that were never there but needed saving, companies that were only real on paper, you name it - they pulled it. You have to look at the Greek mindset and then look at the Germans. The Greeks could never in a million years be anything like the Germans. Never. They should have never been allowed in the EU to begin with.


Hey, do you have a link, I'd like to see that.
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Died By Bear



Joined: 13 Jul 2010
Location: On the big lake they call Gitche Gumee

PostPosted: Mon Feb 20, 2012 8:52 am    Post subject: Reply with quote

http://www.thisamericanlife.org/radio-archives/2012


A friend of mine is working in Greece. He speaks the language, married a Greek prof. He said that the Greek people are saying that the Germans OWE THEM from WW2 and that's why they don't need to pay them back. Now that's second hand info, so don't take my word for it. Smile

Apparently, they even borrowed Euros to prep for the Olympics. At least they got a subway though, eh?

Very emotional people.
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Captain Corea



Joined: 28 Feb 2005
Location: Seoul

PostPosted: Mon Feb 20, 2012 11:41 am    Post subject: Reply with quote

Thanks a lot for that link. I'm interested in seeing more of this sort.
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Kuros



Joined: 27 Apr 2004

PostPosted: Thu Mar 08, 2012 7:32 am    Post subject: Reply with quote

The 51% Tragedy: A Majority of Young Greek Workers Are Now Unemployed

Quote:
The youth unemployment rate in Germany, the Netherlands, and Austria is between 8 and 9 percent. The youth unemployment rate in Spain and Greece is between 49 and (as we learned today) 51 percent.

Remember two things: (1) Things will get worse for Greece's economy before they get better, and (2) Unemployment is a lagging indicator, which means that things will get worse for Greek unemployment even after the economy gets better, which is scheduled to happen after the economy gets worse.
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visitorq



Joined: 11 Jan 2008

PostPosted: Thu Mar 08, 2012 1:25 pm    Post subject: Reply with quote

Kuros wrote:
The 51% Tragedy: A Majority of Young Greek Workers Are Now Unemployed

Quote:
The youth unemployment rate in Germany, the Netherlands, and Austria is between 8 and 9 percent. The youth unemployment rate in Spain and Greece is between 49 and (as we learned today) 51 percent.

Remember two things: (1) Things will get worse for Greece's economy before they get better, and (2) Unemployment is a lagging indicator, which means that things will get worse for Greek unemployment even after the economy gets better, which is scheduled to happen after the economy gets worse.

I'm actually quite surprised to read the youth unemployment rate is that low in Germany...

According to the US Bureau of Labor:
Quote:
The labor force participation rate for all youth--the proportion of the population 16 to 24 years old working or looking for work--was 59.5 percent in July, the lowest July rate on record. The July 2011 rate was down by 1.0 percentage point from July 2010 and was 18.0 percentage points below the peak for that month in 1989 (77.5 percent).
http://bls.gov/news.release/youth.nr0.htm

and:
Quote:
according to a recent Pew Research Center study, nearly 40% of 18-29 year olds have been unemployed or underemployed since December 2007.

"Youth unemployment is a crisis-level epidemic. Millions of college students can't even get their foot in the door," said Scott Gerber author of "Never Get a Real Job: How to Dump Your Boss, Build a Business, and Not Go Broke."
http://money.cnn.com/2010/12/08/pf/laid_off_twice/

That's pretty dismal. I believe Euro-zone overall has similar statistics.
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johnnyenglishteacher2



Joined: 03 Dec 2010

PostPosted: Thu Mar 08, 2012 3:47 pm    Post subject: Reply with quote

visitorq wrote:
I'm actually quite surprised to read the youth unemployment rate is that low in Germany...


Seeing as the Germans don't graduate from university until they're about 45 it's not particularly surprising to me.
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Fox



Joined: 04 Mar 2009

PostPosted: Thu Mar 08, 2012 8:29 pm    Post subject: Reply with quote

Died By Bear wrote:
http://www.thisamericanlife.org/radio-archives/2012


A friend of mine is working in Greece. He speaks the language, married a Greek prof. He said that the Greek people are saying that the Germans OWE THEM from WW2 and that's why they don't need to pay them back. Now that's second hand info, so don't take my word for it. Smile


The Greek people are right in that regard.

Economic Historian: 'Germany Was Biggest Debt Transgressor of 20th Century'.

