NP - And Greece created Europe: the cultural legacy of a nation in crisis

[Joseph Tracy]

But isn't the only value of money printed in a debt crisis dependent on the future real value of  citizens hard earned taxes paid to repay debt. Meanwhile, without reforms, you are merely fueling the speculation that screwed you in the first place. In the US all the benefit went to the  top tier of the 1 percent. This  has artificially propped up the value of real estate, fueled commodities speculation to the detriment of the world's poorest and shielded a criminal racketeering conspiracy .  The real state of banks needs to be revealed when they are bankrupt. 

Anyway my point is that this crisis is just the speculative crash part of a deeper crisis of a high tech industrial  capitalistic economy that is unique in history in its ability to fuck over the biosphere for fast cash. 

What your idea amounts to is that people have to loan money to banks in order to borrow it back at higher interest to prop up a system that gives them no meaningful voice in decisions. This arrangement cannot last, because even the dimmest bulbs will catch on and say fuck you, which is what OWS is all about. Hooray!!!

David I have real respect for you and your thoughtful consideration of any topic. Perhaps you are more right on this than I  am. Even Yoda admits that the future is hard to see. I have every personal reason to hope you are right, that this is financial and fixable and that the global economy will return to "normal". My business has been suffering since the Bush administration.  I would like a brighter future, but I don't foresee anything like the "normal growth" of the past ahead.  

On Nov 18, 2011, at 9:05 AM, David Morris wrote:

> Debt is so relative, as should be the value of a nation's currency.
> And this is especially so in a serious recession, when inflation and
> interest rates are nearly non-existent.  The simplest and quickest
> solution to Recession here and there is to PRINT MORE MONEY, and
> spread it around as quickly as possible.  Unfortunately, austerity has
> become the new religion, and will only prolong suffering.
> 
> And gold's value is purely an illusion hearkening back to
> pre-Keynesian times.  It's sparkle is its only real worth.
> 
> David Morris
> 
> On Fri, Nov 18, 2011 at 4:05 AM, Kai Frederik Lorentzen
> <lorentzen at hotmail.de> wrote:
>> 
>> If your country had experienced hyperinflation twice during the 20th
>> century, you'd talk different.
>> 
>> Oh, by the way, did you recently look here?
>> 
>> http://www.usdebtclock.org/
>> 
>>> Euro structure not allowing quick monetary expansion (print more money) is the real villian. But ECB is Old Gold obsessed, a sort of monetary BSM fetish, so musty 29's.