Archive for July, 2015

Grexit

So Greece voted no.  Top economists recommended they do so, and that’s why they’re economists, not politicians.

Worst case scenario, Greece will be forced to leave the Eurozone and the European Union.  Still struggling financially, they’ll be pushed into the arms of their Orthodox brethren in Russia. Greece will degenerate into a nationalist dictatorship.  Maybe they’ll try to annex Cyprus.  Worst case scenario.

Austerity is not fun, but, I don’t know, it’s sort of the price you pay when governments run huge deficits for decades and you the people keep voting such people back into office.  Seriously, just don’t get into debt.  That is just good advice for everyone.  Sometimes debt is unavoidable.  But you should still consider it a personal failure.  The Euro was a dumb idea.  It really was.

“Nobel” laureate Joseph Stiglitz wrote that “a no vote would at least open the possibility that Greece, with its strong democratic tradition, might grasp its destiny in its own hands.”  Mr. Stiglitz seems to be confused. A number of cities, mainly one, in Greece, thousands of years ago, had a strong democratic tradition for men.  There’s some democracy in the modern era, but Greek history has been largely dominated by tyrants, emperors, meddling monarchs and military dictators.

Maybe everything will be alright.  You never know.