Predictions

[beingjdc]

I like making these. Sometimes I'm right, no promises. Anyway, things which will happen by Summer 2013. At some point along this list, the European Central Bank will start printing money and giving it to distressed Eurozone Governments, at which point the game changes and the predictions no longer apply

Comments

[beingjdc]

Yes, less quatrain, more cat-train.

[amuchmoreexotic]

What are you saying was a bad idea - the whole idea of the Euro?

[beingjdc]

Yep. Certainly without admitting and planning for the fact that the only end-game if you have a single monetary policy and no state-backed Central Bank is to have a single fiscal policy and, ultimately, a single state.

My man Larry recaps the logically necessary reasons this is true here: http://www.guardian.co.uk/business/2011/nov/01/greece-referendum-eurozone-crisis

[beingjdc]

Better here, actually. http://www.guardian.co.uk/business/2011/oct/25/european-debt-crisis-summit

[amuchmoreexotic]

I guess it's a good thing we stayed out of it then. I wanted to be able to use the nice, colourful money.

Anyway, I'm looking forward to the rioting and left wing terror.

[hairyears]

Can the Greeks print money? If so, the Euro is in deeper trouble than you think

[beingjdc]

And yet most of their public spending is on the military. Good luck cutting that while your political system is dysfunctional.

Greece can't print money. As the system currently stands, nobody can print money. The ECB can, and does, buy bonds in the secondary market. Not quite the same, though effectively similar to my mind if they monetise losses. So far, no losses - haircuts for private sector holders only, hence the proposed 50% haircut only reducing Greek debt by 25%.

[jojomojo]

Given the events of the 60s/70s, I was mildly surprised and alarmed to see they changed all the military top brass a few days ago.

[davesmusictank]

You can bet Paris will burn, just like it did in 68, if the students and workers had their way. The old adage “Beware of Greeks bearing gifts” will ring true if they do, and probably will, default.

[juggzy]

I agree with all of these, except for number 9; it's far closer to being a right-wing terror group that executes some kind of atrocity.

[beingjdc]

Meh, perhaps but I'm not sure the far right are as worked up about austerity as the left.