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Zhou_Suzhou Post time: 2015-6-29 13:49
Sure, absolutely true. But shutting the gates is going to be very, very painful in a modern, integr ...
The irony of it all is that the ECB has been lending fiat money to Greece that cost it at most the paper it was printed on, supposedly worth some 240 billion euros of goods and services that Greece can buy from the developed countries, like German and France. And Greece did just that, but because it is really not competitive against Germany and France, it really did not not have much to sell to them in return. What it could produce could only be sold in the domestic market, such as services, small agricultural produce, and retail distributorships. From these transactions, the Greek government was supposed to extract taxes to pay its loans from the IMF and ECB with. But, these taxes are barely enough to pay for its social welfare and pension benefits. Thus, in effect, Greece had to cut off its own arm to feed its creditors. Greece, in retrospect, should never have borrowed from the IMF and ECB. The normal recourse for a country like Greece would have been to raise the tariffs on all imports, but this was precisely what the Eurozone system took away from its members. Thus, like opium that is grown for pennies and sold for dollars, the Euro was printed for pennies, but now used to extract lives and limbs from its borrowers, like Greece. The opium or Euro addict, Greece, is to blame for its addiction, but since its ports of entry have been forced open by the Eurozone Treaty, just as China's ports were forced open by the Treaties of Nanjing and Tientsin, the ECB and IMF were even more so to blame for making the poor Greeks, not only poorer, but also sicker and less productive as their addict. Greece has become the Sick Man of Europe, and the method by which this was accomplished was by a modernized version of the old sleight of hand, called Free Trade.