I don't see why we should spend one cent on a country full of bludgers and tax avoiders when we are forced to pay so much tax ourselves !!  

If the Greeks want to be conniving and cunning about how they run their country then don't expect everyone else to bail them out when the sh.t hits the fan !!

Gillard  wants to blow 16 billion on the Greeks whilst keep telling us that our economy is the envy of the world and how we survived the GFC. If that's the case then no need to spend a cent is there ? It's amazing how the Government can come up with plenty of money for rubbish when it wants to !!

If only these problems were unique to Greece, eh!?

Only a fool would still think that countries across the whole globe are not being screwed-over by the 'trickle-down' myth of feeding the 'Growth Fairy', by lowering taxes and regulations on the parasitic activities of the elite few...

How is Switzerland screwed over? Singapore?

Soren wrote on Nov 4^th, 2011 at 11:47am:

How is Switzerland screwed over? Singapore?

or norway or australia. proper economies CAN ne run but unfortunately most of the countries are run by fools and filled with lazy bludgers.

Greece most certinaly does not deserve to be bailed out. unfortunately letting them go solvent is worse for everyone. but it is certainly time for them to pay for their sins.

Soren wrote on Nov 4^th, 2011 at 11:47am:

How is Switzerland screwed over? Singapore?

Dunno about the tax and transfer system in Singapore - but Switzerland seems to be providing a better model for the future...

Meantime, thanks for cherry-picking...

Equitist wrote on Nov 4^th, 2011 at 11:58am:

Soren wrote on Nov 4th, 2011 at 11:47am: How is Switzerland screwed over? Singapore? Dunno about the tax and transfer system in Singapore - but Switzerland seems to be providing a better model for the future... Meantime, thanks for cherry-picking...

it is so easy to debunk your ridiciulous theories. u do know that a single example that breaches the theoriy is enough to debunk it?? or is that yet another mathematical principle you didnt learn in high school?

Mother, Switzerland and SIngapore and Norway and AUstralia each disprove your mindless, sweeping nonsense about global greed. Countries that earn more than they spend are doing well. Countries that spend more than they earn are not doing well.

This would be the same under any economic system. ANd you know - this is truly astonishing but true - it even works with individuals!! How about that??

Aren't you glad you came by here today? You have learnt something new in your dotage.  You can even teach it to your kids as you slice that cake.



Almost as easy as playing the flute: blow in one end, move your fingers up and down the holes - and that's it!!!

soren
Quote:

.........Countries that earn more than they spend are doing well. Countries that spend more than they earn are not doing well. This would be the same under any economic system. ANd you know - this is truly astonishing but true - it even works with individuals!! ....

yes yes and yes.

Sir lastnail wrote on Nov 4^th, 2011 at 11:30am:

I don't see why we should spend one cent on a country full of bludgers and tax avoiders when we are forced to pay so much tax ourselves !!   If the Greeks want to be conniving and cunning about how they run their country then don't expect everyone else to bail them out when the sh.t hits the fan !! Gillard  wants to blow 16 billion on the Greeks whilst keep telling us that our economy is the envy of the world and how we survived the GFC. If that's the case then no need to spend a cent is there ? It's amazing how the Government can come up with plenty of money for rubbish when it wants to !!

Good thread Nail,
Give the lazy Greeks nothing.
Let them go bankrupt.

They are one of the poorest countries in Europe & yet they
had a pension scheme to give public servants 70% of their previous wage
when they retired at 50 ( or was it 55. ?)
There were more public servants than ordinary workers.
What a bunch of lazy losers.

They expected Germans & others to work till they were 65 or 70 to pay
for their lifestyles when they produce nothing but olives & feta cheese.

Soren wrote on Nov 4^th, 2011 at 12:12pm:

Mother, Switzerland and SIngapore and Norway and AUstralia each disprove your mindless, sweeping nonsense about global greed. Countries that earn more than they spend are doing well. Countries that spend more than they earn are not doing well. This would be the same under any economic system. ANd you know - this is truly astonishing but true - it even works with individuals!! How about that?? Aren't you glad you came by here today? You have learnt something new in your dotage.  You can even teach it to your kids as you slice that cake. Almost as easy as playing the flute: blow in one end, move your fingers up and down the holes - and that's it!!!

