tag:blogger.com,1999:blog-3758330678390419129.post1786766324077454141..comments2024-02-13T02:39:22.756-05:00Comments on EconomicPolicyJournal.com: One of the Craziest Myths about the Greek EconomyRobert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-3758330678390419129.post-71039384303481449862011-11-05T23:44:33.070-04:002011-11-05T23:44:33.070-04:00I agree that devaluing ones currency doesn't s...I agree that devaluing ones currency doesn't solve anything, but in fact makes things worse. But I think trade deficits are inherently bad. I would say that the main problem of the PIIGS, uk and America are indeed their trade deficits. The problem with running a trade deficit is that more money leaves the economy than enters and the only way for GDP not to go down is to borrow the Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-80290855337949330282011-11-02T17:44:30.374-04:002011-11-02T17:44:30.374-04:00This is great. I was having a discussion with one ...This is great. I was having a discussion with one of my coworkers who is from Italy a few hours ago. He made this claim that if Greece left the EU and devalued their currency they could get out of this problem. By the way, this guy has a PHD in economics! So I laughed saying that this "solution" would only cause further damage. When he asked what I thought they should do I told him theyDannoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-16094691210172334982011-11-02T17:34:32.141-04:002011-11-02T17:34:32.141-04:00If we were importing good that would grow our econ...If we were importing good that would grow our economy, a trade deficit could be a good thing. In our case, it is not.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-66592138574704816082011-11-02T16:25:41.499-04:002011-11-02T16:25:41.499-04:00Ah, if only we could get the meaningless GDP stati...Ah, if only we could get the meaningless GDP statistic up, all would be well.<br /><br />...which illustrates the dangers of these MMT practitioners. The "innocuous" analysis always ends with absurd and nihilistic recommendations.Bob Englishhttps://www.blogger.com/profile/14790005723107501043noreply@blogger.com