World War Greece Defaults to IMF

[Wrathbringer]

http://money.cnn.com/2015/06/30/news/economy/greece-imf-default/

Watch carefully. Trade your worthless paper for anything else of value while you still can, America. It's coming.

[Tgo01]

Why don't they just kick Greece out of the Euro already? What a joke the EU has become.

But that's what you get for trying to top the US, am I right?!

USA! USA! USA!

[Warriorbird]

Obviously we should immediately listen to talk radio and buy gold!

https://www.goldline.com/

[Parkbandit]

This is what happens when you run out of other people's money to spend.

The reality of socialism.

[Whirlin]

Yes... when the going gets tough, kick em out!


As a point of reference, top 10 states most dependent on federal funding:
Maine
South Dakota
Louisiana
Arizona
West Virginia
Montana
Alabama
Kentucky
Mississippi

[Tgo01]

My bad, I meant the Euro.

Time to cut them off. Viva la Greece!

[Wrathbringer]

Obviously we should immediately listen to talk radio and buy gold!

https://www.goldline.com/

You have the economic sense of a tightly coiled pile, wb. I don't recommend getting rid of all your dollars, though. You're obviously going to need something to wipe with when toilet paper runs out.

[Fallen]

They should buy Bitcoin. What could go wrong??

[Androidpk]

Why don't they just kick Greece out of the Euro already? What a joke the EU has become.

But that's what you get for trying to top the US, am I right?!

USA! USA! USA!

Because Russia.

[tyrant-201]

Yes... when the going gets tough, kick em out!


As a point of reference, top 10 states most dependent on federal funding:
Maine
South Dakota
Louisiana
Arizona
West Virginia
Montana
Alabama
Kentucky
Mississippi

Damn blue states

[Kembal]

Why don't they just kick Greece out of the Euro already? What a joke the EU has become.

But that's what you get for trying to top the US, am I right?!

USA! USA! USA!

As pk said, Greece would immediately go to Russia to get money, and it'd probably fracture NATO. But yes, the Euro should've never happened to begin with.

[Candor]

http://money.cnn.com/2015/06/30/news/economy/greece-imf-default/

Watch carefully. Trade your worthless paper for anything else of value while you still can, America. It's coming.

Is is possible that you are overreacting a little? Just a tiny bit?

[Parkbandit]

Greece will come to their senses, realize they are fucked without some meaningful fiscal changes and accept the bailout deal.

[Wrathbringer]

Is is possible that you are overreacting a little? Just a tiny bit?

I'm sure people in greece responded similarly to such warnings a decade ago. Turns out, those doing the warning weren't overreacting, huh. Research fiat currency's average lifespan and what happens when they die, because they all have and our dollar is no different. It's not secret arcane information but people act like it is.

[Back]

The one thing that Nostradamus and all doomsayers share... they were simply wrong.

[Wrathbringer]

The one thing that Nostradamus and all doomsayers share... they were simply wrong.

According to a study of 775 fiat currencies by DollarDaze.org, there is no historical precedence for a fiat currency that has succeeded in holding its value. Twenty percent failed through hyperinflation, 21% were destroyed by war, 12% destroyed by independence, 24% were monetarily reformed, and 23% are still in circulation approaching one of the other outcomes.

The average life expectancy for a fiat currency is 27 years, with the shortest life span being one month. Founded in 1694, the British pound Sterling is the oldest fiat currency in existence. At a ripe old age of 317 years it must be considered a highly successful fiat currency. However, success is relative. The British pound was defined as 12 ounces of silver, so it's worth less than 1/200 or 0.5% of its original value. In other words, the most successful long standing currency in existence has lost 99.5% of its value.

Given the undeniable track record of currencies, it is clear that on a long enough timeline the survival rate of all fiat currencies drops to zero. (http://georgewashington2.blogspot.com/2011/08/average-life-expectancy-for-fiat.html)

[Back]

According to a study of 775 fiat currencies by DollarDaze.org, there is no historical precedence for a fiat currency that has succeeded in holding its value. Twenty percent failed through hyperinflation, 21% were destroyed by war, 12% destroyed by independence, 24% were monetarily reformed, and 23% are still in circulation approaching one of the other outcomes.

