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July 6th, 2015, 08:38 PM
#31
Originally Posted by
Oddmott
Nations are forced to borrow - this is an irrefutable reality of the world we live in.
Banks work with nations when they like, or bury then when they like. Greece isn't the first and won't be the last. There have been plenty of worse off nations that have been propped up by lenders in the past, and better off nations that were forced into ruin.
Warlords, kings, emporors, prime ministers and presidents have had their time at rule. Now, we are ruled by business and business is ruled by banks.
I'd like to see the list of debt free nations you lads think Greece should have been mimicing.
It would be an easier question to ask which other nation is now bankrupt and insolvent. There's only one answer to that----Greece. Blaming the banks or other nations for Greece's problems is like blaming Col.Sanders cuz you got fat.
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July 6th, 2015 08:38 PM
# ADS
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July 6th, 2015, 09:27 PM
#32
Originally Posted by
trimmer21
It would be an easier question to ask which other nation is now bankrupt and insolvent. There's only one answer to that----Greece. Blaming the banks or other nations for Greece's problems is like blaming Col.Sanders cuz you got fat.
Well, they may not even know Mike Harris or Stephen Harper so you need to deflect onto somebody. Heaven knows it wouldn't be because governments have padded the payroll beyond what the economy can sustain. Couldn't possibly be because of PS employees being able to retire after 20yrs of working and then collecting for 20 more years and declining birth rates that mean less and less workers to cover those legacy costs. Naah, gotta be the banks.
Last edited by terrym; July 6th, 2015 at 09:31 PM.
I’m suspicious of people who don't like dogs, but I trust a dog who doesn't like a person.
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July 6th, 2015, 10:57 PM
#33
I am in no way defending Greece or any other country for that matter but Oddmott is not entirely wrong when he implies that the banks play favourites . As an example (compared to Greece) the following countries have more debt per capita and more debt as a % of their respective GDPs:
UK
France
Luxembourg
Netherlands
Switzerland
Belgium
Denmark
Austria
Iceland
The fact that they are a higher % of their respective GDPs is interesting as this is typically thought of as an indicator of ability (or in this case inability) to re-pay.
Last edited by Species8472; July 6th, 2015 at 11:04 PM.
The wilderness is not a stadium where I satisfy my ambition to achieve, it is the cathedral where I worship.
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July 7th, 2015, 04:56 AM
#34
Say YES to freedom, independence, self-government, sovereignty, and democracy.
And then ban the banks - that is what I got from that article. Curious as to how that experiment would work out.
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July 7th, 2015, 07:16 AM
#35
Originally Posted by
Oddmott
Nations are forced to borrow - this is an irrefutable reality of the world we live in.
Banks work with nations when they like, or bury then when they like. Greece isn't the first and won't be the last. There have been plenty of worse off nations that have been propped up by lenders in the past, and better off nations that were forced into ruin.
Warlords, kings, emporors, prime ministers and presidents have had their time at rule. Now, we are ruled by business and business is ruled by banks.
I'd like to see the list of debt free nations you lads think Greece should have been mimicing.
Bull crap. Nations were not forced to borrow. The idea that they are is one of the dumbest things I've seen posted here.
There is no way anyone - nation or person is "forced" to borrow. Nations choose to borrow by people who are dumb enough to be bribed with their own money (and that of their children and grandchildren's). A bunch of narcissist self centered pricks. Google "Ontario financial situation" for a good example.
Once nations (or provinces) get hooked on borrowing (or living beyond their means as its referred to in personal finance) it is very difficult to get away from. But it is a "choice" the voters make, not "forced on them" by any bank or corporation. The response of "playing the victim" after having made a poor choice with a negative outcome doesn't make any more sense with national finances than it does anywhere else.
The entire idea that the banks are pulling the plug on Greece would tend to indicate you don't know a thing about the situation. It's the leaders (and taxpayers) in countries that have been bank rolling Greece (Germany, France, UK) while Greece refuses to accept responsibility for its situation that are pulling the plug. There are no banks involved in these discussion. Greece failed to meet an IMF interest payment. The IMF is not calling in the loan. But the fact that Greece cannot even make its interest payment and can no longer get another country (aka the taxpayers of another country) to make its interest payments for it that has led to its "bankrupt" situation.
No corporations or banks involved in shady deals here. Just Greece and the IMF. The fact that no bank, corporation or foreign government wants to touch Greek debt - well its not their responsibility - it's Greece's.
Last edited by werner.reiche; July 7th, 2015 at 07:28 AM.
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July 7th, 2015, 07:20 AM
#36
Why does Greece get bankrupted when others owe similar amounts? They are still heading (like Ontario) on the wrong direction. (btw, we got downgraded by S&P yesterday http://www.theglobeandmail.com/news/...ticle25334122/). Ontario at least admits its heading in the wrong direction. Greece does not want to admin that - they just want "more money".
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July 7th, 2015, 07:52 AM
#37
Has too much time on their hands
Originally Posted by
werner.reiche
Why does Greece get bankrupted when others owe similar amounts? They are still heading (like Ontario) on the wrong direction. (btw, we got downgraded by S&P yesterday
http://www.theglobeandmail.com/news/...ticle25334122/). Ontario at least admits its heading in the wrong direction. Greece does not want to admin that - they just want "more money".
Ontario just got downgraded too so borrowing costs will go up.
As for debt to GPD Canada is less than 85%.
https://en.wikipedia.org/wiki/List_o...by_public_debt
Greece Debt to GDP
161.3%
The only one higher is Japan and it seems to be considered able to manage the debt but their first attempts by raising taxes just slowed down the economy and with their recession dragging on... I wouldn't be so sure.
http://www.economist.com/blogs/freee...pans-economy-0
Last edited by mosquito; July 7th, 2015 at 08:38 AM.
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July 7th, 2015, 08:09 AM
#38
Boy Oddmott - you actually believe this stuff - sounds like its some kind of communist paper - the article is loaded with inaccurate statements - just one for instance - "banks came up with an awesome idea of giving subprime mortgages to anyone ...." - that is a lie - the government forced banks to lend money to people who couldn't afford the homes they were buying - the banks took these mortgages and sold them in packages but to give them in the first place wasn't their idea - I kinda wonder sometimes from the things you say what the heck are you reading - that article is about the worse one I've read in a long long time - it is full of inaccuracies - thanks for posting anyway -
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July 7th, 2015, 08:49 AM
#39
Originally Posted by
mosquito
But at least Japan has a yen to pay off their debt whereas Greece has no yen!!
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July 7th, 2015, 08:56 AM
#40
If Greece loses the Euro,they need to go back to their national currency,the drachma,which against other world currencies,will be worth ZILCH. They're screwed no matter what they do,now,thanks to left wing thinking. Nice goin',the bunch of twits.
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