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GREEK BAILOUT: Something doesn’t make sense

Letter by Robert W. Boos, Puyallup on May 10, 2010 at 5:31 pm with 22 Comments »
May 10, 2010 5:31 pm

So let me see if I have this right:

I’m supposed to work past the age of 67 and pay my taxes to the U.S. government so the United States can donate to the International Monetary Fund, so the IMF can rescue a bankrupt Greek government, so Greek government employees can continue to retire on government pensions at age 55.

OK, got it!

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Leave a comment Comments → 22
  1. donjames says:

    Don’t worry, Robert, in return for your generosity you will be assured, as an American, of continued contempt from Greeks and their far-left government.

  2. FranklinTAjzhii says:

    Maybe if we give President Obama a chance, we can do it right, and everyone will be allowed to retire at an earlier age.

  3. Publico says:

    Bob my boy,
    You are guilty of making assumptions that have no factual basis. The terms of the financial assistance require the Greek government to take dramatic steps to change their way of doing business. They have already done some of that and their people are participating in demonstrations that have gotten violent. What else would you like to have happen before you are comfortable with helping people who don’t always get it right the way you do?

  4. Publico and Franklin are great examples of why countries such as Greece and soon the U.S. are going down the tubes. Publico worked around the edges, as liberals usually do without addressing the problem. He asked ” what would you like to have happen before you are comfortable with helping people” gag…gag.. ! Helping them do what? Sit on their welfare butts and wait for someone to bail them out? Franklin says let Obama have his way and we can all retire early. Ha Ha Ha!! Who is going to pay for it? Man o Man, they never get it. do they?

  5. Novelist3 says:

    Nicely stated, frosty.

    But don’t expect either of them to listen.

  6. witchiwoman says:

    I still say we need to wipe the slate clean worldwide and start over. It said in the Bible, for all you Christians on here, that every 7 years all debt was to be forgiven and everyone start over. I think this is a very good idea, considering how completely messed up all the economies are, and how impossible it would be for all the currencies in the world to cover al the debt in the world. Just not happenin’.

  7. witchiwoman says:

    And furthermore, I wish people would quit making economic problems political. That gets SO tiresome.

  8. Witchiwoman, if your neighbor owed you $5000 and promised to pay you back in six months would you tell them, ” no, just forget it and if you need to borrow more just ask me”? It is all about politics. When a country such as Greece decides to allow the unions to run the country, this is what you end up with. It’s called socialism and has failed everywhere it’s been tried.

  9. How many times have I had colleagues come home from Europe and brag about how wonderful life is there, how fair and decent; they tell me about “free” this and “free” that like little school kids who actually believe you can have health care and education for free.

    We hear about how we want a president who garners the respect of all the other nations of the world as well. It all sounds so “nice” doesn’t it?

    Then Reality makes a call and who GETS the call to come fix the problem?
    Hmmm.

  10. Awesome frosty! And the required changes to their financial system-privatizing…..wait for itttttttttttttttttttttttttt(as BB likes to say) HEALTH CARE. Yep-head back to where the US was, away from socialism to be financially stable as a government. As pointed out by many readers, we are in worse financial shape than Greece, higher debt per capita, and we are just starting on this downhill slide. More debt in one administration than in all the administrations prior combined. No end in sight to entitlement spending. We are a country of free men(and women). Rise up and fight this tyrannical, socialist government takeover of your lives!

  11. I did not say nor will I say that the Greeks did not make mistakes. The point is that they are trying to make the changes that are necessary.
    Comparing the Greek economy to ours is disingenuous unless you include GDP in the comparison for debt load.
    My comment about helping people alluded to the fact that some of the Greeks citizens are innocent of anything having to do with their economy. The responsible individuals made mistakes and I wondered if Mr. Boos and now frosty, with their highly sought after economic expertise could have done better.
    How easy it is to criticize after the fact and to punish anonymously.

