Gambling is bad. No it's good, good, good!"
Showing posts with label money. Show all posts
Showing posts with label money. Show all posts
Saturday, May 7, 2011
Wednesday, March 2, 2011
The Government Is Wrong to Fund Chaplaincy in Schools
Most people don't attend church, synagogue or mosque yet Nations pander to those who hold religious beliefs with outdated ceremonies. It seems one hasn't the right not to believe in anything other than accepting the fact that humans live and die.
Ron Williams tried to send his children to a school that taught all religions but also taught secularism. He couldn't find one. Schools identified with one faith and virtually condemned all others. He saw requests for gold coins to fund scripture union classes as offensive and something he wasn't going to give. Indeed, chaplains seemed to be at war with teachers over the minds of students. What he found most difficult of all to accept was that the government was already partially funding Access Ministries which were "transforming the nation for God." Adolf Hitler tried similar brain washing systems to control the Hitler Youth.
What is driving the wads of cash? All political parties need the support of the church to win elections. Indeed, it is the silence of the churches that is the objective.
The issue is now being taken to the High Court by Ron Williams with the intent of stopping the funding. He probably won't win. His attempt is worth loud applause from the community.
Ron Williams tried to send his children to a school that taught all religions but also taught secularism. He couldn't find one. Schools identified with one faith and virtually condemned all others. He saw requests for gold coins to fund scripture union classes as offensive and something he wasn't going to give. Indeed, chaplains seemed to be at war with teachers over the minds of students. What he found most difficult of all to accept was that the government was already partially funding Access Ministries which were "transforming the nation for God." Adolf Hitler tried similar brain washing systems to control the Hitler Youth.
What is driving the wads of cash? All political parties need the support of the church to win elections. Indeed, it is the silence of the churches that is the objective.
The issue is now being taken to the High Court by Ron Williams with the intent of stopping the funding. He probably won't win. His attempt is worth loud applause from the community.
http://www.adventure--australia.blogspot.com/http://www.tysaustralia.blogspot.com/
http://www.feeds.feedburner.com/AdventureAustralia
http://www.technorati.com/blogs/http://adventure--australia.blogspot.com
~~~~~Religion~~~~~
The Government Is Wrong to Fund Chaplaincy in Schools
Most people don't attend church, synagogue or mosque yet Nations pander to those who hold religious beliefs with outdated ceremonies. It seems one hasn't the right not to believe in anything other than accepting the fact that humans live and die.
Ron Williams tried to send his children to a school that taught all religions but also taught secularism. He couldn't find one. Schools identified with one faith and virtually condemned all others. He saw requests for gold coins to fund scripture union classes as offensive and something he wasn't going to give. Indeed, chaplains seemed to be at war with teachers over the minds of students. What he found most difficult of all to accept was that the government was already partially funding Access Ministries which were "transforming the nation for God." Adolf Hitler tried similar brain washing systems to control the Hitler Youth.
What is driving the wads of cash? All political parties need the support of the church to win elections. Indeed, it is the silence of the churches that is the objective.
The issue is now being taken to the High Court by Ron Williams with the intent of stopping the funding. He probably won't win. His attempt is worth loud applause from the community.
Ron Williams tried to send his children to a school that taught all religions but also taught secularism. He couldn't find one. Schools identified with one faith and virtually condemned all others. He saw requests for gold coins to fund scripture union classes as offensive and something he wasn't going to give. Indeed, chaplains seemed to be at war with teachers over the minds of students. What he found most difficult of all to accept was that the government was already partially funding Access Ministries which were "transforming the nation for God." Adolf Hitler tried similar brain washing systems to control the Hitler Youth.
What is driving the wads of cash? All political parties need the support of the church to win elections. Indeed, it is the silence of the churches that is the objective.
The issue is now being taken to the High Court by Ron Williams with the intent of stopping the funding. He probably won't win. His attempt is worth loud applause from the community.
http://www.adventure--australia.blogspot.com/http://www.tysaustralia.blogspot.com/
http://www.feeds.feedburner.com/AdventureAustralia
http://www.technorati.com/blogs/http://adventure--australia.blogspot.com
~~~~~Religion~~~~~
Thursday, January 27, 2011
Advertisers Pay Up for Click Fraud
Internet advertising click fraud is still widespread. Throwing money around advertising in this way is madness, anyway, A click does not mean a sale.
Of course website owners are going to position "clicks" where they will be clicked on - accidentally or not. Getting in there and clicking away for half an hour won't do much harm either. Automated botnets are being set up as well. They will really get the cash flowing in from "thick-headed" advertisers.
