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<blockquote data-quote="Buzz776g" data-source="post: 158866" data-attributes="member: 1439"><p>My NSHO:</p><p></p><p>There's austerity and there's austerity. Regardless of the profligacy (sp) that got the Greeks where they are (from which the Germans benefited, though that's beside the point of my argument), that's where they are now.</p><p></p><p>Imagine you are a householder who has gotten way way way in over your head in debt. It's time to straighten up and fly right. So perhaps you sell your big house and buy a much smaller one. No vacations or eating out until the credit cards are paid off. You take a night job to bring in extra. You're tired a lot, but you're making progress.</p><p></p><p>Then let's say your car craps out unexpectedly. No no no you say, I cannot put an auto repair on a credit card. No credit card use until they're all paid off!!</p><p></p><p>But then you can't get to either of your jobs. If that happens, your recovery plan is not only stalled, it's now going backward if, say, you now can't pay your power bill.</p><p></p><p>With the most rigorous austerity measures, there stll must be some flexibility. You can pull yourself up, with discipline and hard work, as long as your nose stays barely above water. Once your nose goes under, you sink. I've seen this happen to many friends.</p><p></p><p>The Greeks have already gone through five years of "austerity" that hasn't seemed to help much overall. The European troika demands even more. Is the Greek government corrupt and inefficient? You bet it is. But for ordinary Greeks, I think at this point enforcing greater VAT and cutting already-cut pensions more will only finally push the nose of their economy fully under water. The analogy above, about a near-death illness vs. a vegetable hoping for a miracle cure, is a good one.</p></blockquote><p></p>
[QUOTE="Buzz776g, post: 158866, member: 1439"] My NSHO: There's austerity and there's austerity. Regardless of the profligacy (sp) that got the Greeks where they are (from which the Germans benefited, though that's beside the point of my argument), that's where they are now. Imagine you are a householder who has gotten way way way in over your head in debt. It's time to straighten up and fly right. So perhaps you sell your big house and buy a much smaller one. No vacations or eating out until the credit cards are paid off. You take a night job to bring in extra. You're tired a lot, but you're making progress. Then let's say your car craps out unexpectedly. No no no you say, I cannot put an auto repair on a credit card. No credit card use until they're all paid off!! But then you can't get to either of your jobs. If that happens, your recovery plan is not only stalled, it's now going backward if, say, you now can't pay your power bill. With the most rigorous austerity measures, there stll must be some flexibility. You can pull yourself up, with discipline and hard work, as long as your nose stays barely above water. Once your nose goes under, you sink. I've seen this happen to many friends. The Greeks have already gone through five years of "austerity" that hasn't seemed to help much overall. The European troika demands even more. Is the Greek government corrupt and inefficient? You bet it is. But for ordinary Greeks, I think at this point enforcing greater VAT and cutting already-cut pensions more will only finally push the nose of their economy fully under water. The analogy above, about a near-death illness vs. a vegetable hoping for a miracle cure, is a good one. [/QUOTE]
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