Nine People Who Saw the Greek Crisis Coming Years Before Everyone Else Did

[Dovahkiin]

Nine People Who Saw the Greek Crisis Coming Years Before Everyone Else Did

Although the problems in Greece didn't begin making big headlines until 2009, a number of economists, politicians and professors spotted cracks in the European currency union as early as the 1990s. Meanwhile, it's interesting to note that the country had a tough time making it into the single currency in the first place. Greece failed to qualify for the euro in 1998 before being granted admission in 2001.

Here are some people who must have had crystal balls.

Notice:
Wynne Godley
Stephanie Kelton
Warren Mosler
L. Randall Wray
You can look them up yourselves, but they're all related in regards to MMT.

 

[Lucy Hamilton]

Nine People Who Saw the Greek Crisis Coming Years Before Everyone Else Did

Although the problems in Greece didn't begin making big headlines until 2009, a number of economists, politicians and professors spotted cracks in the European currency union as early as the 1990s. Meanwhile, it's interesting to note that the country had a tough time making it into the single currency in the first place. Greece failed to qualify for the euro in 1998 before being granted admission in 2001.

Here are some people who must have had crystal balls.

Notice:
Wynne Godley
Stephanie Kelton
Warren Mosler
L. Randall Wray
You can look them up yourselves, but they're all related in regards to MMT.

They at the time, were they called "Conspiracy Theorists"? I ask because, it's usual to trash such people.

 

[Norman]

Nine People Who Saw the Greek Crisis Coming Years Before Everyone Else Did

Although the problems in Greece didn't begin making big headlines until 2009, a number of economists, politicians and professors spotted cracks in the European currency union as early as the 1990s. Meanwhile, it's interesting to note that the country had a tough time making it into the single currency in the first place. Greece failed to qualify for the euro in 1998 before being granted admission in 2001.

Here are some people who must have had crystal balls.

Notice:
Wynne Godley
Stephanie Kelton
Warren Mosler
L. Randall Wray
You can look them up yourselves, but they're all related in regards to MMT.

It's pretty easy to see the problems coming when country enacts socialist policies and gets accustomed to living on welfare.

Screwing the tax payer while also screwing the tax man is the Greece way. There was no other way for it to end, than as one more failure of the socialist experiment.

And most likely the phenomenon will spread as EU countries find out their retirement coffers are empty. Even though, at least European countries put more on the side than the truly socialist security system of USA. Still, the demographics are a disaster. The best case scenario is 60+ % tax rate in many countries. The future is bleak.

 

[Dovahkiin]

Nine People Who Saw the Greek Crisis Coming Years Before Everyone Else Did

Although the problems in Greece didn't begin making big headlines until 2009, a number of economists, politicians and professors spotted cracks in the European currency union as early as the 1990s. Meanwhile, it's interesting to note that the country had a tough time making it into the single currency in the first place. Greece failed to qualify for the euro in 1998 before being granted admission in 2001.

Here are some people who must have had crystal balls.

Notice:
Wynne Godley
Stephanie Kelton
Warren Mosler
L. Randall Wray
You can look them up yourselves, but they're all related in regards to MMT.

They at the time, were they called "Conspiracy Theorists"? I ask because, it's usual to trash such people.

No, they were'n't. They were outside of the mainstream economic circle, but their statements all had evidence backing them.

 

[Dovahkiin]

Nine People Who Saw the Greek Crisis Coming Years Before Everyone Else Did

Although the problems in Greece didn't begin making big headlines until 2009, a number of economists, politicians and professors spotted cracks in the European currency union as early as the 1990s. Meanwhile, it's interesting to note that the country had a tough time making it into the single currency in the first place. Greece failed to qualify for the euro in 1998 before being granted admission in 2001.

Here are some people who must have had crystal balls.

Notice:
Wynne Godley
Stephanie Kelton
Warren Mosler
L. Randall Wray
You can look them up yourselves, but they're all related in regards to MMT.

It's pretty easy to see the problems coming when country enacts socialist policies and gets accustomed to living on welfare.

Screwing the tax payer while also screwing the tax man is the Greece way. There was no other way for it to end, than as one more failure of the socialist experiment.

And most likely the phenomenon will spread as EU countries find out their retirement coffers are empty. Even though, at least European countries put more on the side than the truly socialist security system of USA. Still, the demographics are a disaster. The best case scenario is 60+ % tax rate in many countries. The future is bleak.

Err, you might want to read the statements of the people I've noted.
Greece failed because they were stuck with the euro, not sovereign in their own currency.