  12. witchiwoman says:

    frosty and sozo you are very myopic in your views of the world. We owe just as much to other countries as they owe to us these days. The problems are so tangled, really the only way is to just start over fresh. Nobody even KNOWS the total extent of who owes what to whom anymore.

    What difference does it make if we all just start fresh anyway? Nobody is paying anybody back, so what in the world is the difference? Bragging rights? How very childish.

  13. Publico, so the Greek citizens are “innocent”? I suppose you didn’t see them rioting in the streets, setting fires to buildings, killing three innocent people in a bank one of which was pregnant? All of that for what? So they can continue to receive their free handouts and bonuses and sporatic work hours. Yes, it is easy to criticize a policy that has been shown to fail over and over again. What is it they say about people who keep trying to do the same stupid things over and over and expect different results? A lesson that some of you liberals in this country need to pay attention to.

  14. witchiwoman how about telling me what we owe to Greece? In your “myopic” opinion it’s o.k. to just not pay what you owe? As a matter of fact, how about telling me what we owe to any country. We are the ones who run around the world rescuuing these idiots, if anything,they owe their very existance to this country.We don’t owe them a thing! Wake up!!

  15. Publico says:

    For frosty’s education, (I don’t know why I try): All member nations, both wealthy and poor, have the right to financial assistance from the IMF. Maintaining an orderly and stable international monetary system requires all participants in that system to fulfill their financial obligations to other participants. Membership in the IMF gives to each country that experiences a shortage of foreign exchange–preventing it from fulfilling these obligations–temporary access to the IMF’s pool of currencies to resolve this difficulty, usually referred to as a balance of payments problem. These problems are no respecter of economic size or level of per capita GNP, with the result that over the years almost all members of the IMF, from the smallest developing country to the largest industrial country, have at one time or other had recourse to the IMF and received from it financial assistance to tide them over difficult periods. Money received from the IMF must normally be repaid within three to five years, and in no case later than ten years. Interest rates are slightly below market rates, but are not so concessional as those assigned to the World Bank’s IDA loans. Through the use of IMF resources, countries have been able to buy time to rectify economic policies and to restore growth without having to resort to actions damaging to other members’ economies.

  16. Publico says:

    So, Bob and frosty will get their money back, at least as far as they deserve.

  17. Publico, Oh I get! you mean like the European countries all jumped in and helped America with the TARP and Stimulus money, right? I’ll make you a bet,why not hold your breath until they pay us back, o.k.?Oh, BTW, why do you keep copying your lines from some liberal yellow journalism rag? Or do you want people to think that you know all of this great socialist nonsense on your own?

  18. beerBoy says:

    Clearly Greece’s economy was primed for failure. But, it really doesn’t change the situation here – Wall St. and the Fed have Congress/the President right where they want them. And that is fascism – they get the obscene profits and we pay the obscene debts.

  19. But beerboy,Publico says it will all be paid back at latest in 10 years. No problemo right ? We all know that we can trust the IMF and the international community right? Just ask PublIco. LOL

  20. Still waiting for a reply from Loz and Publico. Hello ? where are you?

  21. witchiwoman, where are you? Myopic, ha !

  22. W-Woman, the Biblical reference to 7 year payoff needs some fine tuning, because you have mixed two separate scriptures. 1- for six years you may sow and reap your fields but on the 7th you will leave your field fallow that the land may enjoy her Sabbaths. The other portion is in ref. to the “Year of Jubilee” which occurs every 49 years (7×7 Sabbaths in years) whereby all business is conducted in reference to the next Jubilee at which time debts would have been paid or forgiven, values determined by proximity to the Jubilee Year. Also all real property that was leased or collateralized would be returned to the family of original record. I must agree that, in proper context, these formats would be a great idea, but this society is so far away from Biblical literacy that hostile lawyers would use these principals as political target practice. Speaking of Greek, Theseus would be very, very angry at what Lykos had finally accomplished today in Athens…

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