21 and raining
so good
Random Talk | Say whatever's on your mind
archnemesis
#929
If we had 38 I would spend most of the day in the bathtub drinking beer from the freezer. I need at least a week without AC to adjust to tropical heat.
John
#935
i miss dedicated weather broadcasts, nowadays we just have the newscaster say a couple of numbers about a couple of cities and that’s it, it SUCKS
Leo
#936
I hate being off from work on the 4th of July when I don’t have any plans, and I have to hear obnoxious fireworks being lit throughout the day. But those who live in the US, how was your 4th?
Leo
#939
I know lots of Greeks. 99% of my relatives live in Greece.
It’s going to be a rocky, uncertain period for the Greeks. On the one hand, it’s a beautiful thing to let the Greek people decide the country’s fate by holding a nationwide vote. That is Democracy at its core, and what better country to do such an act than Greece, the founding place of Democracy? The flip side to that is that it’s a little bit disappointing to be seeing Greeks celebrating on the “No” vote winning, to such a degree where they’re out dancing and partying.
Let it be clear, the years ahead for the Greeks will be grim, to be certain, no matter what decision they make. I’m not saying that they shouldn’t be happy that the “No” vote won the majority (by a large margin, I might add), but the dancing and partying is a bit much. They avoided terrible austerity that would have been implemented to their country had the “Yes” vote won.
11) What can Greece do to save its economy now?
Greece must either find a new lender, which seems very unlikely, or survive with very little credit for a while; Russia will not step in to offer support, since doing so would likely wind up with some of the resources transferred to other creditors and Russia has its own big fiscal problems.
If there is a no vote, Greece will likely stop payments on all debt. Being cut off from credit markets, it will now be forced to match its spending to the revenue it is receiving. To ease the burden, the government will likely distribute IOUs of some form to government employees, vendors and pensioners. It may even have to use IOUs to fund the referendum.
These IOUs will likely circulate as a form of money alongside the euro. People will strongly
prefer euros to the IOUs, so the IOUs will trade at a discount.
Some people and businesses may resort to bartering.
12) Why not just bring back the drachma?
The public will have little confidence in the IOUs that the government issues. Probably even less confidence if Greece opts to officially introduce a new currency. Reintroducing the drachma would be totally illegal under European law and form the basis for a law suit to force Greece out of the European Union (EU). As part of the EU, Greek citizens can travel freely and work anywhere within Europe. Greek goods are also allowed to be sold without being subject to tariffs. Expulsion from the EU would be devastating.
Issuing IOUs which are not officially touted as a currency is a better option for Greece for now.
More importantly than Greece, the EU better start praying that Italy and Spain don’t follow in Greece’s footsteps, and the damage those countries can create from defaulting will be immensely more significant because they are bigger countries.
John
#941
Got a letter today about how all the energy that powers my house comes from renewable sources. Pretty cool.
Leo
#942
Today, Republican presidential candidate Jeb Bush, who as of-late has gone relatively gaffe-free, uttered a phrase that may not go over too well with the constituency he seeks to reach. During an interview that was live-streamed on the app Periscope, Bush told New Hampshire’s The Union Leader that to grow the economy, “people should work longer hours.”
He was answering a question about his plans for tax reform and responded:
“My aspiration for the country and I believe we can achieve it, is 4 percent growth as far as the eye can see. Which means we have to be a lot more productive, workforce participation has to rise from its all-time modern lows. It means that people need to work longer hours” and, through their productivity, gain more income for their families. That’s the only way we’re going to get out of this rut that we’re in.”
Already the Democratic National Committee has pounced, releasing a statement that calls his remarks “easily one of the most out-of-touch comments we’ve heard so far this cycle,” adding that Bush would not fight for the middle class as president.
Hey, Jeb. Go fuck yourself. He won’t be getting my vote.