Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: critical_mass who wrote (72993)	3/21/2010 10:18:06 AM
From: Haim R. Branisteanu	Read Replies (1) of 74559

As it stands now I really do not have a clue. Many forget it is not only Greece but also CA, ILL,NJ, NY Spain Portugal etc., For some reason the media decided to beat on Greece, I presume because they cheated and more and more it seems that they are not a clever bunch. Many times silence is golden! The amount is insignificant as far a sovereign debt is concerned the US generates this amount of debt in 3 to 4 days, but the speculators zeroed into the fact that the Greeks seem to be idiots and Germany rightfully do not want to cede ground. IMHO Greece is not getting a better deal from the IMF otherwise they would long gone there asking for help and that is what irks many, as it is soo transparent. At the end some one must tell Papandreou to keep shut and put up with 6% interest rates the same way as is California, go on with reforms cut pension benefits and collect more taxes. Then the speculators will leave Greece alone and look for another victim, in all likelihood UK. (In another post I mentioned the movie ZORBA which best reflect what the idiocy and greed can do. It seems that in antiquity the Greeks where a very very smart bunch but since something happen to them ) IMHO it will be foolish to cede to Greece with the present reforms in place it is too little and they did not act legally against the transgressors. The EU will survive as there is no other way around and they will find the right mechanism of having very similar social support in all EU countries by harmonizing the social benefits. As to the issue of competitiveness, I think the MED Club will need to adjust it will be a long process but the birth rate is in their favor, as are the warms shores of the Mediterranean Sea with a growing tourist industry. Bulgaria is a prime example - at least they are not as arrogant as the Greeks. The more acute situation IMHO is in the US with CA NJ ILL and NY etc., how those economies will reconcile due to their size is hard to imagine – they represent about 25% of US GDP or close to double of the MED Club

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