Dr. Dawg

Euro-nomics: Greecing the skids

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Greece, sez the pundits, is facing an “uncertain future.” “Uncharted waters.” You betcha.

But between the Devil and the deep blue sea (I know how to swim), I’d take the uncharted waters without hesitation. That’s what nearly two-thirds of Greek voters effectively announced in yesterday’s referendum. Πάμε Ελλάδα!

As more than one Nobel laureate has said, it’s those waters, no doubt chock full o’ shoals and infested with sharks, that pose a better choice than accepting debt servitude in perpetuity to the so-called Troika (the International Monetary Fund, the European Commission and the European Central Bank).

And Germany, driving the whole mess, looks as though it is trying to win World War Three without firing a shot. Consider Greece a metaphorical Stalingrad of sorts.

Greece, some recall, helped bail out post-war Germany by forgiving a mountain of debt. But memories are short, particularly when long ones might raise pangs of conscience.

No European government, it seems, will stand up to the current Drang nach Südosten. But Greeks have had enough of “austerity,” a quaint word meaning “deliberately-caused Depression.” They have suffered grievously at the hands of the bankers and European elites, including their own, and they’re standing up out of pure desperation. It’s the spirit of humanity vs. steel-eyed bankers and the 1% they serve. We should all stand with Greece at this possibly pivotal moment.

This isn’t just about Greece, of course. Poorer countries have almost invariably suffered after joining the Eurozone. A Greek exit from the Euro might herald a general unravelling of the currency. About time. It was a ridiculous notion to begin with—a common monetary policy without a common fiscal one. Here’s a three-minute primer on why that’s a bad idea.

“Any alternative?” ask the usual sceptics with the usual derision. Well, yes, actually. But no one should imagine that Greeks will enter the Promised Land any time soon. It’s going to be appallingly rough sledding for a number of years, particularly because the powers that be will want to punish Greece pour enourager les autres.

Yet that key human quality, hope, is now in play. There was absolutely none on the course that the Troika had set for them. Is another Greece (and world) possible? I suspect the Greeks are plucky enough to give it their best shot. I wish them well. So should we all.

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This page contains a single entry by Dr. Dawg published on July 6, 2015 1:03 PM.

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