Monday, March 19, 2012

Big News -- Greece Back in the Headlines

Elections are coming up in Greece and guess what? Greeks don't care for the austerity plans and economic reforms foisted upon them by the terms of the recent bailout. Surprise, surprise!

Merkel, Sarcozy, the ECB and the IMF are a ship of fools. There is no way the Greek population, or any population, would agree to these terms. It won't happen. So, why are the politicians putting us through this ruse? The same reason that American politicians are going through the charade that higher taxes on the rich can fund the American welfare state.

This is all ridiculous. The Greeks will never abide by the agreements. All that has happened is that the debts of Greece have been assumed by Germany (and, to some extent the, US through the IMF backing). "Extend and pretend" continues to be the policy of the Eurozone, enthusiastically supported by the Obama-Geithner team. It won't work. Give it up.

These sovereigns debts are unpayable and the sooner that this truth is faced the better for all concerned. Time for workouts across the Eurozone (including Germany).