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

[David Morris]

http://thinkprogress.org/yglesias/2011/11/18/372479/deutsche-bank-dig-a-hole-in-the-ground-and-hide/

Jim Reid at Deutsche Bank says that if Angela Merkel won’t relent on
ECB action to prevent the collapse of the European debt situation, you
ought to “dig a hole in the ground and hide” as your best solution for
avoiding economic catastrophe:

If you don’t think Merkel’s tone will change then our investment
advice is to dig a hole in the ground and hide. It’s difficult to see
any other scenario than widescale Sovereign defaults without an
aggressive ECB. Indeed it doesn’t seem we’re alone on this anymore. An
Irish Times story overnight said that Sarkozy told his deputies
yesterday that the euro would not survive unless the ECB decisively
entered the fray.

On Fri, Nov 18, 2011 at 1:38 PM, David Morris <fqmorris at gmail.com> wrote:
> The future value of money printed to prime our now stagnant pumps will
> (hopefully) be less because of a growing economy and, thus, some
> inflation.  The magic of printing (borrowing) money now is that
> interest rates are zero, thus inflation w/o interest enhances the ease
> of future repayment.  A growing economy with controlled inflation
> (3%+/-) is the goal.  If the economy inflates too much, higher
> interest rates will kick in.
>
> This has nothing to do w/ "loaning money to the banks."  This is the
> US borrowing money from its Central Bank. Yurp should do the same
> thing for the same reasons, but their unity has been show weak.  Their
> rich want to punish their poor.  It is very possible that only a few
> countries (if any) will remain on the Euro.  If the US is lucky, Obama
> will get a 2nd term w/ control of both houses again, and a new round
> of stimulus for jobs (not banks) will happen.
>
> David Morris
>
> On Fri, Nov 18, 2011 at 9:10 AM, Joseph Tracy <brook7 at sover.net> wrote:
>> 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.
>>
>>
>