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View Diary: BREAKING: Cyprus Might Take 25% of Savings Now (197 comments)

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  •  Current Policy Makers, Especially The Financiers (3+ / 0-)

    seem to think they and the scam system they've gerry-rigged are invulnerable.

    •  You know, they have a point. (4+ / 0-)
      Recommended by:
      BlueDragon, jabney, majcmb1, cynndara

      Leaving the euro is not at all like devaluing your currency. The consequences would most likely be so severe, and the resulting depression so deep, that in economic terms practically any deal which avoids that is better. This puts the nations in crisis in a really disadvantageous position, and allows the other parties to dictate virtually any terms they choose.

      Of course, what this approach misses is the emotional component: After enough misery people may prefer to wreck the entire system, either for revenge or to at least free themselves of it for the future. Not strictly rational, but a possibility a prudent policymaker would take into account.

      Iuris praecepta sunt haec: Honeste vivere, alterum non laedere, suum cuique tribuere. - Ulpian, Digestae 1, 3

      by Dauphin on Sat Mar 23, 2013 at 08:52:01 AM PDT

      [ Parent ]

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