On the whole all well and true, particularly for a very lazy Europe on the whole. Only one problem i see, the US has well over spent for many years and that money has been on military. Now my opinion is no secret, i think they are bullies. But i am able to also recognise that even though they stuff up regularly if it were not for the military dominance they have held since WW2 the west would not have prospered as it has. So the question is should we all contribute to the maintenance of this control to maintain our economic system and dominance?

nairbe wrote on Nov 4^th, 2011 at 8:21pm:

Soren wrote on Nov 4th, 2011 at 12:12pm: Mother, Switzerland and SIngapore and Norway and AUstralia each disprove your mindless, sweeping nonsense about global greed. Countries that earn more than they spend are doing well. Countries that spend more than they earn are not doing well. This would be the same under any economic system. ANd you know - this is truly astonishing but true - it even works with individuals!! How about that?? Aren't you glad you came by here today? You have learnt something new in your dotage.  You can even teach it to your kids as you slice that cake. Almost as easy as playing the flute: blow in one end, move your fingers up and down the holes - and that's it!!! On the whole all well and true, particularly for a very lazy Europe on the whole. Only one problem i see, the US has well over spent for many years and that money has been on military. Now my opinion is no secret, i think they are bullies. But i am able to also recognise that even though they stuff up regularly if it were not for the military dominance they have held since WW2 the west would not have prospered as it has. So the question is should we all contribute to the maintenance of this control to maintain our economic system and dominance?

Shale gas will propel the US back to the economic power house it once was, true there are some structural problems, a mountain of debt and outrageous government expenditure, but once confidence is restored and their housing market finds a bottom, people will start spending and their economy will soar.  

The OPEC nations are very rapidly developing renewable energy sectors and are sh!t scared of the prospect of a viable alternative to break their cartel.

Greece will effectively be locked out of capital markets for the next couple of decades, the BRIC's might come to the party and help them out but they have some bitter medicine to swallow.

I'd be surprised if Greece saw a cent of the money being promised by wealthier nations; all action will be on comfortably managing the capital crevice created by another round of ridiculous risky loans.  Ireland will be off the IMF teat by 2013, Spain & Portugal will be given time to get their house in order, Italy's revival is underway but will take time to work through.

Greek corruption and tax evasion will need to be stamped out for them ever having a hope of coming back to the playground anytime soon.

nairbe wrote on Nov 4^th, 2011 at 8:21pm:

Soren wrote on Nov 4th, 2011 at 12:12pm: Mother, Switzerland and SIngapore and Norway and AUstralia each disprove your mindless, sweeping nonsense about global greed. Countries that earn more than they spend are doing well. Countries that spend more than they earn are not doing well. This would be the same under any economic system. ANd you know - this is truly astonishing but true - it even works with individuals!! How about that?? Aren't you glad you came by here today? You have learnt something new in your dotage.  You can even teach it to your kids as you slice that cake. Almost as easy as playing the flute: blow in one end, move your fingers up and down the holes - and that's it!!! On the whole all well and true, particularly for a very lazy Europe on the whole. Only one problem i see, the US has well over spent for many years and that money has been on military. Now my opinion is no secret, i think they are bullies. But i am able to also recognise that even though they stuff up regularly if it were not for the military dominance they have held since WW2 the west would not have prospered as it has. So the question is should we all contribute to the maintenance of this control to maintain our economic system and dominance?

The US is in the sh!t because it is spending like it's a European country and NOT beause of of its military spending.

Quote:

The US is in the sh!t because it is spending like it's a European country and NOT beause of of its military spending.

Obama said  " Yes we can "

What did he mean?
Well I think he meant that we can borrow money & have a nice big party
& worry about paying it back later.

The Greeks have done the same thing -
living way beyond their means for the last 10 years or more.
They don't have a good enough economy to ever pay the money back.
The Greeks have truly gone down hill.
Once they had a great civilisation but now they can't even add up their sums.

Also - Europe is at fault:
Any fool could have seen that they shouldn't have been lent all that money.
It's the same as lending $10 million to someone on sickness benefits.