Over a decade ago it was said the end of "brochure in the post" advertising was near with the advent of the Internet. How wrong they were! You can hardly get the car in the gate with all the paperwork strewn along the footpath from overflowing letterboxes. The more things change the more they stay the same. Businesses spend millions on advertising that for the most part is just wasted. They would be better off buying new machinery to decrease the cost of production and make money that way.
Of course website owners are going to position "clicks" where they will be clicked on - accidentally or not. Getting in there and clicking away for half an hour won't do much harm either. Automated botnets are being set up as well. They will really get the cash flowing in from "thick-headed" advertisers.
Over a decade ago it was said the end of "brochure in the post" advertising was near with the advent of the Internet. How wrong they were! You can hardly get the car in the gate with all the paperwork strewn along the footpath from overflowing letterboxes. The more things change the more they stay the same. Businesses spend millions on advertising that for the most part is just wasted. They would be better off buying new machinery to decrease the cost of production and make money that way.
http://www.adventure--australia.blogspot.com/http://www.tysaustralia.blogspot.com/
http://www.feeds.feedburner.com/AdventureAustralia
http://www.technorati.com/blogs/http://adventure--australia.blogspot.com
~~~~~Business~~~~~
Advertisers Pay Up for Click Fraud
Internet advertising click fraud is still widespread. Throwing money around advertising in this way is madness, anyway, A click does not mean a sale.
Of course website owners are going to position "clicks" where they will be clicked on - accidentally or not. Getting in there and clicking away for half an hour won't do much harm either. Automated botnets are being set up as well. They will really get the cash flowing in from "thick-headed" advertisers.
Over a decade ago it was said the end of "brochure in the post" advertising was near with the advent of the Internet. How wrong they were! You can hardly get the car in the gate with all the paperwork strewn along the footpath from overflowing letterboxes. The more things change the more they stay the same. Businesses spend millions on advertising that for the most part is just wasted. They would be better off buying new machinery to decrease the cost of production and make money that way.
Of course website owners are going to position "clicks" where they will be clicked on - accidentally or not. Getting in there and clicking away for half an hour won't do much harm either. Automated botnets are being set up as well. They will really get the cash flowing in from "thick-headed" advertisers.
Over a decade ago it was said the end of "brochure in the post" advertising was near with the advent of the Internet. How wrong they were! You can hardly get the car in the gate with all the paperwork strewn along the footpath from overflowing letterboxes. The more things change the more they stay the same. Businesses spend millions on advertising that for the most part is just wasted. They would be better off buying new machinery to decrease the cost of production and make money that way.
http://www.adventure--australia.blogspot.com/http://www.tysaustralia.blogspot.com/
http://www.feeds.feedburner.com/AdventureAustralia
http://www.technorati.com/blogs/http://adventure--australia.blogspot.com
~~~~~Business~~~~~
Saturday, November 20, 2010
Study Shows Optimistic Cancer Sufferes Live Longer - Or Does It?
Treating the effect as the cause is waisting valuable time in finding a cure for cancer. A Study found that depressed people lived shorter lives when they had cancer. Apparently, depression per se, hope, optimism and anxiety were tested. Findings showed that those suffering from these "attributes" didn't live as long as "optimists" who were also cancer sufferers.
A great leap of faith was made to claim that mood sufferers did not seek second opinions on cancer. Note that this was not proven it was just surmised. Overall findings were that optimism did not lead to better survival in people with cancer. Well this is game. set and match. You can't have it both ways. Either being optimistic improves survival or it doesn't.
There is no doubt that psychological treatment would improves the well being of cancer patients, but let's not get ahead of ourselves and say cancer sufferers would live longer. A great deal of money is set aside for medical research. We have to be careful to ensure this money is well spent.
A great leap of faith was made to claim that mood sufferers did not seek second opinions on cancer. Note that this was not proven it was just surmised. Overall findings were that optimism did not lead to better survival in people with cancer. Well this is game. set and match. You can't have it both ways. Either being optimistic improves survival or it doesn't.
There is no doubt that psychological treatment would improves the well being of cancer patients, but let's not get ahead of ourselves and say cancer sufferers would live longer. A great deal of money is set aside for medical research. We have to be careful to ensure this money is well spent.
Study Shows Optimistic Cancer Sufferes Live Longer - Or Does It?
