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In reply to the discussion: Joseph Stiglitz to Greece’s Creditors: Abandon Austerity Or Face Global Fallout [View all]blackspade
(10,056 posts)84. What, austerity or collapse?
The other options require outside help, or withdrawal from the EU.
And why the hostility to democracy?
Perhaps you should read up on Argentina, it does seem like a happening place.
https://en.wikipedia.org/wiki/Economy_of_Argentina
The socio-economic situation in Argentina has been steadily improving. The economy nearly doubled from 2002 to 2011, growing an average of 7.1% annually and around 9% for five consecutive years between 2003 and 2007.[3] Even using higher private inflation estimates, real wages rose by around 72% from their low point in 2003 to 2013.[39] The global recession did affect the economy in 2009, with growth slowing to nearly zero;[3] but high economic growth then resumed, and GDP expanded by around 9% in both 2010 and 2011.[3] Foreign exchange controls, austerity measures, persistent inflation, and downturns in Brazil, Europe, and other important trade partners, contributed to slower growth beginning in 2012, however.[40] Growth averaged just 1.3% from 2012 to 2014.[2]
The Argentine government bond market is based on GDP-linked bonds, and investors, both foreign and domestic, netted record yields amid renewed growth.[41] Argentine debt restructuring offers in 2005 and 2010 resumed payments on the majority of its almost $100 billion in defaulted bonds and other debt from 2001.[42]
And Puerto Rico....You do realize that it is part of the US, not a foreign country?
As for failed leadership, well, that cuts both ways, and thus far only the Greek people are suffering from the "inevitable pain" which has not been delayed at all.
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Joseph Stiglitz to Greece’s Creditors: Abandon Austerity Or Face Global Fallout [View all]
IDemo
Jun 2015
OP
If 'private central banking' is failing, then so is capitalism, as the two are
KingCharlemagne
Jun 2015
#26
EU is a group of capitalist bankers running the economies of all of Europe. Kind of like a small
jwirr
Jun 2015
#57
That's certainly what Breitbart, the National Review, and Bill O'Reilly believe
Nevernose
Jun 2015
#60
You call Stalin's purges and China's great famine capitalist propaganda in other threads
jeff47
Jun 2015
#93
Test for you: exactly how many died in 'Stalin's purges'? With source(s), please - nt
KingCharlemagne
Jun 2015
#95
You're just spouting the same old tired anti-Soviet propaganda without
KingCharlemagne
Jun 2015
#108
According to Alexander Solzhenitsyn it was between 1.6 million and 10 million
riderinthestorm
Jun 2015
#109
Capitalist propaganda? So it didn't happen, millions of people didn't die...
BeanMusical
Jun 2015
#122
"Get away with shirking its debts" - care to elaborate on what that phrase means? - nt
KingCharlemagne
Jun 2015
#127
People are dying in Greece over this fraudulent and mistaken austerity plan.
riderinthestorm
Jun 2015
#17
I don't understand this idea that the greedy bankers want to lose all their money.
randome
Jun 2015
#59
greece is effectively insolvent. we have bankruptcy proceeding for this, not debtors' prisons.
unblock
Jun 2015
#32
Well, that seems to have some merit to it. Not that I understand economics much.
randome
Jun 2015
#35
"Loan" them money, not just give it to them. The U.S. made a profit on much of it, anyways.
randome
Jun 2015
#75
Tariffs were enough to fund a de minimis federal government in the 18th century
geek tragedy
Jun 2015
#49
You would not have to borrow if the banks belonged to the country and were NOT privatized.
fasttense
Jun 2015
#56
The austerity is already creating a depression of that magnitude so what now?
TheKentuckian
Jun 2015
#64
You stated it was a choice. I'm saying both choices seem to have the same results
TheKentuckian
Jun 2015
#89
Maybe it's because Germany was the benificiary of debt reduction and forgiveness themselves?
blackspade
Jun 2015
#69
Yes, so have the finance ministers of the Eurozone countries. Which is why they did the bailouts of
geek tragedy
Jun 2015
#101
Austerity was/is a stupid policy. Loaning a country more money (as a stimulus) to solve a problem of
pampango
Jun 2015
#38
Well I suppose liquidity needed to be injected into the crashed Greek economy
fasttense
Jun 2015
#42
With one side of their mouth the EU nations say tax your shipping corporations and with the other
fasttense
Jun 2015
#61
I think it's pretty clear that the Grexit is the only solution--no sense in staying in a failed
geek tragedy
Jun 2015
#63
EU governments may see Grexit as a security issue, sending Greece into Russian or Turkish orbits.
freshwest
Jun 2015
#82
No, I wasn't suggestng a war would take place between them again. But in their sphere of influence,
freshwest
Jun 2015
#96