tag:blogger.com,1999:blog-8116690042850060767.post3694226079738539232..comments2023-08-10T12:55:23.427+01:00Comments on SUBROSA: How Poor Is Greece?subrosahttp://www.blogger.com/profile/00151702590329788260noreply@blogger.comBlogger16125tag:blogger.com,1999:blog-8116690042850060767.post-4600315203913817922012-02-21T13:29:41.264+00:002012-02-21T13:29:41.264+00:00Thanks Jaylen.Thanks Jaylen.subrosahttps://www.blogger.com/profile/00151702590329788260noreply@blogger.comtag:blogger.com,1999:blog-8116690042850060767.post-39783742247967146592012-02-21T10:45:10.206+00:002012-02-21T10:45:10.206+00:00Thanks for the comments and the education on John ...Thanks for the comments and the education on John Law.<br /><br />It would seem 'certainty' can make fools of us all.Crinkly & Ragged Arsed Philosophershttps://www.blogger.com/profile/08902364411241935656noreply@blogger.comtag:blogger.com,1999:blog-8116690042850060767.post-69970656995711051172012-02-21T10:08:52.969+00:002012-02-21T10:08:52.969+00:00IT is very old and interesting.
Hardship letterIT is very old and interesting.<br /><br /><a href="http://www.hardshipletter.org" rel="nofollow">Hardship letter</a>jaylen watkinshttps://www.blogger.com/profile/11246576951108532477noreply@blogger.comtag:blogger.com,1999:blog-8116690042850060767.post-76574644193351947522012-02-20T23:55:55.945+00:002012-02-20T23:55:55.945+00:00What grand comments. I have a friend in St Andrews...What grand comments. I have a friend in St Andrews by the name of Law. Must ask her if she's ever traced her ancestors. Thank you gentlemen for developing my general knowledge.subrosahttps://www.blogger.com/profile/00151702590329788260noreply@blogger.comtag:blogger.com,1999:blog-8116690042850060767.post-48150810834425859642012-02-20T22:35:40.134+00:002012-02-20T22:35:40.134+00:00Brian/ Crinkly. I got my summary of John from Wiki...Brian/ Crinkly. I got my summary of John from Wiki..<br /><br />http://en.wikipedia.org/wiki/John_Law_(economist)<br /><br /><br />He was some character right enough. Escaped to Amsterdam after a duel over a Lady etc.RMcGeddonhttps://www.blogger.com/profile/01665173796157838927noreply@blogger.comtag:blogger.com,1999:blog-8116690042850060767.post-72768965918785218312012-02-20T21:46:27.233+00:002012-02-20T21:46:27.233+00:00Crinkly and RMcG, he invented paper money without ...Crinkly and RMcG, he invented paper money without intrinsic value, money as a medium of exchange, and fractional reserve banking to get round the problem of inadequate money supply stifling investment in capitalist economies. Banks could create paper money to lend to merchants and industrialists to allow higher rates of growth than would be possible with gold and silver coins. His work was thus simultaneously the root of and solution to our financial problems. <br />I don't think he'll ever appear on a banknote.Brianhttps://www.blogger.com/profile/06358349301959327747noreply@blogger.comtag:blogger.com,1999:blog-8116690042850060767.post-7825211373673860702012-02-20T20:22:53.061+00:002012-02-20T20:22:53.061+00:00RMG - thank you for the info.
