THIS WEEK ON U.S. FARM REPORT
EPISODE # 2025
JUNE 2-3, 2012
JOHN’S OPEN:
Hello and welcome to US Farm Report. I'm John Phipps. There is a misguided morality tale intertwined with the Greek drama in Europe which is roiling our own AG markets. It boils down to this: the Germans have been working hard and prudent as they built a rich economy and abundant savings. The Greeks have been comparative grasshoppers, spending and borrowing way too much. So why should the virtuous Germans have to bail out the profligate Greeks? The answer is simple not because the Greeks deserve it, but because the Germans loaned them the money in the first place seeking higher interest rates. What were the Germans thinking? If you loan enough money you're not a creditor, you're a partner.
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