2 ms·

No, the Greeks were cool and calculating, turning an inflating fake fiat currency into hard assets like real estate, while not working or producing anything. T

No, the Greeks were cool and calculating, turning an inflating fake fiat currency into hard assets like real estate, while not working or producing anything. The introduction of the Euro was the start signal for each country to try to inflate as much as they can for their own benefit - since the first inflator gets the best value out of the currency. Idiots are left holding paper currency worth less and less each day. Having to work harder and harder in a never ending spiral.

pjc50 2mo ago
The Euro had a much better set of inflation controls than most of the previous European currencies. Especially the lire.
- carlosjobim 2mo ago
  Absolutely. But when you inflate your own currency, it is you who have to deal with the consequences. If you inflate everyone's currency you reap all the benefits and leave everybody else with the burden of the consequences.
  - pjc50 2mo ago
    But part of the setup was that inflation was controlled centrally by the ECB? How are you declaring that national governments inflated it?
    - carlosjobim 2mo ago
      Inflation isn't controlled by the ECB. Money is created when banks loan out money. Whether that be to people, companies, or governments (municipalities and so on). That's where all money comes from and how the currency is inflated. The country which by legislation or by other means makes it easier for banks to lend out money will benefit their own citizens and companies, since they get to be the first spenders of newly created money before it reduces in value. That's how national governments can use inflation for their own benefit within a common currency system. But no government involvement is necessary. If a group of people (in this case the Greeks) are willing to take on extraordinary amounts of debts compared to other groups, then we have the same results. Remember that all money which was borrowed in the European "debt crisis" went somewhere before the loans couldn't be paid. Somebody benefitted, and the idiots were left to pay.

pjc50 2mo ago

The Euro had a much better set of inflation controls than most of the previous European currencies. Especially the lire.

carlosjobim 2mo ago
Absolutely. But when you inflate your own currency, it is you who have to deal with the consequences. If you inflate everyone's currency you reap all the benefits and leave everybody else with the burden of the consequences.
- pjc50 2mo ago
  But part of the setup was that inflation was controlled centrally by the ECB? How are you declaring that national governments inflated it?
  - carlosjobim 2mo ago
    Inflation isn't controlled by the ECB. Money is created when banks loan out money. Whether that be to people, companies, or governments (municipalities and so on). That's where all money comes from and how the currency is inflated. The country which by legislation or by other means makes it easier for banks to lend out money will benefit their own citizens and companies, since they get to be the first spenders of newly created money before it reduces in value. That's how national governments can use inflation for their own benefit within a common currency system. But no government involvement is necessary. If a group of people (in this case the Greeks) are willing to take on extraordinary amounts of debts compared to other groups, then we have the same results. Remember that all money which was borrowed in the European "debt crisis" went somewhere before the loans couldn't be paid. Somebody benefitted, and the idiots were left to pay.