Perry Glasser

Posts Tagged ‘Greece’

GREEK DEBT and ANTI-SEMITISM

In Economics, EDUCATION, Finance, Political Economy, Politics on August 2, 2015 at 10:45 am

It is a fundamental understanding of Dollar$ that the only purpose a weasel has is to continue life as a weasel.

Greek Weasel

Greek Weasel

As predicted by Dollar$ a week ago it took 3 days after the Greek people vehemently rejected European demands for austerity for the Weasel-in-Chief Greek prime minister, Alexis Tsipras, to reverse what he told Greek citizens, the same folks who elected him thinking they had one thing but who, in fact, had another.

Running out of co-conspirators at which to point his finger, Tsipras, fired a few Lieutenant Weasels and went back to the grim business of promising austerity in order to joyfully continue spending other people’s money on a lifestyle that include pensions at 60 and tax evasion as a national sport.

Reality sucks.

MEANWHILE BACK IN THE STATES

The rending of garments has nevertheless continued apace for American progressives, a crowd that when facts do not fit the narrative invent new facts.  Vowing solidarity for “poor Greece,” the victim-state, is a progressive necessity required by Left-ish mythology, that state socialism has to work but does not because of a conspiracy of bankers and capitalists who first give you money you requested and then—O Horror!—expect it to be paid back. Equally miserable is the sad fact that people whose chief knowledge of Economics is having defaulted on a car loan and mismanaging credit card debt think that international finance and their own incompetence are one and the same thing.

The goddam nerve of some those money-lenders!

First, they wait for you to ask for money; then they structure a deal that is so smart and so devious, that all the national bankers and economists of Greece were fooled.

WE’VE HEARD THIS BEFORE

Dollar$ writes to inform the naive that the legs on that canard are rooted in anti-Semitism. The cunning that condemned Shylock now condemns Goldman-Sachs, those Jewish New Yorkers who when they are not undermining the world economy to line their own pockets are championing godless communism. When you read the phrase international bankers on the Internet, make no mistake: the writer means world Jewry.

Dollar$ has always been puzzled by the alleged partnership between Jewish communists and Jewish bankers. The fact that the goals of such groups are antithetical does not stop the fascist minded American Left. Why not? It never stopped it before.

When you bear in mind that Hitler founded a party of National Socialists, and it will all remain clear.

My Debt, Your Debt, Greek Debt

In Economics, Political Economy, Politics, Wall Street on July 17, 2015 at 6:40 pm

Wearily, Dollar$ emerges from semi-retirement with the vague idea of dispelling some of the more blatantly moronic opinions surrounding the current Greek debt crisis.

There are all manner of weasels infesting the world, not those cute critters, but the kind who live for re-election. As a refresher, Dollar$ asks readers to remind themselves on the sole priority that exists in democratic weaseldom–say anything, no matter how vague or false because relinquishing power is too horrible to think of.

Fat Eddie on the left.

Fat Eddie on the left.

This may be why it takes all of 48 hours for Alexis Tsipras, Greek’s Weasel-in-Chief, to reverse himself on what to do about Greek debt. You let citizens vote, you rouse the rabble, and then you renegotiate with the European Wizards on Wizard terms and screw your citizens.

GRIM TRUTHS
Economics is called the grim science for a reason.

One of the more grim truths of Economics is that when you get a loan, you gotta pay the money back.  Dollar$ learned this lesson from his old buddy, Fat Eddie, who spent many of his days on a park bench in the sun lending money at interest to longshoreman on the Brooklyn docks. Occasionally, for free, he’d share wisdom with callow youth.

I had a hot horse at Aqueduct. I wanted $100. The animal was going to go off at 20-1.

“I can pay you back tonight.”

“No kid. I like you. I appreciate your enthusiasm, and I even agree the horse looks good. But have you considered how you will get me my money and 5 points interest if the horse loses?”

“The horse is a lock.”

“What if he comes up lame? The jockey falls off? Or the horse has a heart attack?  Steps in a gopher hole? It’s a horse, for crissakes.”

“You can have my bicycle as security.”

“What am I gonna do with a freaking bicycle? Get outta here. Do something wholesome. Play blackjack in the park. Roll dice in an alley. Roll a drunk in an alley. Something wholesome. Are the poolrooms closed? Just get outta here.”

So as he slapped the back of my head, I learned my lesson from from Fat Eddie. No one wants to do business with a dead-beat.

It is bad for business.

DEBT
There are two kinds of debt, consumer and capital. Idiots crying for Greece and its screwed population do not know the difference, possibly because they are long-term debtors who have never experienced anything other than being a consumer.

  • Consumer Debt is money borrowed to purchase goods that will be consumed.  Nothing amazing there, right? You consume, bread, gasoline, shoes, and sealing wax. Once it is consumed, it is gone. If you do not have a source of income, you will eventually find paying back consumer debt impossible. Credit card companies will call you at odd hours. Your bills will be handed over to collectors. The road to a happy life requires that you NEVER assume consumer debt you cannot pay back by the end of a month. Credit cards issued by banks charge rates that make would Fat Eddie blush. The only exception is if you are temporarily embarrassed and the kid needs eyeglasses or new shoes. The key is the word temporarily. If your situation is not temporary, you really need either public assistance or a new job. We live in America. If you have to go bankrupt because you cannot pay back, the court will protect you from shylocks and collection agencies. You get a fresh start. No one is happy, and you will not be able to borrow dime #1 for several year, but you can get out of a jam. We no longer populate debtor’s prisons.
  • Capital Debt is money borrowed to make more money. You might hear it called “leverage.” If you are a going concern–a business or have a decent job–CAPITAL DEBT IS A GOOD THING! Why not pay 4 percent on the expectation you will make 8%? Sure, there is risk, but it is the kind of risk even Fat Eddie can respect. Your house mortgage is an asset  that will likely increase in value, Your car enables you to work beyond walking distance from where you live. Your education is a definite asset that will pay off many times what it costs to borrow–provided you do not borrow $150,000 to become a basket-weaver. A bank may be persuaded to loan you  the capital you need to start a business if the bank thinks the business can generate enough profit to sustain you, your employees, and still pay off the interest. If the bank thinks all this is true, the bank will throw money at you.

GREECE

Since 2001, Greece has borrowed money for capital investment, a step required for admission to the European Union and all the expected blessings of a single European currency.

Alas–Greek weasels confused Capital and Consumer debt. Instead of making its citizens more productive, a stratagem that would allow the debt to be paid off, duly elected weasels enforced a low retirement age. Since collecting taxes is nowhere popular, Greek weasel leadership looked the other way as tax evasion became a way of life for the people of Greece. The repeated bailouts were a vain hope by Europe that Greece would understand it was not a teenager with Daddy’s credit card, but a going concern responsible to its citizens and the international community.

Like Fat Eddie, the lenders want their money back. What is German going to do with a frigging bicycle? There are no assets waiting to be confiscated. This is a sovereign nation, for crissakes. No one is showing up to repo the Parthenon.

The knuckleheads who blame the banks for having seduced Greece into loans it cannot pay want to remember Fat Eddie. No one wants to lend money to a deadbeat. It’s bad for business.

What Greece needs is a weasel overhaul, not debt forgiveness.