"When you're in a hole, stop digging."
The only problem was that what he meant was: Europe is fragile and austerity is painful. Due to the crippling levels of debt in Europe, this was HARDLY the time to stop borrowing! Borrow more! Keep the economic engine running! Austerity is a hole! Stop that madness!
Amazingly backwards.
One of my drill sergeants used to yell something, forget what it was exactly, “don’t write checks your body can’t cash”, something like that.
Greece as a country has defaulted many times, and there is in hindsight a clear realization they were never in compliance with the terms for entry into the EU to begin with.
Some have argued what’s happening now, or some variant at least, was the plan to begin with. There is technically no provision for exit of the EU, and the calls by the technocrats is to exert political control via Brussels. Neat trick, huh?
In recent decades Greece received a lot of aid from other Western countries as a bulwark against the communists.
“When you’re in a hole, stop digging.”
Nothing wrong with this observation.
But...
The problem with socialists is that after getting into the hole, their only “solutions” are to dig deeper and dig faster.
Also playing right now in Illinois, Maryland, and California...