Soren wrote on Nov 4^th, 2011 at 9:20pm:

nairbe wrote on Nov 4th, 2011 at 8:21pm: Soren wrote on Nov 4th, 2011 at 12:12pm: Mother, Switzerland and SIngapore and Norway and AUstralia each disprove your mindless, sweeping nonsense about global greed. Countries that earn more than they spend are doing well. Countries that spend more than they earn are not doing well. This would be the same under any economic system. ANd you know - this is truly astonishing but true - it even works with individuals!! How about that?? Aren't you glad you came by here today? You have learnt something new in your dotage.  You can even teach it to your kids as you slice that cake. Almost as easy as playing the flute: blow in one end, move your fingers up and down the holes - and that's it!!! On the whole all well and true, particularly for a very lazy Europe on the whole. Only one problem i see, the US has well over spent for many years and that money has been on military. Now my opinion is no secret, i think they are bullies. But i am able to also recognise that even though they stuff up regularly if it were not for the military dominance they have held since WW2 the west would not have prospered as it has. So the question is should we all contribute to the maintenance of this control to maintain our economic system and dominance? The US is in the sh!t because it is spending like it's a European country and NOT beause of of its military spending.

The USa spent $685.1 billion in 09/10 year, now how is it you can say they don't over spend on the military. There are other problems of course but my point was more that we have all prospered for the military spending of the US. If they were to dramatically lower that amount we could be int rouble with another country taking the dominant place in the region. This may well happen anyway, but should we take some financial burden for this to help maintain the US dominance.      

The Greeks should ditch the Euro and go back to the Drachma.

Uncle wrote on Nov 5^th, 2011 at 6:57pm:

The Greeks should ditch the Euro and go back to the Drachma.

And who is going to sell them anything for their Drachmas?
Maybe the rich Greeks in other countries should help their mother country out.
I had nothing but bad experience with the Greeks, always try to outsmarten and cheat you and never pay their fair share when it came to their shout.

hawil wrote on Nov 7^th, 2011 at 4:57pm:

Uncle wrote on Nov 5th, 2011 at 6:57pm: The Greeks should ditch the Euro and go back to the Drachma. And who is going to sell them anything for their Drachmas? Maybe the rich Greeks in other countries should help their mother country out.

If the Greeks had the Drachma now, the Drachma would be worth sh1t and as cheap as chips compared to other currencies. So people by Drachmas, investment in Greece increases and it pulls itself out of the poo. That's the way it's always worked.

But they don't have the Drachma, they have the Euro. And the rest of Europe isn't going to devalue the Euro to help the Greeks.

So it seems they've all had intercourse with their own bottoms.

Uncle wrote on Nov 5^th, 2011 at 6:57pm:

The Greeks should ditch the Euro and go back to the Drachma.

It seems that the Greek people are one step ahead of the government, they have been sending their money out of Greece for some time now in fear that the banking system will one day collapse. They are taking matters into their own hands in other areas too. In one small community the people have connected themselves to the power grill after having their power disconnected. There is also talk in some communities of printing their own money. They are trying to bypass the government altogether and make do the best way they can.

Unemployment is now running at 20% with many students baulking at going on to university saying they will never get a job anyway so what's the point.

Why don't the Greeks declare themselves bankrupt?
What would happen to them?

Bobby. wrote on Nov 7^th, 2011 at 6:15pm:

Why don't the Greeks declare themselves bankrupt? What would happen to them?

It is not what that means for them rather what it means for the Euro zone and the EU. Death is what it means and the slow but steady decline into irrelevance. Another european dark age. Also what will it do to the rest of us? I have said before, it does not scare me i will survive but i doubt many here would know where to start if the system collapsed around them.

Uncle wrote on Nov 7^th, 2011 at 5:03pm:

hawil wrote on Nov 7th, 2011 at 4:57pm: Uncle wrote on Nov 5th, 2011 at 6:57pm: The Greeks should ditch the Euro and go back to the Drachma. And who is going to sell them anything for their Drachmas? Maybe the rich Greeks in other countries should help their mother country out. If the Greeks had the Drachma now, the Drachma would be worth sh1t and as cheap as chips compared to other currencies. So people by Drachmas, investment in Greece increases and it pulls itself out of the poo. That's the way it's always worked. But they don't have the Drachma, they have the Euro. And the rest of Europe isn't going to devalue the Euro to help the Greeks. So it seems they've all had intercourse with their own bottoms.

it would also give greece scope to default on their debt or renegotiate the repayment of debt... something banks cannot afford... hense the probs over there in europe.

france is heavily entailed to greek debt... their three major banks are already showing signs of weakness because of it... and the precipice hasn't been reached yet.