 

[Norman]

Nine People Who Saw the Greek Crisis Coming Years Before Everyone Else Did

Although the problems in Greece didn't begin making big headlines until 2009, a number of economists, politicians and professors spotted cracks in the European currency union as early as the 1990s. Meanwhile, it's interesting to note that the country had a tough time making it into the single currency in the first place. Greece failed to qualify for the euro in 1998 before being granted admission in 2001.

Here are some people who must have had crystal balls.

Notice:
Wynne Godley
Stephanie Kelton
Warren Mosler
L. Randall Wray
You can look them up yourselves, but they're all related in regards to MMT.

Oh not the stupid MMT. Yeah, they must have predicted that Greece goes broke because it can't print money. Damn tools! These people are cancer among the economic community. They just don't understand even the basics, as they assert their theory must be empirically correct, even though it's demonstrably false.

 

[Dovahkiin]

Nine People Who Saw the Greek Crisis Coming Years Before Everyone Else Did

Although the problems in Greece didn't begin making big headlines until 2009, a number of economists, politicians and professors spotted cracks in the European currency union as early as the 1990s. Meanwhile, it's interesting to note that the country had a tough time making it into the single currency in the first place. Greece failed to qualify for the euro in 1998 before being granted admission in 2001.

Here are some people who must have had crystal balls.

Notice:
Wynne Godley
Stephanie Kelton
Warren Mosler
L. Randall Wray
You can look them up yourselves, but they're all related in regards to MMT.

Oh not the stupid MMT. Yeah, they must have predicted that Greece goes broke because it can't print money. Damn tools!

How can a country sovereign in its own currency without pegging the currency or foreign debts ever go bankrupt on a "debt" denominated in its own currency?

 

[Norman]

Nine People Who Saw the Greek Crisis Coming Years Before Everyone Else Did

Although the problems in Greece didn't begin making big headlines until 2009, a number of economists, politicians and professors spotted cracks in the European currency union as early as the 1990s. Meanwhile, it's interesting to note that the country had a tough time making it into the single currency in the first place. Greece failed to qualify for the euro in 1998 before being granted admission in 2001.

Here are some people who must have had crystal balls.

Notice:
Wynne Godley
Stephanie Kelton
Warren Mosler
L. Randall Wray
You can look them up yourselves, but they're all related in regards to MMT.

Oh not the stupid MMT. Yeah, they must have predicted that Greece goes broke because it can't print money. Damn tools!

How can a country sovereign in its own currency without pegging the currency or foreign debts ever go bankrupt on a "debt" denominated in its own currency?

By not printing money like crazy. Or just by simply defaulting or restructuring its debt because it wishes. Next question!

P.S. Printing press is not magic.

 

[Dovahkiin]

Nine People Who Saw the Greek Crisis Coming Years Before Everyone Else Did

Although the problems in Greece didn't begin making big headlines until 2009, a number of economists, politicians and professors spotted cracks in the European currency union as early as the 1990s. Meanwhile, it's interesting to note that the country had a tough time making it into the single currency in the first place. Greece failed to qualify for the euro in 1998 before being granted admission in 2001.

Here are some people who must have had crystal balls.

Notice:
Wynne Godley
Stephanie Kelton
Warren Mosler
L. Randall Wray
You can look them up yourselves, but they're all related in regards to MMT.

Oh not the stupid MMT. Yeah, they must have predicted that Greece goes broke because it can't print money. Damn tools!

How can a country sovereign in its own currency without pegging the currency or foreign debts ever go bankrupt on a "debt" denominated in its own currency?

By not printing money like crazy. Or just by simply defaulting or restructuring its debt because it wishes. Next question!

P.S. Printing press is not magic.

Without the government sector running a net deficit, how does the private sector get more liability free dollars? Loans create deposits, but this nets to zero (mostly.) Of course, banks loan based on the credit worthiness of the person. That person has to acquire savings from another persons spending..

 

[Dovahkiin]

Nine People Who Saw the Greek Crisis Coming Years Before Everyone Else Did

Although the problems in Greece didn't begin making big headlines until 2009, a number of economists, politicians and professors spotted cracks in the European currency union as early as the 1990s. Meanwhile, it's interesting to note that the country had a tough time making it into the single currency in the first place. Greece failed to qualify for the euro in 1998 before being granted admission in 2001.

Here are some people who must have had crystal balls.

