Truth Arrives on Monday (But It Won’t Make Anybody Free ..)

Greek DebtThe truth we are told, shall make us free. Except when it shows how much our politicians have indebted us. The share of national debt owed by U.S. taxpayers passessed $150,000 some time back but we assume someone else will repay it, right? As the Greeks assumed while they were living off other folks’ money a while ago. But for them, things have changed.

The crisis du jour: E.U. lenders expect Greece to repay what it has borrowed from them, on time. Greeks, calling this “looting,” demand that the E.U. ‘loan’ still more to Greece, to be used to ‘repay’ said loans.. Last minute talks having failed, whats’ next?

Two choices obtain: The E.U. hangs tough and Greece collapses as its insolvent banks fail. With this, Greece may or may not remain in the E.U.The Greek government will likely fall and most of the Greeks will be beggared overnight.  The E.U. has to wonder how many others are lined up to follow Greece, threatening the E.U.’s existence.

Or: The E.U. financial mighty cave, providing Greece the money to pay its debts on time, thus staving off the Gotterdammerung. At the cost of sticking northern Europeans with perpetual support of southern Europeans on top of supporting themselves. (No long term solution!)

Come next Monday, we will know. Reports tell of an accelerating withdrawal of cash from Greek banks, as depositors try to grab what they can before the crunch wipes it out. Recently in Cyprus, the government simply took a chunk of each account for itself; Greeks likely know that

Meantime, the failed last ditch talks have been replaced by new ‘summit’ talks to deal with the crisis. The Greeks seem presently ahead on points. E.U. folk might be well advised to start stuffing their mattresses …

We know not how or exactly when this will go down. The E.U has done all it can to deprecate the possible Greek withdrawal. It is right to do so. The real issue is, too many others are no better off than the Greeks, except for endemic denial. The show has been in town too long; it will not go on much after Greece. While reality sucks, it has yet to abdicate. Monday is almost here.

About Jack Curtis

Suspicious of government, doubtful of economics, fond of figure skating (but the off-ice part, not so much) Couple of degrees in government, a few medals in figure skating; just reading and suspicion for economics ...
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8 Responses to Truth Arrives on Monday (But It Won’t Make Anybody Free ..)

  1. penniewoodfall says:

    Well, my Greek friends voted Alexis Tsipras …..
    Let’s wish them the best ,they will need it,whatever the outcome.

    • Jack Curtis says:

      I suspect that the Greeks felt that they had nothing to lose with that vote. And I suspect too, that we will be discovering shortly that we are all Greeks now … Ora pro nobis!

  2. penniewoodfall says:

    Thought you might be interested….
    Greece’s Proposals to End the Crisis: My intervention at today’s Eurogroup via @wordpressdotcom

    • Jack Curtis says:

      Thank you! Parsing the Greek position, I am reminded of the definition of hutzpah: A parricide demanding mercy because he is an orphan. From the E.U. side, we see lenders who knew well that their borrowers were in over their heads. They deserve each other. (In my opinion.) Greece is in the spotlight; we in the wing are no better off …Or so it seems to me!

      • penniewoodfall says:

        Tough guy eh! As always the people suffer and as you rightly point out, much more to come in the future. In support of the new Greek government they are trying to sort it. Tug of War situation!
        One reaction against another. Same old.

      • Jack Curtis says:

        It is not intended to be roughness; my future seems only a little delayed version of Greece and for the same reasons I cannot overlook the real, physical plight that the Greeks now endure, especially given belief that it will become much worse.

        Rather, it is our condition that is tough. We prefer to be told otherwise regardless of our accumulated experience. The Greeks have, it seems to me, set themselves up for their suffering with willful blindness and objectively, therefore deserve their outcome. The same applies here. We do it to ourselves, repeatedly.

        We appear the clowns of the universe …The blood that is shed is real but in the end, it is we who shed it who have caused the shedding. That, regardless of compassion, i tough enough but ignoring it fails to dispose of it so it seems best, faced. (Nothing else seems to work …) A glass of wine helps sometimes …

  3. penniewoodfall says:

    Best faced is always the answer…..for some.
    I am afraid that is our burden to wear…. lightly 🙂
    We have all suffered from wilful blindness.
    I know I have.
    Deserving it is another matter….
    I look upon it not that way…..
    A process in our possible evolution maybe…
    Or you could say simply, the human condition….
    A certain acceptance is necessary
    Otherwise, we would go mad.

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