Posted on 05/05/2010 4:36:30 PM PDT by The Magical Mischief Tour
ATHENS—Greece's fiscal crisis took a new turn to violence Wednesday when three people died in a firebomb attack amid a paralyzing national strike, while governments from Spain to the U.S. took steps to prevent the widening financial damage from hitting their own economies.
U.S. Treasury officials have been quietly urging their European and International Monetary Fund counterparts to put together a Greek rescue plan more quickly to contain the damage, it emerged Wednesday, as U.S. policy makers worry the continent's problems could undermine a U.S. recovery much as U.S. housing woes hammered Europe in 2008.
In Spain, rival political leaders came together Wednesday with an agreement that aims to shore up shaky savings banks by the end of next month. Investors, meanwhile, are pouring money into bonds of countries seen as less exposed to the crisis, from Russia to Egypt.
(Excerpt) Read more at online.wsj.com ...
It is very simple. Those who have conscripted wealth away from those who earn it and entitle those who don’t now have to face reality. Those who earn won’t and those who won’t get will riot.
Nice freaking mess, Socialists.
Greece has been a mess for decades. There is a really strong communist element in Greece, and it has been riddled with domestic strife since long before the 2nd World War.
What's happening today in Greece I believe foreshadows what is to come in many of the European countries with over-indulgent social programs.
Too many people have become far too accustomed to government largess. It's an unsustainable model.
And in Greece, who gets the bailout dollars? The banksters get the lion’s share, while the political elite pick up the rest.
These are the good ol’ day’s.
Yeah, I was telling an employee the same thing. I told him wait until the cannibalism starts.
Maybe 1 in 3 is a government employee, another third actually works for a living, and the remaining third is on the dole.
Damn.
I’d like more proof that it is real. If so, it’s a bombshell.
I thought the NHS was one of the largest employers in teh world with something like 720,000 employees largely providing lousy health care in filthy hospitals.
They cannot admit they have made a mistake. They will never admit socialism/communism is a failure. Even though the first large nation to embrace it collapsed (Soviet Union) and nations that have only partially embraced socialism are now sitting on total debts close to and over 1 trillion dollars each. These leftist pukes would rather burn bank employees alive then admit they were wrong.
Greece needs to grow its economy aggressively and it cannot do so when it is chained to the Euro and ECB.
So an orderly and rapid exit from the Euro is essential to restore competitiveness. It is possible that a move away from the Euro will result in a run on the banks but it does not have to be so. The government can decide to allow all deposits currently in euros to remain in this currency while introducing a “new drachma” for payments and salaries.
The “new drachma” can be originally set at parity with the euro and allowed to freely move in the markets. It may decline precipitously originally, but if Greece resumes fast growth, it would recover some of its value.
It shouldn't take long.
The crowd you show would be a great excuse to open up on them with something belt-fed-!
I don’t know for sure but it could be the people may not understand the real root cause and just lashing out. We see that in this country sometimes - ignorant populism.
Wow. My thoughts exactly. Hey, at least the guy is honest.
CUE: one more moonbat world leader to JOIN Obama and Geithner and call for global government.
CDS traders are betting the farm against the UK now, along with France.
If you think things got ugly in Greece, just wait.
I don’t say this lightly: This kind of economic destruction could lead to war.
And I mean war in Europe. Civil war. Revolution. War between states.
This could unwind real quick.
Socialism is a drug disorder. Besides getting people hooked, it distorts reality. Goods and services cease to be necessities or luxuries, and become rights to be paid for by others. When the pipeline fails, the addicts go bonkers.
Fact: the US is only a handful - one handful, not two - of years behind Greece in terms of debt to income ratio. Plan accordingly.
I guess you haven't been to Texas lately.
No, these people REALLY do believe this way. They think they DESERVE it. Just like spoiled rotten children. Take away their stuff and they get angry very quick.
There is a silver lining.
THIS TOO SHALL BE TAKEN CARE OF IN THE NEXT REVOLUTION!
The globalist elite banks have thrown the Greek economy in the toilet by design so that they can financially enslave it.
Bingo! I have a sneaking suspicion the Geitner and Soros pimps of the world are not gonna get away with it...
Interesting.
As in much of American and the Western World - the folks - mostly government workers have been tricked into a Ponzi Scheme and cannot believe the fat pensions could not be there...
The same Ponzi Scheme pervade much of out state and local government employee union pension plans — we are sitting on a time bomb...
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