Greece Using Equivalent of Credit Cards to Pay Interest Payments on its other Credit Cards – End is Near

European banks are now loaning money to Greek banks, who in turn use that money to pay the interest they owe back to the European banks that loaned them the money in the first place.

That’s it. Shortest post ever because stupidity doesn’t need a lot of explanation.

Who else is doing that? We are. We borrow money from China, then when the interest payment comes due, we borrow more money from them and use it to pay the interest on the money we already borrowed from them.

How long would your family finances last if you used one credit card to pay the interest on the others? Since that can’t go on forever, what would the end of that look like for you and your family? Now apply that end to Greece and the United States. It’s going to look a lot similar to what you are envisioning would happen to you, but in reality it IS going to happen to you, and you didn’t even get to enjoy being the one who ran up all the debt.

You just can’t make this stuff up, nobody would believe you.

More on Mish’s Blog.

Categories: Economy, Federal Reserve, National Debt

Tags: , , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Desert Musings

A REALISTIC look at the world through the eyes of a sane person

Watching A Wreck

America Has Jumped the Track

99% Boston

"we shall be as a city upon a hill"

zalainacarp's Blog

A fine site


Giải pháp quản lý - Bảo vệ tài sản


Xe đẩy em bé|Máy tiệt trùng bình sữa sấy khô|Máy hút sữa|Ghế ăn cho bé| Ghế rung|Xe tập đi|Máy tạo ẩm|Máy báo khóc|Địu em bé thương hiệu Avent,Combi,graco,Kuku,Brevi,Unimom,Zaracos,Medela,Kenjo..... Giá tốt nhất



Cổng nhôm đúc 0966717656

Cổng, hàng rào, ban công hợp kim nhôm đúc

Yes or No on Measure K?

An objective exercise in seeking the facts.

Utopia - you are standing in it!

Celebrating the flourishing of humanity through the spread of capitalism and the rule of law

Notes On Liberty

Spontaneous thoughts on a humble creed

Arlin Report

Telling You What The News Won't.

Lynette Noni

Embrace The Wonder

TSA Out of Our Pants!

Lawsuit against the TSA for 4th Amendment invasion of privacy

Dan from Squirrel Hill's Blog

Just another weblog

A Time For Choosing

Just another weblog

the muttering retreat

"I went out walking.....with a bible and a gun" - Johnny Cash


Get every new post delivered to your Inbox.

Join 57 other followers

%d bloggers like this: