Greece, China and the wages of interdependence

(AP)

(AP)

When you closely integrate your economy into the global economy, the world becomes your customer, your supplier, your provider of raw materials and labor and your partner in the sometimes risky flow of capital. The economic benefits of such integration can be enormous, but they do not come without a downside.

When you closely integrate your economy into the global economy, you also surrender a large degree of control over your own fate. You exchange independence for interdependence, and as part of the deal, you are no longer as well insulated against a crisis on the other side of the planet; their problem becomes your problem much more quickly.

And to compound the situation, you have little or no ability to fix their problem.

Welcome to 2015.

In Europe, Greece and the European community are at loggerheads over the immense Greek debt. Greece ought to pay it; Greece has no conceivable means of paying it. Irresponsible borrowers and irresponsible lenders each continue to be irresponsible, and the consequence is a potential catastrophe, from the Greek katastrophē. (If you’re looking for one piece to put the Greece crisis into context, I’d recommend this one.)

And then there’s China, where the stock market is in such a free fall that it has basically ceased functioning. A minimum of $3 trillion in value has disappeared, and the market for much of what remains is frozen. People can’t sell stock in many companies because other people cannot or will not buy it, at almost any price, and the all-powerful Chinese government has been rendered helpless to stem the panic.

What’s happening in China has seemed inevitable, in some form or another, for a long time. Even a well-functioning market economy would have difficulty resolving all the tensions and contradictions inherent in such a massive growth spurt, and China has nothing like a well-functioning market economy. It is both tightly controlled by government and yet almost totally unregulated, with a thin veneer of capitalism that hides a government-dominated kleptocracy. As such, it is prone to wild, destabilizing swings.

The American economy, which has rebounded from the 2007-08 global crisis better than most other nations, will not be immune to what’s happening in China, the world’s second largest economy, or in the European Union, which when considered as a unit has an economy even larger than that of the United States. The potential political consequences of a Greece cut loose from the EU, or a China with a government grown fearful of the anger of its own people, may also be significant.

And there’s just not much we can do about it but watch.

 

 

Reader Comments 0

1257 comments
KUTGF
KUTGF

One of the interesting things about the potential of the religious freedom laws will be who's "religion." Does every individual decide for themselves?  Can a corporation fire an employee who asserts "religious freedom"? 


Can a Delta pilot refuse to fly an airplane because there is a gay couple on the plane?  Or will a gay couple be forced off a plane because a pilot objects?  Or does only Delta have the right to decide what its "religious freedom" is and to impose that "freedom" on its employees? 

ByteMe
ByteMe

@KUTGF Corporations are people too!  

Which is snark for saying that Delta gets to choose what laws to obey but only if they can show the corporation is really religious and that they don't care about their customers.  OK, they got the second part down pat.

Recon2/3
Recon2/3

What Jesus said about marriage: "Have you not read that He who made them at the beginning 'made them male and female,' and said, 'For this reason a man shall leave his father and mother and be joined to his wife, and the two shall become one flesh'? So then, they are no longer two but one flesh. Therefore what God has joined together, let not man separate."

ByteMe
ByteMe

@Doggone_GA There's a whole lot more of them than there are county clerks/judges.

Paul42
Paul42

@Doggone_GA

That First Amendment thing all these ardent supporters of the Constitution seem never to have read.

KUTGF
KUTGF

@Recon2/3  The reality is that the Bible says much more in support of slavery than against it. Even the New Testament Jesus never says owning people is wrong. Instead, the Bible gives explicit instructions to masters and slaves. Awkward.

  • You may purchase male or female slaves from among the foreigners who live among you. You may also purchase the children of such resident foreigners, including those who have been born in your land. You may treat them as your property, passing them on to your children as a permanent inheritance. You may treat your slaves like this, but the people of Israel, your relatives, must never be treated this way. Leviticus 25:44-46 NLT
  • Slaves, obey your earthly masters with deep respect and fear. Serve them sincerely as you would serve Christ. Ephesians 6:5 NLT

_____________________


So are you always professing "religious freedom" to own slaves?

Paul42
Paul42

@barkingfrog

That's the 'leaving' part.  

But remember, have to take things literally.  So.... is the 'one flesh' like a cyborg combination thing?  What are they then, half male, half female?

Seriously, quoting such things without reference to the social or religious construct of the day is lacking.  One could just as easily say people who cannont 'replenish the earth' should be prohibited from marriage because they violate one of the marriage conditions G-d laid down.

ByteMe
ByteMe

@KUTGF Nah, just to not bake cakes for them.  Oh, wait, I'm getting his memes mixed up.

_GodlessHeathen_
_GodlessHeathen_

@KUTGF @Recon2/3 

"You may purchase male or female slaves from among the foreigners who live among you."

That means I can own a Canadian.

Doggone_GA
Doggone_GA

@Paul42 @barkingfrog And ignore completely that the giving of legal marriage rights to gay couples has nothing to do with religious blessing of those marriages.

No church will be forced to bless marriages of which their religion does not approve

Recon2/3
Recon2/3

@Paul42 @Recon2/3 

Well you don't get it probably because you're not a Christian believer. We're all sinners, yes even you. The point is America's now being instructed by laws to celebrate sin. Desire now supplants God as the decision maker. There are many people such as myself who have a real problem with that. Just because you don't like it doesn't change beliefs.

Paul42
Paul42

@barkingfrog

That's better.  No one goes to a Canadian restaurant, but having your own Mexican chef?

Paul42
Paul42

@Recon2/3

"Well you don't get it probably because you're not a Christian believer. "

So the only people who are Christian are those who believe what you say Christians have to believe.

Coming from you, I'm not surprised one bit.

