Topic: What can greece central bank do? - page 2. (Read 6560 times)

Finland is with Euro,nordic country,thay are now facing very deep crisis

Much better for any country is to manage his own monetary policy

I guess this EMU thing is a large plan by central banks,
and since long ago those banks are already merged.
Maybe the ECB owner is the same as GCB owner, so they
treat all countries in Euro zone the same, don't want to
spoil Greece government. However, just like each child
have different personality, each country have its own
spending habit.

Why should Greece listen to someone that is non-greek, I guess they were cheated, by giving up the money creation right, they actually sold the whole nation to money printers

Just read this article, that's the reality behind all that: Printing money and buy assets, a typical central bank robbery scheme
http://www.marketwatch.com/story/germans-begin-the-looting-of-greece-2015-08-21

"Per provisions of the “agreement” imposed on Greece, the Athens government awarded the German company that runs the Frankfurt Airport, Fraport, a concession to operate 14 regional airports, mostly on the islands like Mykonos and Santorini favored by tourists, for up to 50 years in the first privatization of government-owned assets demanded by the creditors. "

"Fraport, which ironically is majority-owned by state and local governments in Germany, has cherry-picked among Greece’s network of regional airports to take over only those that make a profit. It is happy to leave the 30 other loss-making airports in the hands of a bankrupt state.

Greek Infrastructure Minister Christos Spirtzis told German television that this deal to take away the profitable airports and leave the ailing government with only those requiring subsidies “is more fitting for a colony than for an EU member state.”

"But the plundering that has now begun unmasks the whole euro charade for what it really is — a war of conquest by money rather than by arms."

"The war is over; let the occupation begin."

Greece Central bank is reliable on the Eurozone for printing more euros, they do not control the finance but are affiliated with the Euro bank which provides their funding and sanctions loans and their baliouts! The Greece Central bank is controlled by the government, which is right now indirectly controlled by the Eurozone Greece central bank does not have the authority to print euro, they only have authority to print Greece currency which well, even Greeks don't use

Well, your three questions can be answered with:

1. No
2. Not important, since they cannot print euros
3. Cannot print euros

This is why a Grexit is almost inevitable whether is tomorrow or in 20 years. And even if a Grexit ocurred and Greece central bank began printing currency, they will print drachmas but the debt is in euros.

Since March, as a way to pump money into the eurozone economy, the central bank has been buying bonds issued by eurozone countries, along with other debt, at a rate of 60 billion euros, or $67 billion, a month.

Greek government bonds are ineligible as long as the country is not adhering to conditions set by its main creditors: the other eurozone countries and the International Monetary Fund.

If Greece got back into a creditor-approved aid program, the European Central Bank could begin buying its bonds in large quantities.

That would be a boon for Greek banks, which could unload their large holdings of Greek government bonds. They could then use the cash to extend loans and help restart the Greek economy. The government might also benefit from lower market interest rates.

Mario Draghi, the president of the European Central Bank, hinted at such benefits for Greece at a news conference last month in Frankfurt.

If there were a “strong agreement,” he said, “everything else would then follow.”

“And I’m pretty sure it would follow easily,” he added.

full article you can watch on here guys http://www.nytimes.com/live/greek-debt-crisis-live-updates/how-the-european-central-bank-could-really-help-greece/

Yep I already talked about this in this thread:

https://bitcointalksearch.org/topic/m.12158933

There are not many forks where the future can fork, and all outcomes are predictable once they get set in. The current money printing scheme wont last for long, but what comes next wont necessarly be better.

With robots the human labour problem would be solved, however new problems could arise, mostly how the elite would use eugenics to get rid of unproductive people.

Eventually unemployment will reach 90% when all the jobs are replaced by robots, we are just in a transition phase, now some of the jobs are replaced by automation and computer already, and the speed is accelerating. With super high productivity by robots in future, no one really need to work, but then the question is how would people get their income, it seems they can only get it in a way similar to what Greece is doing right now: Borrow more and more from central bank

Actually unemployment is more like 40-45 %

The official data books are cooked.

Plus they count in partial jobs, which are not jobs, public sector jobs, which is a burden on the economy and doesnt produce any wealth.

Not to mention that they only count you unemployed if you have applied for welfare, but after your welfare ends, you wont be counted unemployed anymore, yet you still dont have a job.

Most 20-30 year olds dont have a job, they live with their parents, yet they are not eligible for welfare since they got a "household income", but they are not counted as unemployed. I know this from experience because most of my neighbors are in this situation.

