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posted by
martyb
on Monday July 06 2015, @08:57AM
from the getting-what-you-asked-for-may-not-be-getting-what-you-want dept.
from the getting-what-you-asked-for-may-not-be-getting-what-you-want dept.
The Greeks voted no to the European Union's terms, despite warnings from the EU that rejecting new austerity terms would set their country on a path out of the Eurozone. 62% voted "No" while 38% voted "Yes".
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TOO BAD YOU CAN'T BUY a voodoo globe so that you could make the earth spin
real fast and freak everybody out.
-- Jack Handey, The New Mexican, 1988.
(Score: 2) by romlok on Monday July 06 2015, @01:24PM
Interestingly, the BRICS countries (Brazil, Russia, India, China, and South Africa) have recently set up their own collective financial institution, to rival the US-centric IMF.
(Score: 0) by Anonymous Coward on Monday July 06 2015, @01:28PM
That's great. Greece can stiff someone else for a change.
(Score: 2) by jmorris on Monday July 06 2015, @06:02PM
Which is a good thing. Regardless.
Really only two ways it can play out:
1. Considering the inclinations of the countries, we get yet another socialist inspired IMF clone and China and Russia (the others don't count) drain their resources trying to prop up client states again. We already know how that story ends, socialist economies just can't produce enough resources for that. China's mixed model works slightly better than the old Soviet model but it isn't enough. They are already having enough internal problems they can no longer mask them. So enemies expend themselves trying something stupid and everybody wins.
2. They build something real based on hard money. China and Russia have been quietly stacking gold bricks like Ron Paul was giving them financial advice for years now. If they realize their real opportunity and build a new international banking system based on hard money then where is the downside of that? Ok, so we all have to learn Mandarin and Russian and those languages both kinda suck for hackers but in the bigger picture those are sorta minor downsides. Stranger things have happened... not often though.