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In view of what is happening in Greece, what do you think should be done to stabilize global financial markets?

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21 Comments
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First separate Greece from global financial markets, G7 and G20 - Focus strictly on economy/financial situation of advanced/industrialized countries. Get reliable professional opinion from the economists not giant media players. can enforce "Regulations" in the financial markets? No, then forget and wait for another eruption may be in Europe, America or Japan.

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Get rid of predatory bank loan practices, make qualifying for loans more difficult (basically lower risk through stringent qualifications), and enforcing some sort of regulations on countries that have little to none.

A country like Greece operates with a lot of government officials getting kickbacks. Slow spending and get them on track. Agree with the above.

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nationalise all the financial institutions and put them under transparent democratic control (that is of and for the society at large). finish once and for all with the dark ages notion of profit and base the world economies on real needs of civilisation. replace present parliamentary dictatorship of the elites with more direct involvement of broad layers of society at informed decision making on day to day basis (rather than casting random ballots every 4 years)

enjoy the fruits of civilised harmonious world for the rest of history...

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Get Greece out of the Euro so it can monetize its debts like it has always done. Even better, end the whole Euro scam right away.

The Greek crisis is not unexpected, it is precisely what the Eurosceptics predicted from the start. In fact, it was unavoidable.

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Get all governments out of banking system. close all central banks, don't allow government to interfere with money supply and let the market figure it out. I think there is enough proof that governments are not capable of running economies. Let markets decide which banks are competent, what's the right interest rate and what should be the right currency.

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Get some14some some free lectures on solidarity, equality, history and modern professional economists (like those working in Goldman Sachs, Standard and Poor's etc). Then maybe he and the likes of him may come to their senses.

No, better stop banks lending countries like Greece with a 5% interest when they are borrowing from the Central European Bank on 1% or let Greece borrow directly from the latter.

Or, better still, have countries like Greece take simultaneous action of non payment to their lenders and see what happens.

Well said Bholder.

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Put PIGS into another category within EU until they get their finances right PIGS = Portugal, Ireland, Greece, Spain

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Nothing can be done, except shift the problem. Shifting the problem only delays it temporarily.

Time for the Greeks and others to take their medicine.

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End derivatives --> no one should be making bets and only have <1% in assets backing them up. -Then expect the American tax-payer to bail them out.

-Get rid of fiat money and have all coins (copper/silver/gold) and only trade for the same value of said metal (no open trading to fiat paper).

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Two thousand and ten years later we are still worried about money !!! Who has this amount blah blah blah !!!! More protests, more riots !!!! More destroying of public property. This is 2010 !!! Human beings should bee more evolved then worrying about money and material possessions. We should be more advanced & beyond financial markets. If aliens landed on our planet tomorrow, they would wonder why people are killing each other for money or the color of their skin. Why???? Are we still using our reptilian brain ????

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Two thousand and ten years later we're still decieving & killing each other for money ???? Who's controlling US ? Who is setting the standard ? When will we go beyond this idiot box thinking ?

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"Two thousand and ten years later we are still worried about money !!!"

Two thousand years on and we still can't see that "money" is about trust.

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The Euro is on its deathbed, and I for one dont care. Its a silly currency, and the aim was to give the "United States of Europe" a common currency of its own. The EU itself is an undemocratic quango, a hotchpotch of different peoples and ideologies. If given the chance (which I will probably not experience) I would vote my country out of it. Thankfully, my country has not embraced the awful Euro. Im glad. I feel very sorry for Greece and the other countries who took on this failed currency.

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Whose idea was it that the European countries have one currency? Didn't the countries consider the idea if one country within the European Union economy falls there will be a dominions effect which may have a negative impact on all the countries.

The word "globalism" says it all. It works great if every country's economy is doing wonderful, but if the economy is going down hill then the world is in a crisis.

Everything is going backward when companies were becoming monopolies. Today big corporations are buying smaller businesses to take over their competitors. Whatever happen to the antitrust law and the European Union competition law. Around the global it's the same big corporations. Moms and pops business should be given tax breaks so more people can start their own business. Stop bailing out corporations and the banks. Maybe the government should require big corporations and the banks to contribute to an account that the business can apply for when faced with bankruptcy instead of using tax payers money. Similar to the FDIC.

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If we look at the markets today it seems the EU has found a band-aid that will last for the time-being.

Longer term they still have public debt issues (like Japan!)

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If we look at the markets today it seems the EU has found a band-aid that will last for the time-being

yes, $1 tri band-aid that lifted Tokyo Stock market by mere 1.6% !

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Nothing. They've already "stabilized" the crap out of them.

Or perhaps tigther and more transpart accounting standards and financial regulation.

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I think you will find its PIIGGS PIGS, PIIGS and PIIGGS are acronyms that originally referred to the economies of Portugal, Italy, Greece and Spain (PIGS). later 2008/2010 Portugal, Italy, Ireland, Greece and Spain (PIIGS). recently Portugal, Italy, Ireland, Greece, Great Britain and Spain (PIIGGS).

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I think all members should vote NO to The Treaty of Lisbon. Oh thats right I already did But apparently it was the wrong answer so I had too vote again.

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Regarding Greece especially, we can see two separate problems, public debt running out of control and the government cooking the books. Regarding the first one, I'm afraid we can't do much in general. Organizations like to EU or IMF may have some influence on the decisions, but ultimately it's the Greek people's decision. In a democracy, people do not only have the right to vote, but the obligation to vote responsibly. They haven't taken their responsibility seriously for so many years, so I don't commiserate terribly... Greece should serve as a warning example to others.

Regarding cooked books, do we need a kind of SOX for public budgets, with maybe the IMF as a controlling instance? That should increase visibility for the people. If laws do not cover it yet, abuse of authority laws should be amended so that criminal charges can be brought against the responsible people.

Regarding speculation, I'm not a friend of regulation. Regulation works too slow and there is too much danger that the speculators, which are those who have the money, will influence the regulation in their favor, rendering it useless. Corruption is everywhere. It's probably better to find some system-inherent friction. That could be done by e.g. taxing every single financial transaction as opposed to the current taxation of profit/loss only. I think those taxes don't need to be very high to dampen almost all short-term speculations. Long-term speculations should be addressed individually, depending on their root cause. The tax money can be used to decrease basic corporate taxes, benefiting productive companies.

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How about scrapping the ruinous socialist policies?

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