We are a commune of inquiring, skeptical, politically centrist, capitalist, anglophile, traditionalist New England Yankee humans, humanoids, and animals with many interests beyond and above politics. Each of us has had a high-school education (or GED), but all had ADD so didn't pay attention very well, especially the dogs. Each one of us does "try my best to be just like I am," and none of us enjoys working for others, including for Maggie, from whom we receive neither a nickel nor a dime. Freedom from nags, cranks, government, do-gooders, control-freaks and idiots is all that we ask for.
I was watching TV clips of the Greek riots. The bottom line rationale of the Greek rescue effort is the transfer of known and predictable near-total losses on Greek debt from the investors, banks and governments holding that debt to the taxpayers of the EU and the taxpayers funding the IMF in order to try to protect the euro until the next crisis.
Kondratiev's predictions are:
1. There is no way Greece will ever repay the $146 billion; either (a) the austerity measures if accepted and complied with will plunge the country into deep recession, or (b) the general strikes that the austerity measures inspire will cause depression.
2. In either case, the Greek government will fall for agreeing to the austerity conditions, and the government that gets elected will repudiate both the austerity measures and the euro. Because the European Central Bank is not the issuer of euro notes and because that function has been left to individual countries, all Greece needs to do to "unpick" from the euro is to declare that each Greek-issued euro note (one with a serial number starting with "Y") is now a drachma note and will be exchanged 1-for-1 by the Bank of Greece.
3. Then Greece will go back to devaluing and inflating and devaluing and inflating just as it used to do.
The euro has been fabulous for European trade, but with a majority of Germans polled saying they opposed the Greek bailout, something will have to give. I hazard a couple of guesses, first that the euro might split into a soft euro for the PIIGS and a hard euro for the other countries, or that the rest of the PIIGS would follow Greece and return to local currencies.
Bottom line: if you are holding any "Y" euro notes, deposit them in your bank as soon as you can for their full face value.
Those riots are by anarchists, ANTIFA, the Jewish-founded organization that destabilizes and causes violence in weakened countries so that the "masses" will accept a very strong government to keep them safe, which will be Marxist-Leninsts. If we don't see who's doing this to the Western world, we'll all fall to them.
After the war, Stalin "shook the jews out of the trees." They were the original model of useful fools, believing that Stalin was their savior. He wasn't.
Totalitarianism is no protection for jews. The only way it would be is if a jew became the dictator – and even then it's no guarantee, as Herr Schickelgruber showed the world in 1939 - 1945.
One more comment: almost 30% of the Greek bailout will come from the IMF. And since 40% of the IMF is funded by US taxpayers, and that debt will be junior to current bond holders, it means U.S. taxpayers [as usual] are funding the hopeless Greek tragedy, and it means that U.S. taxpayers will never be repaid one dime of the loss.
There is better than a 50/50 chance that the Euro will blow up over this issue, because Greece isn't the only country in dire straits – it is only the first domino to fall. Spain, Portugal, and even the formerly Great Britain will probably follow Greece into financial ruin. Then the big enchilada, the U.S. – but only after American taxpayers have been sucked dry.
The final act in this global tragedy: dictatorship. History always goes in cycles [and I liked the Kondratiev name].
Now for some cheerful news: some folks are waking up to the fact that AGW [AKA: global warming] is a money-grubbing hoax.
Unfortunately, the inertia is probably too great to stop the scam at this point.