Who says Australia is even thinking of putting money towards bailing out the Greeks?
Australia might be increasing its contributions to the IMF, but they're loans - not money just given away. Australia gets the money back with interest. The IMF has never defaulted on a loan repayment.

Yet another storm in a teacup.

Life_goes_on wrote on Nov 7^th, 2011 at 7:15pm:

Who says Australia is even thinking of putting money towards bailing out the Greeks?

One guess  ;)

Regrettably, there is only answer possible, to the basic question of whether other nations should bail out Greece and that is NO!

Which means, LW & I agree, yet again. I'll have to stop doing this, twice in 2 days, it's all too much?

So much for fun & frivolity!

I said regrettably, because there will be many Greeks, who have simply followed a succession of both left & right Politicians and ALL OF THEM LED THEM DOWN A PATH, WHICH WAS ALWAYS GOING TO LEAD THE GREEK PEOPLE TO A DISASTER and I'm sorry but day is now arriving!  

Whether it be OZ, Germany, France, the US, the UK or anyone else putting money into Greece, Italy, Spain, Portugal, Ireland or a few others, it will simply be throwing money away and in the longer term, we (OZ) will need all the financial resources that we can muster.

But, if we p!ss into a force 10 financial gale, then I guarantee, we will not like what follows!

There are some countries, which have been slightly better run by their Politicians and Australia is fortunate to be amongst those countries who are better placed, at the moment.

Of those other countries who are also reasonably placed, at present, in respect of their Debt to GDP ratio, they almost invariably have some unique &/or natural advantage. For example some of the Oil Producing countries are well placed, including Norway, whose Politicians had the foresight to place a substantial amount of their Oil profits into a sovereign wealth fund, similar to our Future Fund, which was started by the Liberals.

Whilst Norways Gross Debt to GDP ratio is higher than that of OZ, their sovereign wealth fund currently stands at some $500 Billion, compared to the OZ fund at some $60 Billion.  

However, in short, there is now, nothing that we can do that will actually help the Greeks, so we would do better to prepare to assist our own citizens against the oncoming tide of adverse Global Economics, which will mean some pain at home as well!

For God's sake  ::)

We're not giving any money to the Greeks!

nairbe wrote on Nov 5^th, 2011 at 3:08pm:

Soren wrote on Nov 4th, 2011 at 9:20pm: nairbe wrote on Nov 4th, 2011 at 8:21pm: Soren wrote on Nov 4th, 2011 at 12:12pm: Mother, Switzerland and SIngapore and Norway and AUstralia each disprove your mindless, sweeping nonsense about global greed. Countries that earn more than they spend are doing well. Countries that spend more than they earn are not doing well. This would be the same under any economic system. ANd you know - this is truly astonishing but true - it even works with individuals!! How about that?? Aren't you glad you came by here today? You have learnt something new in your dotage.  You can even teach it to your kids as you slice that cake. Almost as easy as playing the flute: blow in one end, move your fingers up and down the holes - and that's it!!! On the whole all well and true, particularly for a very lazy Europe on the whole. Only one problem i see, the US has well over spent for many years and that money has been on military. Now my opinion is no secret, i think they are bullies. But i am able to also recognise that even though they stuff up regularly if it were not for the military dominance they have held since WW2 the west would not have prospered as it has. So the question is should we all contribute to the maintenance of this control to maintain our economic system and dominance? The US is in the sh!t because it is spending like it's a European country and NOT beause of of its military spending. The USa spent $685.1 billion in 09/10 year, now how is it you can say they don't over spend on the military. There are other problems of course but my point was more that we have all prospered for the military spending of the US. If they were to dramatically lower that amount we could be int rouble with another country taking the dominant place in the region. This may well happen anyway, but should we take some financial burden for this to help maintain the US dominance.

I think you may find that's only the "on balance sheet" costs for the military, the "off balance sheet" costs + spooks, would put the total figure well over US$1 Trillion.

