Skip to main content

View Diary: If the Euro fails. (282 comments)

Comment Preferences

  •  Time to ponder the unthinkable (9+ / 0-)

    Don't know much about finance or economics. But, it seems to me we have a choice between a quick death by eurofailure/bond defaults, or a slow death by the 1%'s rolling austerity beat down.

    I'll go further out on a limb and suggest that governments have a contractual obligation to their bondholders, but they have a moral obligation to their citizens.

    In times of crisis I would hope they choose to honor their moral obligations. Pay the contractual penalties, whatever they are, and protect bank depositors and the rest of the 99%. But fuck the bonds and the bondholders. Risk is risk, this time you lose.

    I see no way to avoid some country too big to bailout defaulting, or being driven to civil war over austerity measures.

    I am sick and tired of bailing out banks, any bank. They made bad loans, fuck 'em, that's called risk. Maybe the fatasses could repay their fucking bonuses to offset the problem.

    I will probably take a huge hit financially when the shit hits the fan. So be it. The sooner this global house of cards fails, and takes out some of the 1%, the better off we are in the long run. We need to worry about landing this plane in the Hudson.

    Time to think about what's next.

    I'm from the Elizabeth Warren wing of the Democratic Party.

    by BobBlueMass on Sun Nov 27, 2011 at 01:32:23 PM PST

    •  You'd be shooting 10 innocent (5+ / 0-)

      people to get at a little of the top 1%. And you know what? The top 1% won't even feel it, really. They've already made their $$$. Heck, half of them are betting the thing will collapse, so when it does, they'll make money. And even the ones that do, what... they go from having $20 million to having $2 million... a 90% loss. So what? They still have $2 million, won't miss for anything real.

      If everything collapses, the ones that will feel it will be the people who need it. The bank teller that gets laid off. The waitress. The truck driver. The people living paycheck to paycheck, with family and kids to take care of. The people that need that money to put a roof over their heads. And there'll be a lot more of them than the proverbial top 1%.

      There's a third alternative to defaulting vs austerity... expanding the money supply. Unfortunately this is so controversial because every time it's brought up, someone brings up the spectre of Weimar and the moral sins of printing of money. But the reality is... for Europe, it would not lead to hyperinflation, or even much inflation at all.

      "It is, it seems, politically impossible to organize expenditure on the scale necessary to prove my case -- except in war conditions."--JM Keynes, 1940

      by randomfacts on Sun Nov 27, 2011 at 01:39:03 PM PST

      [ Parent ]

Subscribe or Donate to support Daily Kos.

  • Recommended (151)
  • Community (59)
  • Baltimore (38)
  • Civil Rights (37)
  • Bernie Sanders (33)
  • Elections (29)
  • Culture (29)
  • Economy (28)
  • Law (25)
  • Texas (23)
  • 2016 (21)
  • Rescued (21)
  • Labor (19)
  • Environment (19)
  • Hillary Clinton (18)
  • Education (18)
  • Racism (17)
  • Politics (17)
  • Freddie Gray (17)
  • Barack Obama (16)
  • Click here for the mobile view of the site