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Registered Sep 12, 2009
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nw888's most recent comments:
- On 13 May 2013
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I don't understand Paul Krugman,
nw888 said:
I'm not playing dumb, I just don't see what you're seeing. France, Spain, Italy, Portugal and a few more are outside those guidelines. Why haven't they been expelled from the Eurozone?
Greece is going through austerity, not expulsion from the Eurozone.
This discussion isn't whether there are differences, it's whether Europe is effectively on a gold standard. - On 13 May 2013
in
I don't understand Paul Krugman,
nw888 said:
I don't see the difference in a country that is part of the EMU issuing bonds and a state that is part of the USA issuing bonds. How is there a difference between the two?
As for the issue of countries in the EMU having to stay within certain guidelines, most of them haven't, so obviously that is a mute point.
Whether guidelines are different or not, what is occuring in reality is the same in my opinion. So I still do not see how the EMU is effectively on a gold standard. - On 12 May 2013
in
I don't understand Paul Krugman,
nw888 said:
iwog says
nw888 says
Greece issues bonds in the same way California or any state does, no?
The answer is no. Greece can't borrow, that's the problem. A member nation is supposed to keep deficits to 3% of GDP and debt to 60% of GDP. Greece exceeded those and now the EU is trying to force them back under the limits. Thus Greece succumbs to forced austerity and the economy crashes.
There are no parallels with the US economy.
European countries under the EMU issue their own bonds, so I still don't see how they differ from states that issue bonds. I also don't see how the ECB devaluing the Euro is different from the FED devaluing the dollar.
Maybe I'm just not one for economics.
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