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Politics : Formerly About Advanced Micro Devices

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To: tejek who wrote (567516)	5/21/2010 8:45:52 PM
From: Tenchusatsu	1 Recommendation Read Replies (3) of 1577700

Ted, like I told CJ, California isn't a sovereign nation like Greece is. California has no power to "print money" or otherwise take independent actions to affect the value of the dollar. It is forced into austerity because of fiscal realities it has no control over. If you still don't see the difference, let's talk numbers. CA's GDP (or more accurately, Gross State Product) is around $1.85 trillion. CA's deficit this year is $18 billion. That's like 1% of the state's economic output, yet there is still a lot of wailing and gnashing of teeth over that. Compare that with the Greek deficit, which is 12.7% of the GDP. The EU is trying to reduce that deficit to 3%, which is more manageable, but even that percentage would be unheard of for a state like California. Bottom line is that comparing California (or any other state in the American Union) to Greece is like comparing apples and oranges. Tenchusatsu

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