1 trillion to greece

#1
J

joevol320

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#1
does it really matter how much money greece gets? if they don't change anything, they'll use that money up in no time.

why don't we just give them 10 or 20 trillion?

who is going to bail us out when we go bankrupt due to our deficites.
 
#7
#7
So basically, the country went under? Or is about to?

Heard on MSNBC(yea, yea, I know) from Erin Burnett that Greece could pull out of the EU if things got too bad.
 
#8
#8
nickknx865 said:
So basically, the country went under? Or is about to?

Heard on MSNBC(yea, yea, I know) from Erin Burnett that Greece could pull out of the EU if things got too bad.
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EU has issues coming. Eventually these nations will depart in a big way with group policy. The EU is essentially Germany and a bunch of huge debt ridden socialists.
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#9
#9
joevol320 said:
does it really matter how much money greece gets? if they don't change anything, they'll use that money up in no time.

why don't we just give them 10 or 20 trillion?

who is going to bail us out when we go bankrupt due to our deficites.
Click to expand...

Is that Spanish? I'm going to need to see your birth certificate.
 
#11
#11
BigPapaVol said:
EU has issues coming. Eventually these nations will depart in a big way with group policy. The EU is essentially Germany and a bunch of huge debt ridden socialists.
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My next question would be, "Where exactly, is the EU going to get a trillion dollars then?"

Is China going to foot a large part of the bill? I'd assume that they would. I'd assume that the US is probably going to giving a few billion as well.

And even if Greece can get it, how exactly would they pay the loan back, if at all?
 
#12
#12
#13
#13
BigPapaVol said:
EU has issues coming. Eventually these nations will depart in a big way with group policy. The EU is essentially Germany and a bunch of huge debt ridden socialists.
Posted via VolNation Mobile
Click to expand...

only real way out of this is to allow greece to leave the EU and default on their debt and/or inflate the way out of the problem with their own currency.

the IMF is in for a big chunk of this and the US funds at least 20% of the IMF currently (personally i think we'll have to fund a lot higher % this time and have funded higher then they admmit in the past), so the US is on the hook for a decent chunk of the total. though probably not anywhere close to over a 1/3.
 
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#14
#14
MG1968 said:
according to Chris Matthews (insert a swoon by LG here), Greece's problems were caused by it's "right-wing" government.

methinks that Matthews is carrying on in Tip's tradition to be completely sauced by 6pm.

Chris Matthews: Greece's Woes the Fault of Right-wing Governance; But Socialists Actually Control the Govt. | NewsBusters.org

he even called the socialist government in Spain "right wing".

what a sponge cake.
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only valid argument is the massive corruption at the highest levels. a recent IMF study showed greece to have the highest bariers to entry for new business of any country in the world. the rich also can regurally bribe their way into paying no taxes.
 
#15
#15
joevol320 said:
America is gonna end up footing most of the bill.
Click to expand...

As we speak:

Latest developements in the Greek socialist government financial failure: (Portugal and Spain are on the brink of financial failure in their socialist experiments as well.)

Federal Reserve opens credit line to Europe

(And who foots the bill to keep the fed in business? We the taxpayers of America.)

The Federal Reserve today opened a program to ship U.S. dollars to Europe in a move to head off a broader financial crisis on the continent.
Click to expand...

Obama working to keep Fed's secrets

..................... an amendment in the U.S. Senate is endangering a plan supported overwhelmingly in the U.S. House that calls for an audit of the Federal Reserve, the private organization that sets interest rates and money policy affecting everyone in the United States.

For decades those decisions have been made behind closed doors,................................

....even though the Federal Reserve "can enter into agreements with foreign central banks and foreign governments," the General Accounting Office "is prohibited from auditing or even seeing these agreements."

"Why should a government-established agency, whose police force has federal law-enforcement powers, and whose notes have legal-tender status in this country, be allowed to enter into agreements with foreign powers and foreign banking institutions with no oversight? Particularly when hundreds of billions of dollars of currency swaps have been announced and implemented, the Fed's negotiations with the European Central Bank, the Bank of International Settlements, and other institutions should face increased scrutiny, most especially because of their significant effect on foreign policy,"

......................a coalition in the House that included 319 members – a majority – who signed on as cosponsors to a plan that would provide for the audits.

