http://online.wsj.com/article/SB10001424052748704240004575084853361540506.html?mod=WSJ_hpp_sections_world

 

Public- and private-sector unions called the strike to protest a range of measures aimed at reducing Greece's budget deficit. The government has announced a freeze on civil-service wages, cuts in public-sector entitlements and the closing of tax loopholes for certain professions, including some civil servants. It has also announced a fuel-tax increase.

 

This is what happens when a government is forced to default on its debt (although that hasn't happened yet with Greece). It will soon happen to Britain, Portugal, Spain, and the US. Only it will be even more dramatic and catastrophic.

 

You can only leech off the productive class so much before you start to destroy their wealth-creating power. Government is like a cancer that grows until its host begins to die.

 

EDIT:

 

And of course, blame it on Capitalism -

 

"The capitalist crisis is both the cause of global turmoil and the excuse for our rights to be taken away," said Panos Bikos, a 31-year-old electrical engineer.

 

:laugh3:

 

Your rights to others' money? What a buffoon.

The end is nigh?:rolleyes:

Well Mark, economic forecasting is a strange thing. It's clear at this point the writing is on the wall for western democracies. The only question is WHEN it will happen? How much longer can governments keep this massive ponzi scheme going? That's impossible to know, but the architects of our financial system knew it would happen - only they're long dead, so they don't care.

Well Mark, economic forecasting is a strange thing. It's clear at this point the writing is on the wall for western democracies. The only question is WHEN it will happen? How much longer can governments keep this massive ponzi scheme going? That's impossible to know, but the architects of our financial system knew it would happen - only they're long dead, so they don't care.

 

So how long before we're all owned by China?:rolleyes:

I don't think that'll happen. I think we'll just default and China will have already sold off a lot of our bonds to the next loser. But it will definitely strain international relations.

 

I think of it like a neighbor who's constantly taking out loans to add sun rooms, wings, and pools to his house. The "War on Terror" is a gaudy hot tub in America's front yard that we'll regret buying.

Greece deserves to fail. Greedy bastards. They're bankrupt and the citizens want the government to spend more....bailing them out will just push back the clock until they're in the same situation again along with the rest of PIIGS(Portugal, Ireland, Italy, Greece, Spain)

 

 

The end is nigh?

 

For the millions without jobs, homes and enough money to pay their bills because of the economic mess.

I don't think that'll happen. I think we'll just default and China will have already sold off a lot of our bonds to the next loser. But it will definitely strain international relations.

 

I think of it like a neighbor who's constantly taking out loans to add sun rooms, wings, and pools to his house. The "War on Terror" is a gaudy hot tub in America's front yard that we'll regret buying.

 

It's been made clear, we'll print out way out not default. Investor would rather have a weaker currency then a default and sadly it looks better.