Max Keiser Short Film On Greece - Here's What Happens When Your Country Goes Broke

This is excellent.  With Max Keiser and directed by Stacy Herbert.

It happens all over the world, but it's been a long, long time since a European country has had the experience.  Default.  National bankruptcy.  Here's what happens when a country goes broke.

Comments

[yootoober]

Here's Part II:

http://www.youtube.com/watch?v=LnsWEXqhd7M

[Mark McHugh's Mirror]

If the government of Greece lived within its means, did not borrow money, and only spent what it collected in taxes, would any of this have happened?

The country was looted, all right, by the recipients of all that government borrowing.

[Josie]

A Shylock always wants his pound of flesh...

[Sagebrush]

If this is true, we're worse off then Greece or Italy.

  http://www.youtube.com/embed/VtVbUmcQSuk

[Dave]

@ Sagebrush,

I know DB will be posting this. It's Ron Paul's radio talk show for 11/14/2011. The good Dr. validates your very point as well as offered another detourant, not to say cure. It's pretty short and worth a listen.

Ron Paul: Tough Times for the Banks, Liberty for the People?

http://www.youtube.com/watch?v=G0XuIkqHZwE&feature=youtube_gdata_player

[joy316]

Why can't countries, under these dire circumstances, simply file bankruptcy? It is clear that the debt is based on fraud and that the people are not responsible for it, therefore the "lenders" aka "thieves" should not receive ONE CENT in repayment of these fraudulent loans!

[Texas Dar]

All thoes countrys were whare we are today just a couple years ago........So, lets see, would we, could we, should we, be in thAre shoes in 2 years.............."Yes" ? Our goverment is making sure we will be..

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[ETM]

It's worth pointing out that Greece has some tax-collection issues. Yes, even if they got all the taxes owed, they were probably outspending, but a HUGE part of the problem was no one (except, ironically, the people on the government payroll like teachers, police officers, etc) was paying taxes for years. This is what happens when you have a nasty civil war, then not long after a military junta (installed by the US) - everyone starts to (understandably) say FUCK the government, what do they do for me? The IRS even went over there and tried to help only to leave very quickly - saying this mess is impossible to fix. The levels of corruption there make the US look like... I donno, Germany. It's a different world.

Meanwhile, during the "austerity" the people who were punished were of course not those that caused the mess, but people like teachers, police, etc who were paying taxes all along! Teachers now make 1/3 of what they did a few years ago... the pay level is close to what you get in a country like Ghana. This is not something to celebrate.

Meanwhile, the total funds held in overseas banks by Greek nationals is much larger than Greece's national debt...