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Does austerity work?

Discussion in 'BBS Hangout: Debate & Discussion' started by Faust, Jul 4, 2015.

  1. Sweet Lou 4 2

    Sweet Lou 4 2 Contributing Member
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    ATW may be a douchebag but I don't think it's fair to judge a country on just a few bad experiences - which suck. I'm dark haired and dark skinned, I look like a Muslim or a Black person and in all my travels throughout Germany, including parts of East German - I've never encountered anything but hospitality from locals (who aren't in the hospitality industry). I am sure there are plenty of racists in Germany like anywhere else, but never had those experiences - not in Hamburg, Wiesbaden/Munsk, Dresden, Leipzig, Berlin, and other towns.
     
  2. AroundTheWorld

    AroundTheWorld Insufferable 98er
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    But are you aware of the list of countries that defaulted to the IMF?

    [​IMG]

    Are you aware of the disastrous perception gambler Varoufakis and incompetent communist populist Tsipras create of Greece in the world?

    Greece is now officially on the same list as Zimbabwe, Afghanistan, Iraq, Haiti - as the first developed country that did this.

    And Greeks are celebrating the result of this referendum in the street.

    [​IMG]

    Honestly, it's a Greek tragedy, and they don't even realize it.

    As additional anecdotal evidence, I recently spoke to two high-level directors of a multinational company (50B company). They said they operate in more than 120 countries worldwide, but decided to pull out of Greece because they determined that levels of corruption were comparable to the worst African countries.
     
  3. malakas

    malakas Member

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    i don't judge. I already said I like germans. I always am the only one who always cheer for Nationalmanshaft and I like their culture their literature and speak the language.
    ThoughI think there is a problem with turkish immigrants that shouldn't be denied but whatever.
    It was a post to prove how stupid is to base an opinion on stereotypes.

    Just like it's stupid to believe the stereotypes about texans i.e
     
  4. Commodore

    Commodore Contributing Member

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    without a German patron, you would/will be
     
  5. malakas

    malakas Member

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    we have nothing in common with Zimbabwe Afghanistan and Iraq. Corruption exists but not in such a nationwide level to rig an election. Besides as I said there were many people who wanted no. It was not far fetched. It wasn't like other elections in the 50s when we kept the king or we "voted" in favour of juntas. This was legit and not rigged.
     
  6. AroundTheWorld

    AroundTheWorld Insufferable 98er
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    Not really, most of them are true :p.
     
  7. malakas

    malakas Member

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    we weren't even before we had one. :rolleyes:
     
  8. AroundTheWorld

    AroundTheWorld Insufferable 98er
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    Yes, you do - you all defaulted to the IMF.
     
  9. malakas

    malakas Member

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    this is very shortsighted and idiotic things to say and the basis of most worlds problems like racism xenophobia and violence. I am sorry for you that you can't see beyond the harm and lies of a stereotype.
     
  10. malakas

    malakas Member

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    yes we are also in the same planet. and? we don't have their problems that will make us third world country. :rolleyes: this is so stupid convo right now.
     
  11. Northside Storm

    Northside Storm Contributing Member

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    The IMF never should have been involved in the first place if they respected the lessons learned from Argentina.

    http://www.news.com.au/finance/economy/argentinas-advice-for-greece/story-e6frflo9-1227424762616

    They were called in by the Eurozone partners to everybody's detriment.

    They created loopholes in their own regulations that made the international financial system more unstable to support Greece through a set of failed austerity-contigent loans, and they watched as the EU/ECB implemented fatalistic policies that cycled an increasing amount of Greek debt back to Eurozone institutions.

    http://www.reuters.com/article/2015/06/11/us-eurozone-greece-imf-idUSKBN0OR0DB20150611

    They were brought in as a figurehead and they dearly regret it.

    To make fun of Greece for defaulting to the IMF is a fine bit of irony when the IMF has consistently maintained that it screwed up 1) getting involved in the first place, 2) going along with Eurozone public institutions by not demanding an early strong restructuring of debt in 2010 and 3) underestimating the effects of austerity, essentially killing the baby with the bathwater.

    The first default for an advanced country to the IMF has more to do with 1), 2), and 3) than any comparision of Greece to Iraq.
     
    #151 Northside Storm, Jul 5, 2015
    Last edited: Jul 5, 2015
  12. AroundTheWorld

    AroundTheWorld Insufferable 98er
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    But they all wear cowboy hats and ride bulls! :cool:
     
  13. AroundTheWorld

    AroundTheWorld Insufferable 98er
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    Your example is very bad, actually. If anything it would be me pointing a gun at your head and saying "give me the $ 10 back you took from me".
     
  14. Sweet Lou 4 2

    Sweet Lou 4 2 Contributing Member
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    More like someone coming to you and saying - hey, remember how I saved your job and house but asked in exchange for 80% of your paycheck. Well guess what, that's not enough to cover what you owe me, so I am taking your job and house anyway....and you still owe me the 80%.
     
  15. dmoneybangbang

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    Define austerity.

    Is it a good idea to not lower government spending during an economic crisis. Yes.

    Does it matter what the government spends it on, absolutely.
     
  16. DaDakota

    DaDakota If you want to know, just ask!

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    Iceland bounced back pretty quickly.

    DD
     
  17. AroundTheWorld

    AroundTheWorld Insufferable 98er
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    Varoufakis stepped down. Let's see if that helps a little bit.
     
  18. DudeWah

    DudeWah Member

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    Just at a rough glance, economically speaking, Greece is a "developing country" which is the same as saying "third world" country.
     
  19. Mathloom

    Mathloom Shameless Optimist
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    It is literally not the same thing, despite what the media likes to think.

    There are developed, developing and under developed (i.e. third world) countries. To say developing is the same as third world is as valid as saying lower class is the same as middle class. Makes zero sense.

    Greece, of course, is not a third world country. It's now a developing country. It was a developed country. Thinking about this more carefully, economics alone doesn't define how developed a country is or isn't.
     
  20. DudeWah

    DudeWah Member

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    I literally said solely from an economics stand point.

    I think that kind of precludes the whole "economics alone doesn't define blah blah blah" sentiment. Since, you know, that was the only aspect I mentioned.

    Nothing to do with the media or anything else. It's not a stretch to say that a country that is in such poor financial shape is a third world country.

    If South Africa is considered a third world country (and it is) then there's no reason Greece shouldn't.
     

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