h a l f b a k e r yNeural Knotwork
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Jim has noticed the greek pickle in the euro zone…
Apparently 60% of public debt in greece is held by greek banks -
which
would be perfectly fine if greece had its own currency. Given that
detail the greek government can print money and thereby reduce
the real
magnitued of the debt it owes
greece…
(Even if every man, woman and child in the country is poorer for it.)
Greece and the Eurozone need a way to strength the monetary
policy
afforded to governments having trouble managing the finances.
Jim proposes that international financial transactions with greek
banks
be cleared through the euro stability fund so that the bail out funds
given
to greek banks cannot leave the country.
(This also,means that carrying cash across the greek border needs to
be prohibited)
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"The friend we have chosen for his own worth is the friend who will be worth most to us."
I don't see any Christian Good Samaritan Governments rushing to aid Greece. |
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Actually, part of the problem was that for a long time other governments were rather over-charitable to Greece - you know, "don't worry too much about the fine print of your accounts, come and join the Euro anyway, we don't want you to feel left out - here, have some more easy credit" and so on. |
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Greece is not much of a Good Samaritan case, really, not having fallen among thieves so much as having robbed itself through a combination of tax evasion by the rich and feather-bedding for the workers. It looks a lot like a man with an insurance claim in his hands and the smell of kerosene still on his fingers. |
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//Jim proposes that international financial transactions with greek banks be cleared through the euro stability fund so that the bail out funds given to greek banks cannot leave the country.// |
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We have a similar system down here, only on the customs and excise front, admittedly. SADC. Works as you have described it, terribly. |
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// Jim has noticed the greek pickle in the euro zone… // |
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Jim is somewhat late to the party. |
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// carrying cash across the greek border needs to be
prohibited // |
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How, and by whom? I've been to Greece; the northern
border is a worse joke than Sarah Palin. |
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Greece can be the pilot experiment for the complete electronicization of money. No more paper, no coins. Nothing but computers talking to computers, dispassionately revealing the dirty underwear of black marketeers and rich scoundrels alike. |
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// Nothing but computers talking to computers // |
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That could actually work, because, as we all know, it's
absolutely impossible to interfere with electronic banking
systems. |
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