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The American irony to the Greek debt
by Thanos Kalamidas
2011-08-01 08:51:59 |
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How ironic it must be for the Greeks this last weekend; while their loyal partners were demanding for them guarantees including acropolis to avoid a default the very same partners are worrying this weekend if the American Senate will not raising the $14.3tn debt limit to avert possible default.
If you are little Greece you are doomed from the credit banks to rating agencies even to your own partners – the very same ones that promised to be there in health and illness – but if you are USA everybody else is doomed and on their knees praying that you will recover even if that recovery is partly accounting trick or illusion. I didn’t see any ratings or threats and I didn’t read for any measures. You see in the global economy what really counts is that if America sneezes the rest of the world get pneumonia and this minute America has pneumonia! $14.3tn pneumonia.
The possibility of a Greek default would mean that some bankers will lose some extra money; a US default means goodbye global economy and welcome China! I’m serious and knowing how odd this might sounds that if something like that happens it will be only the Chinese economy that will be able to stand up while the rest will be on their knees.
It’s a case of hours the deal and most likely when this article will be online democrats and republicans will have reach a deal with the necessary compromises and exchanges but the irony again for the Greeks it will be that the measures will mainly focus into raising the debt limit to convenient heights for everybody including the waiting globe. The change will consider of course the needs of the administration, the needs of the state – social services for example – and economic growth and finally repayments. Exactly the same that happened in Greece, only the other way. Everybody made solid and sure the repayments; the cuts of the state’s needs into the social services and murdered the economic growth!
What I find more fascinating in the whole story is that the most powerful nation in the world – as a military machine – can force and change the rules on how global economy and capitalism works; the very same capitalism that they force in mainly economic ways the others to play and obey! How fascinating to play a global game you make the rules and change them anytime it is convenient for you!
Unfortunately there are some who will feel even more not the irony but the disadvantage to live in the state that can play with the rules and is nobody else than the American citizens without the privileges that capitalism gives and they are unfortunately millions. There are millions the homeless, the unemployed and the ones who live under the limit of poverty. And any chance they had for a better tomorrow it will be killed somewhere between the compromises democrats will do with the republicans the next few hours.
In the mean time the only ones who can really understand them despite all the irony is the Greek people who saw their hopes and wished go down the toilet in hours after the deals and compromises with their loyal partners.
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