Koo: "Greece Is Not Argentina"

Tyler Durden's picture

So far, every iteration of the trite, overused and cliched "X is not Y" has meant to generate confidence, when all it really does is inspire laughter. Today we get Nomura's stimulus advocate Richard Koo giving a different spin on the "Greece is not Argentina" perspective. "It should now be obvious that it is reckless to argue that since Argentina successfully defaulted on its debt, so can Greece. While the probability of success is not zero, I suspect the associated costs would be significantly greater than what Argentina experienced. That it took Argentina more than two years to restore real GDP to pre-default levels despite having its own currency suggests that it would take Greece substantially longer. This means Greece faces several years of extremely painful adjustments no matter which path it takes. It is simply not the case that everything will be all right if Greece just defaults and leaves the euro." His conclusion: "I have previously noted that the current euro problems are attributable to the fact that the designers of the eurozone forgot to enact one rule when they introduced the common currency—namely, a regulation stating that member countries can sell government debt only to their own people. Had this rule been adopted ten years ago, the current problems in Greece and Portugal would never have happened." Supposedly this is predicated by the sterling example of Japan's 200% debt/GDP being indicative of how a ridiculous debt load can be spun as a good thing. We would like to add our own contribution: "Koo's version of Japan is not reality's version of Japan." But just like in Europe, this will also take time to be processed by the market.

The strategist's latest note in full:


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camoes's picture

When are we gonna hear US is not Europe?

Popo's picture

Right after Greece goes all "Argentina"

ratso's picture

Argentina was courageous and thumbed their nose at the IMF and the World Bank.  Greece is a weasel country that is still trying to get everyone else to pay their bills for their profligacy. The lesson is that Greece will be effectively taken over by its bond holders. Argentina suffered the pain and came out with its dignity and nationhood in tact. 

MS7's picture

Greek government = weasels. Greek people want their government out. Trouble is every time the protests get to be overwhelming, the government send in the agents provateurs and allows the police to beat, and throw rocks at protesters, and cover the whole center of the city in a cloud of expired tear gas.

DonnieD's picture

When are we going to hear that Argentina is the model?

Urban Roman's picture

Ferfal has been saying that for years on his blog.

wandstrasse's picture

When are we going to hear there is neither US nor Europe?

Hedgetard55's picture

Koo is just one more soldier ant in the global banker's propaganda network.

Popo's picture

And Koo isn't doing a very good job either....  He just compared Greece and Argentina.   Any propagandist should know that negative comparisons are a great way to get people to make comparisons.

What's the next gaff from this public-relations genius going to be:  "Italy is not Greece"?     


cosmictrainwreck's picture

yup - and I'm not Barack O'bummer

SheepDog-One's picture

Barack Obama, Barak Mounir Ubayd, Harrison J. Bounell, Saebarkah, or whichever name Barry Soetoro is using lately.

Full retard america, a president with no identifiable historical record, with so many different names used we cant keep track...and no one cares. US has lost its mind completely.

bigwavedave's picture

you are a racist. pure and simple. anyone who cannot see past the present and not realize that the fat white fuckwits really did sell you out is a moron. yeah. blame the black guy. use his name as a stick to beat him into the cotton field where he belongs. 


personally i think he has done a shit job. but he isnt a total cunt like Bush.

SheepDog-One's picture

OH now Im a 'racist', simply because I researched and listed just a FEW of the names 'Barack Obama' HAS USED in the past! How about those 5 social security numbers, just those that we know of? You're a baboons ass.

BTW, Soetoro is black? Huh...I thought he was half white! Who's the racist now?

Loose-Tools's picture

Where do perform your research, FOXipedia?

SheepDog-One's picture

Oh look, another idiot popped up.

Loose-Tools's picture

As often as you post, you certainly advertise who you really are as a person.

SheepDog-One's picture

Yea, one of the few who actually knows what the hell is really going on? You can tell by the reaction to such facts as stated above, the sheeple cant handle the truth. Too bad for them.

Loose-Tools's picture

I'll concede that you may know alot about some things, but I doubt that you know a lot about every thing. (BTW, I did not Junk you.)

