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  • Fucking Greeks!!

    I don't know how much you guys follow the Greece situation as you all actually have lives to lead, but since I've been banged up the news and this board make up most of my day. It's bad enough that they have been sucking the tits of Europe forever living the leisure ever since they "united", but today THEY ASKED FUCKING RUSSIA TO BAIL THEM OUT!!! Let the fuckers drown.
    "Hey Giants, who's your Daddy?"

  • #2
    Popper, perhaps you can explain to me.....what effect does this have on the U.S.
    http://shop.cafepress.com/content/global/img/spacer.gifOK, let's try this again...

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    • #3
      Originally posted by FRESH View Post
      Popper, perhaps you can explain to me.....what effect does this have on the U.S.
      Well if Greece defaults on their bonds there probably will be all kinds of fallout in Europe, especially German banks as they provide most of the wealth to Europe. All economies are linked now as it's a global economy. I can see the Europeans being totally BS with Greece and telling them to go screw themselves as this is such a stab in the back. If Greece goes bankrupt there definitely will be fallout.
      "Hey Giants, who's your Daddy?"

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      • #4
        I kind of understand, but it's hard for me to connect all of the dots.

        I would think on principal alone, we don't want anyone allying the,selves with Russia..but greece is no threat, weak and a money loser, so what is the danger?
        http://shop.cafepress.com/content/global/img/spacer.gifOK, let's try this again...

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        • #5
          I actually do follow the Greece situation
          Here is a column by Paul Krugman explaining that Greece has been for years trying to meet the EU demands and it has caused them immense pain via unemployment. Austerity is the biggest con brought on by other countries (Germany in this case) and has caused a lot of unnecessary pain all over the world, including here, but we actually had temporary deficit spending in 2008 that made things less worse than it could have been, although it was too little and not long enough

          Let me know what you think after reading this

          Does Greece Need More Austerity?

          June 19, 2015 3:18 pm June 19, 2015 3:18 pm26 Comments



          As many of us have noted, it’s hugely unfair when people claim that Greece has done nothing to adjust. On the contrary, it has imposed incredibly harsh austerity and substantial reforms on other fronts. Yet you might be tempted to argue that the results show that Greece hasn’t done enough — after all, last year it was running only a tiny primary budget surplus (that is, not counting interest), and this year it has slipped back into primary deficit. So more adjustment is needed, right?
          Well, step back for a minute and imagine that we weren’t talking about Greece but about the U.S. or the UK. When we look at our budgets, we normally focus not on the headline budget balance but on the cyclically adjusted balance — an estimate of what it would be at more or less full employment. This helps avoid pressure to pursue procyclical policies that make the economy unstable, and also gives a better idea of the long-run sustainability of the position. And while cyclical adjustment can be controversial, there are standard estimates from third parties like the IMF and the OECD.
          So here’s a picture you probably haven’t seen: the IMF’s estimates of the cyclically adjusted primary balances of eurozone countries in 2014:
          Photo
          Credit
          Greece is, by this measure, the most fiscally responsible, indeed crazily austere, nation in Europe.
          So why is it in fiscal crisis? Because the economy is deeply depressed.
          Suppose that there were a way to end this depression. Then Greece’s fiscal problems would melt away, with no need for further cuts. But is there any way to do that?
          The answer is, not as long as Greece remains in the euro. It can pursue reforms that might make it more competitive, but anyone promising dramatic, quick results has no idea what he is talking about.
          On the other hand, Grexit would produce a rapid improvement in competitiveness, at the cost of possible financial chaos.This is not a route anyone has been willing to go down, but one does have to say that as the crisis worsens it becomes a more plausible outcome.
          The thing to understand, in any case, is that if Grexit does come, fiscal issues will immediately cease to be central to the story. Instead, it will all be about handling bank panic, managing the transition to a new currency, and possibly removing structural obstacles to increased exports (which would very much include tourism).
          In truth, this has never been a fiscal crisis at its root; it has always been a balance of payments crisis that manifests itself in part in budget problems, which have then been pushed onto the center of the stage by ideology.

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          • #6
            A look at what their surplus might be if there were more people employed? If my aunt had a set of nuts, she'd be my uncle. That is not a complete picture either, merely a subset of data. We have plenty of lazy, unemployed people in America too. Sitting In the back of the wagon while Us Horses are pulling our arses off. Might be the case in Greece, too, I don't know, nor do I care. Good luck to them, we have our own problems.

            Regardless, I am asking what effect it would have on the U.S. If this agreement with Russia transpires.
            http://shop.cafepress.com/content/global/img/spacer.gifOK, let's try this again...

