Greek Debt Crisis Simplified

Well everything's relative, right? The euro is a piece-a-crap, but then again, so is Sterling. You know the scary Greek numbers (deficit etc)? Check them against ours, there's not that much difference.

So I put it down to Sterling being garbage rather than the euro being good.

Hey man, long time. How ya' been....

As to convergence, you're correct, without a doubt. Convergence is achieved by making richer states poorer and poorer states richer. Again, it's really all about whether you believe the intangible benefits are worth it. For both the convergence argument and for the fringe benefits, I am pretty sure that the one precedent we have, i.e. the US, suggests that it's all worth it in the end. In fact, if you look at American history, it's amazing how many parallels you find. For example, the states did face a very similar situation that the EU is facing now and, funnily enough, as one of the results of the bargain reached the capital of the US is Washington, rather than New York.
Well, that would actually be OK, because, as long as you're in the same boat and everyone plays by the rules, there's hope that there's enough pie for everyone to get a slice. It's the whole idea that trade, in general, is good for everyone in the long run and the more of it and the freer it is the better. To be sure, in all this, Greece is a special case, 'cause, quite clearly, they didn't do any of what you describe above.

It's just the carry munkies are running the show at the moment. Also, the Chinese have been buying EUR day in, day out, throughout all this.

I am rollin', nearly 25% over the last three weeks alone since I got back from my jollies, and that's discounting the effects of compounding...still, it's only been a few months full time.

Like I said, the urge to over-trade is rising. I took a couple of lucky escapes, really only saved by the fact that I was right on the overall direction.

There might be a lesson in that somewhere...

They've been buying the dips at around $1 Billion per session.

rite, sometimes when I read what people who know their onions say about the world economy, political international relations and stuffs, they say about some old history thing in there argument.

Like that Wiemar book. Or what Martingoul did just then about the US. I'm sure there are lots of other examples all of which escape me. Hugh Hendry does it alot but the only reason I know about him is because he's got a bloody great big gob.

so, like, if you are a hedge fund manager, do you just read history books?

Thats an angle I didn't think about. Its easy to forget about those mountains of money who's owners haven't got debt in their headlines.