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Wednesday, July 1, 2015

Re: [mukto-mona] Greece Considers Capital Controls, Closing Banks on Monday

Yes, I remember that crisis; I went through it. But, that was a hiccup in the system, which did not stop the progress of the Capitalist System. I agree there will be many more such hiccups in the future, but I believe capitalist system will stand back due to the inherent resiliency of the system. On the contrary, socialist system is incapable of facing such hiccups. 
You said - Greek crisis is more of political than economic. In my view - it is both. As far as I know, full retirement age in Greece is at ~55, which is ~67 in the USA. Greek Government has extended and expanded entitlement programs so far that it went bankrupt fulfilling the promised entitlement programs with borrowed money. In fact, General Motor, in the USA, went bankrupt for the same reason, and it had to reform its entitlement policies as a precondition for the US government  bail out. That's what Greece needs to do, that's what IMF and German banks are asking for, but, people do not want it, obviously.  
So, it was the government borrowing, not the private lending, that pushed the Government to default on the loan payment, and hence the bank closures. I cannot blame the German Banks, as you did. Banks are not charitable institutions; they survive on profit. In fact, Germany is the only savior for the Greece right now.
"Any system that feeds inept rich at the expense of inept poor is bound to collapse."
If that's the case - socialist system would not collapse. Sorry!
Jiten Roy

From: "Kamal Das [mukto-mona]" <>
Sent: Tuesday, June 30, 2015 9:51 PM
Subject: Re: [mukto-mona] Greece Considers Capital Controls, Closing Banks on Monday

Any system that feeds inept rich at the expense of inept poor is bound to collapse. Remember the recent Wall Street crisis? Another is looming. Reganomics doesn't work. The present crisis in Greece is not caused by their liberal government but by private sector lending by German and French banks. The loan servicing conditions are imposed to put government out of power. So the crisis is more political than economic. 

Sent from my iPad

On Jul 1, 2015, at 8:02 AM, Jiten Roy [mukto-mona] <> wrote:

"Greek exit would be followed by Spain, Italy and France due to bankruptcy ...." All these countries have been under liberal/socialist economies for decades. So, I don't see your point of view.

But, I don't disagree that - when all these liberal economies self-destruct, capitalism will suffer, as well, and it could even self-destruct; capitalism cannot survive without market.

Jiten Roy 


From: "Kamal Das [mukto-mona]" <>
Sent: Monday, June 29, 2015 8:22 PM 
Subject: Re: [mukto-mona] Greece Considers Capital Controls, Closing Banks on Monday

and Britain for other reasons. Thus the German hegemony would end.  Could U.S. economy survive without Chinese investment? Capitalism is the real culprit, not socialism.

On Mon, Jun 29, 2015 at 7:39 PM, Jiten Roy [mukto-mona] <> wrote:
How long a country can sustain by borrowing other peoples' money?

Greece was once an economic and cultural power-house in the world, which is destroyed by the ultra-liberal/socialist economic policies; people should hold politicians responsible for ruining this beautiful country.

Jiten Roy

From: "Farida Majid [mukto-mona]" <>
Sent: Monday, June 29, 2015 4:09 AM
Subject: [mukto-mona] Greece Considers Capital Controls, Closing Banks on Monday

Another view ~ "I want him (Tsipras) to knock his fist on the table and to say 'enough!'," said Athens resident Evgenoula.

Many leading economists have voiced sympathy with the Greek government's argument that further cuts in spending risk choking off the growth which would give Greece some prospect of servicing debts worth nearly twice its annual national income. >>

গ্রীসে আগামী ৭ই জুলাই পর্যন্ত সমস্ত ব্যাংক বন্ধ থাকবে..
গ্রীসের সরকার নিশ্চিত করেছে যে, চলতি সপ্তাহে দেশটির ব্যাংকগুলো বন্ধ থাকবে। আগামী ৭ই জুলাই পর্যন্ত দেশটির সব ব্যাংক বন্ধ থাকবে। তবে সোমবার বিকাল থেকে দেশটির ব্যাংকগুলোর এটিএম বুথ খোলা থাকবে। কিন্তু প্রতিদিন ৬০ ইউরোর বেশি টাকা তোলা যাবে না।


Posted by: Jiten Roy <>

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