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View Diary: Fallows changes a headline. Good move? (105 comments)

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  •  That's a penetrating analysis and (4+ / 0-)
    Recommended by:
    shaharazade, 3goldens, joe wobblie, mollyd

    I was following you until you said that money is easy to wrest from the hands of the pirates. How exactly?

    "Here's another nice mess you've gotten me into." - Oliver Hardy

    by native on Mon Jun 25, 2012 at 06:05:00 AM PDT

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    •  Greece has done it recently by writing down (6+ / 0-)

      all the accounts of its creditors.  Indeed, the countries in the Euro zone have put the creditors under the old national currencies on notice that new rules are in effect. And, while the austerity in Greece is being officially blamed on those who control the currency, the Greek people didn't buy it to the extent of voting in politicians who want to revert to the Drachma, a currency Greeks themselves could print at will. Apparently, Greeks decided that the advantages of not having to convert their currency and pay premiums to the money changers outweigh the fact that the supply of currency for everyone is being artificially constrained.  Besides, Euros are being distributed.  The recipients are having to sign IOUs, but even rate of interest Spain has agreed to pay on that borrowed currency (6%) is considerably less to what the U.S. Treasury was willing to pay out (8.1%) on 30 year bonds as recently as 1991. The fact that 30 year Treasuries are now paying "dividends" at slightly more than 3% is a burr under the saddle of people who are accustomed to considering 8% a minimum return on no risk "investment" of currency that was mostly acquired by stealth or theft--sometimes legal, most times not.  We may not call it theft when someone makes a gift of someone else's source of sustenance, but the European settlement of the Americas started in thievery and has continued relentlessly. Paying for things we want with worthless script is actually an improvement.  It means somebody's doing something useful instead of just raping the land, especially now that we demand that the rights of the land be respected.

      Willard's forte = "catch 'n' cage" People to Wall Street, "let our money go."

      by hannah on Mon Jun 25, 2012 at 07:24:12 AM PDT

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