LAKE SHORE GOLD CORP 6.25 PCT DEBS T.LSG.DB

The financial reality

[eagle55]

I was surprised to read the negative comments against the responsible Europeans, even one NY Times liberal columnist suggesting that Greeks had stood up to "bullying" by the other European nations.

In the real world, if I don't make my car payments my car is repossessed.  If I don't make my mortgage payments the bank forecloses and takes possession of my home.  It is not the banks' fault if I blow my money on other things instead of paying my debts.

When you don't pay your taxes and the government still doles out the money for generous social programs, something has to give.  Responsible people, organizations, and governments operate within their financial limits.  Some, like the current Greek politicians, think there should be special rules for them and the piper doesn't have to be paid.  Sadly, the are learning a lesson which most people in the real world already know.  If you borrow the money, you have to pay it back.

Placing the blame on the countries that loaned the money, when you can't even pay the interest on the money you borrowed makes no sense to me.  Neither does the price of gold being held down by the major banks.  A return to the gold standard would seem to be in order to get the whole financial system back on a sustainable track.  Just my opinion.

[goldhappy]

Eagle55...sometime the obvious is not so obvious. People that loose their jobs are helped. People that loose their health are helped. People that flee their country for many reasons are helped. Look where Greece sits between the west and the middle east. Perhaps they have costs we are not privy to know at this time. Maybe more security costs , less tourism , less manufacturing etc. Like you say