Hey Chief: further illustration of the point is Norwegian Air selling cheap flights. It makes a world of sense to subsidize the airline with cheap fuel (Norway has suddenly cheapened oil) to get tourists to spend tons of money in Norway on outrageously priced retail stuff. Dam but these guys are way ahead of me!
I never thought of it in those terms but that is a very good point. Tourist-driven economies need cheap and local currencies to keep money flowing from overseas during times of economic and political trouble. (You could ask Egypt.)
The Euro is designed to create stability in money in the traditional econ sense; functions four and all that.
Greeks will never have the cheap and local currency in the Euro, at least not during my lifetime, so they would probably be better off with their own local currency, which they can inflate at will to keep those with money viewing their antiquities.
With 20/20 hindsight, I have to say that including Greece in the Euro zone was a bad idea.
I thought you might have discovered this but I guess you have to be told. The real question is why do I care what happens to you?
Germany has lots of resources in addition to its people. They can frack anytime they want to dump Putin in the dustbin of history. And uranium was discovered just nearby by Mme. Curie. Coal is still big in the Saar but watch out for the German babes at the beach. The most beautiful girl I ever saw works out on the step mill at the local gym. She said she was from Germany, Munich.
In my case, you are preaching to the choir. The Greek economic system is not sustainable in its present form. I have gotten to the point where I think that an indifference point has been reached between people in Greece that want to live off others and those that want to live off themselves. I do not foresee a favorable outcome for the Greek people and I hope that other European states are ready for an influx of starving Greeks.
I would like to see the evidence for this assertion. Normally I agree with you on most topics but I am not sure that I can on this one. I have no idea what Germans or anyone else were thinking when they set up the Euro system in the late 1990s.
But I can see that as it plays out, it is a struggle between financially weak and strong, which is what I would expect.
While Lincoln could go to war to preserve the Union (and its economic system) in 1861, Germany probably would not do that to keep Greece in the Euro. States like Alabama and Mississippi could never compete with New York or California in capital markets but for some reason the USA does not care. Yet Greece is expected to be a first class citizen with Germany in the Euro. So yes I think the Euro is enriching the already rich but how is that strange or unexpected on their part? The poorer states have problems and drift to Marxist "solutions" and Tsipras is becoming pals with Putin even as we write.
Weaker players are squeezed out; and again, how is this game theoretically strange?
I see it as a classic economic game of chicken.
Yeah I have thought all of those things too, but the real kicker is that Tsipras was elected just to be a complete drama queen; and he is going to do it to the max even if it means trashing the very people that elected him.
Consider that dropping out of the Euro will allow Greece to monetize their debts; but at a price of shutting off overseas credit and result in hyperinflation that will destroy the pension benefits that he is ostensibly trying to protect. Tsipras is all bluff and he has been called in his little game of chicken.
He has lost the game and now wants an election to bail him out with his constituents, who will probably vote to stay in the Euro.
So you no longer have to ben dover in alley ways. congrats jerry. (You really need to get married.)
Wallis is definitely the reincarnation and otherwise cloning of Shrugg, even if he is not the genuine article. I note the following material evidence: 1. puritanical attitude toward weak minded members of the families of Republican politicians; 2. obsesssion with individual freedom politics; 3. Lack of compassion for the less fortunate (obviously not an irish catholic). 4. Expertise in energy issues;
Always nice to see you pal but I am going to the beach this afternoon; or maybe the golf course.
Best and NVLS uber alles.