Notice:
Wynne Godley
Stephanie Kelton
Warren Mosler
L. Randall Wray
You can look them up yourselves, but they're all related in regards to MMT.

Oh not the stupid MMT. Yeah, they must have predicted that Greece goes broke because it can't print money. Damn tools!

How can a country sovereign in its own currency without pegging the currency or foreign debts ever go bankrupt on a "debt" denominated in its own currency?

By not printing money like crazy. Or just by simply defaulting or restructuring its debt because it wishes. Next question!

P.S. Printing press is not magic.

The government creates money "from thin air" just like banks. This happens all the time.

 

[Norman]

Nine People Who Saw the Greek Crisis Coming Years Before Everyone Else Did

Although the problems in Greece didn't begin making big headlines until 2009, a number of economists, politicians and professors spotted cracks in the European currency union as early as the 1990s. Meanwhile, it's interesting to note that the country had a tough time making it into the single currency in the first place. Greece failed to qualify for the euro in 1998 before being granted admission in 2001.

Here are some people who must have had crystal balls.

Notice:
Wynne Godley
Stephanie Kelton
Warren Mosler
L. Randall Wray
You can look them up yourselves, but they're all related in regards to MMT.

Oh not the stupid MMT. Yeah, they must have predicted that Greece goes broke because it can't print money. Damn tools!

How can a country sovereign in its own currency without pegging the currency or foreign debts ever go bankrupt on a "debt" denominated in its own currency?

By not printing money like crazy. Or just by simply defaulting or restructuring its debt because it wishes. Next question!

P.S. Printing press is not magic.

The government creates money "from thin air" just like banks. This happens all the time.

Yes I said "IF" they don't want to do that. Besides that it's the central bank that prints the money, NOT THE GOVERNMENT you idiot! Do you have a cognitive deficit?

 

[Dovahkiin]

Nine People Who Saw the Greek Crisis Coming Years Before Everyone Else Did
Notice:
Wynne Godley
Stephanie Kelton
Warren Mosler
L. Randall Wray
You can look them up yourselves, but they're all related in regards to MMT.

Oh not the stupid MMT. Yeah, they must have predicted that Greece goes broke because it can't print money. Damn tools!

How can a country sovereign in its own currency without pegging the currency or foreign debts ever go bankrupt on a "debt" denominated in its own currency?

By not printing money like crazy. Or just by simply defaulting or restructuring its debt because it wishes. Next question!

P.S. Printing press is not magic.

The government creates money "from thin air" just like banks. This happens all the time.

Yes I said "IF", they don't want to do that. Besides that it's the central bank that prints the money, NOT THE GOVERNMENT you idiot! Do you have a cognitive deficit?

For all of my discussions, I lump together the central bank and the government, since the CB is essentially an independent entity within the government.

 

[Kosh]

Nine People Who Saw the Greek Crisis Coming Years Before Everyone Else Did

Although the problems in Greece didn't begin making big headlines until 2009, a number of economists, politicians and professors spotted cracks in the European currency union as early as the 1990s. Meanwhile, it's interesting to note that the country had a tough time making it into the single currency in the first place. Greece failed to qualify for the euro in 1998 before being granted admission in 2001.

Here are some people who must have had crystal balls.

Notice:
Wynne Godley
Stephanie Kelton
Warren Mosler
L. Randall Wray
You can look them up yourselves, but they're all related in regards to MMT.

Yes when you run out of people to tax to fund your failed social programs, anyone can see that!

 

[Lucy Hamilton]

Nine People Who Saw the Greek Crisis Coming Years Before Everyone Else Did

Although the problems in Greece didn't begin making big headlines until 2009, a number of economists, politicians and professors spotted cracks in the European currency union as early as the 1990s. Meanwhile, it's interesting to note that the country had a tough time making it into the single currency in the first place. Greece failed to qualify for the euro in 1998 before being granted admission in 2001.

Here are some people who must have had crystal balls.

Notice:
Wynne Godley
Stephanie Kelton
Warren Mosler
L. Randall Wray
You can look them up yourselves, but they're all related in regards to MMT.

It's pretty easy to see the problems coming when country enacts socialist policies and gets accustomed to living on welfare.

Screwing the tax payer while also screwing the tax man is the Greece way. There was no other way for it to end, than as one more failure of the socialist experiment.

And most likely the phenomenon will spread as EU countries find out their retirement coffers are empty. Even though, at least European countries put more on the side than the truly socialist security system of USA. Still, the demographics are a disaster. The best case scenario is 60+ % tax rate in many countries. The future is bleak.

