Khan Academy: Greek Debt Recession and Austerity
khanacademy.org
khanacademy.org
-"Cutting salaries in half => cutting purchasing power in half" - politically unacceptable.
-"Printing money => doubling prices => cutting purchasing power in half" - that's actually OK.
Fuck logic!
What Greece must do is cut "bad" spending and encourage "good" spending. Let me define bad spending: Things like early retirement for dangerous professions like hairdressers, masseurs and trombone players.
http://www.usatoday.com/money/world/2010-05-18-europeretire1...
"They have to decide for themselves what to do, but they cannot have Swedish expenses and American taxes, that doesn't add up," Swedish Finance Minister Anders Borg told reporters in 2010.