US Revenue is likely to take a substantial hit in the years ahead and its Expenditure on items such as Baby Boomer Pensions & Health Costs are likely to head into orbit, but in all honesty I just can't see US Politicians making the sort of cuts needed on thier Military expenditure!  

Uncle wrote on Nov 7^th, 2011 at 10:06pm:

For God's sake  ::) We're not giving any money to the Greeks!

It's like banging your head against a wall on here.

They read something, take it as the gospel truth, throw in a few completely wrong beliefs of their own and they run with it. There's just no stopping them.

nairbe wrote on Nov 7^th, 2011 at 6:36pm:

Bobby. wrote on Nov 7th, 2011 at 6:15pm: Why don't the Greeks declare themselves bankrupt? What would happen to them? It is not what that means for them rather what it means for the Euro zone and the EU. Death is what it means and the slow but steady decline into irrelevance. Another european dark age. Also what will it do to the rest of us? I have said before, it does not scare me i will survive but i doubt many here would know where to start if the system collapsed around them.

I don't think the Euro would be finished because Greece went bankrupt.
It may be the best option for all.
It would clear the decks & they could start again with a new Greek currency.
Sure many European banks would lose a lot of money but it shouldn't be enough to bust them.
After all, no bank would have all it's money invested in just Greece.

Also -
Greece could repay some of the debt by losing ownership of property & other securities
to the European Banks.

Countries that earn more than they spend are doing well. Countries that spend more than they earn are not doing well.




so thats how it works??????? [smiley=dankk2.gif] :) :)

Ex Dame Pansi wrote on Nov 7^th, 2011 at 5:28pm:

Uncle wrote on Nov 5th, 2011 at 6:57pm: The Greeks should ditch the Euro and go back to the Drachma. It seems that the Greek people are one step ahead of the government, they have been sending their money out of Greece for some time now in fear that the banking system will one day collapse. They are taking matters into their own hands in other areas too. In one small community the people have connected themselves to the power grill after having their power disconnected. There is also talk in some communities of printing their own money. They are trying to bypass the government altogether and make do the best way they can. Unemployment is now running at 20% with many students baulking at going on to university saying they will never get a job anyway so what's the point.

I was told a while ago I admit by greeks.. they are not allowed to take money out of the country... he said thats why most go back there for their holidays because whatever property they get left the money has to stay in Greece..the young men didnt go back because of national service..a weird country

The story originated from headlines like this, all over the news 4 days ago when Julia was at the G20.

Coalition blasts Julia Gillard's pledge of more aid to IMF to help avert eurozone crisis

http://www.theaustralian.com.au/national-affairs/julia-gillard-has-kicked-off-a-campaign-for-trade-reform-at-the-g20-in-cannes/story-fn59niix-1226184443861

Julia did say she was willing to donate to the IMF and she also asked other countries to contribute. We know that the IMF is not Greece, but we must be excused if we start to think that we are giving to the IMF so that they can give to Greece.

The money is to be used to bail out the eurozone, and who needs bailing out in the eurozone? Greece at the moment with more to follow.

The Greeks should go back to the Drackie.

I'm really looking forward to cheap a holiday in an economy which is built on olives, mediteranian sun and ouzo.

..Oh yeah, and they think that they are the founders of democracy too.
Which is nice as an illusion I suppose  ::)

Ex Dame Pansi wrote on Nov 8^th, 2011 at 7:16am:

The story originated from headlines like this, all over the news 4 days ago when Julia was at the G20. Coalition blasts Julia Gillard's pledge of more aid to IMF to help avert eurozone crisis http://www.theaustralian.com.au/national-affairs/julia-gillard-has-kicked-off-a-campaign-for-trade-reform-at-the-g20-in-cannes/story-fn59niix-1226184443861 Julia did say she was willing to donate to the IMF and she also asked other countries to contribute. We know that the IMF is not Greece, but we must be excused if we start to think that we are giving to the IMF so that they can give to Greece. The money is to be used to bail out the eurozone, and who needs bailing out in the eurozone? Greece at the moment with more to follow.

Australia is neither donating or just giving money to the IMF. The money is being lent with interest. Australia is always cycling money through the IMF. All that is happening is the amount is being increased. Even when Australia is in debt, there is a pool of funds that is invested so as to get a return via interest - this is no different.

