Posted on 07/07/2015 2:44:01 AM PDT by RoosterRedux
There are no “good” options for now to end this Greek tragedy. It’s best for Greece to take the least bad option, which would be forced bankruptcy. Let Greece go bankrupt. And then let this once rich nation, hit the restart button to rebuild its economy.
What I’m suggesting for Greece is what we might call the Detroit option. Put Greece under receivership and let these new authorities figure out how to manage the debt and decide who will take a hair cut – pensioners, bond holders, welfare recipients, government workers, the IMF. It’s tough love, but it’s the only way out.
I can already hear the heart palpitations of the Wall Street investors. This option puts them in the fetal position wit the thumb in the mouth. They worry about the entire world economy collapsing as creditors flee the sovereign debt of one nation after another – Spain, Argentina, Venezuala, Puerto Rico, Portugal - with obese welfare states, leaky pension systems, and declining tax collections.
But every option is worse. For six years the brainiacs at the International Monetary Fund and the European Union have devised one bailout and debt restructuring scheme after another. None of them have worked. They have only saddled the Greek citizens with even more long term debt that can’t be paid back. Greece is now sitting on $350 billion of debt. Its unpayable and the international monetary experts are deluding themselves into believing that by some magic stroke, this nation of 11 million citizens will some time in the future come up with the funds to repay it.
(Excerpt) Read more at foxnews.com ...
"Bad fiscal policy" happened.
No its not.
One can point to over a dozen nations mired in socialism and get the same response in each instance. “It wasn’t tried with the right people.”
How exactly do you put a sovereign nation "under recievership"? Do you intend to invade and appoint new rulers?
Only $350 billion? Heck, Chicago isn’t far behind.
In a way, Greece tried this with EU and IMF austerity and of course they are worse off because they were unwilling to make the hard decisions that are still looming.
Greeks live above their means via socialism...and that program is dead broke.
This is a crazy idea. A sovereign nation is not a corporation that is under the umbrella of a court system and supporting legal structures. There is no magic higher level of oversight for a national government. Who would appoint the oversight? Who makes the hard calls as to who gets what?
I watched a socialist propaganda on how the EU should become essentially one nation with one fiscal policy that protects every socialist ideal and “investment” while somehow solving the problems. Austerity is not possible for an elected socialist government. An unelected one would simply redistribute the misery to people who couldn’t protest.
And these young people are far more educated than I. Obviously, they didn't learn anything about economics in school.
Something for Nothing has been sold/resold to stupid folk since the dawn of mankind. Some things never change.
As Maggie Thatcher said, "socialism only works until you run out of other people's money." Or just simply run out of money.
Whether you call it socialism or not, the Greek style of governance has run out of money.
The one thing I am sure of is that the next step for Greece will not include more individual responsibility or more individual freedom. Whether they try to mirror Obama's particular brand of evil, follow Britain's Labour party and their left wing, or go back to an old failed pattern, they will never increase freedom or shrink government.
Mature people hate it because they know it's full of empty promises and, in the end, just doesn't work.
At last report I believe it was $150 -170 billion for Illinois. What Chicago’s is, I don’t know. Pick on Michigan if you will, but at least we have a balanced budget law.
CC
Or history, especially that of the 20th Century under the Communists.
A socialist country may lose a war and may bankrupt and bring famine to a people but socialism never loses.
Right.
But it never really wins either. It's like a drug...always hanging around, tempting the young, but never able to deliver anything but a temporary high.
Read "The Underground History of American Education" on-line for free.
This has been the purpose of compulsory government schooling since its inception in 19th century Germany.
School vouchers is the way to begin unraveling the disaster that is Progressivism.
In the 1960s and 1970s, I was taught that government is an endless source of money, and that if we did not get very much in welfare, it was because selfish and greedy rich (i.e. Republican) politicians wanted to keep all that money for themselves.
At some point in my 20s, I finally figured out that government does not magically create money and that any wealth the government has is only taken from taxpayers.
The same breed of teachers is still teaching, and many young people will never figure out that the money that supports socialism only comes from people who work. Without that understanding, socialism appears wonderful--you get everything you need and want without having to work for it!
It wins what the drug wins, control and power and wealth for the purveyor.
It's the most important matter. The world needs to learn that this is how socialism almost always ends.
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