Err, you might want to read the statements of the people I've noted.
Greece failed because they were stuck with the euro, not sovereign in their own currency.

If you read about Greece, then you'll realise they never should have been accepted into Eurozone in first place. If you read you'll discover Greek Government at time employed Goldman Sachs who shall we say, fudged the true numbers regarding Greek Economy - there are strict criteria to being accepted into Eurozone.

When the whole Greek system pretty much collapsed, it all came out about the Goldman Sachs thing, essentially Greece lied, their economy was already a mess, but they pulled wool over the ears of Brussels and the ECB etc, so they could look like they fullfilled criteria to enter Eurozone.

Greece DIDN'T fail because they're on the Euro....Greece failed because they lied.

Also if you read about Greece, successive Governments have failed to collect taxes, this because for decades most Greeks REFUSE to pay income tax, literally keeping Drachmas at the time under the mattress.

NOBODY has ANY sympathy with Greece, they brought this ALL on themselves. Why should WE bail Greece out, they already owe US 70 BILLION Euros for starters.

 

[Dovahkiin]

Nine People Who Saw the Greek Crisis Coming Years Before Everyone Else Did

Although the problems in Greece didn't begin making big headlines until 2009, a number of economists, politicians and professors spotted cracks in the European currency union as early as the 1990s. Meanwhile, it's interesting to note that the country had a tough time making it into the single currency in the first place. Greece failed to qualify for the euro in 1998 before being granted admission in 2001.

Here are some people who must have had crystal balls.

Notice:
Wynne Godley
Stephanie Kelton
Warren Mosler
L. Randall Wray
You can look them up yourselves, but they're all related in regards to MMT.

Yes when you run out of people to tax to fund your failed social programs, anyone can see that!

That scenario only applies to a country not sovereign in its own currency/with foreign debts/a pegged currency.

 

[Kosh]

Nine People Who Saw the Greek Crisis Coming Years Before Everyone Else Did

Although the problems in Greece didn't begin making big headlines until 2009, a number of economists, politicians and professors spotted cracks in the European currency union as early as the 1990s. Meanwhile, it's interesting to note that the country had a tough time making it into the single currency in the first place. Greece failed to qualify for the euro in 1998 before being granted admission in 2001.

Here are some people who must have had crystal balls.

Notice:
Wynne Godley
Stephanie Kelton
Warren Mosler
L. Randall Wray
You can look them up yourselves, but they're all related in regards to MMT.

Yes when you run out of people to tax to fund your failed social programs, anyone can see that!

That scenario only applies to a country not sovereign in its own currency/with foreign debts/a pegged currency.

See how the far left will not admit that their failed social programs are to blame.

You can not generate taxes when there is no more rich people to tax. And continuing to create and expand social programs is not the answer..

Evan a two year old can see that!

 

[Dovahkiin]

Nine People Who Saw the Greek Crisis Coming Years Before Everyone Else Did

Although the problems in Greece didn't begin making big headlines until 2009, a number of economists, politicians and professors spotted cracks in the European currency union as early as the 1990s. Meanwhile, it's interesting to note that the country had a tough time making it into the single currency in the first place. Greece failed to qualify for the euro in 1998 before being granted admission in 2001.

Here are some people who must have had crystal balls.

Notice:
Wynne Godley
Stephanie Kelton
Warren Mosler
L. Randall Wray
You can look them up yourselves, but they're all related in regards to MMT.

Yes when you run out of people to tax to fund your failed social programs, anyone can see that!

That scenario only applies to a country not sovereign in its own currency/with foreign debts/a pegged currency.

See how the far left will not admit that their failed social programs are to blame.

You can not generate taxes when there is no more rich people to tax. And continuing to create and expand social programs is not the answer..

Evan a two year old can see that!

Where do you think "rich people" get the dollars the government taxes from them?

 

[Norman]

Nine People Who Saw the Greek Crisis Coming Years Before Everyone Else Did

Although the problems in Greece didn't begin making big headlines until 2009, a number of economists, politicians and professors spotted cracks in the European currency union as early as the 1990s. Meanwhile, it's interesting to note that the country had a tough time making it into the single currency in the first place. Greece failed to qualify for the euro in 1998 before being granted admission in 2001.

Here are some people who must have had crystal balls.

Notice:
Wynne Godley
Stephanie Kelton
Warren Mosler
L. Randall Wray
You can look them up yourselves, but they're all related in regards to MMT.

