Austerity measures in Greece made things worse..

[Sexyeccentric1]

I knew this was going to happen yet they still tried and it has failed miserably. Instead they stifled the economy, plunging it ever deeper into recession.

They need to make real reforms that encourage investment in the country.

As this old article says pretty much the same thing here:

http://digitaljournal.com/article/319115

Whats really sad is they have so much corruption. They have a very corrupt tax office and corrupt officials who got into office.

[joe bloe]

Merkel cut spending and lowered taxes in Germany. Germany's unemployment rate is 5.6%. Greece trying to stimulate its economy, with more deficit spending, is like an alcholic dying of sclerosis of the liver who continues drinking to ease the pain.

[Fast Gunn]

I think the problem facing Europe is very complex an entrenched problem with many dimensions.

If it was simple, they would have solved it by now.

. . . It can be done as Germany has shown, but the PIIGS just can't seem to wallow out of the debt pigsty!

[joe bloe]

Originally Posted by Fast Gunn

I think the problem facing Europe is very complex an entrenched problem with many dimensions.

If it was simple, they would have solved it by now.

. . . It can be done as Germany has shown, but the PIIGS just can't seem to wallow out of the debt pigsty!

Maggie Thatcher said that socialism always fails because eventually, you run out of other's people's money. Europe's current economic situation was inevitable. We'll end up in the same mess if we don't reduce spending substantially very soon. Paul Ryan says we've got two more years to get control of spending in order to avoid ending up like Greece.

A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.

Alexander Tytler

[Can I Play Too???]

Originally Posted by Sexyeccentric1

I knew this was going to happen yet they still tried and it has failed miserably. Instead they stifled the economy, plunging it ever deeper into recession.

They need to make real reforms that encourage investment in the country.

As this old article says pretty much the same thing here:

http://digitaljournal.com/article/319115

Whats really sad is they have so much corruption. They have a very corrupt tax office and corrupt officials who got into office.

No, the problem is that they have too much debt and that they don't produce anything...sound familiar? Well, it's happening here, too. The only thing that's saved us is the dollar as world reserve currency, because that means that we can export inflation.

Here's something that you can understand, since you said that you're not a fan of reading:
http://www.youtube.com/watch?v=Zvl9N...e_gdata_player
It's so funny but true! Check the comments from the Greeks.

[Fast Gunn]

That is an extremely pessimistic outlook.

I think it is definitely in the US interests to help Europe out of this mess before they drag down the world economy and us with it!

. . . We've been through worse before and hopefully we have learned that it is much easier to stay out of trouble than to dig yourself out of it.

Originally Posted by joe bloe

Maggie Thatcher said that socialism always fails because eventually, you run out of other's people's money. Europe's current economic situation was inevitable. We'll end up in the same mess if we don't reduce spending substantially very soon. Paul Ryan says we've got two more years to get control of spending in order to avoid ending up like Greece.

A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.

Alexander Tytler

[Iaintliein]

Naturally. . . everybody knows that tightening your budget when you're unemployed and hopelessly over your head in debt is the wrong thing to do. . . right?

[i'va biggen]

54% of our GNP is banking

[Can I Play Too???]

Originally Posted by Iaintliein

Naturally. . . everybody knows that tightening your budget when you're unemployed and hopelessly over your head in debt is the wrong thing to do. . . right?

It makes about as much sense as digging yourself out of a hole.

[Sexyeccentric1]

Originally Posted by Can I Play Too???

No, the problem is that they have too much debt and that they don't produce anything...sound familiar? Well, it's happening here, too. The only thing that's saved us is the dollar as world reserve currency, because that means that we can export inflation.

Here's something that you can understand, since you said that you're not a fan of reading:
http://www.youtube.com/watch?v=Zvl9N...e_gdata_player
It's so funny but true! Check the comments from the Greeks.

Huh? Where did you get that I wasn't a fan of readin? lmao..
Thats all I do is read.. jeesh you should see my kindle book collection..lol

Yes I agree we don't create anything of value in this country anymore. Its all about Vulture capitalism now.

I thought this comment from one of the posters was interesting:

"My ancestors' doings are irrelevant to whether my people have to starve in order to pay off a debt they did not create. It's all the fault of the rich, those who have enough capital to control everything in this country, those who rule over me AND you, sir. If you feel like blaming an entire nation for "ruining" your perfect little world, fine. Just don't you dare complain when the banks demand that you give them all you have worked for. The crisis will hit you too, sooner or later."

Yes we have banks that are too damn big and betting with everyones money like no tomorrow. We should break up these banks into smaller ones and stop giving them money at 0% interest.

It is the rich powerful minority that is driving our country in the ground.

[Guest123018-4]

Greece is fucked up. They dont pay their taxes because they do not like them being so high. They are a bunch of dumb asses.
They will be out of the eurozone before long, will start printing their own money, inflation will sky rocket and the people will be even more fucked. Socialism at its best.

[Fast Gunn]

I have a two-part answer for you on this one.

Yes and No.

I would say that your remedy is the only logical answer, but only for individuals and for businesses.

However, does the same remedy apply to countries?

I think the jury is still out on that one.

Countries are the ones who have the power to print money and that is an important distinction.

For temporary periods, countries can run counter to prevailing wisdom.

When business is slow, governments can run deficits to stimulate the economy, but when business is good then countries must build up cash reserves.

. . . To distill an enormously complex economic problem into a nut shell, I would say that Europe did not build up cash reserves when it should have and when the businesses soured, they were unable to provide the necessary financial support that the country needed.

Originally Posted by Iaintliein

Naturally. . . everybody knows that tightening your budget when you're unemployed and hopelessly over your head in debt is the wrong thing to do. . . right?

[IIFFOFRDB]

Greece is our California.

[CuteOldGuy]

Originally Posted by Fast Gunn

When business is slow, governments can run deficits to stimulate the economy, but when business is good then countries must build up cash reserves.

. . . To distill an enormously complex economic problem into a nut shell, I would say that America did not build up cash reserves when it should have and when the businesses soured, they were unable to provide the necessary financial support that the country needed.[/COLOR][/SIZE][/FONT]

Fixed that for ya, FastGoon.

And FastGoon, you said we've been through worse times. I thought GWBush left us in the worst shape ever, and it will take Obama at least 8 years to get us out? Which is it? Or does the severity of the downturn fluctuate with who you are speaking to?

[JD Barleycorn]

You have to love the logic of this thread. 60 years of socialism versus 2 years of austerity that is being combatted every step of the way and they say they "tried" austerity.

Interesting history question; do you know how Sweden escaped the Great Depression?

The answer is that the king ordered all currency brought back to the banks, half was destroyed and the other half was given back in the form of new currency. Yes, the people took a hit but within a half year things had corrected and their new currency was worth close to the full value that they gave up.

That is what world needs and it will be painful for a short time but afterwards it will start to feel better.