Treating the effect as the cause is waisting valuable time in finding a cure for cancer. A Study found that depressed people lived shorter lives when they had cancer. Apparently, depression per se, hope, optimism and anxiety were tested. Findings showed that those suffering from these "attributes" didn't live as long as "optimists" who were also cancer sufferers.
A great leap of faith was made to claim that mood sufferers did not seek second opinions on cancer. Note that this was not proven it was just surmised. Overall findings were that optimism did not lead to better survival in people with cancer. Well this is game. set and match. You can't have it both ways. Either being optimistic improves survival or it doesn't.
There is no doubt that psychological treatment would improves the well being of cancer patients, but let's not get ahead of ourselves and say cancer sufferers would live longer. A great deal of money is set aside for medical research. We have to be careful to ensure this money is well spent.
A great leap of faith was made to claim that mood sufferers did not seek second opinions on cancer. Note that this was not proven it was just surmised. Overall findings were that optimism did not lead to better survival in people with cancer. Well this is game. set and match. You can't have it both ways. Either being optimistic improves survival or it doesn't.
There is no doubt that psychological treatment would improves the well being of cancer patients, but let's not get ahead of ourselves and say cancer sufferers would live longer. A great deal of money is set aside for medical research. We have to be careful to ensure this money is well spent.
Monday, July 5, 2010
Who Do We Owe Money To?
Everyone is in debt. That seems to be the case. But if we all owe money to whom are we indebted? Who are these fat cats who spend their days on the beach having cool drinks brought to them while they while away the time sunbathing?
If truth be known the money does not actually exist. It has been created in the books of independent and national banks. In centuries passed the local blacksmith acted as the bank. Gold, silver and promissory notes were left in his safe. He soon became aware that the "goods" left for safe keeping would not be taken out by the owner for a very long time, if ever. For storing the valuable minerals and promissory notes he gave promissory notes in return. This meant that he could create money. He could also give loans, a large part of which would return directly back because the debtor opened a new account.
When large private banks started, governments gave an assurance that a run on an institution would be protected by public money. We have seen how silly this concept has proved to be by the US and European governments bailing out private banks. Private debt has become public debt. This on top of the mushrooming private debt worldwide.
Much of Western debt is owed to China which buys US bonds. It is a mistake to believe that it wants the money back any time soon. If it did the world economy would grind to a halt. Then, who would buy its exports?
The real problem is economics. This social science is just theory. There are complicated models that do not apply to the real world, with demand and supply curves, meeting long term average costs and so on. Real business doesn't operate that way. There is not one model for cost plus 10 or 20 percent, or get it cheap and sell high until demand stops then throw the stuff out. That is how business really runs. Note the supermarkets, they don't cut the price of everything that doesn't sell. They would rather throw it away than sell it. After all, they make the supplier take the loss. Economic advisers have not helped one government to balance the books. And the advice they are giving now to raise taxes and cut spending will surely prolong the recession. Cutting debt is like turning the water tap down - someone has to go without! Let's be honest much of this debt will never be paid. It doesn't really exist.
If truth be known the money does not actually exist. It has been created in the books of independent and national banks. In centuries passed the local blacksmith acted as the bank. Gold, silver and promissory notes were left in his safe. He soon became aware that the "goods" left for safe keeping would not be taken out by the owner for a very long time, if ever. For storing the valuable minerals and promissory notes he gave promissory notes in return. This meant that he could create money. He could also give loans, a large part of which would return directly back because the debtor opened a new account.
When large private banks started, governments gave an assurance that a run on an institution would be protected by public money. We have seen how silly this concept has proved to be by the US and European governments bailing out private banks. Private debt has become public debt. This on top of the mushrooming private debt worldwide.
Much of Western debt is owed to China which buys US bonds. It is a mistake to believe that it wants the money back any time soon. If it did the world economy would grind to a halt. Then, who would buy its exports?
The real problem is economics. This social science is just theory. There are complicated models that do not apply to the real world, with demand and supply curves, meeting long term average costs and so on. Real business doesn't operate that way. There is not one model for cost plus 10 or 20 percent, or get it cheap and sell high until demand stops then throw the stuff out. That is how business really runs. Note the supermarkets, they don't cut the price of everything that doesn't sell. They would rather throw it away than sell it. After all, they make the supplier take the loss. Economic advisers have not helped one government to balance the books. And the advice they are giving now to raise taxes and cut spending will surely prolong the recession. Cutting debt is like turning the water tap down - someone has to go without! Let's be honest much of this debt will never be paid. It doesn't really exist.
Who Do We Owe Money To?
