Greek debt

[Doggy Styles]

"As I understand it, this is the situation we are in:

The next 20 years will be nothing like the last 50, which have seen an ever-increasing level of wealth and prosperity in the capitalist West."

At least HMG have kicked off those 20 years in the UK by starting to do something about it.

Which I'd have thought is better than putting it off and making it worse.

It's a pity that the EU doesn't give the same lead, instead of trying to up their (unauditable) budget by 9% next year.

[Mason Boyne]

One thing is for certain, there's someone out there make f*qloads of money on this. I don't mean DimPrawn either, think DimPrawn * DimPrawn * DimPrawn * DimPrawn.

They're ******* about with countries and it will end in tears.

[Jog On]

If 3 go down, wouldn't that bring the others tumbling after? The premise being that richer economies borrow money at say 3% and lend to poorer ones at say 8% or so and rising, which is a neat trick if you can get away with it, and in the case of defaults, not only don't the richer economies get their loovely interest payments, but their original money is gone and they still have to pay back their own debt, perhaps with increased interest rates too.

Makes sense. perhaps the EURO will fall apart as well - we'll have to wait and see.

[Mason Boyne]

I wonder how this is all going to pan out and when.

I for one welcome our ... Overlords!

[TimberWolf]

Don't know but I shall be following whatever traends are in place whatever direction they go in.

If 3 go down, wouldn't that bring the others tumbling after? The premise being that richer economies borrow money at say 3% and lend to poorer ones at say 8% or so and rising, which is a neat trick if you can get away with it, and in the case of defaults, not only don't the richer economies get their loovely interest payments, but their original money is gone and they still have to pay back their own debt, perhaps with increased interest rates too.

[Jog On]

I wonder how this is all going to pan out and when.

Don't know but I shall be following whatever traends are in place whatever direction they go in.

[TimberWolf]

I wonder how this is all going to pan out and when.

[Jog On]

I heard an unofficial and very speculative rumour about 3 EU economies defaulting within next 12-16 months anjd 1 large asian economy..#

Just remember you can make money when markets go down as well as up folks.

[BlasterBates]

The wider picture:

Hedge Funds Move Past Greece With Bets on Wider Debt Crisis - Bloomberg

Perhaps we should add the US in there as well.

[scooterscot]

And before anyone becomes all judgemental about other countries...

Greece blasts ratings agency 'madness' as Portugal downgraded to 'junk'

Regardless of whatever the currency, single, our own we can print, regardless of all that when the curtains fall the economies that progress will be the ones that have something to offer the world. It's not rocket science.

The quote sums it up for me:

I am astonished that the markets are at the height they are anyway.

I know a number of bankers, and I can safely say that not one of them understands the position we, or the entire Western economy is in.

They seem to be "mentally challenged" when it comes to seeing the bigger picture. This is presumably why their insular and anal mentality enables them to sift through hundreds of pages of figures and legalese thatat would drive most people to suicide.

As I understand it, this is the situation we are in:

The next 20 years will be nothing like the last 50, which have seen
an ever-increasing level of wealth and prosperity in the capitalist
West.

Our manufacturing economies have given way to consumer economies based around spiralling house prices, huge personal debt, huge government debt, and Banksters making their golden-crumbs on a massive, debt-fuelled, fractional-reserve mega- geared Ponzi scheme.

The ultimate tragedy here is that the bankers debts are now being
channeled onto the shoulders of an ever-decreasing demographic tax base, which also has to support an ever-growing welfare dependency. This scenario is simply unworkable.

Economically, we are absolutely and completely screwed. This is not just an occasional economic crisis, this is the end of the Capitalist West.

[scooterscot]

...is tiny compared to Italy's

And both of them put together are tiny compared to.....guess who?!!

[OwlHoot]

Fingers crossed.

[BlasterBates]

...is tiny compared to Italy's

Could Italy Be the Next European Domino?: Simon Johnson - Bloomberg

Is Italy going to bring everything crashing down?