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19-Mar-10 News - Greece delivers ultimatum to Europe

** 19-Mar-10 News - Greece delivers ultimatum to Europe
** http://www.generationaldynamics.com/cgi ... 19#e100319

Contents:
"Greece delivers an ultimatum to Europe"
"Greenspan says that Fed didn't cause the housing bubble"
"Additional Links"

John, if you haven't read it, Minsky's Stabilizing an Unstable Economy is like reading a blueprint of the future. It is the text book on bubbles, a bible for those that saw the crisis ahead of time. He wrote some stuff in there that we thought was new in this mess, but evidently it had been done before. It is about a 300 page book and you can find it on scribd.com. Minsky said lender of last resort (Fed or large banks in case of non-bank lenders) and big government was the fix for this stuff. I don't believe that is the case this time. He also said that it was when short term interest rates were well below longer term rates that carry trades and such began to occur and speculation and ponzi finance became rampant. Thus, Greenspan needs to take a laxative. The textbook on bubbles pretty much says that he caused the bubble. At least he caused the huge bubble by funneling so much free credit into housing. That is what the 30 to 1 leverage on Wall street was all about. I totally agree the housing bubble started in the mid 1990's, as I had written repeatedly on that on various sites 2 and 3 years ago. Doug Noland, of Prudent Bear was writing about it in 2000.

Barry

I scored 62 on the Millennial quiz...I scored closer to Millennials than Gen X'ers (I'm 37, so I was born right in the middle of Generation X).

Interesting news on Amanpour. Yesterday there was also news that a major player at conservative redstate.com is moving full time to CNN as a political analyst. Now the uber-leftist, pro-Arab Amanpour moves out of CNN. P.S. I wouldn't use the term "international" journalist because that implies relatively impartial experience and knowledge to educate viewers on broad international issues, something she most assuredly does not possess. Could it be that CNN is going to adjust its political tilt to try to regain some of the independent, if not rightish, viewers to compete with FN? We can only hope because real competition most often leads to improved quality.

For the record, your statement that "[n]o European country has ever gotten help from the IMF" is inaccurate. The UK had to borrow $4bn from the IMF in 1976 following a Stirling crisis.

I scored a 9! Just above the "Silent" Gen. I'm 43 and this seems to support my belief that I don't fit into ANY generational category.

I scored a 21 - which I guess puts me in the early Gen-Xer group. I was born in 67 and early Gen-Xers run from 1959 to roughly '63. I probably received a lot of influence from my brothers, sisters and cousins that I hung out with and older than I - the one closest to me in age was born in "62.

pfaek wrote: > For the record, your statement that "[n]o European country has
> ever gotten help from the IMF" is inaccurate. The UK had to borrow
> $4bn from the IMF in 1976 following a Stirling crisis."

You're right. I should have said "No European Union country," and of
course the European Union didn't exist in 1976.

Your posting took me aback for a moment, and I had to run to my
dictionary to make sure. Stirling is a county in central Scotland,
while Sterling is the currency.

John

Your Millennial score is
88!

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