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EU/IMF Revolt: Greece, Iceland, Latvia May Lead the Way - 12/22/2009 3:52:39 PM   
pahunkboy


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Status: offline 		Where Argentina broke ranks with the IMF, however, Turkey followed its advice at every turn. The end result was that Argentina bounced back, while Turkey is still in financial crisis. Turkey’s reliance on foreign investment has made it highly susceptible to the global economic downturn. Argentina chose instead to direct its investment inward, developing its domestic economy. To find the money for this development, Argentina did not need foreign investors. It issued its own money and credit through its own central bank. Earlier, when the national currency collapsed completely in 1995 and again after 2000, Argentine local governments issued local bonds that traded as currency. Provinces paid their employees with paper receipts called “Debt-Cancelling Bonds” that were in currency units equivalent to the Argentine Peso. The bonds canceled the provinces’ debts to their employees and could be spent in the community. The provinces had actually “monetized” their debts, turning their bonds into legal tender. /snip

Note how the IMF calls the shots.   The IMF does not do this to be nice.  It is always austarity on the people.

http://blacklistednews.com/news-6795-0-13-13--.html
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RE: EU/IMF Revolt: Greece, Iceland, Latvia May Lead the... - 12/22/2009 4:12:30 PM   
Moonhead


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Status: offline 		All that and not a single mention of African nations that are paying off investors in the 'States. I suppose somed ebts can't ever be forgiven.

< Message edited by Moonhead -- 12/22/2009 4:15:54 PM >

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RE: EU/IMF Revolt: Greece, Iceland, Latvia May Lead the... - 12/22/2009 4:37:18 PM   
Brain


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Status: offline 		I'm sure the Greeks will know how to do the right thing for Greece now that they are no longer encumbered with a conservative government. Now Greeks can be more pragmatic and not constrained by right-wing ideology like the Bush administration.

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RE: EU/IMF Revolt: Greece, Iceland, Latvia May Lead the... - 12/22/2009 4:48:09 PM   
lronitulstahp


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quote:

ORIGINAL: Brain

I'm sure the Greeks will know how to do the right thing for Greece now that they are no longer encumbered with a conservative government. Now Greeks can be more pragmatic and not constrained by right-wing ideology like the Bush administration.
Da fuck???? *head, desk* Seriously. Conservative doesn't equal bad, any more than liberal necessarily equals good. It's all about balance, and serving the people rather than special interest groups or big business. Checks and balances, Brain. In all things. 

As long as people are convinced that "the other side" is out to get them, there will be no progress. The right-wingers don't hold the market on divisiveness as a tactic in political disagreements. If people would be more willing to think as individuals, and not along party lines or "us" vs. "them" all the time...omg, i just came.

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RE: EU/IMF Revolt: Greece, Iceland, Latvia May Lead the... - 12/22/2009 6:49:54 PM   
numuncular


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quote:

ORIGINAL: Brain

I'm sure the Greeks will know how to do the right thing for Greece now that they are no longer encumbered with a conservative government. Now Greeks can be more pragmatic and not constrained by right-wing ideology like the Bush administration.

as evil as I know that all right wingers are, I doubt the greek government was very much like the bush one!

the greeks hands are tied quite a lot on their debt, as a country with the euro a lot of their fiscal policy is dictated to by the european union rules (particularly regarding debt as a percentage of GDP) and greece isnt really a powerful enough state to be able to get away from that.


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RE: EU/IMF Revolt: Greece, Iceland, Latvia May Lead the... - 12/23/2009 7:51:09 AM   
LadyEllen


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Status: offline 		And what an interesting time I expect in 2010, when the ravens come home to roost on a Euro so far supported by ideological need and the corresponding manipulations and concealments necessary to that end.

Sterling dropped up to 30% over the last few years against the Euro, helping the UK somewhat with exports - although not helping with imports of which there are far more in relation to Europe. As the news breaks that the Euro is actually nowhere near as strong as its current status might suggest, I expect it to drop like a rock and Sterling to rocket against it, the US Dollar even more so.

Our exports to Europe will become very expensive indeed, whilst our imports will become cheaper than ever. If the banks can sort themselves out to start lending consumer credit again, the UK should see a strong recovery as Europe fades into deep recession.