The average life expectancy for a fiat currency is 27 years, with the shortest life span being one month. Founded in 1694, the British pound Sterling is the oldest fiat currency in existence. At a ripe old age of 317 years it must be considered a highly successful fiat currency. However, success is relative. The British pound was defined as 12 ounces of silver, so it's worth less than 1/200 or 0.5% of its original value. In other words, the most successful long standing currency in existence has lost 99.5% of its value.

Given the undeniable track record of currencies, it is clear that on a long enough timeline the survival rate of all fiat currencies drops to zero. (http://georgewashington2.blogspot.com/2011/08/average-life-expectancy-for-fiat.html)

Yeah, theoretically. Hypothetically. Calm your tits.

[Parkbandit]

Yeah, theoretically. Hypothetically. Calm your tits.

http://www.hilarioustime.com/images/04/Irritated-wtf-lolcat.jpg

[Latrinsorm]

According to a study of 775 fiat currencies by DollarDaze.org, there is no historical precedence for a fiat currency that has succeeded in holding its value. Twenty percent failed through hyperinflation, 21% were destroyed by war, 12% destroyed by independence, 24% were monetarily reformed, and 23% are still in circulation approaching one of the other outcomes.

The average life expectancy for a fiat currency is 27 years, with the shortest life span being one month. Founded in 1694, the British pound Sterling is the oldest fiat currency in existence. At a ripe old age of 317 years it must be considered a highly successful fiat currency. However, success is relative. The British pound was defined as 12 ounces of silver, so it's worth less than 1/200 or 0.5% of its original value. In other words, the most successful long standing currency in existence has lost 99.5% of its value.

Given the undeniable track record of currencies, it is clear that on a long enough timeline the survival rate of all fiat currencies drops to zero. (http://georgewashington2.blogspot.com/2011/08/average-life-expectancy-for-fiat.html)They don't call it the Industrial Revolution because nothing changed. Note also how the three years since that post has seen inflation rates of 2.1%, 1.5%, and 1.6%.

[Tgo01]

As pk said, Greece would immediately go to Russia to get money, and it'd probably fracture NATO. But yes, the Euro should've never happened to begin with.

Yeah, that's a great ally to keep around.

Greece: Hey, give us money.
Western World: Okay.
Greece: Give us more money.
Western World: Okay, but promise to pay it back.
Greece: Yeah yeah. Sure. Oh by the way, we lied! HAHAHAHAHAH!
Western World: ...
Greece: Hey, give us more money.
Western World: No, seriously, pay your own fucking bills.
Greece: shrug. Hey Russia, give us money.
Russia: ...

If the only reason we continue to support Greece is because we don't want them to get money from Russia then just fucking kick them to the curb already.

[Warriorbird]

They don't call it the Industrial Revolution because nothing changed. Note also how the three years since that post has seen inflation rates of 2.1%, 1.5%, and 1.6%.

DollarDaze.org is the most trustworthy site ever yo.

Buy gold!

[Androidpk]

Yeah, that's a great ally to keep around.

Greece: Hey, give us money.
Western World: Okay.
Greece: Give us more money.
Western World: Okay, but promise to pay it back.
Greece: Yeah yeah. Sure. Oh by the way, we lied! HAHAHAHAHAH!
Western World: ...
Greece: Hey, give us more money.
Western World: No, seriously, pay your own fucking bills.
Greece: shrug. Hey Russia, give us money.
Russia: ...

If the only reason we continue to support Greece is because we don't want them to get money from Russia then just fucking kick them to the curb already.

You would think so but no, it is all about preventing Russia from expanding their naval influence in that part of the world. Similar to why Turkey is a member of NATO.

[Tgo01]

You would think so but no, it is all about preventing Russia from expanding their naval influence in that part of the world. Similar to why Turkey is a member of NATO.

That's fine, let Russia bail out Greece. They're doing wonderfully at the moment.

[Astray]

Y'know, if you decide to give out loans, you should be prepared to break knees.

[Wrathbringer]

They don't call it the Industrial Revolution because nothing changed. Note also how the three years since that post has seen inflation rates of 2.1%, 1.5%, and 1.6%.

