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Yachtie -> RE: What Greece Tells Us About Politics and Economics (6/16/2012 1:36:02 PM)
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quote:
ORIGINAL: Musicmystery
If you call $188 trillion in assets "bankrupt." Or that $15 trillion enters the country each year. Or being 1/5 of the global economy.
How much of that 188 Trillion is on the hook for liabilities incurred?
The EU has a housing problem similar to the US, with inflated prices and underwater mortgages.
Ultimately, and including Greece, it boils down to a form of hyper-infrastructure expansion (both public and private) bought by debt that is coming to be realized cannot be paid. Many point fingers at various aspects such as, and especially, tax, but the chips fall on politicians / bankers / Corporations in cahoots with each other with each having its own self interest designs. China has been chasing the hyper-infrastructure dragon and it too is having its roosters come home to roost.
There is nothing intrinsically wrong with not being a top rate first world country. There is nothing intrinsically beneficial at being numero uno on the world stage or chasing such status.
With apologies to Obama, many really do believe in "yes we can" whereas, in reality (which is raising its head in abject defiance), it really is "no we can't'.
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