Honestly, now that the dusted has began to settle, how do we fix this?
>everyone owes money to everyone
>economies are, in a large part, tertiary sector
>only countries like Germany and France produce anything, industry-wise
>their economies are in a large part fed by exports to the peripherical countries with stifled economies
>the peripherical countries' economies are stifled because they don't really produce anything, just import
>this generates debt
>debt brings austerity
>people's livings are crippled by imposed austerity, so the economies stifle even further
>when austerity starts to lift, the economical benefits are outweighted by far by the budget losses/debt increase (again)
Seriously, this just feels like a vicious cycle, one that feeds itself, and it does seem beyond salvation by now.
And please correct me if I'm wrong in anything stated above, I'm trying to learn.
Honestly, now that the dusted has began to settle, how do we fix this?
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>Debtugal
thing is, >we owe a shitload of money, and, by the road that things are following, most of the money we owe can never and will never be paid. And meanwhile this will be pure 3rd world in less than 20 years, and all to no good
the solution to debt would be spending cuts on things such as pensions, public services, etc. Good luck being elected with such proposals.
Also exiting the EU or at least dissolving the Euro would help indebted countries to rebuild their industries
>cheaper currency = more foreign investors = more money available
en.wikipedia.org
you actually have to follow through though. looks like it isn't working out too well for Germany and will get worse in the future, especially with their recent imports of African / Middle Eastern origin.
>Dat Matla
OP, you do understand that debt is how modern nations work right? You won't get shit done without loaning.
I loan so I can open that buisness I couldn't open otherwise. That buisness generates money and creates jobs and the economy grows.
People are always scared of "Muh debt" because they are too stupid to understand that state-debt is different that normal debt.
They won't understand that. It's Sup Forums.
Norway BTFO
>People are always scared of "Muh debt" because they are too stupid to understand that state-debt is different that normal debt.
This debt is never going to be paid back. It's going to all burst eventually and everyone will have to write it off.
>That buisness generates money and creates jobs and the economy grows.
That's the theory, but in practice in many of those heavily indebted countries it doesn't happen.
>highest unemployment in the Eurozone
>conditions hostile to business
>too heavy taxation on the middle class
the last point is crucial for Italy. As a country we never had big industries, but we prospered on small industries and family businesses propped up by the middle class
>Apple Corp alone owes Ireland €19,000,000,000 in back taxes
>Ireland refuses to collect owed taxes
Someone explain this to me.
>only focusing on govt debt as if it's the only debt that matters
mckinsey.com
Greece occupying its rightful place.
Some investment borrowing can be a good thing. State debt has to be paid back. The UK currently pays 60bn a year in debt interest. This is more than is spent on the military and housing combined. Over just ten years we will pay as much as debt interest as the entire government budget for one year. That is to say we lost one year in every ten of government spending just on debt INTEREST. Only people with an agenda refuse to see this as the problem it is. Are you familiar with MMT?
>how do we fix this?
PAY DEBTNS
We're paying debts with debts we're never going to pay back in order to pay the interest accrued. By now the markets are so dependent on cheap money that nobody dares to deprive them of the addictive drug and increase interest rates. Nobody dares to let the banks go bankrupt, because this would cause a financial meltdown. Since the year 2000 the global debt has doubled, since 2007 it has increased by 60%. No financial crisis has ever been solved in the long term by simply printing more money. Again, the debt will never be paid back, ever. It will only be resolved by hyperinflation, monetary reform or in the worst case by war.
I fear that our dearly-beloved financial system based on trust is going to end soon, causing a crisis worse than any other before that will drastically decrease our current world population.
There's no fixing anything. Debts aren't meant to be payed on this scale.
I honestly hope the UK leads the example by leaving the EU. More countries will be doing that soon after.
PAY
If we're Brexit. And Greece is Grexit. What's you guys?
Estonia based as fuck.
The debts will end up unpaid.
I'll migrate to England. And don't worry, I have a very useful degree in STEM.
And that's good for actual migrants who want to work. Your government will pay more attention to us instead of treating us like the others.
Don't worry, goyim. You just need to import more educated "Syrians" from Somalia. They will fix all of your problems.
Albexit
>Don't pay debt
Apart from the US, who's going to fuck with us over this?
Not the point. Miss one payment, just one and your credit is smashed. This means no future borrowing to pay outstanding debt interest. Vicious circles who's effects will be felt by all.
So buy gold?
It is possible for our country to pay off its debt. Just eliminate welfare and useless government bodies, loosen taxes and have a surplus in the State's Budget for the next decade or so.
The thing is that you live in a country where about one third of the people live from the state, directly or not. To do that is necessary, but would cast untold numbers into poverty
this is the shit that allows europeans to be enslaved by the banks
again