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Friday, February 12, 2010

Debt and Greece

Posted by on Fri, Feb 12, 2010 at 4:23 PM

The BBC:

Greek Prime Minister George Papandreou has criticised the European Union's response to the country's financial crisis as timid and too slow.

Mr Papandreou told cabinet members at a televised meeting in Athens that the EU lacked coordination and undermined Greece's credibility.

At a summit in Brussels on Thursday, the EU offered Greece its backing but gave no details of any plans to help.

Greece's debt crisis has put pressure on the euro, causing it to lose value.


The troubled Greeks of today must turn to the timeless texts of their very own Aristotle, the most systematic mind of Ancient Greece.
aristotle_lost_com.jpg

Two samples (both from Politics) will suffice:
...Hence some persons are led to believe that getting wealth is the object of household management, and the whole idea of their lives is that they ought either to increase their money without limit, or at any rate not to lose it. The origin of this disposition in men is that they are intent upon living only, and not upon living well; and, as their desires are unlimited they also desire that the means of gratifying them should be without limit. Those who do aim at a good life seek the means of obtaining bodily pleasures; and, since the enjoyment of these appears to depend on property, they are absorbed in getting wealth: and so there arises the second species of wealth-getting. For, as their enjoyment is in excess, they seek an art which produces the excess of enjoyment; and, if they are not able to supply their pleasures by the art of getting wealth, they try other arts, using in turn every faculty in a manner contrary to nature. The quality of courage, for example, is not intended to make wealth, but to inspire confidence; neither is this the aim of the general's or of the physician's art; but the one aims at victory and the other at health. Nevertheless, some men turn every quality or art into a means of getting wealth; this they conceive to be the end, and to the promotion of the end they think all things must contribute.


And, of course:

The most hated sort (of wealth getting) and with the greatest reason, is usury, which makes a gain out of money itself and not from the natural object of it. For money was intended to be used in exhange but not to increase at interest. And this term interest (tokos), whichmeans the birth of money from money is applied to the breeding of money because the offspring resembles the parent.
Nothing is new under the Greek sun.

 

Comments (8) RSS

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1
Great, we have to bail out Europe's last unrepentant socialists.

Fuck the Greeks.
Posted by Ian Smith on February 12, 2010 at 5:48 PM
2
There's nothing special about money. Money is a thing. Things have value. Valuables cost money. So money costs money. Why shouldn't it?
Posted by CG on February 12, 2010 at 6:17 PM
3
Charles is a socialist, he should know all about destroying the value of money.
Posted by Kevin Keagan on February 12, 2010 at 6:58 PM
zombie eyes 4
The socialist Euro was worth ninety cents when issued. Today it's worth a smidge over a dollar thirty-six. If that's destruction, sign me up.
Posted by zombie eyes on February 13, 2010 at 12:35 AM
5
Thanks for the Aristotle. More please.
Posted by Ancient Realist on February 13, 2010 at 4:32 AM
6
"If that's destruction, sign me up"

What are you, a moron? I was talking about Greece, a banana-socialist republic that pending along with the other PIGS refuses to rein in public and is dragging the rest of us over the cliff.
Posted by Kevin Keagan on February 13, 2010 at 7:48 AM
7
"If that's destruction, sign me up"

What are you, a moron? I was talking about Greece, a banana-socialist republic that along with the other PIGS refuses to rein in public spending and is dragging the rest of us in the EU over the cliff.

It's the same reason the US $ is on the toilet, massive spending and debts. THe euro was at €1.52 a month a go, now it's €1.34.
Posted by Kevin Keagan on February 13, 2010 at 7:50 AM
8
What the right wing refuses to recognise is when they had power they neglected our infrastructure and cut programs that were designed to save money later. That's the right wing for you. Billions for the rich is worth going into debt for. Crucial infrastructure and scientific research starve. Education and healthcare starve. And like a business, you have to spend money to make money. It's not about reining in spending. It's about who gets to spend the money.
Posted by Debt Works on February 13, 2010 at 8:47 AM

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