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Politics : Formerly About Advanced Micro Devices

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To: Tenchusatsu who wrote (567522)	5/21/2010 8:56:30 PM
From: tejek	Read Replies (1) of 1577616

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. Neither can Greece. In the past had Greece gotten into this problem they would have devalued the drachma. Greece would become very cheap....for tourists and for buyers of their products and grow out of its financial troubles. They can't do that now because they are tied to the euro. That's why the fiscal diet they are going on is very severe. It is forced into austerity because of fiscal realities it has no control over. I think CA has as much control as Greece. 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. True. CA is bad by American standards....not Greek standards. I suspect the difference is how much money Greece pays to Brussels vs how much CA pays to DC. I bet CA pays a higher percentage of its GDP to WA than Greece pays to Brussels. You should ask Taro....he might know better. BTW what is with the pacmen on google? I can't keep up with all the holidays they celebrate.....assuming its a holiday.

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