Sudden Debt's picture

Why can't we all get along and worship ME?

hbjork1's picture


Interesting indeed!

Documentation please?

cosmictrainwreck's picture

touche'....agreed (except calling the man a douche doesn't presuppose racism). Bush was a pansy, his daddy was a wannabe Prescott emulator, Clinton - meh?, you name it.....

SheepDog-One's picture

Telling the easily verified terrible truth now makes you a 'racist' among the 'smart people' of america who can only look at things thru their 'Demican/republicrat brainwashing....LOL!!! No better than Lord of the Flies...have fun in the coming days my pretties, Im going to be laughing my ass off.

Sudden Debt's picture

and yet you guys elected those guys and nobody protested....



SheepDog-One's picture

Well Sudden Debt if you recall, ANY criticism at all towards Mr Harrison J. Bounell was attacked viciously with charges of RACISM, and DOMESTIC TERRORIST...remember that? 'Nobody protested'? LOL. There were many protests, and the Govt/Media complex scoffed at them all calling anyone against Mr Saebarkah 'must be short a few chromosomes'. Oh well, time to pay now, enjoy.

hbjork1's picture

Sheep Dog,

What on earth are you talking about?  I must not be living in your country.

Id fight Gandhi's picture

There's nothing racist about what he said.

The more people cry racist the less it means and nobody cares.

i-dog's picture

"but he isnt a total cunt like Bush"

You ain't seen nuthin' yet! We'll see how you feel about him next year, when the half-caste CIA-plant starts starving blacks and whites alike.

Bush was dumb evil ... this guy's pure sociopathic evil.

Loose-Tools's picture

I heard on FOX News that Obama had Gay Sex with a Terrorist at a Convention for Unionized Abortionists.

Sudden Debt's picture



cosmictrainwreck's picture

so, you wanna get in a pissin' contest over who's not O'bummer, huh? I think you'll need to get in line.... things nust be real boring in belgium this morning :)

Sudden Debt's picture

business is always slow in the summer :)

wandstrasse's picture

a pissin' contest over who's not O'bummer

contests which are about being NOT a specific person are the only ones where I have a chance to win.

SheepDog-One's picture

I'm KooKoo for Koo's puffs!

wandstrasse's picture
Greece Is Not Argentina

well... taking a second, more geographical look.... this is actually true.

Version 7's picture

I believe Argentina's  debt/GDP ratio was about 60% when they went belly up. Compare it to Greece's present 143%, and other EU countries as well..

agent default's picture

Which proves his point. Greece is not Argentina.  Greece is more than twice as bankrupt as Argentina.  Did I mention Greece is not Argentina?

bigwavedave's picture

Lots of Germans want to go there on holiday and put their towels by the pool. Paying in Drachma. Buying Chinese made blue and white nick-knacks to take home as gifts..... He is correct. Greece is NOT Argentina.  In Argentine we only have German NAZI runaways like Josef Mengele.

SheepDog-One's picture

Well in the US we have a lot of Nazi runaways as well under Project Paperclip, starting with Bushs grandfather, an SS officer. Did ya know that?

bigwavedave's picture

I take your word for it then. Have you been following the story about the the black bodybuilding bible bashing butt beater? Anyone who forgives can fuck off in my book.

SheepDog-One's picture

WTF are you mumbling about now?

francis_sawyer's picture

Buying Chinese...nick-knacks to take home as gifts


I want my pissing Archimedes statuette... The REAL father of "trickle down" economics...

GOSPLAN HERO's picture

The National Socialist German Workers Party (Nazi) was a racist leftist movement, comrade.  It differed from the Communist Party only on matters concerning race and control of private property.  It was and is another leftist alternative to Communism.  Communism and National Socialism share the same mother: The First Internationale.

Lednbrass's picture

Pure stupidity.  Nazism was nothing like Soviet Communism. Differed only on matters concerning race? Total cluelessness.

Communism is inherently anti nationalistic, that is one of the primary left right differences. Nazism was ferociously nationalistic.

Communism does not allow private ownership, Nazism most certainly did.

German top individual tax rates under Nazism? About 14-15% ish. Hardly even socialistic. 

