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Thread: weekend commentary - laughing it up over EuroZone government debt levels

  1. #1
    Banned Melonie's Avatar
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    Default weekend commentary - laughing it up over EuroZone government debt levels

    (snip)"BRYAN DAWE: How much does Greece owe, Roger?

    JOHN CLARKE: $367 billion.

    BRYAN DAWE: Correct. And who do they owe it to?

    JOHN CLARKE: Mostly to the other European economies.

    BRYAN DAWE: Correct. How much does Ireland owe?

    JOHN CLARKE: $865 billion.

    BRYAN DAWE: Correct. Who do they owe it to?

    JOHN CLARKE: Other European economies mostly.

    BRYAN DAWE: Correct. How much does Spain and Italy owe?

    JOHN CLARKE: $1 trillion each.

    BRYAN DAWE: Correct. Who to?

    JOHN CLARKE: Mainly France, Britain and Germany.

    BRYAN DAWE: Correct. And how are Germany, France, Britain going Roger?

    JOHN CLARKE: Well they're struggling a bit, aren't they?

    BRYAN DAWE: Correct. Why?

    JOHN CLARKE: Well ‘cause they've lent all the vast amounts of money to other European economies that can't possibly pay them back.

    BRYAN DAWE: Correct so what are they go to go have to do?

    JOHN CLARKE: They're going to have to bail them out.

    BRYAN DAWE: Correct. Where are they getting the money to do that Roger?

    JOHN CLARKE: That is a good question. I don't know the answer to that one. (laughs)

    BRYAN DAWE: How much does Portugal owe?

    JOHN CLARKE: Hang on a minute, what was the answer to that earlier question?

    BRYAN DAWE: Just keep answering the questions Roger.

    Where is Portugal going to get the money it owes to Germany if Germany can't get back the money that it lent to Italy?

    JOHN CLARKE: Just a minute. What was the answer to the previous que-

    The question was: How can broke economies lend money to other broke economies who haven't got any money because they can't pay back the money the broke economy lent to the other broke economy and shouldn't have lent it to them in the first place because the broke economy can't pay back?

    BRYAN DAWE: You are wasting valuable time Roger. How much money does Spain owe to Italy?

    JOHN CLARKE: $41 billion. But where are they going to get it?

    BRYAN DAWE: Correct. What does Italy owe to Spain?

    JOHN CLARKE: $27 billion but they haven't got it - they're broke.

    BRYAN DAWE: Correct. How can they pay each other if neither of them has any money?

    JOHN CLARKE: They're going to get a bailout, aren't they?

    BRYAN DAWE: Correct. And where is the money coming from for the bailout?

    JOHN CLARKE: That is what I'm asking you!

    BRYAN DAWE: Correct. Why are people selling the European currency and buying the US dollar?

    JOHN CLARKE: Because the US economy is so much stronger than the European economy.

    BRYAN DAWE: Correct. Why is that Roger?

    JOHN CLARKE: Because it's owned by China.

    BRYAN DAWE: Correct and very well done! And after that round you've lost $1 million.

    JOHN CLARKE: I've lost $1 million? I thought you said well done!

    BRYAN DAWE: Yes well done - you've only lost $1 million. That's an extraordinary performance Roger.

    JOHN CLARKE: I've only lost $1 million.

    BRYAN DAWE: Very well done.

    JOHN CLARKE: That's quite good is it?

    BRYAN DAWE: Oh it's excellent.

    JOHN CLARKE: Sell everything immediately. Quickly!

    KERRY O'BRIEN: I think it's called laughing as you sink "(snip)

    see

  2. #2
    God/dess threlayer's Avatar
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    Default Re: weekend commentary - laughing it up over EuroZone government debt levels

    Which country is the one that in the final analysis is the net lender (directly or indirectly)? Perhaps that is not clear.

    If everybody owes everybody else money, why not do a mass partial forgiveness based on the least amount owed by the big debtor countries? Silly, but may be some kind of solution.
    I loved going to strip clubs; I actually made some friends there. Now things are different for the clubs and for me. As a result I am not as happy.

    Customers are not entitled to grope, disrespect, or rob strippers. This is their job, not their hobby, and they all need income. Clubs are not just some erotic show for guys to view while drinking.

    NOTE: anything I post here, outside of a direct quote, is my opinion only, which I am entitled to. Take it for what you estimate it is worth.

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    God/dess Deogol's Avatar
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    Default Re: weekend commentary - laughing it up over EuroZone government debt levels

    ^^^ I think that is what will end up happening. It'll fuck the "velocity" of money though.

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    Default Re: weekend commentary - laughing it up over EuroZone government debt levels

    ^^^ there are really only three 'real world' options available to these gov'ts ...

    A. massively reduce gov't spending ... which means massive reductions in the number of gov't employees, massive reductions in gov't employee benefits, reductions in public health and retirement benefits etc. These are guaranteed to piss off vocal minorities, from the CSEA to the AARP ( and/or their EuroLand equivalents )

    B. massively increase gov't tax rates ... which means increasing taxes on working class people and middle class people as well as rich people. It also means increasing tax rates on businesses and investment income. As always, no matter what the gov't attempts in the way of taxing the rich, their resources will probably allow them to escape the brunt of higher taxes.

    C. have the 'federal authority' simply print up money out of nowhere with which these debts can be repaid. This also means a devaluation in 'purchasing power' of people's savings and investments, also means a significant increase in interest rates as investors try to counteract the 'purchasing power' devaluation, and also means rising prices for everything subject to worldwide market pricing forces ( i.e. food, energy, commodities ).

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    Default Re: weekend commentary - laughing it up over EuroZone government debt levels

    You ignored my idea completely in favor of your old ideas. We need some improved ideas here.
    I loved going to strip clubs; I actually made some friends there. Now things are different for the clubs and for me. As a result I am not as happy.

    Customers are not entitled to grope, disrespect, or rob strippers. This is their job, not their hobby, and they all need income. Clubs are not just some erotic show for guys to view while drinking.

    NOTE: anything I post here, outside of a direct quote, is my opinion only, which I am entitled to. Take it for what you estimate it is worth.

  6. #6
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    Default Re: weekend commentary - laughing it up over EuroZone government debt levels

    Here you go:
    http://www.nytimes.com/interactive/2...w/02marsh.html

    The distinction is not made between private/public borrowers/lenders here. And I believe you people in America understand how important that is
    Once again, the conservative, sandwich-heavy portfolio pays off for the hungry investor
    - Dr John Zoidberg

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