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            • #7
              As some of you might remember, the wife and I went to Greece last summer. Here is my take.

              1. Greece is not an advanced westernized economy like other EU nations. It doesn't make cars that other countries want. Or TVs. Or computers. It's 2 primary industries are AG and tourism and even AG is antiquated.

              2. The people are very friendly but that have unreasonable expectations for work life and retirement. Retirement age in Greece with a public pension was around 50. That age is starting to slide to 55 and above. That's just an unreasonable expectation in a country that doesn't have a lot to offer the rest of the world in trade.

              3. The gov is a disorganized mess and apparently always has been. We drove on the attiki tolos I think they called it. Which means the NATIONAL ROAD. So you'd expect this to be a modern freeway and portions of it are modern 4 and 6 lane roads. But huge sections of it are 2 lane and perennially under construction. The locals actually appear to laugh at the inefficient nature of the gov.

              4. Few people are really starving over there... They just bounce along in a low middle class lifestyle. They appear to have plenty of money for cigarettes and Greek coffee. There is a coffee/pastry shop on every corner and they are full of people NOT WORKING. But NOT STARVING either. As I said, they have plenty of money for cigarettes and coffee.

              5. Lastly, the EU on its surface appears to be a good idea until you factor in the nature of these divergent economies. Germany, France and GBR are productive, high tech nations. Greece, Italy, Spain, and Portugal are not as... With Greece being the worst. So over time the debt was rung up. And yes default may sound like a great idea for the Greeks and those other countries I listed but should they go back to the drachma I think the Greeks will be shocked how those drachmas are valued. Try 4000 dollar TVs and 18 dollar a gallon gas.

              The EU will not stand. It can't be saved. Germany will dominate the continent economically. And the other nations will be jealous and potentially so bitter that it leads to violence... Not war... But violence.
              You know Darren if you'd have told me 10 years ago that someday I was going to solve the world's energy problems I'd have said your crazy.... now lets drop this big ball of oil out the window.

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              • #8
                Turning to Russia for help is just an incredible turn of events. The place is so corrupt now they want to be communist too? They already assassinate politicians on a monthly basis so why not?

                As for 2K's article, they might as well add our name to the list. We are already spending $1.4 TRILLION a year more than our government takes in. How long before we are in the same kind of mess that Greece is in?
                "Hey Giants, who's your Daddy?"

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                • #9
                  Hi 60
                  Your 1.4 trillion was the deficit in 2009 and in my view was too low as we needed big spending to get us out of a huge recession.

                  The 2014 deficit was 486 million a much smaller number
                  More importantly it is 2.8% of GDP, which is a better way of analyzing deficits (If Greece had a 486 million deficit it would be huge where ours is not that significant

                  My views are as a fiscal conservative, but there are times you want to run deficits (when you are in a recession) and times you want to run surpluses to cut down the deficits (when times are good). right now with unemployment at 5.5% and growth at about 2%, it is not yet time to switch to a surplus, or raise interest rates, as either of those could throw us back into a recession. There has been no real inflation in 7 years, so no reason to change this position

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                  • #10
                    https://www.cbo.gov/sites/default/fi.../49450-MBR.pdf

                    I meant to include this link to the 2014 deficit

                    Comment


                    • #11
                      Right from the very liberal CBS News

                      Originally posted by eagles2000 View Post
                      Hi 60
                      Your 1.4 trillion was the deficit in 2009 and in my view was too low as we needed big spending to get us out of a huge recession.

                      The 2014 deficit was 486 million a much smaller number
                      More importantly it is 2.8% of GDP, which is a better way of analyzing deficits (If Greece had a 486 million deficit it would be huge where ours is not that significant

                      My views are as a fiscal conservative, but there are times you want to run deficits (when you are in a recession) and times you want to run surpluses to cut down the deficits (when times are good). right now with unemployment at 5.5% and growth at about 2%, it is not yet time to switch to a surplus, or raise interest rates, as either of those could throw us back into a recession. There has been no real inflation in 7 years, so no reason to change this position




                      CBO: Feds Taxing More, Spending More, Running Bigger Deficit in 2015




                      By Terence P. Jeffrey | April 13, 2015 | 1:21 PM EDT



                      (CNSNews.com) - The federal government taxed away more money, spent more money and ran a bigger deficit in the first half of fiscal 2015 than it did in the first half of fiscal 2014, according to the Congressional Budget Office.