The way inflation is calculated is a joke. I prefer the real world gauge of starving people at minimum wage protesting that it's no longer enough every ten years or so as opposed to an imaginary number that the government presents to say it's not really happening. Your mileage may vary.

[Wrathbringer]

DollarDaze.org is the most trustworthy site ever yo.

Buy gold!

When you can't attack the message, attack the messenger. How black of you. Yo.

[Warriorbird]

When you can't attack the message, attack the messenger. How black of you. Yo.

Do you even listen to yourself? My larger point is you're as easily manipulated as all the people you think yourself so superior to. This is an example. That is if you actually believe anything.

Most "end of the world" proclamations are either nuts, trolling, or attempting to sell products. "The world's going to end!" crowd are very easy to sell stuff to. One of my parents neighbors has three different generators for his house.

All of the "this is what you do to deal with the financial armageddon" notions are often highly manipulated nonsense. Hyperinflated gold wouldn't be great if our economy tanks at all.

[Candor]

It looks like the austerity vote in Greece is going to fail by nearly a 2 to 1 landslide.

Yes we want more money. No we won't cut spending to enable us to pay some of our debts.

Hmm sound familiar libbies?

[Androidpk]

It looks like the austerity vote in Greece is going to fail by nearly a 2 to 1 landslide.

Yes we want more money. No we won't cut spending to enable us to pay some of our debts.

Hmm sound familiar libbies?

I don't think it is so black and white.

[Latrinsorm]

It looks like the austerity vote in Greece is going to fail by nearly a 2 to 1 landslide. Yes we want more money. No we won't cut spending to enable us to pay some of our debts. Hmm sound familiar libbies?Do you consider Bill Clinton a liberal?

[Wrathbringer]

Do you consider Bill Clinton a liberal?

7516

[Candor]

Do you consider Bill Clinton a liberal?

We would need a separate topic for this discussion. The bottom line is that I believe he implemented what would generally be viewed as liberal, moderate, and conservative approaches, depending on this issue.

My biggest problem with Bill Clinton is that he seemed to have a problem being truthful. Of course you could say that about a lot of politicians (both liberal and conservative).

[Kembal]

Yeah, that's a great ally to keep around.

Greece: Hey, give us money.
Western World: Okay.
Greece: Give us more money.
Western World: Okay, but promise to pay it back.
Greece: Yeah yeah. Sure. Oh by the way, we lied! HAHAHAHAHAH!
Western World: ...
Greece: Hey, give us more money.
Western World: No, seriously, pay your own fucking bills.
Greece: shrug. Hey Russia, give us money.
Russia: ...

If the only reason we continue to support Greece is because we don't want them to get money from Russia then just fucking kick them to the curb already.

Greece needs debt relief. Doing it 5 years ago would've wiped out a bunch of European banks. Doing it now is entirely possible, since most of the debt is held by governments or quasi-governmental entities. What most people forget is that the money from the initial bailout didn't actually go into the Greek economy. It went right back out to pay off all the banks that held Greek government debt. (mainly French and German banks) That transferred the debt to the IMF and EU institutions.

The IMF has already concluded that the austerity policies being pushed by Germany are unsustainable without debt relief. It's basically now whether Germany wants to accept that fact or still believes in punishing Greece for irresponsible borrowing. You'd think they'd have learned their lesson after getting whacked by the Treaty of Versailles, but it appears not.

[Kembal]

Neg unsigned rep:


Germany ended up making a lot of changes to the Treaty of Versailles in later agreements. As for learning their lesson, there is WWII to consider...

This would've been a good post. Not sure why it was left as rep.

The various changes made to the payment schedule still left Germany with a massive debt that was basically unpayable. (the last set of revisions, the Young Plan, had Germany finish paying reparations by 1988, which was essentially ridiculous.) Certainly, you can argue that the massive weakening of the German economy created the conditions that allowed the Nazis to come to power.

Essentially, you can't whack an economy that badly and not expect something bad to happen on a political basis. The Europeans should be glad that all that happened was that Syriza came to power. What would've happened if Golden Dawn (a neo-Nazi fascist party) had won the election instead? Sending Greece to Russia and threatening the unity of NATO is even worse.