The problem here is a a stupid group of epsilon double minus sub morons in the US with very little concept of anything that actually occured in those years or what any of those political philosophies actually mean.  Just dumb people calling the other guys Nazis with little or no comprehension.

Nationalism/internationalism and private/public ownership are the primary things that differentiate left and right.

Put a boot through your TV and read some books.

Urban Redneck's picture

So Soviet Communism was inherently anti-nationalistic??? Since they weren't promoting national"ism" - I guess they were promoting individual"ism", or was it religion"ism", or was it cultural"ism", or was it race"ism"??? 


And I guess all those industries in Nazi Germany were free to make what they wanted, sell their chosen to goods to whomever they chose, and charge whatever price the market would support???


What were the income and corporate tax rates under Soviet Communism??? (Since the numbers for Nazi Germany are being provided and characterized as having significance).


I, personally, look at a number of factors when determining "ownership".  Otherwise, I could look at the United States right now and come to the conclusion that MERS is the proper owner of God knows much of the real estate market.  John Paulson also took a rather simplistic view of "ownership" recently when he decided to buy into Sino Forest- it cost him and his company a fuck-ton of money, they probably won't be doing that again.




Lednbrass's picture

At its root, Global Collectivism.

The best known slogan of the Manifesto is "Workers of the world, unite".  The aim of Soviet Communism was a world revolution of the proletariat, Germany had no such goals.

You may define ownership as you please, but Germans owned their own land and businesses, paid minimal taxes, and central planning was virtually absent until Speer took over at the end. Indeed, a case could be made that the total lack of central organization in the economy cost them the war.

Yes, until the war started companies could pretty much do business as they wanted.

Claiming that the Nazis were lefties because of the use of the word socialism is like saying that dems in the US dont want centralized power because they call themsleves the Democratic party and repubs dont roll over for corporations because they call themsleves Republican and therefore care only about the Republic. Labels are only labels- Hitler was just stealing the thunder fof the left in the aftermath of the civil war.

Urban Redneck's picture

The problem here is a a stupid group of epsilon double minus sub morons in the US with very little concept of anything that actually occured in those years or what any of those political philosophies actually mean. Just dumb people calling the other guys Nazis with little or no comprehension. -and you're trying to split hairs over the distinction between collectivism and nationalism.

Germans owned their own land and businesses, paid minimal taxes, and central planning was virtually absent until Speer took over at the end. - The Four Year Plan (prior to WW2) was central planning at its finest, Stalin's 2nd Five Year Plan borrowed elements of Hitler's earlier Four Year Plan, which had in turn borrowed elements from Stalin's first Five Year Plan.  Contemporary income taxes in the Soviet Union were lower than in Nazi Germany.

until the war started companies could pretty much do business as they wanted. - If this were the case then Germany would never have been able to wage WW2.

Claiming that the Nazis were lefties because of the use of the word socialism- I never claimed the Nazis were lefties because of the use of the word socialism.  However, they were lefties because of far more than just their economic policy- there was the forced labor policy, the centralized eugenic apparatus, state marriage control, free state sponsored heathcare and centralized administration beginning in 1934 -whether sterilization or the T4 plan.


ddtuttle's picture

The Nazis were Fascists.  Although Fascism is hard to define precisely, it is a unholy alliance between corporate, military and political power groups.  The Nazis were obsessively racist to the point of trying to exterminate inferior racial groups.  Homosexuals, mentally deficient and ill people as well as communsits were all sent to the camps.

The USSR wasn't really a country, it was the last colonial empire.  It was mildly ethnist and racist, but in the end it severely exploited any non-Russian ethnic group. The end result was not all that different from Fascism, although it would never describe itself that way. Ultimately, the inequalities kept it from functioning efficiently, and led to its collapse.

Communism promotes the elimination of ethnic, religious and racial groups, which is equally bad in the opposite direction.  Anti-racists try to eliminate all references to racial differences, good or bad.  But that means everyone must conform to some ideal form of non-racist behavior. In the end this can only be the power group's behavioral standard.  FOr example, in America blacks are OK if they don't "act black".  

It's not complicated: you take people one at a time.  If you don't like them, fine.  But don't try to control their behavior or eliminate their culture.