Since Adam, people have enjoyed blaming other people for their problems. The unreasonableness of this blame differs from situation to situation, as does the degree of persecution. Historically, blame-takers have included Jews, Kulaks, Christians, Muslims, people with tie-dye shirts, the bourgeoisie, Marxists, Republicans, Democrats, environmentalists, people who claim there is global warming, people who claim there’s no global warming, and “speculators.” And that leads me to this:
The Greek prime minister said he will fight to ensure speculators don’t undermine his push to restore order to the country’s economy. It’s unjust and undemocratic that his efforts are being undermined “by some ‘kids’ in New York and elsewhere sitting in front of a computer,” he said yesterday.
Greece is currently in deep trouble to the point that those who hold Greek debt no longer want to. These people have loaned money to someone, and no they’re worried about their investment. So the people who are bearing the risk of the irresponsible Greek government defaulting therefore logically want to free themselves from that risk. And so they are selling off their risk and rewards. All this selling, along with the lack of buyers, is causing the value of Greek’s debt to go down.
All this activity is causing people to realize how risky Greece is, and making them less and less willing to loan money to Greece. And now Greece is feeling desperate as appears to be entering that unpleasant phase in the life of every irresponsible borrower–that time in your life when you owe so much that everyone knows you’re broke and no good for credit and doesn’t want to give you money.
But it would painful for the Greek government to admit that they had created their own problems by overspending. So instead, they are blaming the market’s investors, the “speculators,” for deciding that Greece is too risky to invest in. They feel that they are entitled to the money the free market offers, and must not be subjected to the unpleasant facts of reality which the rest of the world lives by.
Blaming of speculators is a distraction tactic that governments throughout the world use, and it is an unfair attack, to hide the basic inability of the majority of the world’s major governments to pay their own bills. They cause their own problems. The actions of speculators are nothing more than the logical result of the government’s own suicidal actions. Let no one fool you about that.
on speculators
(story)
Since Adam, people have enjoyed blaming other people for their problems. The unreasonableness of this blame differs from situation to situation, as does the degree of persecution. Historically, blame-takers have included Jews, Kulaks, Christians, Muslims, people with tie-dye shirts, the bourgeoisie, Marxists, Republicans, Democrats, environmentalists, people who claim there is global warming, people who claim there’s no global warming, and “speculators.” And that leads me to this:
Greece is currently in deep trouble to the point that those who hold Greek debt no longer want to. These people have loaned money to someone, and no they’re worried about their investment. So the people who are bearing the risk of the irresponsible Greek government defaulting therefore logically want to free themselves from that risk. And so they are selling off their risk and rewards. All this selling, along with the lack of buyers, is causing the value of Greek’s debt to go down.
All this activity is causing people to realize how risky Greece is, and making them less and less willing to loan money to Greece. And now Greece is feeling desperate as appears to be entering that unpleasant phase in the life of every irresponsible borrower–that time in your life when you owe so much that everyone knows you’re broke and no good for credit and doesn’t want to give you money.
But it would painful for the Greek government to admit that they had created their own problems by overspending. So instead, they are blaming the market’s investors, the “speculators,” for deciding that Greece is too risky to invest in. They feel that they are entitled to the money the free market offers, and must not be subjected to the unpleasant facts of reality which the rest of the world lives by.
Blaming of speculators is a distraction tactic that governments throughout the world use, and it is an unfair attack, to hide the basic inability of the majority of the world’s major governments to pay their own bills. They cause their own problems. The actions of speculators are nothing more than the logical result of the government’s own suicidal actions. Let no one fool you about that.