Re: If the world is totally in debt...

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Article #195

#195

From: Petzl
Date: Wed, 28 Sep 2011 07:53

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On Wed, 28 Sep 2011 17:29:28 +1000, "Warren Smith"
<warren.smith@aol.com.au> wrote:

>
>"Eunometic" <eunometic@yahoo.com.au> wrote
>
>>Default is the way forward.
>
>I agree, what other way is there? And, it's not a matter of if, but when 
>will Greece throw in the towel.
>
>Normally if a country can't pay its debt they lower the value of their 
>currency. This makes their exports more attractive, and people flood in to 
>take cheap holidays and shopping trips. Money starts moving again.
>
>But how will Greece lower it's currency when they use the Euro. Simple, go 
>back to the Drachma. But how well will that work? Will the Greeks rush the 
>banks to take out their Euros the very moment plans to re-introduce the old 
>currency are announced?
>
>At what rate will the new Drachma be valued? If they float it, it will 
>probably sink and inflation will rule. If they fix it and over value it, the 
>currency will be black marketed.
>
>No matter what happens, it'll all end up a friggin' nightmare!
>
Won't for those in Greece that have money and don't pay tax

Petzl 
-- 
Australia's parliament needs to obey our Constitutions, the judiciary must apply the law!

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From: Petzl <petzlx@gmail.com>
Newsgroups: aus.consumers,aus.politics,aus.tv
Subject: Re: If the world is totally in debt...
Date: Wed, 28 Sep 2011 17:53:47 +1000
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