also, Greece just doesn’t collect taxes as they should, we’re all aware of their large black market. Italy has a relatively large black market, but they also have tons of gold, and still, sort of, remain the second largest exporter in Europe, and like Malta, the people hold a large amount of cash on hand. But, because of their collective chaos, the City and Wall Street are only so effective with the financial terrorism and, more importantly, their debt is or at least was, mostly sovereign, which is kinda key.
I appreciate the sentiment but I do think its important to understand the difference between Iceland, Ireland and Greece. Iceland never reneged on its sovereign debt, its 3 private banks were dealt with and they could move on, because of their free floating currency, which was great. And the fact they have 300,000 residents, which lends ot manageability. We should all applaud what they were able to do, again, with 300,000….
Greece cooked the books, or shall we say, Goldman Sachs recommended ways in which they could cook the books to get into the EU. They never had the fundamentals and should never have become a member. Its well documented what happened and universally understood and now, a great Greek tragedy, as we all know. Few of the other member states can imitate German’s economic model produce/save/thrive, the Greek government blew the money, gave away tons of cash and now they have to pay some of that back. Their government decided their officials could retire at 40 and they can’t afford that, no one can.
With Ireland, it was private irresponsibility at public expense, inadequately supervised the government. Because they’re part of the euro they couldn’t necessarily do what Iceland did.
Its complicated but Germany does, in fact, have little choice and it is, truly, a clusterfuck. But I wouldn’t put it all on Merkel. The Germans take the long view, that’s why they can halve their military by billions, impose all kinds of budgetary restraints on the people and the people ‘accept that’. As long as they keep producing and exporting and paying taxes.
We’re not going to find any economists that agree but none of them can truly address this global market, which is mostly led by financial terrorism led by Wall Street and The City of London; both of which are rife with corruption and have absolutely no oversite, ESPECIALLY the City.
I can assure you, after living in several european countries, banking in all of them and traveling extensively through all of europe, north, south, east and west, very few europeans have issue with the Germans taking care of their money. I live in Prague now and they are keeping their distance for all the right reasons, but they very much are part of the EU ‘experiment’ and mostly happy about that fact.
It is a horrific time, for ALL of us, in very special ways depending on our own predicament, but let’s ‘get’ precisely why Greece is in the predicament it is now in. Places in southern Europe like Malta, which I know well, a country that received full membership into the EU is doing just fine, why? because their banking and their economy is very, very conservative. and that does help.
Just a perception….
As usual, you’re absolutely correct, we’ve de-industrialized our nation. Most of the good jobs have been outsourced, offshored, I wouldn’t even think of getting a project at Microsoft, closed down my us co a coupla months ago.
There is no longer a left-right paradigm, some might even argue, other than your valiant attempts Signora Hamsher, our ‘left’ went away with communism…funny how here in parts of Italy, communism works well, like in Bologna and other areas, it’s not a dirty word. Italy, unlike the other major exporting countries, owe nothing to the global banks, which is pretty interesting….and it also knows how to play well with Brazil and others….we, US, can no longer dictate, especially as many parts of the world are quietly dismissing out power, that’s why we don’t notice it, but it’s happending….