ByteMe
ByteMe

@Paul42 There's an article I was reading that said the big thing that "conservatives" hate about gay marriage is that it finalizes what's been happening since the late '60's with women no longer putting up with being "subjugated" in the marriage to the man.  If marriage no longer stands for man subjugating a woman, then what does it stand for?  (according to the writer's view of what's happening)  An interesting take.

ByteMe
ByteMe

@Recon2/3 I'm glad we all don't believe what your cult is telling you.  Diversity is important, even if it means what you believe doesn't get to be a law.

Paul42
Paul42

@Recon2/3

"One man and one woman."

Okay, so how does that square with just a little while later in the Old Testament G-d's prophets and chosen ones having multiple wives and even concubines?

Paul42
Paul42

@Recon2/3

Don't recall churches calling for freedom to discriminate against divorced people.  You really like to pick and choose, don't you?  Is this bakery thing like a 'cafeteria Christian" thing?

KUTGF
KUTGF

@LogicalDude  Is "good Canadian" an oxymoron? 


Remember to thaw them thoroughly before putting them out in the field.  ;)

LogicalDude
LogicalDude

@KUTGF @Paul42 @barkingfrog As a person who has never owned a slave, can anyone give guidance on how different slaves behave?  

Are they obedient? 

Do they need constant correction? 

Can they think for themselves, or do I need to make every single decision for them? 

Also, I'm sure they're not cheap.  How much for a good Canadian? 

Recon2/3
Recon2/3

@Paul42 @Recon2/3 

You either believe what Christ says in the Bible or you don't. If you don't then you couldn't be a believer in Christ. The identification of Christian, is derived from Christ Jesus.

Doggone_GA
Doggone_GA

@Recon2/3 @Paul42 "The point is America's now being instructed by laws to celebrate sin"

No, it is not.  Allowing legal marriage rights for gays does not force anyone else to "celebrate" sin any more than allowing divorce rights is forcing anyone to "celebrate" that sin

And there's that little issue that not everyone agrees that gay marriage is a sin to begin with.

Paul42
Paul42

@Recon2/3

Bottom line is, you don't like some aspects of marriage, don't practice it.  Just like some people don't like going 85 mph like teh speed limits allow, or thy don't like drinking alcohol.  They don't have to do either, even though it's legal.

Just obey the law, Recon.

DownInAlbany
DownInAlbany

Here's your daily dose of reality...

House Republicans investigating the 2012 attacks in Benghazi, Libya on Wednesday released a March subpoena issued to Democratic presidential candidate Hillary Rodham Clinton, one day after she said in a nationally televised interview that she "never had a subpoena" in the email controversy. 

Rep. Trey Gowdy, R-S.C., chairman of the Benghazi panel, said he had "no choice" but to make the subpoena public "in order to correct the inaccuracy" of Clinton's claim. 

Clinton told CNN on Monday that she "never had a subpoena," adding: "Everything I did was permitted by law and regulation." 

Gowdy said the committee issued the March 4 subpoena to Clinton personally after learning the full extent of her use of private emails while serving as secretary of state. 

Regardless of whether a subpoena was issued, "Secretary Clinton had a statutory duty to preserve records from her entire time in office, and she had a legal duty to cooperate with and tell the truth to congressional investigators requesting her records going back to September of 2012," Gowdy said in a statement. 

LogicalDude
LogicalDude

@DownInAlbany " she "never had a subpoena" in the email controversy. "


"Trey Gowdy, R-S.C., chairman of the Benghazi panel"


So, he reveals a subpoena regarding BENGHAZI.  Hillary is right, she never had a subpoena regarding the email controversy. 

See how politicians are very exact in their wording so it's "true" although slightly misleading. 


And tell me, what have the other dozen inquiries into Benghazi already say?  You know, the politically driven ones that were used as hit pieces for Hillary? 

Oh yeah. . . Hillary not at fault for anything. Nothing Hillary could have done would have changed the outcome.  Nothing the military could have done to change the outcome. 


It's tiresome that Republicans are going over this again and again to smear Hillary. 

td1234
td1234

@LogicalDude Vast right wing conspiracy orchestrated by the NY Time, Washington Post and Politico.

straker
straker

Byte


Do you believe The New Testament is the divine revealed word of God?


All of it?


Some of it?

barkingfrog
barkingfrog

@straker 

 "Do you believe The New Testament is the divine revealed word of God?"

Of course it is. Let's stone Bill Cosby to death.


barkingfrog
barkingfrog

Congratulations South Carolina ! One small step for a state, one giant leap for 

the USA. (h/t Neil Armstrong)

KUTGF
KUTGF

VC, on the thought on how the removal of the Confederate Flag will influence thinking in the future, you may find this article interesting:


MB: What means do neo-Confederate activists employ to impact conservative ideology?

ES: One of their biggest successes was these “Politically Incorrect” books that are sold at Barnes and Noble. The South Was Right has sold 125,000 copies. When it comes to the Civil War, they’re influencing the purchase of textbooks by public schools, pushing for those that cover the civil war only in terms of military history and obfuscate the causes of the war. Southern Culture had John Shelton Reed as its chief editor and at the same time was writing for the neo-Confederate Southern Partisan under a pseudonym. So he was basically defining the field of Southern studies for about 10 years. None might be running for office, but they get the job done through soft power.


http://www.rawstory.com/2015/07/heres-why-discarding-the-confederate-flag-is-a-threat-to-a-huge-chunk-of-the-right-wing-movement/

ByteMe
ByteMe

@KUTGF what exactly is a "neo-confederate"??  is that like being a "neo-conservative" or "neo-liberal"?  Or just Neo from The Matrix?

KUTGF
KUTGF

@ByteMe You can read the article.  Also there is a thing called the internet and online dictionaries if you cannot use an actual book.