Thursday, June 9, 2011

Beyond Greece

The New York Times as well as the National Herald posted an article entitled "It's Not About Greece Anymore". The content of this article is not surprising and nothing new. The article identifies the fears of the European politicians to let Greece go into bankruptcy as it might cause a bank run in similarly positioned countries like Spain, Portugal, etc. In short, afraid of a melt-down of the European currency or the European Union (several nations have threatened to revert back to their own independent currencies) EU politicians are willing to do about anything to rescue Greece. As always politicians are trying to save their own hide more than anything else and any solution for Greece is only a temporary one.

The article goes on with the authors' suggestion that the Euro must be devalued drastically and then a dramatic political change must take place in order to survive.

What is surprising is the frankness of the article and that it was published in the NYT and National Herald. The writing is not just on the wall. It is in plain view, published by major mainstream newspapers.

Both US and Europe have overspent, gone into massive debts, and despite the crisis since 2008 nobody wants to face the music. We don't want to see and we pretend not to see the root causes and all we do is apply patchwork fixes here and there, billion dollar band aids that will fall off anytime we shake ourselves. What we need is radio and chemotherapy to get rid of the cancer of our times: the bankers and the politicians they have bought.

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