

Khan Academy: Greek Debt Recession and Austerity - patrickaljord
http://www.khanacademy.org/finance-economics/macroeconomics/v/greek-debt-recession-and-austerity--part-1

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JBiserkov
Too long, don't watch:

-"Cutting salaries in half => cutting purchasing power in half" - politically unacceptable.

-"Printing money => doubling prices => cutting purchasing power in half" - that's actually OK.

Fuck logic!

What Greece must do is cut "bad" spending and encourage "good" spending. Let
me define bad spending: Things like early retirement for dangerous professions
like hairdressers, masseurs and trombone players.

[http://www.usatoday.com/money/world/2010-05-18-europeretire1...](http://www.usatoday.com/money/world/2010-05-18-europeretire18_ST_N.htm)

"They have to decide for themselves what to do, but they cannot have Swedish
expenses and American taxes, that doesn't add up," Swedish Finance Minister
Anders Borg told reporters in 2010.

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patrickaljord
Part 2:
[http://www.youtube.com/watch?v=CkNArgNPI2Y&feature=relmf...](http://www.youtube.com/watch?v=CkNArgNPI2Y&feature=relmfu)

