Originally
posted by
Getafix:
The unfortunate Greek people are experiencing the end result of years of deficit financing. Their government got around the rules of the common currency by issuing all sorts of municipal bonds. Unlike the US, where a State can't go bankrupt, Greece can. They sure aren't getting any sympathy from the French and Germans, and the Brits wisely stayed out of the whole mess at the start. So now the Greeks will suffer.
We should look at the parallel in the US, where States are doing just what the Greeks have done, California being a very good example. What will finally happen is the US will be in the same position as the Greeks are today. And like with the mortgage crisis where Deutschebank ended up holding all the foreclosed homes, the Chinese will own the US and be able to impose austerity measures. Americans can expect the same amount of sympathy as they are now giving the Greeks.
Meanwhile, keeping shopping at Walmart, yanks!
I agree with most of what you say, however you lost me here:
"Americans can expect the same amount of sympathy as they are now giving the Greeks."
Are you implying that Americans should be helping to bail Greece out financially?
