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SanDiegoNonSurfer

SanDiegoNonSurfer
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  • Greece: Should I Stay Or Should I Go... [View article]
    tinbox, thanks. I wonder if zerohedge may be a bit conflicted on Greece. It's so tempting to blame everything on all those undeserving people who are not from northern Europe, but they've already committed to blaming everything on a wealthy elite with Illuminati plots that sometimes include the EC. Not sure how they reconcile that :-)
    Jun 30, 2015. 10:12 PM | Likes Like |Link to Comment
  • Greece: Should I Stay Or Should I Go... [View article]
    SU and quantcoyote, I did say, "nearly all". No offense intended to either of you. I've just come from attempts at a discussion with a hoard of people who only want to attack. I don't mind the insults, but the astonishing vigor of their spite leaves me discouraged with humanity.

    The reason I found Stigliz' opinion piece refreshing is how closely it aligns with, not just the gist, but also the nuances of what I've been saying for a long time now.

    quant, I'd like to say you've been especially great. No matter that we don't agree on anything, it seems, you're always open to letting facts lead where they may. That's a rare quality!
    Jun 30, 2015. 09:58 PM | Likes Like |Link to Comment
  • Eurozone rejects Greece's bailout extension request [View news story]
    "Good luck getting a NEW loan in dollars 'while in arrears.'"

    That's right. No new IMF loans. Since the money was going to Greece's creditors and Greece has been running a primary surplus, there should be no pressing need for a new IMF loan. Stiffing the IMF is not the first, best choice, but it does appear to be an option with few side effects. Unless of course ECB....
    Jun 30, 2015. 09:19 PM | 1 Like Like |Link to Comment
  • Eurozone rejects Greece's bailout extension request [View news story]
    "Christine lagarde was clear ...a non-payment (by 6PM Washington DC time) constitute a default."

    rach07, There's more about what constitutes "default" here: http://tinyurl.com/on9... Credit agencies and the BIS make default determinations, but the IMF does not. You're right that IMF presumably won't send payments to Greece while she's in arrears. But since they'd already stopped doing that and the payments were really payments to Greece's creditors, that's not (as yet) a problem for Greece.

    The only significant threat to Greece is from the ECB. All the IMF can do is scold.
    Jun 30, 2015. 06:10 PM | Likes Like |Link to Comment
  • Greece threatens to sue Europe [View news story]
    "this unholy mess Tsipras has created... "

    I love the way you rewrite history and extend hyperbole to the edge of the galaxy in every post. According to you, Tsipras conspired with the Turks before he was born, colluded with Goldman Sachs in 2001, arranged meetings between Siemens and Mantelis, caused Lehman to fail, cooked the books at Merrill Lynch, and started WWII. At least it's imaginative.
    Jun 30, 2015. 05:51 PM | 2 Likes Like |Link to Comment
  • Greece threatens to sue Europe [View news story]
    "actually government in Sweden spends only 53% of GDP"

    I'm sure these numbers shift from day to day, however the OECD data that I linked to shows Greece with 51.9% and Sweden with 51.2% -- very close indeed. Your numbers come from...where?

    "They also actually work"

    The usual misrepresentation. According to OECD data from 2012 (quoted here: http://tinyurl.com/po3...), the average Greek worker was putting in 2,017 hours per year at the time austerity was imposed. The average German worker, only 1,408 hours a year. Swedes enjoy close to the shortest workday in the entire OECD dataset.

    When I was in Greece, the fishermen were at work before before dawn and were pounding calamaris on the rocks at sunset. The women in the islands I visited worked literally all day weaving. There was a shortage of advanced technology, so workers' labors produced less than in more highly industrialized nations, but there was definitely no lack of dedicated workers.

    Tax evasion is a real problem in Greece. No one disputes that. But it has no relevance to your claim about "cost" of government.

