Forum Post: Greece gives the power to the people...
Posted 13 years ago on Nov. 1, 2011, 9:51 a.m. EST by opensociety4us
(914)
from Norwalk, CT
This content is user submitted and not an official statement
...a precedent other financially strapped countries, including the US, should find hard to ignore.
If, as expected, the Greek people vote down this referendum, it will cause mass chaos, not only for Greece, but for all of Europe and the US.
Right now, the only way Greece can pay for the millions upon millions of those whose income, and very very generous retirements, is by the rest of the EU countries giving them the money to pay those debts.
Without the EU funding, Greece is out of money within 6 weeks or less.
If not having enough cash to pay the people who are totally dependent on the government for their income, is a good thing, I just can't see how.
If they are kicked out of the EU and have to revive the Drachma, it will be months at least, before it would mean anything. A country left with no way to pay those dependent on it will quickly result in massive violence.
Bank on that. Retire at 55, don't pay taxes ( it is like a sport evading taxed in Greece) and just spend and spend and spend money you don't have and will never be able to get but no worries - be happy.
Watch carefully and see the result of a state that "takes care of" all of their people. It should be interesting at the least.
...and financial capital along with charlatan economists will learn that there is no such thing as "zero risk". The Greek people will decide to no longer service their external debt and will use that money to service their internal obligations. Loan money to people who can't pay it back and eventually this is what happens. That's Capitalism.