Needless to say, having to listen to German citizens bellyache about the notion of bailing out Greece is a total joke. Pure hypocrisy.
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Kuros



Joined: 27 Apr 2004

PostPosted: Thu Mar 08, 2012 8:43 pm    Post subject: Reply with quote

Fox wrote:
Died By Bear wrote:
http://www.thisamericanlife.org/radio-archives/2012


A friend of mine is working in Greece. He speaks the language, married a Greek prof. He said that the Greek people are saying that the Germans OWE THEM from WW2 and that's why they don't need to pay them back. Now that's second hand info, so don't take my word for it. Smile


The Greek people are right in that regard.

Economic Historian: 'Germany Was Biggest Debt Transgressor of 20th Century'.

Needless to say, having to listen to German citizens bellyache about the notion of bailing out Greece is a total joke. Pure hypocrisy.


Yaaaaaaaaaaaayyyyyyyy!

Um, I'm not excited about Germany's transgressions here.
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thrylos



Joined: 10 Jun 2008

PostPosted: Thu Mar 22, 2012 1:54 am    Post subject: Reply with quote

Here's a pretty decent opinion, from a historical point of view:

Former Wall Street analyst, Michael Hudson: research professor of economics at University of Missouri;

'From the vantage point of the Irish and Greek populations (perhaps soon to be joined by those of Portugal and Spain), national parliamentary governments are to be mobilized to impose the terms of national surrender to financial planners. One almost can say that the ideal is to reduce parliaments to local puppet regimes serving the cosmopolitan financial class by using debt leverage to carve up what is left of the public domain that used to be called �the commons.� As such, we now are entering a post-medieval world of enclosures � an Enclosure Movement driven by financial law that overrides public and common law, against the common good.'

Their predations will affect us all in due time.
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ontheway



Joined: 24 Aug 2005
Location: Somewhere under the rainbow...

PostPosted: Thu Mar 22, 2012 6:52 am    Post subject: Reply with quote

thrylos wrote:
Here's a pretty decent opinion, from a historical point of view:

Former Wall Street analyst, Michael Hudson: research professor of economics at University of Missouri;

'From the vantage point of the Irish and Greek populations (perhaps soon to be joined by those of Portugal and Spain), national parliamentary governments are to be mobilized to impose the terms of national surrender to financial planners. One almost can say that the ideal is to reduce parliaments to local puppet regimes serving the cosmopolitan financial class by using debt leverage to carve up what is left of the public domain that used to be called �the commons.� As such, we now are entering a post-medieval world of enclosures � an Enclosure Movement driven by financial law that overrides public and common law, against the common good.'

Their predations will affect us all in due time.


^ More silly nonsense. ^



The truth is this:

Socialism always fails. Socialist governments spend beyond their means, tax, borrow, inflate and debase their currencies, borrow beyond their means, destroy the economies of their nations, destroy their currencies, collapse and fail. Then they are replaced, usually by other socialist governments that begin the cycle again.


To maintain liberty and maintain a strong growing economy we must abolish socialism:

Governments must be prohibited from taxing or taking property or income, prohibited from borrowing, prohibited from issuing currency not backed by gold, prohibited from conscripting or commanding the service or labor of their citizens for any purpose, prohibited from requiring citizens to buy, purchase, enroll or participate in any program, public or private.

The government as a whole, at all levels combined, should be limited to a 10% consumption tax on the sale of newly produced goods and services (sales tax or VAT) that would be applied evenly on all goods and services across the board and paid by all. The single tax would be capped by the constitution at 10% or less, and the government would be required to live within its revenues at all times - The government could save funds to be used at a future date, but must never be allowed to borrow.
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thrylos



Joined: 10 Jun 2008

PostPosted: Thu Mar 22, 2012 3:21 pm    Post subject: Reply with quote

^^ Your problem in this case is that it wasn't ONLY the 'socialists' who did this...(in name only after 1985/6, when Andreas Papandreou --Father of the most recent PM-- gave up on nationalizations and a 'socialist' agenda to become a social democrat in the Western European sense of the word, not the 'revolutionary' kind)

The "conservatives" (New Democracy) were the ones in power in early 2000's, when the euro came into effect. They were the ones that hired(colluded with??) Goldman Sachs to 'cook the books' to show that Greece's deficit was below the necessary threshold to join the Euro.

Europe IS NOT the US...Your Paul-ian response is good for the US, but take another page out of Ron's book and don't try to export his ideology abroad-- apples and oranges. I still think the economist's quote is accurate-- in Greece's case, this 'enclosure' happened during the conservatives' watch, in early 2000's....It's only just now that the 'new owners' have returned and have started fencing off their 'new' properties....
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