... steal less? Less than other governments! Hope you will enjoy this refreshing point of view, and appologies for straying away from the main blog topics. (feel free to click that box on the right, it's OK. 8-:) )
This discussion begun with Gavin Hewitt's BBC article
Stan "Dozent" P. wrote:
You were right, the British papers are much more interesting and honest then North American, BUT...
"That is one of the key conclusions of the paper. Since adopting the euro Greece, Ireland, Italy, Portugal and Spain have become increasingly uncompetitive. That and the slowdown in productivity is the heart of the crisis in the eurozone, rather than debt. Debt is a symptom."
No, It is not, pure and simple. Uncompetitiveness is a symptom. Debt is the result of the disease. The Euro is a facilitator, not the root cause. The cause of the cancer is rooted deeper, much deeper. It is true that without the conversion to Euro the massive theft ( or misallocation of capital 8-) ) in Greece and Ireland would not have happened. But a similar story has happened in USA and it is hard to blame it on adopting a dollar. Iceland is in the worse situation then Greece or Ireland yet it does NOT use the Euro! One can not blame it on the Mediterranean culture either. Iceland is a country of tough, hard working people yet it is screwed up just as well.
The root cause is that western elites and governments are indolent and corrupt to the bone. Give the mouse a piece of cheese, he will ask for a glass of milk.
20 years ago Argentina and Brasil went bankrupt. Their liabilities were about 100 Billion. Their popolation 100 million Who the heck lent 120 Billion to Iceland, a country of 300,000 people? Who lent 600 billion to Ireland, the country of 3 million? Greeks did what Bernie Madoff would do if he was a state! Cheated, falsified numbers, and paid bills with new phony money. Who the heck packaged all these Alabama Ninja mortgages into "AAA" securities. Who sold this crap to Icelandic banks? Where did they got the money to pay for it? When you look at it closely, Iceland was used to launder money and they got a commission for doing it.
The establishment, the governments and their paid journalists will invent one reason after another why this crisis happened and continues. This will change nothing Thanks God our Canadian Prime Minister took a bribe of $300,000. He thought it is BIG MONEY. Thanks God another Prime Minister got involved in his friend Golf Course. It cost taxpayers 0.5 million. Thanks to these crooks, our government was paralyzed for 20 years and missed the greatest thieving opportunity of their lives. Thank to them, we can calmly wait until this economic bomb explodes SOMEWHERE ELSE. Explode it will! A few hundred crooks cannot stop 6 billion people who want to live decent lives. Someone, somewhere, sometimes will default on their "obligations" and this whole house of cards will fall apart.