    " Try another excuse"

    Excuse for what? I've demonstrated by example that your wholly unsubstantiated assertion that government as % of GDP is the most meaningful basis for comparing economies doesn't hold up against actual data. Seems to me you're the one looking for excuses and seeking to change the subject.
    Jun 30, 2015. 05:19 PM | 3 Likes Like |Link to Comment
  • Greece threatens to sue Europe [View news story]
    "Papandreou wants to wrest control of the political leadership"

    For sure. He's been hopping around ever since the last election trying to discredit Tsipras and get himself put back in charge. So blatantly self-serving it's ridiculous.
    Jun 30, 2015. 04:54 PM | Likes Like |Link to Comment
  • Eurozone rejects Greece's bailout extension request [View news story]
    "Maybe I am missing something, but 1 pm EST was the deadline for a default"

    I believe the only payment due today is to the IMF. Being late on an IMF payment isn't a default. It just puts you "in arrears". My understanding is there's a two-year grace period, but even then consequences seem a bit murkey. IMF sends you letters....
    Jun 30, 2015. 04:43 PM | 5 Likes Like |Link to Comment
  • Greece threatens to sue Europe [View news story]
    "What Greece really can't afford is its government. 60% of GDP. Debt service is less than 4% of GDP."

    Out of curiosity, I checked to see how other nations compare. Turns out government in both Sweden and Greece represent the same % of GDP: http://tinyurl.com/lpy... Debt as % of GDP in Sweden is a manageable 41%. It therefore doesn't follow that Government's percent of GDP correlates to fiscal problems.

    Greece certainly has problems and needs reforms, but such simplistic Ayn Rand talking points pretty much always fail to capture reality. And fail in this case as well.
    Jun 30, 2015. 12:38 PM | 2 Likes Like |Link to Comment
  • Greece threatens to sue Europe [View news story]
    "Greece is like the child who kills his parents"

    Just...wow.
    Jun 30, 2015. 11:33 AM | Likes Like |Link to Comment
  • Greece threatens to sue Europe [View news story]
    "who incessantly ranted about the injustice heaped on Germany"

    Just because Hitler said a thing doesn't make it untrue. The injustice to Germany was real. Germans learned from their history. Can we learn from ours?
    Jun 30, 2015. 11:31 AM | 2 Likes Like |Link to Comment
  • Greece threatens to sue Europe [View news story]
    Thanks for the insight, kmi.

    "a high likelihood Tsipras remains in office regardless of the outcome"

    I'm not as keyed in as you two, but I've also thought the media are jumping to the wrong conclusion when they assume "yes" means a new government. Pushing out Tsipras would just be doing the bidding of the EU masters, and I'm sure the people know that.
    Jun 30, 2015. 10:49 AM | 1 Like Like |Link to Comment
  • Greece threatens to sue Europe [View news story]
    Maybe you could taunt them a second time.....
    Jun 30, 2015. 04:05 AM | 1 Like Like |Link to Comment
  • Greece: Should I Stay Or Should I Go... [View article]
    Ok, I can't resist mentioning that Joseph Stiglitz is saying the same things I've been -- in almost the same way: http://tinyurl.com/por...

    Yes, I'm being shameless, but can you blame me? Especially when nearly the entire community of SA has just finished calling me a moron or deluded (or both) for a POV that mirrors Stiglitz'. With the exception of two kindred spirits: kmi and sevenseas.
    Jun 30, 2015. 01:27 AM | Likes Like |Link to Comment
  • Greece threatens to sue Europe [View news story]
    "I'm sure they are playing games as game theory"

    The media has been mindlessly eliding the analytical discipline known as "Game Theory" with "playing games", so it's entirely excusable you'd think they're sort of the same thing. However, they're not. Game Theory is a mathematical framework for analyzing individual v group behaviors based on utility. Playing games means you were busy throwing spit wads in the Game Theory class and therefore flunked the final exam.
    Jun 29, 2015. 10:49 PM | 1 Like Like |Link to Comment
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