Greece: if austerity doesn't work... Try more austerity! | 287 comments (287 topical, 0 editorial, 0 hidden)

Re: Greece: if austerity doesn't work... (none / 1)

This is all a sick joke.

Economics is politics by other means

by Migeru (migeru at eurotrib dot com) on Tue Jun 14th, 2011 at 01:46:40 AM EST
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Re: Greece: if austerity doesn't work... (none / 1)

And this is Tyler Durden's punchline:

The vote is expected to come in the late morning on Wednesday EDT, so there will be enough time to observe the market's reaction should violence return to Athens.

Economics is politics by other means

by Migeru (migeru at eurotrib dot com) on Tue Jun 14th, 2011 at 02:05:41 AM EST
[ Parent ]

Re: Greece: if austerity doesn't work... (none / 0)

If there is even a vote on the 15th I would rather expect it to come later in the evening, at least after the close of markets in NYC. The tunnel is bizarre enough to be true and would most likely be discussed on blogs. And while the MPs would certainly be advised to have some kind of plan if they plan to vote for more austerity, especially on June 15 and with the square filled with thousands of people, I would expect it would more likely involve a police attack, perhaps supplemented by elements of the military. And, yes, zero hedge is over close to the austerian/libertarian position, which has not kept them from reporting on many aspects of the GFC that have seemed bizarre but turned out to be true. The crowd could be to the tunnel as the frying pan is to the fire. I would not want to go into it under such circumstances, especially given my knees.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Tue Jun 14th, 2011 at 10:28:33 AM EST
[ Parent ]

kunstler agrees (none / 1)

A Distant Sound of Churning - Clusterfuck Nation

From the news this weekend, you'd think the world was in a coma, but I swear I heard ominous bassoon phrases through the night rain... something large groaning out there in the dark. A great churn, coming closer. The world is in a box, tortured with its obsolete ideas about how economies are supposed to run, especially the money part, and the economists are clueless. A case in point: the eminent Vincent Reinhart at the Council of Foreign Relations last week. (Conspiracy theorists just shut your pie-holes):
"There are very few debt defaults... there are a whole lot of restructurings. For most of history, default is something the strong declare on the weak when they lose their patience. And if you're members of the same club, you're less likely to lose your patience. Hence you're less likely to default. Greece is in the club."

The club he refers to - the Euro money club - is less a jolly fraternal lodge than a funeral insurance association. The latest restructuring for Greece he referred to is a cockamamie perpetual rollover with no redemptions allowed, while Greece has to agree to become more like its neighbor, Albania, in lifestyle - that is, like Borat, minus the joie de vivre. There's a third option that Reinhart ignores: the Greek populace can riot in the streets, toss out their government, install some kind of rump leadership and hoist its middle fingers at the Euro management team, opting out of the club. Why this does not occur to Reinhart (and many other vested poobahs) I can't say, despite the fact that there are many places around the world (especially Europe these days) where the natives are obviously getting restless. Besides, it's not lost on the Greek people that they're being asked to go Albanian for the sake of a dozen banks up in Germany, France, and Holland, not their own country's sacred honor.

;)

'The history of public debt is full of irony. It rarely follows our ideas of order and justice.' Thomas Piketty

by melo (melometa4(at)gmail.com) on Fri Jun 17th, 2011 at 10:16:53 AM EST
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Greece: if austerity doesn't work... Try more austerity! | 287 comments (287 topical, 0 editorial, 0 hidden)

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