Monday, 15 February 2010

call for disaster...

"Greece! RAUS!"

Following the international media more and more people refer to expelling Greece from EUROland as the prime solution of a problem they skin deep link to the alleged way of Greek people being especially attentive to black markets, laziness, tax fraud or simply not paying taxes at all.

There probably is a true core in everything you read but then many other nations and economies are not really far from what Greece is like. That goes for the above but also for the levels of accrued debts over the past years, the way those countries were made part of EUROland and the methods they were taken advantage of by the banksters, not only lately, as GS is a prime example for.

So would such an exclusion work? Certainly, the easiest way and the one with a majority of the voters supporting it would be to return to the good, old Drachma. Fine.

And then? Would that help Greece, or the EURO, or the Pound, even?

It is easy to forecast that inflation would be the most dominant of all Greek imports; exports might boom for a while depending on how long Greece had anything on offer besides olives and sheep; tourism could also draw many people into the country, a summer long at least. But then imports such as energy, food, cars and any other commodities would cost stacks of good, old Drachma, lots of paper to be printed; at the same time trying to repay old debts would be the killer: then, as it is today; Greece's rating would be down from triple "A" to mono "-Z".

The very moment Greece would give up on the EURO or was forced to do so
Greek creditors - not only banksters - would have a hell of a job to balance their sheets and currencies! That bailout could be called "Lehman II(GR)" with "Lehman III(x) " ... following right away.

By the way, one of those "Lehmans" will then go down in history as "x(UK)" even though nobody would need to shout "raus!". Here are more details on our "
quarter of a trillion pound exposure"; so much on how clever it was to not join the EURO - or vice versa!? Clever?

So asking to expel Greece from the EURO is very simple but programmed suicide; it is rather naive and hardly a solution to be looking forward to.

Or, as one of those naive EU commissioners put it the other day in his English voice "ve ar oll sittin in one boot".

Carpe diem!


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