Europe rejects austerity, the left is ascendant once more.

That's not really relevant at all, it just shows that their economy is very weak.

 

Of course but we've seen a string of governments collapse in Europe because of austerity measures.

Oh I understand where you're coming from. This is the view of many Germans. But what is missing is that they dont have all of the leverage anymore. In 2010, when Greece neared default and begged for a bailout, it was Germany that had all of the power and leverage and consequently forced Greece to embark on a series of austerity measures.

Well its been 2 years and Greece is still nearing a default, GDP growth has been negative, and the deficits are still terrible. Even the bond market has come around to the realization that Greece is largely unsalvagable.

Now here's the kicker. This is happening elsewhere to. And the results are still terrible. Austerity hasn't worked in getting deficits under control. There's a reason why we calculate debt as a percentage of GDP. You can lower the ratio by either lowering debt or increasing GDP. Well "lowering debt" has failed miserably in Europe because any debt you lower is cancelled by the fact that GDP isn't growing or is going down. (see the UK as an example)

And now you're seeing the consequences. The lives of people in Greece have gotten worse and their deficits didn't even get fixed. They bore the brunt of the consequences but didn't see any results so they voted out their government. The same for France. And now they have the bargaining chips. This is a two way street. They need German bailout money but Germany needs them to cooperate. It isn't unimaginable to forsee countries like Greece threatening Germany since a default would also wreck Germany's economy in addition to Greece's. And its clear that these new governments wont be pushovers like the old ones so Germany will have to start making sacrifices. Sacrifice isn't just the bailouts. It could be something as severe as inflating the Euro intentionally which would really hurt Germans or bailouts with much weaker strings. I'm sure you remember the sacrifices West Germany made to bailout the East. The West spent over a trillion dollars on the East and they bore the whole cost. They didn't (and couldn't) put strings on it and force East Germany to bear the cost in the form of strict austerity.

 

So how do you expect them to have as much of a net contribution as Germany if they literally can't put in enough money? While Germany on the other hand is not putting that much money in, relative to their own massive economy.

 

Personally, I think we should have let Greece leave the Euro and default in 2010 already. But still, the "austerity measures" were a necessity anyway. I don't know how familiar you are with what was going on in Greece, but basically, it was like a free-for-all. They defrauded their own government, but more so, everyone else in Europe. They got a lot of money from Europe, and too many people were abusing the system. It's not like this could have gone on forever, no matter whether you would have let them default in 2010 or later.

To make an argument that austerity measures were unnecessary in Greece just shows a lack of understanding of what was going on there.

The lives of people in Greece were bound to get worse either way because they were "too good" in relation to what their economy was capable of.

You're basically saying they need more growth. That's obvious. But they also needed to put a stop to the endemic mentality of fraud in their society.

P.S.: Greece defaulting would not wreck Germany's economy.

 

You said you are a student, what are you studying?

 

They voted out their governments, because more people than not would like to go back to getting a free-for-all, and that's basically the promise of the left.

How do they have bargaining chips? They are still not negotiating from a position of strength.

 

Not economics. I'm only going off the information of what I've extracted from pieces of economics and articles on economic events.

Excuse me for my lack of fundamental economics knowledge, but it would be in Germany's best interest regardless to fund Greece out of its hole. A revitalized Greek economy would lower the burden on everyone collectively. Either that or let it sink even deeper and raise the burden on everyone.

 

This.

Northside Storm thinks this is tantamount to Moses leading the Children of Israel out of Egypt and into the promised land.

 

What a pitiful attempt at trying to justify your actions. Not relevant, nor on topic.

Your e-j*zz over Hollande getting elected is apparent for all to see

 

I didn't launch personal attacks, just attacks on your POST. There's a big difference.

 

You can get through school without taking out too many loans if you try. For your first 2 years go to a Jr College and work. Save up as much as you can then start applying for coop/ work on campus programs for your final 2 years.

 

Or I could get the same amount of federal aid OPPORTUNITIES that students have been getting before. Kind of unfair to tell kids they are not trying hard enough and then proceeding to slash federal aid across the board.

Seriously. Who the hell prioritizes education for budgetary cuts? If any social program sector were to be considered last resort it would be probably be healthcare and education in that order.

I mean I'm maximizing my AP classes in high school so I can start off college as a Sophomore. I'm grouping with friends to divide costs for room & board. Applying for scholarships, etc. There is just a limit to what I should be doing just to be able to pay for college.

Getting a job solely to pay for college tuition is going to suck, but its what I'm going to be doing next year as well.

 

Didn't you say you weren't even reading? I guess you were lying...again.

My posts aren't personal attacks. They are accurate descriptions of your laughable behavior.

 

As much as I'd like to agree with you, I'm already in the top 3%/top 20 in my class. :grin:
Can't drop that much right?

I love working while others don't have to.

 

I will recommend Jr College over everything for your first 2 years. You will save around $25,000. It won't affect your education either.