Greek Financial Crisis (part 2)

Learn more: http://www.khanacademy.org/video?v=Ck...
What Greece could have done if it had it's own currency

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  Education

[IgnoranceAlliance]

Clearly he is aware of the sarcasm.

[MrConservativeGamer]

You're assuming that Greeks would actually be responsible with a money-printer.

[tiki2188]

Do wish both sides were realistic. Sorry Keynesians...you are also ideological and like to stick by your opinion, just like the libertarians you guys hate.

I consider myself a libertarian because while on paper Keynes works, I think it has issues in real life application. However, libertarians are pretty dogmatic as well, it makes sense that austerity is not really a good thing, esp during a recession!

A middle ground is the answer

[Jerry Johansson]

I have the solution for u greece! you need to reform your country establish SPARTAN training camps and breed elite soldiers born and raised for the purpose of killing for country and glory and then invade and plunder middleeast and put terror in the hearts of the world and even tho im a viking i would come down to your spartan camps and honor your brave and fearsome ancestor and train like one of you! ofc weaponry and stuff needs to be updated but you get the pitcure! :)

[poopisnotpoop]

Dear libertarian comments section,

More spending = higher GDP.

Higher GDP = more revenue

Therefore you up the spending and intentionally gain more debt and more money.

This shrinks the debt as % of GDP and thus shrinks the interest.

Compared to the EU average, Greek's debt wasn't that big. It was the interest that killed them.

In short, somebody please send in Paul Krugman!

[Vveljac]

Nice video, but sadly it's not accurate at all.

Eve if Greece had it's own currency, printing it to fund the government would not only inflate the currency at home to such level that it would start new riots, it would also devaluate currency on external plan making it increasingly hard for Greece to take on new debt, and since the country imports far more than it exports you can imagine the scarcity that this would trigger. Also you don't bring in the moral implications of wealth redistribution.

[bryanraleigh2]

Everybody watch 9:15 -> 9:30 about 100 times

Then wake up from the coma the democrat / ultra liberal propaganda machine has done to you.

Remember.... when you make 50k and you can buy X goods this year.

And next year you still make 50k and yet you can only buy X/2 amount of goods

[uiluj13]

RONPAUL2012

[XulChris]

ALERT! ALERT!

Truth teller has been discovered!

ALERT! ALERT!

[uiluj13]

paulbot alert

[Norman Ng]

thank you!

[itsthekush]

And i'll respond to this post as well- particularly your last point. Deflation only increases your standard of living if your an investor or have massive (I mean "rich person" massive) savings. If you work for a wage, it will go down transversely to the value of money.