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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: tejek who wrote (567516)5/21/2010 8:45:52 PM
From: Tenchusatsu1 Recommendation  Read Replies (3) | Respond to of 1588988
 
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



To: tejek who wrote (567516)5/22/2010 3:52:02 PM
From: TopCat3 Recommendations  Read Replies (1) | Respond to of 1588988
 
"I don't know what the exchange rate was but it took a lot of drachmas to equal a Deutschmark. However, using smoke and mirrors, a kind of parity was reached when the drachma and the Deutschmark were folded into the euro."

Funny....when you don't understand something it's "smoke and mirrors." Must be a lot of smoke and mirrors in your house, Moonbeam.


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