Saturday, June 16, 2012

Greece's elections could have major ramifications for US investors

There’s a lot of hype about the elections in Greece Sunday, with the likely result that Greece will drop the euro, and that other weaker nations will follow.

Of course, if these nations go back to their own currencies, those will be very weak.  The end result is investors being stiffed, debts being defaulted and perhaps repudiated.

In the long run, that has political and social ramifications on the idea of saving and accumulating and passing down generational wealth in more stable countries, and idea that the radical left wants to bring down.

Ordinary people in Greece have created a barter economy and their own script currency already, somewhat mimicking the way "intentional communities" based on labor credits work (issues blog discussion of "Twin Oaks" in Virginia, April 7, 2012). 

"Conservative" Fox news has an article on the folly of a united currency without “fiscal unity” here

CNN has an important story by Irene Chapple, here

Sunday, CNN reported that middle class families in Greece were leaving children at orphanages because they could not support them.

Update: June 17

The election Sunday apparently resulted in Greece accepting the "bailout" and staying within the Euro system. 

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