Yet they have big student debs, while they dont have a job, or they are finishing their 3rd worthless university.

It's a fucking deception going on right under your nose.

Where can I see that 25% figure? Everywhere I look I can only see the 11% on average. I understand that probably doesn't count people who gave up looking for work. But it won't jump from 11% to 25%. See here for example: http://www.tradingeconomics.com/euro-area/unemployment-rate or here http://ec.europa.eu/eurostat/statistics-explained/index.php/File:Unemployment_rates,_seasonally_adjusted,_June_2015.png Of course that is the average so it means that there are countries that are in trouble with very high unemployment. Like Greece and Spain for example. But many others have very low unemployment.

The traditional job and money relation ship has totally changed when money can be created out of nothing 44 years ago with the removal of gold standard

In a traditional system, in order to get money, you must work, either by producing something useful for others or mining gold, they are equal work, so if you work hard, you will always get more money

But after the removal of gold standard, money is created out of nothing, then it is all about how to get more money from central bank (they can create unlimited money). So even if you work hard, when you don't get money from central bank, your life will be miserable. For others who can get money from central bank, even they don't work at all, they can live like a king. That's the reason Greeks do not work while constantly seeking money from ECB, they know how this system works, they know that ECB can always create money and lend to them

Besides, we are in an over-production era, more work will just create more waste since most of the demand is fulfilled, it is making more sense to create money first, because everyone want to get money through work, then without money you won't create work

Yes greece should star thinking about real economy growth not just borrowing money from Europe. For that people should start working hard.

These people are addicted to easy money or free money from government. They do not want to do any tough jobs and expect government to provide all white color easy jobs and more money so if you follow these strategy no country can survive for long. One should think toward working hard to earn money and not for easy money. This is the lesson for all those countries who provide more social welfare program than creating new jobs for people to work.

I guess this EMU thing is a large plan by central banks, and since long ago those banks are already merged. Maybe the ECB owner is the same as GCB owner, so they treat all countries in Euro zone the same, don't want to spoil Greece government. However, just like each child have different personality, each country have its own spending habit

It seems their merger did not reach Nordic countries therefore Denmark Sweden Norway did not join EMU, still printing their own money, but get larger volatility on foreign currency market as their currency scale is too small (Swedish currency had been attacked by Soros during 90s and followed by long recession, but they still prefer their own currency) Maybe the nordic country are facing the same problem as Greece, but as long as they can print their own money (Swedish central bank has dropped to negative interest long ago), they still can hang on

I agree. Well said!

Its hard to believe,since the board members of the Bundesbank are also board members of ECB, so its funny how they dont have influence there.

Also Every central bank from EU (including non eurozone members) send a representative to ECB aswell.

You dont understend how Eurozone isworking,EBC and national central banks
Lets take Germany like example
Bundesbank president were warning Merkel and EBC,that what thayaredoing is driving Europe,including Germany to catastrophe,all thatausterity,raising debts EBC QE,all that can create huge problems

And what nothing,Bundesbank ,germany central ban voice is nothing,nobodycare,In Eurozone national central banks importance is limited to almost zero.EBC is only onecentral bank for all Eurozone countries

That is even hard to believe  ,becouse eurozone countries are independent countries

Euro has been created like a political project,practically money are in Germany hands

no, I actually think he is right, I read in a newspaper a couple weeks about unemployment regarding Europe and people are really in a jiffy over there, with 1/4th people with no jobs, I think the working and maturity of the government speaks a lot about it, printing out of debt is a shortcut to inflation.

Not to brag here but did anybody noticed Helleniccoin's massive increase?

http://coinmarketcap.com/currencies/helleniccoin/

About 10000% increase this week, looks like some greek guys are really getting into crypto (perhaps their central bank buying it? JK. )

If people don't understand how money works in today's monetary system, more money printing will always be a solution for any problem

At least majority of the people I talked to, especially those with an economy degree, they have no idea how money creation works. They are full of misconceptions that they learned from those books

In Greece's case, if their central bank lose the ability to create euro, then it is no longer a central bank, but a commercial bank

People constantly say that commercial banks can create money when they issue a loan, then why in this case, Greece central bank can not create money by issuing trillions of loans to Greek government? Because commercial bank can not create money, they must first have money, then issue a loan, those books are all misleading. But you can imagine, even those people have economy degrees are all having a misunderstanding of what is really going on, how could they see the truth? Money printing will still work for decades