ECB and Inflation

[Admiral Yi]

Asoka

[Monoriu]

Asoka

I remember his boast that he could break the HK-US dollar peg, just like he broke the pound.  He forgot that unlike the UK, HK has one of the largest foreign exchange reserves in the world.  And we are not a democracy.  We don't have to worry about making the people suffer and losing the next election. 

[Admiral Yi]

I remember his boast that he could break the HK-US dollar peg, just like he broke the pound.  He forgot that unlike the UK, HK has one of the largest foreign exchange reserves in the world.  And we are not a democracy.  We don't have to worry about making the people suffer and losing the next election.

From what I've read he didn't actually launch an attack on the pound, he just made a huge bet on its fall.

Probably his most famous attack was on the ringit.

[The Minsky Moment]

And from this we can reach the conclusion that Germany should have paid Greece's payroll for a couple years?  Forever?

The question not whether they should have paid the payroll but who pays on the bonds used to finance the payroll in the past.  And even that's not an issue anymore  - it was resolved when the ECB and Euro governments bought

Either way, the answer is simple.  Germany should do what is in Germany's interest.  And Germany's interest is having a strong and robust EU.  The EU gave Germany peacefully what it failed to obtain through war: the pre-eminent position in Europe.  The issue isn't "Germany vs. Greece".  The issue is the political fallout for the favored center-right governments in Spain and Portugal vs. the fear of Grexit and all it might imply for the future.   Germany has the power to sway the decision either way but its interests are indirect.

[Admiral Yi]

The question not whether they should have paid the payroll but who pays on the bonds used to finance the payroll in the past.

That's an intriguing question, but it's not the one that naturally arises from your condemnation of cutting public payroll in times of global recession etc, etc. 

If it's not cut someone has to pay for it.  Greek taxpayers were not willing, and even if they had been willing the increase in government revenue would have produced severe contractionary effects as well.

Private lenders were no longer willing to front the money, and even if they had been willing to the result would have been even more unsustainable debt.

So the question remains, who should have paid for these public sector jobs that it was criminally stupid to cut?

[The Minsky Moment]

The condemnation of the cuts is based on the fact that they were done in such a way to depress output and deepen the debt burden further. So I dispute the premise.

[Admiral Yi]

The condemnation of the cuts is based on the fact that they were done in such a way to depress output and deepen the debt burden further. So I dispute the premise.

Meaning there was a way to cut those jobs that wouldn't have depressed output and deepened the debt burden?

[The Brain]

  And Germany's interest is having a strong and robust EU. 

An EU without the soft underbelly of Europe.

[LaCroix]

He's suggesting Ivan has no standing to criticize Greece.

which is damned true, but ivan is probably the most xenophobic poster on this board aside from grallon. so, what are ya gonna do.

[Admiral Yi]

which is damned true, but ivan is probably the most xenophobic poster on this board aside from grallon. so, what are ya gonna do.

Me personally?  I'm going to attempt to address issues and stay away from character assassination.

[LaCroix]

stay away from character assassination.

how was it unjustified?

[Admiral Yi]

how was it unjustified?

How did it affect his point?  If Belgium is niggling on NATO, does that change any objective facts about Greece?  If Belgium doubled its defense budget, would Greece's economy decliine?

[Razgovory]

how was it unjustified?

How did it affect his point?  If Belgium is niggling on NATO, does that change any objective facts about Greece?  If Belgium doubled its defense budget, would Greece's economy decliine?

The Belgian is approaching the Greek problem as a moral problem rather then an economic one.  The spendthrift Greeks need to be punished for their moral transgressions.  Since his country is committing similar evils by letting the US pay the tab for what is suppose to be a collective defense, then crimes of Greece are not unlike those committed by the rest of Europe and his pontification carries much less weight.

[Admiral Yi]

The Belgian is approaching the Greek problem as a moral problem rather then an economic one.  The spendthrift Greeks need to be punished for their moral transgressions.  Since his country is committing similar evils by letting the US pay the tab for what is suppose to be a collective defense, then crimes of Greece are not unlike those committed by the rest of Europe and his pontification carries much less weight.

I see.  So you are performing a public service for the posters who are inclined to accept Ivan's positions because of his lofty (but in your mind, undeserved) moral stature.

You offer up an intriguing proposition, but I'm inclined to think you're trying to assassinate his character because that's what you do with all posters you disagree with.

However, if there are posters out there that count on you to disabuse them of their positive misconceptions, by all means carry on.

[jimmy olsen]

I don't think they're going to make their goal.

Kickstarter Greek Bailout