We will in short return to the same methodology as pre-crash and I believe, this is why the changes promised by politicians and insisted on by the public have not happened - those in the know are awaiting the crash of the Euro and the rise of Sterling; that this will inevitably lead to another crash is not something that anyone in power will want to acknowledge - after all the entire scenario will bring the UK out of the doldrums, settle its borrowings more quickly and return the public accounts to health - oh, and make some people pulling the levers even more rich than they already are.

Buy Sterling and USD people; the only way is up.

E

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RE: EU/IMF Revolt: Greece, Iceland, Latvia May Lead the... - 12/23/2009 7:55:40 AM   
Justme696


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Status: offline 		What a hatred towards the euro..lol

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RE: EU/IMF Revolt: Greece, Iceland, Latvia May Lead the... - 12/23/2009 8:04:54 AM   
LadyEllen


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Status: offline 		Hatred?

Actually I think its a great idea but it was driven by ideology rather than need and use; one simply cannot use the same economic framework for countries like Portugal and Greece as one uses for Germany and France, there is simply far too much difference in how those economies work and to make the Euro work at all requires a lot of manipulation that if there were a need and a use would not be necessary.

It would have been far better to use a two step or even three step solution over some decades to get to a single currency, with countries of similar economic circumstances adopting one currency and others adopting another unified currency. So we might have had Portugal, Spain, Greece etc with a southern Euro, Germany, Benelux, France etc with a northern Euro, and to work from there towards a single currency when all countries had been more matched economically. I believe the UK might have taken part in such a scheme. As it was the only offer was a single currency that must be compromised by its weakest members and so propped up by its strongest members.

E

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RE: EU/IMF Revolt: Greece, Iceland, Latvia May Lead the... - 12/23/2009 8:12:02 AM   
Justme696


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Status: offline 		Greece lied about there finance when they joined Europe. They did it again last year...now causing problems.
They should have been kicked out of the EU.

What manipulations does Europe do to keep the euro strong? The Euro is strong because the dollar failed.
We were no2...no1 failed..so we became no1. Natural flow of things.
No need for manipulation.

btw every current that fails will hurt the world as happened with the dollar.
Our company used to sell a lott in the USA, but we notice the crisis also.
If the Euro fails...it won't be much prettier.


< Message edited by Justme696 -- 12/23/2009 8:15:15 AM >

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RE: EU/IMF Revolt: Greece, Iceland, Latvia May Lead the... - 12/23/2009 8:21:04 AM   
LadyEllen


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Status: offline 		The manipulation comes from smoothing out the economic differences between widely different economies in order to produce a single currency in the first place and then keep it in place. In reality a Euro in Germany is not worth the same as it is in Greece because the local economy values it differently. It is countries like Germany and France that prop up the Euro when the markets would tend to see it as much weaker when viewed as the cumulative values of a Euro across all the participating economies.

But the greatest and latest manipulations are those conducted since the credit crunch. Whereas the UK government let Sterling slide as the bad news of the nation's involvement in the crisis broke - much to the anger of the core Euro nations - the core Euro economies did all they could to limit the damage arising from their involvement, even I venture to the point of concealing the real losses incurred to each national economy. This concealment has worked well aside from the Irish situation to date, but I see it now starting to unravel quickly with the Greek situation and the knock on effect of that when it emerges that the Greeks cannot pay their creditors who turn out to be other Euro nations.

E

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In a test against the leading brand, 9 out of 10 participants couldnt tell the difference. Dumbasses.

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RE: EU/IMF Revolt: Greece, Iceland, Latvia May Lead the... - 12/23/2009 8:37:42 AM   
Justme696


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quote:

In reality a Euro in Germany is not worth the same as it is in Greece because the local economy values it differently

the reality is when I go to a bank in what ever EU country..with a dollar...I get approx the same vallue everywere in euro's.
Perhaps there are more realities.

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RE: EU/IMF Revolt: Greece, Iceland, Latvia May Lead the... - 12/23/2009 8:44:48 AM   
LadyEllen


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Status: offline 		Indeed. But that has little to do with the price of spuds in Germany, or in contrast, in Greece.

E

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In a test against the leading brand, 9 out of 10 participants couldnt tell the difference. Dumbasses.

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