If true he must be ...RMG - thank you for the info.<br /><br />If true he must be fairly unique and I'm surprised he doesn't come up in a Google search.<br /><br />Poor beggar was obviously born before his time.Crinkly & Ragged Arsed Philosophershttps://www.blogger.com/profile/08902364411241935656noreply@blogger.comtag:blogger.com,1999:blog-8116690042850060767.post-36197640487078452632012-02-20T17:44:26.989+00:002012-02-20T17:44:26.989+00:00Crinkly..I think he was an 18th Century fly Fifer ...Crinkly..I think he was an 18th Century fly Fifer bankster who died a pauper. <br />I don't think he got a knighthood ;)RMcGeddonhttps://www.blogger.com/profile/01665173796157838927noreply@blogger.comtag:blogger.com,1999:blog-8116690042850060767.post-66338650137792502252012-02-20T17:35:18.749+00:002012-02-20T17:35:18.749+00:00Brian - ok I'll buy it, who is John Law?Brian - ok I'll buy it, who is John Law?Crinkly & Ragged Arsed Philosophershttps://www.blogger.com/profile/08902364411241935656noreply@blogger.comtag:blogger.com,1999:blog-8116690042850060767.post-16748825732778023902012-02-20T17:34:20.502+00:002012-02-20T17:34:20.502+00:00Demetrius - Westminster is already prepared.Demetrius - Westminster is already prepared.Crinkly & Ragged Arsed Philosophershttps://www.blogger.com/profile/08902364411241935656noreply@blogger.comtag:blogger.com,1999:blog-8116690042850060767.post-6455939643672752812012-02-20T17:08:22.301+00:002012-02-20T17:08:22.301+00:00I blame John Law.I blame John Law.Brianhttps://www.blogger.com/profile/06358349301959327747noreply@blogger.comtag:blogger.com,1999:blog-8116690042850060767.post-67373369414417349532012-02-20T14:01:04.212+00:002012-02-20T14:01:04.212+00:00We are already in the lab, but have not yet realis...We are already in the lab, but have not yet realised that all those people in white coats will be coming for us soon.Demetriushttps://www.blogger.com/profile/17198549581667363991noreply@blogger.comtag:blogger.com,1999:blog-8116690042850060767.post-25033024146280951522012-02-20T10:47:12.711+00:002012-02-20T10:47:12.711+00:00RMG - You're on the money.
Except once it'...RMG - You're on the money.<br /><br />Except once it's paid (if ever) and it gets back to source - either a Central Bank or ECB in this scenario - they merely hit the clear button. (meaning, if it was in actual currency notes they would burn them)<br /><br />Do people have to suffer for this sort of idiocy?Crinkly & Ragged Arsed Philosophershttps://www.blogger.com/profile/08902364411241935656noreply@blogger.comtag:blogger.com,1999:blog-8116690042850060767.post-32494646755729119542012-02-20T10:40:27.771+00:002012-02-20T10:40:27.771+00:00Sandy - No doubt there was, and probably still is,...Sandy - No doubt there was, and probably still is, plenty incompetence, even corruption within the political 'elites' of Greece?<br /><br />But how do you measure it? Is or was Greece 5,10 or 20% more incompetent than the governments of Germany, France, the UK or Portugal? <br /><br />And more importantly, how do we as the people measure the competence of our governance when, generally the myth of democracy begins and ends at the ballot box?<br /><br />I couldn't give a toss for the politicos. Their record speaks for itself. And, if the Greek - or for that matter any other national politicians - had any claim to competence the explosion of sham money would have been stifled thirty years ago.<br /><br />Instead they all decided not to look into the gift horses mouth.Crinkly & Ragged Arsed Philosophershttps://www.blogger.com/profile/08902364411241935656noreply@blogger.comtag:blogger.com,1999:blog-8116690042850060767.post-45473187264186460002012-02-20T10:31:24.023+00:002012-02-20T10:31:24.023+00:00Even with the bailouts Greece will still have debt...Even with the bailouts Greece will still have debts of 120 to 140% of GDP by 2020 ( going by the most modest of estimates). I'm not sure what the point of it all is. <br />The latest legerdemain ( sleight of hand - this Greek tragedy is increasing my word power no end) is the ECB decision to make it's bonds superior to all other bonds and due first re payment.<br />This will see private bond holders making for the exits ASAP. I'm not sure how this will help matters.<br />The only outcome will be to print money , give it to Greece, who give it to their creditors ( mostly bailed out zombie banks), who will then be able to repay their debts a little and pay themselves large bonuses for their cleverness. A sort of money merry go round in the eurozone.RMcGeddonhttps://www.blogger.com/profile/01665173796157838927noreply@blogger.comtag:blogger.com,1999:blog-8116690042850060767.post-24727545984000700722012-02-20T09:47:36.121+00:002012-02-20T09:47:36.121+00:00Interesting post, but it ignores the level of corr...Interesting post, but it ignores the level of corruption and incompetence shown by all levels of the Greek government for many many years.Sandyhttps://www.blogger.com/profile/04613416973026748709noreply@blogger.com