PayDay Loans: Germany’s Shady Solution for Greece

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Dear Greece,

Let me tell you a story of an unconscionable business in the United States known as PayDay Loans. The idea is that you need cash today but won’t receive your paycheck until tomorrow. In order to bridge that gap, your friendly PayDay lender will advance you your paycheck but charge a percentage as his fee. This week you are happy to have money in your pocket but guess what happens next week? Next week, you are short again and have to return to your gangster payday lender for an advance on your advance. Soon thereafter, you’ll never see the full amount of your paycheck as you find yourself paying for fee after fee. In the end you are working as hard as ever but have unintentionally given yourself a substantial pay cut. There is no way out of this vicious cycle.

The same thing will happen to you Greece if you take another bailout from the predatory lender dominated by Germany and the Dom Merkel.

Now you get Angela as a partner. Any problems you go to Angela. Trouble with the bill, you can go to Angela. Trouble with Turkey, Finland, ISIS, you can go to Angela. But now you have to come up with Angela’s money every month no matter what.

The economy is bad? Fuck you pay me.

Oh tourism is down? Fuck you pay me.

The olive harvest went poorly huh? Fuck you pay me.

Also, Angela can do anything. Especially run up bills on Greece’s credit. And why not? Greece can’t pay for it anyway. And as soon as the interest is paid, you take the bonds and sell it at a discount. It doesn’t matter. It’s all profit. And then finally, when there’s nothing left, when you can’t borrow another buck from the central bank or buy another case of olive oil, you bust the joint out. You light a match. And steal the beloved islands.

 

9 COMMENTS

    • I’m not sure what you are saying. If you’re saying that Greece should understand the dire consequences of taking another bailout and doing nothing again, then yes I agree with you. But maybe the EU should let Greece fail like the US should’ve let GM fail and let them pick themselves up off of the ground.

        • even if Germany finally agrees to write off some of the Greek debt (which they should), they still win with Greece keeping the euro weak. Cant believe 50E is going to basically be $50 soon lol

        • Ah yes of course they want the Euro to remain weak so they can export your 330XI and maybe by 2017 you’ll be able to turn in the ATS for a bimmmer. Who am I?

  1. I don’t understand what this post has to do with travel. I also don’t understand your hate for the payday loan industry. While never having a use for itself, I’m glad to know it’s there if I need it.

    I’m also confused how there is “no way out of this vicious cycle”. Couldn’t someone in debt work harder, or smarter?. Sell something of value. Stop spending on non-necessities like alcohol, tabacco and tatoos, cable, etc.

    • I’ll address your queries with some rhetorical questions: You don’t understand how the stability of foreign currency has anything to do with travel? You don’t think it’s important to stay up on socio-political world events if you deem yourself to be a world traveler? You don’t see how all of this is interrelated?

      Do you also believe that subprime lenders were good people giving those who shouldn’t qualify for credit a chance to own a home?

      What is the second biggest debt owed by Americans? It is credit card debt. So no there is no way out because of the invention of this thing called interest.

      Now let’s apply that to the lending terms proposed by Germany that are harsher then they were only months before. Add in a Greek economy that has a weak capital account, has no manufacturing, and a pension program that makes the UAW look like they are anti-union and you tell me what benefit does Greece have for staying in the EU?

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