- Sep 29, 2000
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Greece in turmoil
Apparently a kid got killed by cops and the country is falling to shambles, but the death was a match on a powder keg anyway. I didn't realize what a mess Greece was in. I knew that Italy was going backward, corruption a real problem there, I knew that England's federal budget is a total mess (yes, quite a bit worse than America's). Well Greece is in a class of its own according to this link; The current account deficit is 15pc of GDP, the eurozone's highest by far. Indeed, the deficit ($53bn) is the sixth biggest in the world in absolute terms -- quite a feat for a country of 11m people. <- pretty impressive.
And in Spain: The IMF expects Spain's unemployment to reach 15pc. Immigrants are already being paid to leave the country. Wow, that's terrible. Although we could see that here, no official body is predicting anything more than 8-9% AFAIK.
I still believe the US needs to be exceedingly careful with its bailing out and propping up. This is ammunition not easily restocked; as government grows inexorably the economy loses its agility and the government, already large, loses its ability to temporarily increase in times of national need. I don't think any of us should be envious of what Europe is looking at these days, although many here do appear to be. And it's not all bad, but multiple countries in Europe have had and will have riots. Can you really picture large scale rioting in the US? It seems almost impossible to comprehend. There would be widespread and immediate condemnation of banks, police, etc. being attacked.
Apparently a kid got killed by cops and the country is falling to shambles, but the death was a match on a powder keg anyway. I didn't realize what a mess Greece was in. I knew that Italy was going backward, corruption a real problem there, I knew that England's federal budget is a total mess (yes, quite a bit worse than America's). Well Greece is in a class of its own according to this link; The current account deficit is 15pc of GDP, the eurozone's highest by far. Indeed, the deficit ($53bn) is the sixth biggest in the world in absolute terms -- quite a feat for a country of 11m people. <- pretty impressive.
And in Spain: The IMF expects Spain's unemployment to reach 15pc. Immigrants are already being paid to leave the country. Wow, that's terrible. Although we could see that here, no official body is predicting anything more than 8-9% AFAIK.
I still believe the US needs to be exceedingly careful with its bailing out and propping up. This is ammunition not easily restocked; as government grows inexorably the economy loses its agility and the government, already large, loses its ability to temporarily increase in times of national need. I don't think any of us should be envious of what Europe is looking at these days, although many here do appear to be. And it's not all bad, but multiple countries in Europe have had and will have riots. Can you really picture large scale rioting in the US? It seems almost impossible to comprehend. There would be widespread and immediate condemnation of banks, police, etc. being attacked.