Liberal Forum

Misty you should read this piece on bankruptcy. It's pretty enlightening, because the right-wing media will only hype about deficits and possible bankruptcy. http://www.fair.org/...x.php?page=4167Pay attention to this part: “Experts” within mainstream media warn Greece against abandoning the euro, as it would likely result in a default on the nation’s loans—a scenario unacceptable to media elites, despite recent lessons from other countries. When the economy of Estonia crashed, the country kept its currency pegged to the euro and adopted harsh austerity measures. This resulted in significant economic contraction, with unemployment rising from 2 percent to 19.8 percent (Business Week, 5/14/10) and IMF projections showing Estonia’s economy to be worse off in 2015 than it was in 2007 (Guardian, 4/28/10).By contrast, when Argentina was hit by recession in 1998, it tried keeping its currency pegged to the U.S. dollar—until the economy crashed in 2001. The government then defaulted on its loans and devalued its currency; though the move resulted in continued shrinkage for one quarter, that was followed by 63 percent GDP growth over six years (Guardian, 5/18/10). But the potential upside to default goes virtually unmentioned, with paying back debts to banks treated as a sacred duty—suggesting more concern for the welfare of the world’s wealthy than for its workers (e.g., Washington Post, 4/23/10, 4/24/10).K I'm outta this circus. Edited by Avenger_of_Justice, 05 April 2011 - 10:51 PM.