Intradaybill has been ranting about debt monetization and berating Bernanke for not doing ENOUGH quant easing...Yet, he still has the temerity to rant against everyone else who calls him an asshole (which is what he is). In his fucked up head, those against QE are nuts, yet printing and printing and printing will somehow solve this.
Uh no, I never said any such thing. In fact too much debt as a result of too much spending IS the problem in my view. Stop the absurd socialist spending. Reduce the size of bloated over reaching inefficient central governments. Balance budgets and start paying down the debt Can not or will not? There is a difference. If you mean take them out and shoot them, no. But I see no reason why the producers should keep supporting huge percentages of the non producing population indefinitely. Simply let nature run its course.
So why don't you just say that instead of you actually trying to start a fight? Actually, why don't you start with educating yourself. You sound to me a totally ignorant person. History of defaults: United Kingdom (1749, 1822, 1834, 1888â89, 1932) Germany (1932, 1939, 1948) France France (1558, 1624, 1648, 1661, 1701, 1715, 1770, 1788, 1812) The Netherlands (1814) Turkey (1876, 1915, 1931, 1940, 1978, 1982) Poland (1936, 1940, 1981) http://en.wikipedia.org/wiki/Sovereign_default#List_of_sovereign_debt_defaults Do you think the world was invented when you bought an ipad? Bye
You have no idea of what you are talking about. Plus you are starting insults. Your audacity is beyond measure.
I may be wrong, but I don't think he claimed it would "solve" anything. As far as I can tell, he's saying it'd be better for the regular folk in Greece if they fired up the printing presses instead of taking on ridiculous amounts of debt. The end game is pretty much the same in either case - the primary difference is how big a class of people get a controlled descent instead of a complete flame out.
With the glaring exception of Greece - which provides convenient cover to Germany's utterly irrelevant fixation on matters fiscal, a fixation which is possible only because everyone conveniently forgets that they (and the French) were the first to violate the Stability and Growth Pact by being over the 3% GDP limit on gov't deficits, a violation for which they were taken to task by, among others, Spain - this crisis IS NOT ABOUT ANYTHING HAVING TO DO WITH GOVERNMENT DEFICITS. What it has to do with are: 1 - Current account imbalances, which then lead to 2 - Lots of PRIVATE debt, which then leads to either .... 3 - Insolvent banks, which are bailed out by their sovereigns, or .... 4 - Large gov't spending that attempts to spike growth, leading to 4 - Ballooning gov't deficits in countries that previously had a gov't surplus, which then leads to 5 - FEAR of bank runs, which then leads to 6 - Ever more frantic bail-outs. ...which is where we are now. The German emphasis on fiscal stuff is just a leftover from their Weimar days politically, and underneath that is a way of protecting both their own banks, and of protecting the massive subsidization of their exports embedded in the euro. The Germans actually gained an advantage by having their government spending heavily all throughout the life of the euro as that allowed for growth in their private sector from which they are now benefiting even as everyone else sinks into the muck. (Greece didn't benefit because their private sector wasn't and won't, in the foreseeable future, be internationally competitive no matter what anyone does. It ain't a first world country. That's not a problem that's solvable by any of the means being discussed, possibly excepting a breakup of the euro. Slight possibility though.) Step 4 up there would work if the country in question had its own currency, because that currency would then go lower in relation to others, and that would act as an automatic export subsidy and import tariff. In the euro, this is of course impossible. Hence the problem. All this bs about gov't deficits is precisely that: utter, stinking bs. Some decent reading on this mess: Irrelevant Merkozy