Eurozone Financial Crisis Vol. Knowledge Is Power

[wr]

Greece never met the initial requirements to join the Euro zone in the first place. This was going to happen regardless. 
There are countless articles and lectures out there about this issue.

 

[scott frost]

Wr, care to link a few or those? Much appreciated.

Appreciate all those who offered feedback an opinions as this topic is of serious interst to me.

 

[hankmoody]

You want content about purported crooks, Crooks?
Podcasts

http://www.econtalk.org/archives/2011/12/cowen_on_the_eu.html

http://www.econtalk.org/archives/2011/06/eichengreen_on.html

http://blogs.hbr.org/ideacast/2011/10/debating-the-future-of-europe.html

Many podcasts on NPR's Planet Money, Leonard Lopate and the Diane Rehm Show. Search these terms with "euro podcast."

Video:

 (1 of 3)

 (1 of 4)

http://www.ritholtz.com/blog/category/video/

Articles

http://thebrowser.com/reports/euro-brink (Special Report from thebrowser.com... best website on the internet.. http://thebrowser.com/sections/business-economics)

http://www.foreignpolicy.com/articl...f_europe?print=yes&hidecomments=yes&page=full

http://www.zerohedge.com/news/guest-post-best-thing-ever-written-europe

http://www.economonitor.com/blog/20...ts-two-reasons-why-spain-will-leave-the-euro/

http://www.nybooks.com/articles/archives/2012/feb/23/how-save-euro/

http://www.zerohedge.com/contributed/brief-guide-euro-crisis

http://thebrowser.com/search?keys=euro&types=link&sortfield=created&sortdir=DESC

Blogs with too much content to just pick and choose:

The Big Picture

Naked Capitalism

VoxEU

Zero Hedge 

Calculated Risk

I think that should get you started.

 

[nocomment6]

Originally Posted by RunningFishy

Originally Posted by nocomment6

Yes "crcballer55", but again I think it must be emphasized that the politics in the US aren't good, however they are relatively coherent compared to Europe. It's simply a battle similar to that of Sysyphus's to have and expect the same standards from countries, with such different capabilities.

i.e. I live in Hungary and we ain't doing good, actually economy is horrible and I think we are pretty close the status of the PIIGS, only luck is we don't have the euro. But politicians, try to sell the statements here to people, who unfortunately believe them, that truth be told our GDP equivalent deficit is around 81 percent same as Germany's, but how can one compare the two?! Similar case in the Czech republic who have been hit with recession hard. Imagine these countries having to meet requirements of the euro. It's very difficult to expect such countries to even with relatively good economies perform like Germany who controls a huge chunk of the automotive, shipping, mining industries. And it mustn't be forgotten that leadership and corruption in Northern and western european countries isn't even comparable to whats going on in the southern and eastern states....

Greece even without debt payments due only to the euro would have about -1percent deficit, in addition comes the excess 5-6-7 percent, because euro related debts. In addition the overall debt of 140percent is insane when they have a pretty impotent economy. Their main income is tourism, but to be honest not enough is done to increase business, no stimulus is provided at all by the government.


Another big problem, which I haven't heard to be mention is the clash of two totally different approaches represented by Germany and France. The first is on the side of fiscal restrictions and reducing spending, because they have witnessed a good deal of hyperinflation back in the day. France however would like to use methods similar to the one in the US and would risk potentially rising inflation rates, which are already rising under current circumstances, proving that the strength of the Euro isn't even close to the USD's.

The whole currency/money thing is quite a mystery at times.  Sometimes it's pretty confusing. 

Still, what would happen in the event that Greece exits the eurozone?  How would they re-establish THEIR OWN CURRENCY, and what would happen to EXISTING DEBT? 

It is said to most likely to loose it's value by about 80% over a short span of time.BTW becoming a member of the euro zone is apprantely an irreversible action at least thats what laws suggest...
Here's a graph displaying what happened to countries who had similar debt problems or went through crises' recently.
It's in Hungarian, sorry.

Different colours display different time spans, yellow= 1 month, red= 3months, grey= 1 year, black=3 yearsw.

And compared to these countries Greece in a lot worse position...
ALthough it shouldn't be forgotten, that it does have a huge gold reserve, about 5,5 tons, although this is only about 5% of the GDP.

In addition they don't have the technology to print money...

 

[teamjordan79]

nocomment6 wrote:

---

Originally Posted by RunningFishy

Originally Posted by nocomment6

 

It is said to most likely to loose it's value by about 80% over a short span of time.BTW becoming a member of the euro zone is apprantely an irreversible action at least thats what laws suggest...
Here's a graph displaying what happened to countries who had similar debt problems or went through crises' recently.
It's in Hungarian, sorry.

Different colours display different time spans, yellow= 1 month, red= 3months, grey= 1 year, black=3 yearsw.

And compared to these countries Greece in a lot worse position...
ALthough it shouldn't be forgotten, that it does have a huge gold reserve, about 5,5 tons, although this is only about 5% of the GDP.

In addition they don't have the technology to print money...



First of all today's funny money is at least 95% digital. So not a lot of printing is needed. 

Second, the debt that has plagued greece is ODIOUS....if the greek politicians really cared about the interested of their people, they could file this claim to have their debt forgiven and written off - debt jubilee. Of course no one would allow them to do this, seeing how other european nations pretty much deposed of the previous president at the mere suggestion of having a euro membership referendum (democracy? lol). Other countries do not want to pay their bill even though this entire fiasco is a farce, the money is fake, fiat and never existed to begin with. Peoples' suffering is real though. 

 

[theone2401]

I just want to make one comment on this subject that a lot of people do not understand.

I do not even know if it has been covered I do not have time to read all of the posts.

The Euro does not operate like the Dollar and any collapse of it as a currency is purely a political decision.

Will elaborate later.

 

[b smooth 202]

dialectical materialism

history

/thread

 

[mo matik]

Nice link dump Hank thanks

 

[wr]

Originally Posted by Scott Frost

Wr, care to link a few or those? Much appreciated.

Appreciate all those who offered feedback an opinions as this topic is of serious interst to me.

check out those links Hank posted