Economics For Dummies

A Kouros, from the Archaic period. Archaeologi...
Beware Of Greeks Bearing Left

The Greeks played a game of brinkmanship and got a huge debt write-down from it. What did they learn from that? To do more brinkmanship.

So they’re getting a referendum on whether they’ll accept better terms, while we give it away without even a vote in parliament. €700 million to people who should, if they were treated like anyone else in a free market, have simply lost their money.

From this the banks learn that they can lend to people who can’t afford it and still make a profit, because those who did not the make the mistake of borrowing will be forced, by their government, to pay them back.

So what do we learn? That major international banks are our enemy, that the only way to fight them is to threaten the whole European economy, and our government is too supine to do that for us so the people will have to do it themselves.

Yes, some interesting lessons today.

Advertisements

One thought on “Economics For Dummies

  1. Ah, but there were all those German pension funds that directly or indirectly invested their money in Greek debt. Can’t have German pensions getting a haircut. It’s not like they were British pensions or something.

    Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s