Did you really have to bring them into it vanna? I'm trying to avoid thinking about how bad it can get if the US continues as it's going.

Unfortunately with that idiot Obama, doing a Brown, they are likely to beat us to the "Greek" status. Without the US market, China has no need of our raw materials, so we won't be far behind. With the next US election being so important to our future, it's a pity we don't get a say in it.

At least people wouldn't get into financial trouble with excess consumer purchases, the country wouldn't have the foreign exchange to buy the stuff, & it is for sure we couldn't make most of it here any more. All that technology we once had is about as modern as a horse & cart today.

Perhaps it's time to listen to the gladiators of Rome, when they advised to eat, drink & be merry, because tomorrow doesn't look all that great.

So hang on tight, the ride is likely to get very rough for this little country, with it's first world pay rates, & services, supported by a third world economy

Greece should do what Iceland has done.Refuse the bailouts and austerity and establish their own Govt central bank that creates all its' currency needs.The private Central Banks of Europe who own the Euro as just depreciating everyones wealth/labour by creating too much of it and bailing out their mates.

Get rid if the private central banks.Dakota in the USA has its' own Govt bank and it is in good finanacial shape.Sure cut back on the PS and the lurks of the elites but the root cause are the private central banks.

Interesting example, Arjay.

>>Greece should do what Iceland has done.Refuse the bailouts and austerity and establish their own Govt central bank that creates all its' currency needs.<<

Iceland has had a Central Bank, owned by the government, and in its present form, for fifty years.

And far from creating "all its' currency needs", it allowed the commercial banking sector to go load up debt to the tune of close to six times the country's GDP, before the game fell apart in 2008.

Also, they haven't exactly been refusing bailouts.

As recently as June 3rd, the country managed to persuade the IMF to come to the party for the fifth time, with a further $225m in aid. And only last week, the government borrowed another 62 million Euros via a bond issue, that valued their currency at 210kr. per euro. Which compares with the mid-rate of 165kr, by the way. So they even have to buy their hard currency at a massive 22% discount, despite the fact that the krone is already half its value of four years ago.

And this is the example you offer Greece?

That's not doing them any favours, for sure.

Or is this yet another example of your failure to check even the simplest of fiscal facts, Arjay.