Greek/Turkish Summit to Cut Defense Spending

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machinehead's picture
machinehead
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Greek/Turkish Summit to Cut Defense Spending

Here's an aspect of Greece's fiscal deficit which is rarely reported -- high defense spending. The class warriors at the NYT blamed it all on rich Athenians with swimming pools who don't pay taxes (and who cover their pools with fake grass, so they won't be visible on Google Earth). Meanwhile, the Greek state has looked at avoidable spending and come up with this:

Greece has spent 50 billion euros ($62 billion) on the military in the past decade, with the budget rising each year since 2003 as the army added fighter jets, submarines and tanks. They are mostly for defense against Turkey: the two NATO members came close to war over territorial rights in the Aegean Sea in 1996.

Greek military spending was 3.6 percent of gross domestic product in 2008, the EU’s highest, and the country with a population of 11 million was the world’s fifth-biggest weapons importer between 2005 and 2009, according to the Stockholm International Peace Research Institute. Beneficiaries of the spending include Duesseldorf-based steelmaker and shipbuilder ThyssenKrupp AG, which is supplying submarines for the Greek navy under a contract worth more than 2.5 billion euros ($3.2 billion). Greece fell behind on payments to the company last year.

Turkish premier Recep Tayyip Erdogan, during a visit to Athens today, said the neighbors and strategic rivals should work to cut military spending. Erdogan met Greek President Karolos Papoulias in Athens today, and with Papandreou presided over a joint Cabinet meeting attended by 10 Turkish ministers who accompanied him on the trip, together with their Greek counterparts. The two countries signed agreements to collaborate in areas including tourism, energy, transport and cultural exchanges.

http://www.bloomberg.com/apps/news?pid=20601109&sid=aMgtVor55wMU&pos=14

Detente between Greece and Turkey is news that everyone can cheer -- well, everyone except German arms suppliers -- because it can eliminate useless spending which imposes an unproductive, deadweight loss on both economies.

Today an NYT columnist named Paul K***man published an essay about 'why the U.S. is not Greece.' It is so monumentally fatuous that I won't even bother to link it. For one thing, it's devoid of data. No mention, for example, of the Financial Report of the United States, which shows the U.S. to be insolvent to the tune of more than four years worth of GDP. Nope, just the same tired old partisan, 'tax cuts for the rich' yammering from this Nobel Prize pea-brain. Find their swimming pools on Google Earth, and make them pay!

But on the spending side, the U.S. is actually worse off than Greece. Its bloated defense budget consumes 4.7% of GDP, compared to Greece's 3.6%. And unlike Greece, which at least defends its own borders, the vast majority of far-flung U.S. bases are located overseas in areas which have only the most tenuous strategic relevance to the actual territorial defense of the U.S.

Maybe insular, parochial Americans can actually get a clue from Greece and do something sensible, such as close down the lethal NATO clown act and let Europe look after its own defense.

 

 

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Davos
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Planet Earth to Rickets....Do you read? Over!
machinehead wrote:

Today an NYT columnist named Paul K***man published an essay about 'why the U.S. is not Greece.' It is so monumentally fatuous that I won't even bother to link it. For one thing, it's devoid of data. No mention, for example, of the Financial Report of the United States, which shows the U.S. to be insolvent to the tune of more than four years worth of GDP. Nope, just the same tired old partisan, 'tax cuts for the rich' yammering from this Nobel Prize pea-brain. Find their swimming pools on Google Earth, and make them pay!

But on the spending side, the U.S. is actually worse off than Greece. Its bloated defense budget consumes 4.7% of GDP, compared to Greece's 3.6%. And unlike Greece, which at least defends its own borders, the vast majority of far-flung U.S. bases are located overseas in areas which have only the most tenuous strategic relevance to the actual territorial defense of the U.S.

Maybe insular, parochial Americans can actually get a clue from Greece and do something sensible, such as close down the lethal NATO clown act and let Europe look after its own defense.

+1 !!!!!!!!!!!!!!!!!!!!!!!!Cool

Ed Archer's picture
Ed Archer
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Re: Greek/Turkish Summit to Cut Defense Spending

Find their swimming pools on Google Earth, and make them pay! 

 

What are you suggesting, we figure out a way to pee into them from space? lol

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joemanc
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Re: Greek/Turkish Summit to Cut Defense Spending
machinehead wrote:

Today an NYT columnist named Paul K***man published an essay about 'why the U.S. is not Greece.' It is so monumentally fatuous that I won't even bother to link it. For one thing, it's devoid of data. No mention, for example, of the Financial Report of the United States, which shows the U.S. to be insolvent to the tune of more than four years worth of GDP. Nope, just the same tired old partisan, 'tax cuts for the rich' yammering from this Nobel Prize pea-brain. Find their swimming pools on Google Earth, and make them pay!

Sarah Pallin coined the phrase Drill Baby, Drill.   Krugman might as well coin the phrase Spend Baby, Spend!!!

Subprime JD's picture
Subprime JD
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Re: Greek/Turkish Summit to Cut Defense Spending

How nice would it be if the greeks and turks became buddies. Weve been enemies for a looong time, starting with the battle of Manzikert in 1071:

the Battle of Manzikert, or Malazgirt, was fought between the Byzantine Empire and Seljuq forces led by Alp Arslan on August 26, 1071 near Manzikert (modern Malazgirt in Muş Province, Turkey). The decisive defeat of the Byzantine army and the capture of the Emperor Romanos IV Diogenes[5] played an important role in undermining Byzantine authority in Anatolia and Armenia.[6]

The brunt of the battle was borne by the professional soldiers from the eastern and western tagmata, as large numbers of the mercenaries and Anatolian levies fled early and survived the battle.[7] The fallout from Manzikert was near disastrous for the empire, with subsequent numerous civil conflicts and an economic crisis severely weakening the empire's ability to adequately defend its borders.[8]This led to the mass movement of Turks into central Anatolia and by 1080, an area of 30,000 square miles (78,000 km2) had been lost to the empire. It took a decade of internal strife before Alexios I Komnenos (1081 to 1118) brought stability back to the empire.

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Ed Archer
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Re: Greek/Turkish Summit to Cut Defense Spending
bearmarkettrader wrote:

How nice would it be if the greeks and turks became buddies. Weve been enemies for a looong time, starting with the battle of Manzikert in 1071:

Doesn't it go back to even before Alexander the Great? Battle of Thermopylae 480 BC and all that?

Subprime JD's picture
Subprime JD
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Re: Greek/Turkish Summit to Cut Defense Spending

Thermopylae was against the Persians.

Manzikert was against the Seljuk turks. That was the major battle that signaled the begining of the end for the Byzantine Empire. By the 1500's greece was under ottoman (turk) occupation up until 1821.

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