What you are all doing is like saying you're giving away your money to charity when you take out a term deposit with a bank that donates money to somewhere like the Flying Doctors.

Life_goes_on wrote on Nov 8^th, 2011 at 1:51pm:

Ex Dame Pansi wrote on Nov 8th, 2011 at 7:16am: The story originated from headlines like this, all over the news 4 days ago when Julia was at the G20. Coalition blasts Julia Gillard's pledge of more aid to IMF to help avert eurozone crisis http://www.theaustralian.com.au/national-affairs/julia-gillard-has-kicked-off-a-campaign-for-trade-reform-at-the-g20-in-cannes/story-fn59niix-1226184443861 Julia did say she was willing to donate to the IMF and she also asked other countries to contribute. We know that the IMF is not Greece, but we must be excused if we start to think that we are giving to the IMF so that they can give to Greece. The money is to be used to bail out the eurozone, and who needs bailing out in the eurozone? Greece at the moment with more to follow. Australia is neither donating or just giving money to the IMF. The money is being lent with interest. Australia is always cycling money through the IMF. All that is happening is the amount is being increased. Even when Australia is in debt, there is a pool of funds that is invested so as to get a return via interest - this is no different. What you are all doing is like saying you're giving away your money to charity when you take out a term deposit with a bank that donates money to somewhere like the Flying Doctors.

Great idea except that Europe & the IMF may go bankrupt
& then what will you say?

Bobby. wrote on Nov 8^th, 2011 at 3:09pm:

Great idea except that Europe & the IMF may go bankrupt & then what will you say?

Help?

Seriously, if we do nothing then it just increases the likelihood that Europe goes belly up and then we're stuffed anyway. Better to try to avert the situation isn't it?

Gist wrote on Nov 8^th, 2011 at 3:29pm:

Bobby. wrote on Nov 8th, 2011 at 3:09pm: Great idea except that Europe & the IMF may go bankrupt & then what will you say? Help? Seriously, if we do nothing then it just increases the likelihood that Europe goes belly up and then we're stuffed anyway. Better to try to avert the situation isn't it?

It's too late. We are heading into a giant financial tsunami, all caused by years of  using fiat (monopoly) money. We may as well flush the money down the dunny for all the good it will do. So we all borrow money to give to the IMF so they can rescue Greece. It still has to be paid back, so we all borrow to pay it back......

You cannot solve debt with debt.

It's just diverting the crisis until the next guy takes over because no one wants it to happen on their shift.

The new interim government will step in within the next few hours perhaps. Someone from the IMF or the EU apparently, not a politician but a banker. What a coup!

Ex Dame Pansi wrote on Nov 8^th, 2011 at 3:58pm:

Gist wrote on Nov 8th, 2011 at 3:29pm: Bobby. wrote on Nov 8th, 2011 at 3:09pm: Great idea except that Europe & the IMF may go bankrupt & then what will you say? Help? Seriously, if we do nothing then it just increases the likelihood that Europe goes belly up and then we're stuffed anyway. Better to try to avert the situation isn't it? It's too late. We are heading into a giant financial tsunami, all caused by years of  using fiat (monopoly) money. We may as well flush the money down the dunny for all the good it will do. So we all borrow money to give to the IMF so they can rescue Greece. It still has to be paid back, so we all borrow to pay it back...... You cannot solve debt with debt. It's just diverting the crisis until the next guy takes over because no one wants it to happen on their shift.

Listen kids - Europe will survive.
If they survived Hitler they can survive anything.

Listen kids - Europe will survive.
If they survived Hitler they can survive anything.



Of course they'll survive. I can't really call the Greeks lazy though, considering we will be bailing out the Spanish, the Portuguese, the Irish, the Italians and eventually ourselves.

Ah! what the heck! the whole world's lazy.

Ex Dame Pansi wrote on Nov 9^th, 2011 at 6:42am:

Listen kids - Europe will survive. If they survived Hitler they can survive anything. Of course they'll survive. I can't really call the Greeks lazy though, considering we will be bailing out the Spanish, the Portuguese, the Irish, the Italians and eventually ourselves. Ah! what the heck! the whole world's lazy.

