For Greece, Panic Is The Word


A little over a year ago, I was having a discussion with some liberal friends about various issues. At that time, the US dollar was being battered in the global market and was at an all-time low against the Euro. What a difference a year makes. Thanks to European debt crisis and its epicenter Greece, the Euro is headed very fast in the other direction. The euro, fell Friday below $1.24, an 18-month low against the greenback.The European Union is facing a massive sovereign debt crisis precipitated by Greece, whose welfare state spending is finally breaking. The Greek sovereign debt rating was recently downgraded by Moody's and will quite possibly face a second downgrade. The EU in cooperation with the International Monetary Fund unveiled a temporary lifeline with a $1 trillion rescue package which may just be a short term fix. Greece is still saddled with a crippling business climate, slow economic growth and huge entitlement spending. The sad reality is that Greece is just the squeaky wheel when it comes to the EU debt crisis. Spain, Portugal Ireland could soon follow.

In order to qualify for the bailout, Greece must implement painful austerity measures such as a reduction in entitlement spending which has not gone over well on the streets of Athens. Clashes between police and protesters have gone on for over a week, bankers have been kidnapped and so far three people have lost their lives. Memo to the US government: What is it going to take for you to realize that welfare states with out of control entitlement spending are doomed to failure? If our government doesn't get our own spending under control, We will all become Greece.

Comments

Post a Comment

Popular posts from this blog

The Legend Of The Unarmed White Man (Revised)

Image
The August 2014 shooting death of unarmed black teen Mike Brown in St. Louis by a white police officer and the subsequent decision by the grand jury not to indict has brought unrest to American Streets. The protestors feel that police are shooting and killing mostly unarmed black men at alarming rates. Many also believe that police interaction amongst white's is all together different due to the benefits of "white privilege". "If that had of been a white man..." is a common refrain from blacks when speaking of a negative experience with a white police officer. The media plays an integral role in these perceptions by continuously assaulting us with images of black victims and white perpetrators. In light of the Brown incident and other controversial shootings this year, the adjective attached to these perceived victims is "unarmed". The term is a staple in the lexicon of the American media which has painted a false sense of reality for millions of Ame
Read more

BP Crisis Brings Out Radical Left

Image
Once again the left, with the help of Jesse Jackson shows its ignorance of and hatred for capitalism. The BP crisis which began with the explosion of an offshore oil rig which resulted in a fire that killed 19 people. The pipe located one mile undersea began to spew oil into the gulf and has for over fifty days now. The Reverend has been for weeks calling for a boycott of BP. Now comes word that several BP stations have been vandalized. The fact that such vitriol and anger results from what was clearly a tragic accident is surely tragic in itself. Someone should explain to the reverend that oil companies exited the gas station business years ago. The stations are by and large owned by franchisees and independent operators who squeeze out razor thin margins on gasoline-hence the reason for the lottery tickets, potato chips and soft drinks that has become a staple of these often family owned businesses. To make matters worse, the Rev. Jackson stated that "the mom and pop stations a
Read more

Uncovering A Gigantic Royal Scam

Image
The old saying "Too many chiefs and not enough Indians" is by modern standards politically incorrect. However there is a new phenomena that is could take its place. There seems to be too many Kings and Queens and not enough subjects. Peruse Facebook and one will see untold references to "Black Kings" and "Black Queens" which is intended to foster self esteem in the black community. What is wrong with this one may ask? It is built on a ridiculous premise, historical ignorance and grotesque revisionism. For starters, every culture at one time or another has been ruled by monarchs. So by this logic every Anglo British citizen is a King or a Queen since they still have a symbolic monarchy today. Kings and Queens are mere titles-not character traits. Monarchs were selected by either bloodline or bloody conquest. Some of the most dastardly rulers in history were Kings. King John, Herod, Leopold, Caligula are just a few-African rulers were hardly an exception. I
Read more