                      “The federal government ran a budget deficit of $430 billion for the first half of fiscal year 2015, CBO estimates--$17 billion more than the shortfall recorded in the same span last year,” the CBO said in its Monthly Budget Review for March 2015, which was published April 8. “Both revenues and outlays were about 7 percent higher than the amounts recorded in the first six months of fiscal year 2014."

                      The federal fiscal year begins on Oct. 1 and ends on Sept. 30.


                      ype="node" title="Feds Taxed More, Spent More, Ran Bigger Deficit

                      In the first six months of fiscal 2014, the government took in approximately $1,323,000,000,000 in revenue, according to CBO. In the first six months of this fiscal year, it took in approximately $1,420,000,000,000—an increase of $98,000,000,000.

                      Meanwhile, the federal government spent approximately $1,736,000,000,000 in the first six months of fiscal 2014. It spent approximately $1,851,000,000,000 in the first six months of the fiscal year—an increase of $115,000,000,000 over last year.

                      Last year, the government ran a deficit of $413 billion in the first six months of the fiscal year. This year, it ran a deficit of $430 billion—a $17 billion increase over last year.

                      The biggest source of additional tax revenue for the federal government was the individual income tax. In the first six months of fiscal 2014, Americans paid the federal government approximately $585,000,000,000 in individual income taxes. In the first six months of fiscal 2015, Americans paid $642,000,000,000 in individual income taxes—an increase of $57 billion (or 9.7 percent) from fiscal 2014.


                      ype="node" title="Tax Revenues Up in Fiscal 2015

                      Corporate income tax payments had a higher percentage increase than individual income tax payments—but did not yield as much an increase in actual revenue as the individual income tax.

                      In the first six months of fiscal 2014, businesses paid the federal government approximately $118,000,000,000 in corporate income taxes. In the first six months of fiscal 2015, they paid approximately $133,000,000,000 in corporate income taxes. That was a 12.8 percent increase from 2014, but only an additional $15,000,000,000 in tax revenues.

                      Payroll tax payments increased only 3.7 percent—but brought the federal government $18,000,000,000 in additional revenues, rising from $490,000,000,000 in the first half of fiscal 2014 to $509,000,000,000 in the first half of fiscal 2015.

                      Overall tax revenues increased 7.4 percent from the first half of 2014 to the first half of 2015—with total receipts rising from $1,323,000,000,000 in the first six months of fiscal 2014 to $1,420,000,000,000 in the first six months of fiscal 2015.

                      Despite this windfall in additional tax revenue, the federal government ran a bigger deficit in the first half of this fiscal year because federal spending increased even more than federal tax revenues.

                      Total federal outlays climbed from $1,736,000,000,000 in the first half of fiscal 2014 to $1,851,000,000,000 in the first half of fiscal 2015.

                      The $115,000,000,000 increase in federal spending outpaced the $98,000,000,000 increase in federal taxation to result in a $17,000,000,000 higher deficit ($413,000,000,000 in the first half of fiscal 2014 compared to $430,000,000,000 in the first half of fiscal 2015).

                      Medicaid—which was expanded by Obamacare—was a major force driving increased federal spending.

                      “Outlays for Medicaid rose by $31 billion (or 22 percent), largely because most of the provisions of the Affordable Care Act that led to increased enrollment in Medicaid went into effect in January 2014 and therefore did not affect the program’s spending in the first few months of fiscal year 2014 [which began in October 2013],” said the CBO.

                      Medicare spending (up $23 billion or 9 percent) and Social Security spending (up $19 billion or 4 percent) also saw large increases.
                      "Hey Giants, who's your Daddy?"

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                      • #12
                        60- looks like the Greeks are continuing in their effort to piss you off. I have to say I loved in when I lived there but that is because it was a laid back beach year for me. Hard work didn't seem to be in their philosophy and it looks like it may be catching up with them.
                        Wait until next year is a terrible philosophy
                        Hope is not a strategy
                        RIP

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                        • #13
                          Hey, I don't blame them. If I could get paid for hangin out in the sunshine and sipping on ouzo, that would rock!

                          Unfortunately, I haven't been able to figure out how to work that in with my financial requirements...... I knew I should have married a rich broad.......
                          http://shop.cafepress.com/content/global/img/spacer.gifOK, let's try this again...

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                          • #14
                            or use your billion dollar loan to get a broad and then default on the loan while you and the broad sip ouzo
                            Wait until next year is a terrible philosophy
                            Hope is not a strategy
                            RIP

                            Comment


                            • #15
                              If you truly want to see how fucked up it is, Google the Eurozone map and see some of the countries that are bailing them out! You'll laugh your asses off!
                              "Hey Giants, who's your Daddy?"

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