Posts Tagged ‘Greece’


Monday, July 6th, 2015

NOTE (13JUL2015): Another nation addicted to debt gets another financial “fix”. Greece and its competitors have reached a tentative agreement to kick the proverbial can down the road for three years. The politicians and bureaucrats can rest easier for the moment, which to them is all that matters.

Several years ago, the Greeks and their creditors could have made an agreement with teeth along the lines proposed on this site. See “Eurozone On Fire“.  They did not. Consequence? The latest crisis.

Does this new agreement contain real contingencies?  If, once again, Greeks break their promises, what will be the consequence? Nothing, as usual?

So it goes. So it has gone.

“To relieve the present exigency is always the object which principally interests those immediately concerned in the administration of public affairs. The future liberation of public revenue they leave to the care of posterity.” -Adam Smith, The Wealth of Nations (1776)

Debt. Consumptive debt. Not productive debt.

Productive debt = risk. Consumptive debt = disaster.

“Mundus vult decipi, ergo decipiatur. The world wants to be deceived, so let it be deceived.” -Petronius (1st-century A.D.)

They who manipulate the system know. They know but dare not speak publicly. They fear the mob. The know the mob. It wants only good news no matter how false not bad news no matter how true. One cost of democracy.

To tell the truth — to state the facts — to admit to that which they have done — would mean loss of office; loss of power; perhaps, even loss of life.

Gain one more year. One more month. Even one more week.

Yes, another seam has given way. Can one stitch of more debt or two hold together the shredding economic fabric? Maybe. Maybe not.

So, they who manipulate the system meet and meet and meet with one another. In large groups. In small groups. In threesomes. In twosomes. Meeting with others makes each feel less affrighted. Humans are hard-wired that way.

Alone, fright becomes overwhelming. Alone, they feel compelled to admit the truth if only to themselves. Worst of all? Alone at night . . . in the dark.

Some pray. Some curse. Some cry.

Some obsess about options. Some obsess about suicide.

Yes, another seam has given way, leaving a hole that begs to be filled — but with what? Will the hole widen uncontrollably? Does the hole signal the end of an economic charade decades long? Maybe not now. Later but not now.

Admittedly, some day there must be consequences — truly, bad consequences. After all, behavior does have its consequences (Inescapable Consequences).

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