But the Greeks are not only lazy -
they have a public service payout system which is so generous that
anyone would think they had the richest industrialised country on earth.
The truth is they only export olives & feta cheeze -
they are one of the poorest countries in Europe.
I will add stupidity to lazy as an apt desciption of them.

Bobby. wrote on Nov 8^th, 2011 at 3:09pm:

Life_goes_on wrote on Nov 8th, 2011 at 1:51pm: Ex Dame Pansi wrote on Nov 8th, 2011 at 7:16am: The story originated from headlines like this, all over the news 4 days ago when Julia was at the G20. Coalition blasts Julia Gillard's pledge of more aid to IMF to help avert eurozone crisis http://www.theaustralian.com.au/national-affairs/julia-gillard-has-kicked-off-a-campaign-for-trade-reform-at-the-g20-in-cannes/story-fn59niix-1226184443861 Julia did say she was willing to donate to the IMF and she also asked other countries to contribute. We know that the IMF is not Greece, but we must be excused if we start to think that we are giving to the IMF so that they can give to Greece. The money is to be used to bail out the eurozone, and who needs bailing out in the eurozone? Greece at the moment with more to follow. Australia is neither donating or just giving money to the IMF. The money is being lent with interest. Australia is always cycling money through the IMF. All that is happening is the amount is being increased. Even when Australia is in debt, there is a pool of funds that is invested so as to get a return via interest - this is no different. What you are all doing is like saying you're giving away your money to charity when you take out a term deposit with a bank that donates money to somewhere like the Flying Doctors. Great idea except that Europe & the IMF may go bankrupt & then what will you say?

Europe is not about to go bankrupt. The "worst" case scenario is Greece drops out of the EU.

And the IMF is about the safest investment available in the world today. Every investment has risk.

Doctor Jolly wrote on Nov 9^th, 2011 at 9:08am:

Europe is not about to go bankrupt. The "worst" case scenario is Greece drops out of the EU. And the IMF is about the safest investment available in the world today. Every investment has risk.

That's about it. The Greeks declare bankruptcy and go back to the Drachma. The Italians do the same and go back to the Lire.

Then the rest of Europe decide what they're going to do. That's when the fun and games will start. And I can imagine the Poms sitting there yelling "I told you so!"  :D

Ex Dame Pansi wrote on Nov 8^th, 2011 at 3:58pm:

Gist wrote on Nov 8th, 2011 at 3:29pm: Bobby. wrote on Nov 8th, 2011 at 3:09pm: Great idea except that Europe & the IMF may go bankrupt & then what will you say? Help? Seriously, if we do nothing then it just increases the likelihood that Europe goes belly up and then we're stuffed anyway. Better to try to avert the situation isn't it? It's too late. We are heading into a giant financial tsunami, all caused by years of  using fiat (monopoly) money. We may as well flush the money down the dunny for all the good it will do. So we all borrow money to give to the IMF so they can rescue Greece. It still has to be paid back, so we all borrow to pay it back...... You cannot solve debt with debt. It's just diverting the crisis until the next guy takes over because no one wants it to happen on their shift.

They are just buying time and praying for a miracle that will never come.

Sooner or later the sh.t will hit the fan :(

Sir lastnail wrote on Nov 9^th, 2011 at 10:02am:

Ex Dame Pansi wrote on Nov 8th, 2011 at 3:58pm: Gist wrote on Nov 8th, 2011 at 3:29pm: Bobby. wrote on Nov 8th, 2011 at 3:09pm: Great idea except that Europe & the IMF may go bankrupt & then what will you say? Help? Seriously, if we do nothing then it just increases the likelihood that Europe goes belly up and then we're stuffed anyway. Better to try to avert the situation isn't it? It's too late. We are heading into a giant financial tsunami, all caused by years of  using fiat (monopoly) money. We may as well flush the money down the dunny for all the good it will do. So we all borrow money to give to the IMF so they can rescue Greece. It still has to be paid back, so we all borrow to pay it back...... You cannot solve debt with debt. It's just diverting the crisis until the next guy takes over because no one wants it to happen on their shift. They are just buying time and praying for a miracle that will never come. Sooner or later the sh.t will hit the fan :(

The worry bead business must be booming.