Everyone is in debt. That seems to be the case. But if we all owe money to whom are we indebted? Who are these fat cats who spend their days on the beach having cool drinks brought to them while they while away the time sunbathing?
If truth be known the money does not actually exist. It has been created in the books of independent and national banks. In centuries passed the local blacksmith acted as the bank. Gold, silver and promissory notes were left in his safe. He soon became aware that the "goods" left for safe keeping would not be taken out by the owner for a very long time, if ever. For storing the valuable minerals and promissory notes he gave promissory notes in return. This meant that he could create money. He could also give loans, a large part of which would return directly back because the debtor opened a new account.
When large private banks started, governments gave an assurance that a run on an institution would be protected by public money. We have seen how silly this concept has proved to be by the US and European governments bailing out private banks. Private debt has become public debt. This on top of the mushrooming private debt worldwide.
Much of Western debt is owed to China which buys US bonds. It is a mistake to believe that it wants the money back any time soon. If it did the world economy would grind to a halt. Then, who would buy its exports?
The real problem is economics. This social science is just theory. There are complicated models that do not apply to the real world, with demand and supply curves, meeting long term average costs and so on. Real business doesn't operate that way. There is not one model for cost plus 10 or 20 percent, or get it cheap and sell high until demand stops then throw the stuff out. That is how business really runs. Note the supermarkets, they don't cut the price of everything that doesn't sell. They would rather throw it away than sell it. After all, they make the supplier take the loss. Economic advisers have not helped one government to balance the books. And the advice they are giving now to raise taxes and cut spending will surely prolong the recession. Cutting debt is like turning the water tap down - someone has to go without! Let's be honest much of this debt will never be paid. It doesn't really exist.
If truth be known the money does not actually exist. It has been created in the books of independent and national banks. In centuries passed the local blacksmith acted as the bank. Gold, silver and promissory notes were left in his safe. He soon became aware that the "goods" left for safe keeping would not be taken out by the owner for a very long time, if ever. For storing the valuable minerals and promissory notes he gave promissory notes in return. This meant that he could create money. He could also give loans, a large part of which would return directly back because the debtor opened a new account.
When large private banks started, governments gave an assurance that a run on an institution would be protected by public money. We have seen how silly this concept has proved to be by the US and European governments bailing out private banks. Private debt has become public debt. This on top of the mushrooming private debt worldwide.
Much of Western debt is owed to China which buys US bonds. It is a mistake to believe that it wants the money back any time soon. If it did the world economy would grind to a halt. Then, who would buy its exports?
The real problem is economics. This social science is just theory. There are complicated models that do not apply to the real world, with demand and supply curves, meeting long term average costs and so on. Real business doesn't operate that way. There is not one model for cost plus 10 or 20 percent, or get it cheap and sell high until demand stops then throw the stuff out. That is how business really runs. Note the supermarkets, they don't cut the price of everything that doesn't sell. They would rather throw it away than sell it. After all, they make the supplier take the loss. Economic advisers have not helped one government to balance the books. And the advice they are giving now to raise taxes and cut spending will surely prolong the recession. Cutting debt is like turning the water tap down - someone has to go without! Let's be honest much of this debt will never be paid. It doesn't really exist.
Wednesday, June 23, 2010
The Mining Tax and Bank Tax Are Similar
Is a bank tax the same as the Australian minerals tax? Mining companies are playing a dirty game by paying Olympic stars good money to say the mining tax is bad for the country. There isn't much doubt that such a tax is tremendously beneficial to the Australian economy. This is because other countries will quickly follow suit and bring in their own mining tax.
Olympians who go for the money will soon lose support of the community. This has happened in the past when celebrities let their political leanings been known. Straight away half the population doesn't like them anymore. If you belong to the public there are certain things you should keep to yourself. People have long memories.
Not much is being said about the new bank tax proposed by European countries. However, this is much like the Australian minerals tax. There are dangers there for European countries. If the US doesn't bring in a similar tax, banks will re-register there to avoid paying the tax. Perhaps that is why the banks are relatively silent about the whole issue. They could be waiting for an outcome, then jump off the ship and take off in the lifeboat.
Another issue is, who is going to police what governments do with the proceeds of the bank tax? Such a large amount of residual money is a temptation to at least "charge" a fee for looking after it. And the banks have no say in what governments do with the money. Let's face it, it's really a huge tax ripoff. We may not have another financial crisis for fifty years.
There certainly is a similarity about the bank and mining taxes. I wonder why the banks are so quiet?
