The Schiff Report: "Merkel Caves on Greece" (video blog)

Euro Pacific Capital ^ | 6-17-11 | Peter Schiff

[bigbob]

Austrian economist Peter Schiff brings you up to date on Eurozone developments - Merkel caves on Greece taking the easy way out politically by agreeing to a bailout that does not put the prime burden on Greek creditors.

He also gives a heads-up on the what he sees as the inevitable coming QE-3...more monetizing of US debt by the Fed.

[bigbob]

Is Greece the first of many?

[nkycincinnatikid]

Sorry the USA was the the first, that is if you don’t count Argentina.................

[bwc2221]

Bad move. They should have let Greece sink/

[bwc2221]

Bad move. They should have let Greece sink.

[PapaNew]

Merkel: “Did I do that”?

[Chode]

she'll be sorry...

[Pan_Yan]

[bigbob]

cool diagram, I gotta ponder that for a while, but it’s thirsty work!

[DaxtonBrown]

I’d buy you a beer to do your pondering, but I think I am one of the debt arrows on that diagram.

[Pan_Yan]

Let’s have fun with the CIA World Factbook:

Greece
GDP $318.1 billion (2010 est.)
public debt 144% of GDP (2010 est.)
GDP growth rate -4.5% (2010 est.)

Portugal
GDP $247 billion (2010 est.)
public debt 83.2% of GDP (2010 est.)
GDP growth rate 1.4% (2010 est.)

Ireland
GDP $172.3 billion (2010 est.)
public debt 94.2% of GDP (2010 est.)
GDP growth rate -1% (2010 est.)

Italy
GDP $1.774 trillion (2010 est.)
public debt 118.1% of GDP (2010 est.)
GDP growth rate 1.3% (2010 est.)

Spain
GDP $1.369 trillion (2010 est.)
public debt 63.4% of GDP (2010 est.)
GDP growth rate -0.1% (2010 est.)

and for even more fun:

United States
GDP $14.66 trillion (2010 est.)
public debt 58.9% of GDP (2010 est.)
note: data cover only what the United States Treasury denotes as “Debt Held by the Public,” which includes all debt instruments issued by the Treasury that are owned by non-US Government entities; the data include Treasury debt held by foreign entities; the data exclude debt issued by individual US states, as well as intra-governmental debt; intra-governmental debt consists of Treasury borrowings from surpluses in the trusts for Federal Social Security, Federal Employees, Hospital Insurance (Medicare and Medicaid), Disability and Unemployment, and several other smaller trusts; if data for intra-government debt were added, “Gross Debt” would increase by about 30% of GDP
GDP growth rate 2.8% (2010 est.)

Japan
GDP $5.459 trillion (2010 est.)
public debt 225.8% of GDP (2010 est.)
GDP growth rate 3.9% (2010 est.)