{"id":3031,"date":"2012-05-30T11:27:33","date_gmt":"2012-05-30T10:27:33","guid":{"rendered":"http:\/\/www.jcm.org.uk\/blog\/?p=3031"},"modified":"2012-05-30T12:18:35","modified_gmt":"2012-05-30T11:18:35","slug":"is-the-drachma-doomed","status":"publish","type":"post","link":"https:\/\/jcm.org.uk\/blog\/2012\/05\/is-the-drachma-doomed\/","title":{"rendered":"Is the Drachma doomed?"},"content":{"rendered":"<p>Interesting piece by <a href=\"http:\/\/www.cumber.com\/person.aspx?file=kotok.asp&#038;n=lPeople\">an American investment and free trade advocate<\/a> giving a handy bit of <a href=\"http:\/\/www.ritholtz.com\/blog\/2012\/05\/drachma\/\">background to Greece&#8217;s money woes<\/a> &#8211; just in case you weren&#8217;t pessimisitc enough already. Has some convincing, interesting points &#8211; worth reading in full:<\/p>\n<p>&#8220;Modern Greek monetary history is one of default, inflation and destruction of wealth when the wealth preservation was entrusted to the government. Centuries of history support this statement&#8230;<\/p>\n<p>&#8220;In the end, Greece has already lost. Europe has lost but can still cut further losses if it acts with congruence. We do not expect that to happen in any pro-active way. It is not in the nature of Europe\u2019s political leaders to reach consensus pro-actively. They do so when forced by market events. We must think of European leaders as reactive, not proactive.&#8221;<\/p>\n<p>As I say, <a href=\"http:\/\/www.ritholtz.com\/blog\/2012\/05\/drachma\/\">well worth reading the whole thing<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Interesting piece by an American investment and free trade advocate giving a handy bit of background to Greece&#8217;s money woes &#8211; just in case you weren&#8217;t pessimisitc enough already. Has some convincing, interesting points &#8211; worth reading in full: &#8220;Modern &hellip; <a href=\"https:\/\/jcm.org.uk\/blog\/2012\/05\/is-the-drachma-doomed\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[149,60,70],"tags":[],"class_list":["post-3031","post","type-post","status-publish","format-standard","hentry","category-a-bit-of-context","category-economics","category-the-balkans"],"_links":{"self":[{"href":"https:\/\/jcm.org.uk\/blog\/wp-json\/wp\/v2\/posts\/3031","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jcm.org.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jcm.org.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jcm.org.uk\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/jcm.org.uk\/blog\/wp-json\/wp\/v2\/comments?post=3031"}],"version-history":[{"count":2,"href":"https:\/\/jcm.org.uk\/blog\/wp-json\/wp\/v2\/posts\/3031\/revisions"}],"predecessor-version":[{"id":3035,"href":"https:\/\/jcm.org.uk\/blog\/wp-json\/wp\/v2\/posts\/3031\/revisions\/3035"}],"wp:attachment":[{"href":"https:\/\/jcm.org.uk\/blog\/wp-json\/wp\/v2\/media?parent=3031"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jcm.org.uk\/blog\/wp-json\/wp\/v2\/categories?post=3031"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jcm.org.uk\/blog\/wp-json\/wp\/v2\/tags?post=3031"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}