Olympians who go for the money will soon lose support of the community. This has happened in the past when celebrities let their political leanings been known. Straight away half the population doesn't like them anymore. If you belong to the public there are certain things you should keep to yourself. People have long memories.
Not much is being said about the new bank tax proposed by European countries. However, this is much like the Australian minerals tax. There are dangers there for European countries. If the US doesn't bring in a similar tax, banks will re-register there to avoid paying the tax. Perhaps that is why the banks are relatively silent about the whole issue. They could be waiting for an outcome, then jump off the ship and take off in the lifeboat.
Another issue is, who is going to police what governments do with the proceeds of the bank tax? Such a large amount of residual money is a temptation to at least "charge" a fee for looking after it. And the banks have no say in what governments do with the money. Let's face it, it's really a huge tax ripoff. We may not have another financial crisis for fifty years.
There certainly is a similarity about the bank and mining taxes. I wonder why the banks are so quiet?
The Mining Tax and Bank Tax Are Similar
Is a bank tax the same as the Australian minerals tax? Mining companies are playing a dirty game by paying Olympic stars good money to say the mining tax is bad for the country. There isn't much doubt that such a tax is tremendously beneficial to the Australian economy. This is because other countries will quickly follow suit and bring in their own mining tax.
Olympians who go for the money will soon lose support of the community. This has happened in the past when celebrities let their political leanings been known. Straight away half the population doesn't like them anymore. If you belong to the public there are certain things you should keep to yourself. People have long memories.
Not much is being said about the new bank tax proposed by European countries. However, this is much like the Australian minerals tax. There are dangers there for European countries. If the US doesn't bring in a similar tax, banks will re-register there to avoid paying the tax. Perhaps that is why the banks are relatively silent about the whole issue. They could be waiting for an outcome, then jump off the ship and take off in the lifeboat.
Another issue is, who is going to police what governments do with the proceeds of the bank tax? Such a large amount of residual money is a temptation to at least "charge" a fee for looking after it. And the banks have no say in what governments do with the money. Let's face it, it's really a huge tax ripoff. We may not have another financial crisis for fifty years.
There certainly is a similarity about the bank and mining taxes. I wonder why the banks are so quiet?
Olympians who go for the money will soon lose support of the community. This has happened in the past when celebrities let their political leanings been known. Straight away half the population doesn't like them anymore. If you belong to the public there are certain things you should keep to yourself. People have long memories.
Not much is being said about the new bank tax proposed by European countries. However, this is much like the Australian minerals tax. There are dangers there for European countries. If the US doesn't bring in a similar tax, banks will re-register there to avoid paying the tax. Perhaps that is why the banks are relatively silent about the whole issue. They could be waiting for an outcome, then jump off the ship and take off in the lifeboat.
Another issue is, who is going to police what governments do with the proceeds of the bank tax? Such a large amount of residual money is a temptation to at least "charge" a fee for looking after it. And the banks have no say in what governments do with the money. Let's face it, it's really a huge tax ripoff. We may not have another financial crisis for fifty years.
There certainly is a similarity about the bank and mining taxes. I wonder why the banks are so quiet?
Friday, April 16, 2010
Greece Can Spend Its Way Out of Trouble
It is taught in economics at university that the way to get rid of debt is to print money. Though some will pull back in shock horror at the thought this is actually true. Keynesian theory dictates that a high spending fiscal policy, i.e., spending money that a country doesn't have, creates employment, improves GDP and wipes away debt.
A comparison can be made between the US debt after WWII and Greece's debt today. The US then owed 122 percent of its GDP to other countries. Greece owes 113 percent. The US printed money and spent. By 1956 the US debt was still the same but repayments could be sustained due to higher GDP. In fact the US ran trading surpluses during this period.
The alternative action for Greece is to cut back on spending, in other words cut services such as hospitals, the police and new roads. It is easy for people in other countries to say this is what they have to do. If you are Greek, however, life is going to be oppressive for decades. Many Greeks could consider opting out of paying the debt by moving to other European countries. They can do this because they have free movement in the EC. I predict that if spending is cut drastically then emigration will increase to a flood. Life is better on the other side of the fence.
Spending cuts have a bad side effect: it reduces buying power thus causing deflation. Note, the Great Depression was caused by deflation. There will be unemployment queues stretching for blocks. To believe otherwise is an error. Some believe that falling prices allows people to buy more - but paychecks fall even faster and stop completely for some. Rarely does deflation happen, but when it does it means big trouble. Goods remain on shop shelves because people have low, or no income. How can real wages remain high when business income is falling due to low prices?
