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Rethinking Greece

Wait, there is yet another “Greek financial crisis” story out of Europe.

Yawn. Yawn again.

When the royalty of Europe spent to much, the result was, “Quick — tax the subjects!” This has been the preferred mode in dealing with bailing out those who lent to Greece.

But now the lenders are now finding out it was the gypsy Madame Zorba who wrote their fictional economic projections. The crystal ball was, uh, wrong.

A Greek bailout is now political anthrax, even in socialist Europe. Especially in Germany. Europe can’t tax the citizens more to keep Greece alive for another few quarters. So, bailouts have lost their potency. (Shockingly, the addict keeps demanding more and more of the drug.)

So, what to do, what to do?

Since taxing the citizens is out — the world’s financial elite have decided on something completely different.

Print dollars. Print pounds. Print Euros. (Er, now it’s type in the numbers into a computer — printing is so passe.)

To borrow a line from Donald Trump, “What the hell could possibly go wrong?

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COMMENTS

  • Danielle Davis (ocleverone)

    Europe seems to be on a fast track to repeating hyperinflation history that followed WWI.

    Love your stuff…keep it coming.

  • wbf

    That was the title of an article by Dr. Gary North on his website that I subscribe to. I just sent him an e-mail to see if I could post a link to it here. The title says it all.

    He has another: “European Crash Dummies and Greece’s Brick Wall”
    this one is free at http://lewrockwell.com/north/north1047.html

    Dan, how do you see the dominoes falling?

    • http://www.hsacoalition.org Dan Perrin

      they will print, all — the U.S., the UK and Europe, until they cannot print any more, which means either the printing press gets taken away or hyper inflation.

      So, they will all fall at once, except for the Muslim countries and the Chinese.

      Thanks Ben!

      • wonkish1

        And the worlds largest property bubble in history is about to come crashing down and with it the Chinese economy.

        And Europe isn’t really printing. Granted they’ve bought a few billion Greek bonds, but they also keep their central bank rate over 100 basis pts higher than the US Fed, they have repeatedly said they will not monetize the debt of European countries, and they will not be the lender of last resort. Thank God the Europeans have had an ECB chairman as sane as Trichet or they would be in much worse trouble than they are in now.

        To bad Trichet is stepping down in a month though. He’s to be replaced by an Italian who isn’t a Hawk(like Trichet) nor a Dove(like Bernanke), but apparently a centrist.

        • http://www.hsacoalition.org Dan Perrin

          money.

          But the Brits just did.

          And that is because they can, they are not on the Euro.

          But can the Germans really hold out against the U.S., the Brits and every other nation that wants Europe to print?

          No, is my answer.

          And you just told me how.

  • http://www.hsacoalition.org Dan Perrin

    :)

  • acat

    Socialist governments traditionally do make a financial mess. They always run out of other people’s money. It’s quite a characteristic of them.

    – Margaret Thatcher

    Some days, I think this whole crisis could just be answered by quoting Thatcher and Reagan.

    Mew

  • http://impudent.edublogs.org/ kyle8

    nt