Oh not the stupid MMT. Yeah, they must have predicted that Greece goes broke because it can't print money. Damn tools!

How can a country sovereign in its own currency without pegging the currency or foreign debts ever go bankrupt on a "debt" denominated in its own currency?

By not printing money like crazy. Or just by simply defaulting or restructuring its debt because it wishes. Next question!

P.S. Printing press is not magic.

Without the government sector running a net deficit, how does the private sector get more liability free dollars? Loans create deposits, but this nets to zero (mostly.) Of course, banks loan based on the credit worthiness of the person. That person has to acquire savings from another persons spending..

Oh, the so so so smart arguments of the MMT. And by smart I mean of course - completely retarded.

First of all "savings" is a stock. I can acquire savings by building something on my yard I don't need your stinking government to do that and neither does anyone else.

Now, you probably meant "saving" which is a flow, again no monetary transaction needs to take place for saving to occur. Only thing that has to happen is for the production to be measured. So you didn't mean this either.

What you meant is "net private saving", that is the deficit by definition for a global economy. Okay cool... and this tells us what exactly about the real economy? Why is this needed? Oh wait it isn't. Only reason why it's needed for an economy is because socialist MMTers can't stop salivating over their deficits and socialist revolutions that the debt crisis will eventually cause.

MMTers are the ultimate economic "gotchas". Completely clueless how economics actually works. These guys could not physically run a lemonade stand if their life dependent on it. That is what we are dealing with. Unfortunately their ability is as grandiose as their honesty.

 

[Kosh]

Nine People Who Saw the Greek Crisis Coming Years Before Everyone Else Did

Although the problems in Greece didn't begin making big headlines until 2009, a number of economists, politicians and professors spotted cracks in the European currency union as early as the 1990s. Meanwhile, it's interesting to note that the country had a tough time making it into the single currency in the first place. Greece failed to qualify for the euro in 1998 before being granted admission in 2001.

Here are some people who must have had crystal balls.

Notice:
Wynne Godley
Stephanie Kelton
Warren Mosler
L. Randall Wray
You can look them up yourselves, but they're all related in regards to MMT.

Yes when you run out of people to tax to fund your failed social programs, anyone can see that!

That scenario only applies to a country not sovereign in its own currency/with foreign debts/a pegged currency.

See how the far left will not admit that their failed social programs are to blame.

You can not generate taxes when there is no more rich people to tax. And continuing to create and expand social programs is not the answer..

Evan a two year old can see that!

Where do you think "rich people" get the dollars the government taxes from them?

By running successful business!

Not by creating and running failed far left social programs/experiments that are not funded!

 

[Dovahkiin]

Nine People Who Saw the Greek Crisis Coming Years Before Everyone Else Did
Notice:
Wynne Godley
Stephanie Kelton
Warren Mosler
L. Randall Wray
You can look them up yourselves, but they're all related in regards to MMT.

Oh not the stupid MMT. Yeah, they must have predicted that Greece goes broke because it can't print money. Damn tools!

How can a country sovereign in its own currency without pegging the currency or foreign debts ever go bankrupt on a "debt" denominated in its own currency?

By not printing money like crazy. Or just by simply defaulting or restructuring its debt because it wishes. Next question!

P.S. Printing press is not magic.

Without the government sector running a net deficit, how does the private sector get more liability free dollars? Loans create deposits, but this nets to zero (mostly.) Of course, banks loan based on the credit worthiness of the person. That person has to acquire savings from another persons spending..

Oh, the so so so smart arguments of the MMT. And by smart I mean of course - completely retarded.

First of all "savings" is a stock. I can acquire savings by building something on my yard I don't need your stinking government to do that and neither does anyone else.

Now, you probably meant "saving" which is a flow, again no monetary transaction needs to take place for saving to occur. Only thing that has to happen is for the production to be measured. So you didn't mean this either.

What you meant is "net private saving", that is the deficit by definition for a global economy. Okay cool... and this tells us what exactly about the real economy? Why is this needed? Oh wait it isn't. Only reason why it's needed for an economy is because socialist MMTers can't stop salivating over their deficits and socialist revolution.

MMTers are the ultimate economic "gotchas". Completely clueless how economics actually works. These guys could not physically run a lemonade stand if their life dependent on it. That is what we are dealing with. Unfortunately their ability is as great as their honesty.

The fuck? I'm obviously referring to financial assets when I talk about savings, what do you think a bank cares about when they're going to do a loan?
Clueless? No, you're the clueless one.