Unfortunately the US has an advantage that Greece does not have: the US dollar is seen to be the world currency, like a gold standard. Though the US currently prints money and dishes it out worldwide especially where its troops are operating, the value of the dollar remains high.
A comparison can be made between the US debt after WWII and Greece's debt today. The US then owed 122 percent of its GDP to other countries. Greece owes 113 percent. The US printed money and spent. By 1956 the US debt was still the same but repayments could be sustained due to higher GDP. In fact the US ran trading surpluses during this period.
The alternative action for Greece is to cut back on spending, in other words cut services such as hospitals, the police and new roads. It is easy for people in other countries to say this is what they have to do. If you are Greek, however, life is going to be oppressive for decades. Many Greeks could consider opting out of paying the debt by moving to other European countries. They can do this because they have free movement in the EC. I predict that if spending is cut drastically then emigration will increase to a flood. Life is better on the other side of the fence.
Spending cuts have a bad side effect: it reduces buying power thus causing deflation. Note, the Great Depression was caused by deflation. There will be unemployment queues stretching for blocks. To believe otherwise is an error. Some believe that falling prices allows people to buy more - but paychecks fall even faster and stop completely for some. Rarely does deflation happen, but when it does it means big trouble. Goods remain on shop shelves because people have low, or no income. How can real wages remain high when business income is falling due to low prices?
Unfortunately the US has an advantage that Greece does not have: the US dollar is seen to be the world currency, like a gold standard. Though the US currently prints money and dishes it out worldwide especially where its troops are operating, the value of the dollar remains high.
Greece Can Spend Its Way Out of Trouble
It is taught in economics at university that the way to get rid of debt is to print money. Though some will pull back in shock horror at the thought this is actually true. Keynesian theory dictates that a high spending fiscal policy, i.e., spending money that a country doesn't have, creates employment, improves GDP and wipes away debt.
A comparison can be made between the US debt after WWII and Greece's debt today. The US then owed 122 percent of its GDP to other countries. Greece owes 113 percent. The US printed money and spent. By 1956 the US debt was still the same but repayments could be sustained due to higher GDP. In fact the US ran trading surpluses during this period.
The alternative action for Greece is to cut back on spending, in other words cut services such as hospitals, the police and new roads. It is easy for people in other countries to say this is what they have to do. If you are Greek, however, life is going to be oppressive for decades. Many Greeks could consider opting out of paying the debt by moving to other European countries. They can do this because they have free movement in the EC. I predict that if spending is cut drastically then emigration will increase to a flood. Life is better on the other side of the fence.
Spending cuts have a bad side effect: it reduces buying power thus causing deflation. Note, the Great Depression was caused by deflation. There will be unemployment queues stretching for blocks. To believe otherwise is an error. Some believe that falling prices allows people to buy more - but paychecks fall even faster and stop completely for some. Rarely does deflation happen, but when it does it means big trouble. Goods remain on shop shelves because people have low, or no income. How can real wages remain high when business income is falling due to low prices?
Unfortunately the US has an advantage that Greece does not have: the US dollar is seen to be the world currency, like a gold standard. Though the US currently prints money and dishes it out worldwide especially where its troops are operating, the value of the dollar remains high.
A comparison can be made between the US debt after WWII and Greece's debt today. The US then owed 122 percent of its GDP to other countries. Greece owes 113 percent. The US printed money and spent. By 1956 the US debt was still the same but repayments could be sustained due to higher GDP. In fact the US ran trading surpluses during this period.
The alternative action for Greece is to cut back on spending, in other words cut services such as hospitals, the police and new roads. It is easy for people in other countries to say this is what they have to do. If you are Greek, however, life is going to be oppressive for decades. Many Greeks could consider opting out of paying the debt by moving to other European countries. They can do this because they have free movement in the EC. I predict that if spending is cut drastically then emigration will increase to a flood. Life is better on the other side of the fence.
Spending cuts have a bad side effect: it reduces buying power thus causing deflation. Note, the Great Depression was caused by deflation. There will be unemployment queues stretching for blocks. To believe otherwise is an error. Some believe that falling prices allows people to buy more - but paychecks fall even faster and stop completely for some. Rarely does deflation happen, but when it does it means big trouble. Goods remain on shop shelves because people have low, or no income. How can real wages remain high when business income is falling due to low prices?
Unfortunately the US has an advantage that Greece does not have: the US dollar is seen to be the world currency, like a gold standard. Though the US currently prints money and dishes it out worldwide especially where its troops are operating, the value of the dollar remains high.
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