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ColoradoCleric posted:I wonder what Greece would have had to do to rack up so much debt where this even becomes an issue. Join the Euro, apparently.
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Jul 29, 2015 19:41
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ColoradoCleric posted:I wonder what Greece would have had to do to rack up so much debt where this even becomes an issue. This isn't an actual response to the point that austerity is a bad policy. The answer to this post is that it requires corrupt politicians willing to assist companies in evading taxes, joining a half-baked currency union, brain drain due to said union, and bankers willing to write absurd loans dye to a lack of banking regulations. All that will manage 154% debt to GDP. After a decade plus of this. Alongside a huge recession. From there, you inplement absurd policies in the name of economic bellyfeels which cause unemployment to soar, intellectuals to flee the state, government initiatives to decay, and erode workers rights. This skyrockets the sebt-to-GDP to 175% in the span of a couple of years, but on the plus side it provides the wealthy a nice going-away gift before they leave for the next tax haven.
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Jul 29, 2015 20:28
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ColoradoCleric posted:I wonder what Greece would have had to do to rack up so much debt where this even becomes an issue. Ah yes, I completely forgot about the sound economic concept of original sin.
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Jul 30, 2015 09:32
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Surely the claim isn't that economic stimulus always works, but just that it usually works? Why can't contextual features of an economy make it a money pit?
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Jul 30, 2015 16:42
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So greece is making their payments now because borrowees are lending them money to pay the borrowers while cutting the economy even further. Is a Grexit a reality at this point just delayed by forced bailouts?
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Jul 31, 2015 21:35
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