The bill was approved in the House, but now in the U.S. Senate, an amendment offered by (socialist party) Sen. Bernie Sanders from Vermont, would create exemptions gutting the audit plan.

The pushback against Paul's proposal originated in the Oval Office, according to reports.

The New York Daily News said the original plan was shot down by the White House because Obama wants to protect the Fed's current levels of privacy.

Paul's plan had earned overwhelming support in the House from its cosponsors. But it then was gutted in committee, and Paul blamed Rep. Mel Watt, D-N.C., the chairman. Watt's congressional district includes Charlotte, headquarters of Bank of America Corp., the biggest U.S. lender.

Further investigation through OpenSecrets.org reveals the largest share of Watt's campaign contributions in the 2008 election cycle came from the finance, insurance and real-estate industries.

The Federal Reserve has, on the one hand, many of the privileges of government agencies, while retaining benefits of private organizations, such as being insulated from Freedom of Information Act requests.
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Another privilege is being tax exempt.

Sixty per cent of the privately owned Federal Reserve system is owned by Europeans, which in an important way makes the outcomes of the Revolutionary war, the War of 1812 and two World Wars rather immaterial.
 
#18
#18
droski said:
only real way out of this is to allow greece to leave the EU and default on their debt and/or inflate the way out of the problem with their own currency.

the IMF is in for a big chunk of this and the US funds at least 20% of the IMF currently (personally i think we'll have to fund a lot higher % this time and have funded higher then they admmit in the past), so the US is on the hook for a decent chunk of the total. though probably not anywhere close to over a 1/3.
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Actually, although we put up about 20% of IMF funds, the lender of last resort to the IMF is the federal reserve and in case of massive financial failure all of it would fall to the fed and we the American taxpayer would be stuck with the bill.

It's a shame what has happened in Greece, when I was last there in the mid '60s they had the only money in the world other than South Africa that was worth face value, in real gold and silver.

You could ride a cab all the way across Athens for 50 cents and get a nice room on most any Greek Isle for 90 cents a day with three home cooked meals furnished.
 
#19
#19
that's my understanding as well and is why i assume htat with this kind of money we'll be on the hook for a lot more than 20%.
 
#20
#20
gsvol said:
Actually, although we put up about 20% of IMF funds, the lender of last resort to the IMF is the federal reserve and in case of massive financial failure all of it would fall to the fed and we the American taxpayer would be stuck with the bill.

It's a shame what has happened in Greece, when I was last there in the mid '60s they had the only money in the world other than South Africa that was worth face value, in real gold and silver.

You could ride a cab all the way across Athens for 50 cents and get a nice room on most any Greek Isle for 90 cents a day with three home cooked meals furnished.
Click to expand...

further proof that socialism, labor unions and Keynesian economics destroys the soul of a country and it's people
 
#21
#21
Originally Posted by IPorange
Are you recycling posts, gs? As your most dedicated reader, I could have sworn I have seen the above before..

Did it make more sense the second time??

You're my star pupil.

Are you taking notes???

If you are going to get your diploma, you'll have to pass the final exam!! :)
 
#22
#22
I wouldn't call me your star pupil, but definitely the student in line for a perfect attendance certificate. We can't all be superstars, after all.

Unless a portion of the exam is creative writing, I'm afraid we both know my answers won't match your key very well on some subjects. :)

If you curve for the class, I got a good chance.
 
#24
#24
this is where the problem comes from:

That pool comes from wealthier countries with "useable resources," with the typical arrangement for the US being higher than the 17 percent for the quota share.

Now i doubt france and germany will be a ok paying their 27% (around what they are paying currently) since htey are already on the hook for the majority of the rest of the loan. So who is going to make that up? is the UK massively in debt going to pay their full 12+%? the only way we know for sure is if the pool is need and hopefully it wont be, but i don't for a second believe we will be limted to 17%.
 
#25
#25
droski said:
this is where the problem comes from:

That pool comes from wealthier countries with "useable resources," with the typical arrangement for the US being higher than the 17 percent for the quota share.

Now i doubt france and germany will be a ok paying their 27% (around what they are paying currently) since htey are already on the hook for the majority of the rest of the loan. So who is going to make that up? is the UK massively in debt going to pay their full 12+%? the only way we know for sure is if the pool is need and hopefully it wont be, but i don't for a second believe we will be limted to 17%.
Click to expand...

We won't be stepping into the breach in a big way just to ease the pain on the EU.
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