http://news.yahoo.com/s/ap/20100505/ap_on_bi_ge/eu_greece_financial_crisis

Horrible news.

Beautiful, historic country (was there for only 2 days), strange attitudes from the population. We'd move to many other countries if the opportunity presented itself, Greece isn't one of them.

Babies can get quite angry when you pull them off the teet.

Yea, absolutely terrible there at the moment. Erupting into chaos.

This has the potential to radically transform the EU. It will be very interesting to see the economies and leaders of the other EU countries respond.

Greece never should have been allowed in the EU in the first place.

Where would you rather live right now, Greece or Detroit?

Welcome to America circa 2015 or so. After Goldman and their cohorts get done taking out the PIGS (Portugal, Italy, Greece, Spain) they will have their sites set squarely on the U.S.

I was in Detroit last weekend, would much rather be there.

^^^

Yeah, Detroit isn't THAT bad, Greece is an odd country...it has unbelievable wealth on the high end (sort of like Mexico), practically no system in place to enforce any type of government funding, and a coddled workforce (to the extent they actually work). The short time I was there I had to pay cash for everything, even for the somewhat upscale hotel. Not a good indication of their attention to abiding by laws.

No one is getting the point here. The IMf has forcibly told Greece that that must have a maximum of 3% annual debt ratio to their GDP. Greece, just as America, has exceeded this amount. America's annual deficit is about 6% in relation to the GDP this fiscal year. Think about THAT for a second.

The message is clear. Deficits accrued have accountability factors. What would Americans do if the IMF forced the US into compliance? Where would the 800 billion in cuts come from? If any of the social nets in place were drastically cut, then you can bet your ass that Americans would have riots 10told the severity that Greece has today.

Folks...don't think this can't happen here. Because it can. Fortunately for the US, the IMF gives us more latitude than they do smaller countries. But once the financial shit hits the proverbial fan, all hell can and will break loose.

Footwedge wrote:Folks...don't think this can't happen here. Because it can. Fortunately for the US, the IMF gives us more latitude than they do smaller countries. But once the financial shit hits the proverbial fan, all hell can and will break loose.

Sounds like the kind of stuff that can initiate...oh I dunno...a war?

It's like looking into a mirror that shows 10 years into the future.

Example of Socialism Hope and Change

Greece is a domino that is toppling others quickly and the US is not devoid of impact

http://online.wsj.com/article/SB10001424052748703322204575226610969485910.html?mod=WSJ_World_LEFTSecondNews

So much more involved in there collapse than just socialism...

Actually, socialism is pretty much the main reason for it. Government owned or backed companies are never as efficient as private companies, so when they lose money (and they lose lots of money) the government has to raise taxes or borrow to make up the difference.

http://online.wsj.com/article/SB10001424052702303828304575179921909783864.html

I don't think socialism is completely to blame, given what has been going on there, the place was destined to fall apart regardless of what economic model they were using...

Hell, Germany has a much more socialist economic system than Greece and they're the ones who are shouldering a lot of the burden to keep Greece afloat, and experienced solid growth this past year...

Hell, they couldn't even collect taxes properly. And that had nothing to do with socialism, it had to do with the culture that has pervaded the society for a long, long time.

Way too easy to just say, "look look socialism failed it is that simple blah blah blah." Greece is a unique situation, and has been doomed for quite some time. Like i said, regardless of the economic model, they were in trouble.

*Sorry, link i posted is only for subscribers, i subscribe so didn't even notice.*

Cleveland Buck wrote: Actually, socialism is pretty much the main reason for it. Government owned or backed companies are never as efficient as private companies, so when they lose money (and they lose lots of money) the government has to raise taxes or borrow to make up the difference.

BINGO.

And yet I keep hearing the liberal drivel about how we're the only industrialized nation that doesn't have this or that or that ..........

There is damn good reason not to have this or that or that ....... or socialized medicine, or 30 hour work weeks, or the entire month of August as holiday and on and on and on ..................... NOTHING IS FREE.

cbus4life wrote:Hell, Germany has a much more socialist economic system than Greece and they're the ones who are shouldering a lot of the burden to keep Greece afloat, and experienced solid growth this past year...

I know a few Germans who are not happy with their place in the EU and how much they have to pay to support all the slackers.

Well the Dow is currently down 900 points

Damn......We are all screwed. lol.

Computer glitch apparently.... only still 400

Glitch? That is one big ass glitch. That is almost Y2K material lol.

Now it's plummeting again, down 500

Supposedly Protor and Gamble was down $45 when the market was down "1000"

Minus 467 ........................ and the radicals in DC want us to be more 'europeanized' ........

http://finance.yahoo.com/news/Stocks-extend-plunge-on-apf-892184148.html?x=0