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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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If the thunder don't get you, then the lightning will.
(Score: 1, Insightful) by khallow on Tuesday July 07 2015, @12:12AM
Contraction is a self-reinforcing downward spiral, not just a minor problem.
Except of course, that it's not. One could make similar arguments for economic bubbles and one would be wrong for similar reasons. To maintain the downward spiral indefinitely, one needs almost everyone on board. But at some point, you will buy stuff. And the further down the spiral went, the less activity is required to reverse it. And once everyone realizes that the contraction is over, their behavior changes and we have economic growth once again.
Austerity will only produce more austerity, and ultimately all economies will be sucked down the drain with it.
Unless, of course, it doesn't do that.
So what is this, "end of times" capitalism"?
If you break capitalism, then it's not going to work. Plenty of countries have capitalism-based systems that are working just fine. Why can't Greece be one of those countries?