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  • audax

    …and inflate their own currency, making it possible for non-greeks to invest in Greece. Greeks will have a much lower standard of living.

  • liberal_libertarian

    “Unsurprisingly, American banks also got into the action. Wherever there is financial profligacy, U.S. banks can

    • http://theminorityreportblog.com Repair_Man_Jack

      has reassured the Europeans that the Fed has this one, and if Europe can’t contain the problem, Greek bonds are no worse than a lot fo the paper that came out of Fannie and Freddie during the last ten or so years.

      • liberal_libertarian

        After everything they did with credit default swaps already, they are still gambling with our money in Greek debt. The CDS casino is still open for business, and the banks that were “too big to fail” in 2008 are now bigger than ever and still playing the same derivative scams.

        Wall Street calls the shots in Washington, D.C. They did it under Bush, they do it under Obama, and they will still do it after 2012, regardless the outcomes of the elections. That is the sad truth.

        • http://theminorityreportblog.com Repair_Man_Jack

          Wow! What a signing bonus.

        • Bill S

          to see your hero be no more than GWB, Part 2.

  • http://theminorityreportblog.com Repair_Man_Jack

    1) Greece is forcibly expelled from the Euro. They can float Drachmas, Quatloos, whatever the heck they want as a currency, as long as it ain’t no Euro.

    2) Greece will continue to have open borders and trade w/ the remainder of Europe provided that they pony up every year to make the payments on the bonds they purchased to stave off “Austerity.”

    3) Greece will continue to have open borders and trade w/ the remainder of Europe provided that they actually collect taxes and regulate their companies and financial institutions IAW with their stated laws.

    4) Any move on the part of Greece to default will make them civilization non-grata to any and all remaining EU countries. No trade, no cultural and educational exchange, sealed borders.

    Sure, it’s brutal, draconian, unworkable et al. However, it might be about the only way the EU can dig a big enough ditch to prevent the flood of consequence from inundating Spain.

    • YnotNOW

      If Greece is taked off the Euro (which appears to be likely unless the Germans change their minds about giving them money), then open borders CANNOT happen. The mad rush if immigrants would overwhelm the neighboring countries. The devaluation of their local currency would make it impossible for them to pay back their debts.

      Total amputation, or infusions to save the “limb” are the only options.

      • http://www.hakubi.us/ Neil Stevens

        That’s the beauty: If the Germans are worried about Schengen in the event the Greeks are tossed from the Euro, well, there’s really nothing that they can do about it.

      • JSobieski

        For example, Poland is currently part of the EU but is not part of the Eurozone yet. I believe that a Polish citizen is free to go into any EU country. I also believe that the open borders provisions with regards to labor is also a function of the EU treaty, not Eurozone affiliation.

        • YnotNOW

          I am just asserting that kicking Greece off the Euro would also require kicking them out of the EU completely, because they would need to wall off the economic contagion.

      • http://theminorityreportblog.com Repair_Man_Jack

        You can hear me sobbing over the www as we speak. (or not)…

  • BigRedConservative

    Not in the Euro currency, still has to pay for the bailout.

    • http://theminorityreportblog.com Repair_Man_Jack

      to control the weather and dispense advice. He’s so screwed!

      • http://theminorityreportblog.com Repair_Man_Jack

        Disregard.

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  • liberal_libertarian

    GWB got a big enough bonus to give them their $700 billion bailout. That is a pretty good return on investment from a banker’s point of view.

    Maybe Obama got a bigger signing bonus than GWB, because they are going to need an even bigger bailout the next time their derivative bubbles blow up the global economy.

    My point stands: Wall Street controls policy regardless whatever happens in elections. This will never change until we get a viable third party in this country.

  • http://theminorityreportblog.com Repair_Man_Jack

    It just hurts you see your candiate, the mighty Lightworker, sell your principles out as soon as he lost interest in you.

    http://www.businessinsider.com/obama-dnc-fundraiser-daniel-wall-street-donors-at-the-38500-per-head-dinner-2011-6

  • liberal_libertarian

    Follow the money, and you will rarely go wrong.

    The amount of money Wall Street bankers spend to buy politicians like Bush and Obama is mere chump change to them. On an R.O.I. basis, it has been a fabulous investment.