Is There a Greece in America's Future?

Hudson Senior Fellow Irwin Stelzer discusses the economic situation in Greece and what the United States can learn from it.

Category:

News & Politics

Tags:

• greece
• greek
• economics
• germany
• france
• EU
• hudson
• institute
• stelzer
• economy
• euro
• european
• financial
• finance
• united
• states
• obama

[aggelospanatha]

@RudeComment no, that's not true. We do have gypsies here and there who are mostly beggars, some of them thieves as in many countries but they do not "stab".I haven't heard of policement causing trouble to tourists, but of course good and bad policemen are everywhere I suppose...

[aggelospanatha]

@cmorganis The debt swaps were not illegal at that time (but still unethical). Now, Eurostat has put stuff in the balance sheet that should not be there such as guarantees (which normally are not considered as debt). No other nation puts that in. That increased our debt 3-4% of GDP! Anyway, here they have put taxes in everything, they have destroyed every family's budget and still state revenues have not risen as noone can afford to pay!The good thing is that they have cut public spending A LOT

[marinos3flash]

gay

[cmorganis]

But there seems to be a blur between avoiding debt and stangling your economy. This blur was a product of Greece's high ranking govenrment officials and Goldman Sach's tactics of hiding debt by making it a financial instrument (a derivative pushing debt to the future). Which is traded privately and not recorded officialy as a national bond in yearly debt . So essentially nobody knew *what* the real debt is until the bomb exploded and somebody got quite wealthy with CDS in their hands....

[cmorganis]

I think professor Stelzer said everything right to the point! I am from Greece and all that he said is the reality both for Greece and the USA. Here in Greece we are seriously thinking the possibility of reverting to the drachma and printing a national currency again in order to give liquidity to the market and stop the spiralling negative growth rates and induce developement. Because currently Greece is revenues from taxation are becoming less and less and our debt larger.

[Tubik1]

@RudeComment troll sighted

[RudeComment]

I hear the Gypsies are really bad there stealing people's things and stabbing them as well as corrupt police who enjoy harassing tourists.

[k3304]

Tea Partys gather peacefully

[GECKOflower]

Very clean analyzation of the matter. Thumbs up for telling people to come in Greece for vacation. It's a good idea because it will boost our economy and you will have a great(-er) time because the dollar buys more. Woot.

[TheJuggalo666dead]

i hope that happens here riot to get our government back the way it allways should have been