To begin: We are more opinionated than knowledgeable;. apply salt. For youngsters, Wiley E. Coyote chased the little Roadrunner (a Southwestern American ground-loving bird) off cliffs; the bird would take wing but the wingless coyote would not notice his predicament until, ten feet off the cliff edge, he chanced to look down. Then, he fell.
To proceed: the Greeks gave us Classical civilization; proved unable to govern themselves and faded from history. More practical Latins from Rome tied together that which would be Western Civilization, proved unable to govern themselves and also faded after giving us Christianity; thank you, Constantine. Oh, and the Renaissance. Eventually …
In the corruption and decline of said Christianity, Luther, Calvin and others purified (as they saw it) corrupted Christianity and imposed it upon those that they could. Depending upon one’s viewpoint, that was the “Reformation” or the “Protestant Revolt.” You know all this.
Curiously, the places that had endured it, prospered; immigrants to America from those places contributed much that made America into that fabled golden city upon the hill. (Attitudes have much to do with results, right?) and now, finding themselves unable to govern themselves, Americans are in the same financial conundrum as the Greeks. Being larger however, the pace is slower. Elephants walk.
So watching Greece is also watching America, just a bit offset in time. In the E.U. we see the Germanic north and the Latin south in a similar relationship. Will Greek banks open tomorrow, Monday? Not if they’re wise. Greeks are lined up to withdraw all that they can, distrusting both the banks and the government that obviously, lied to be elected. It promised a salvation that does not exist. With this, stock markets are declining everywhere, but not yet collapsing. That will come; we would like to know exactly when.
It is a time for cash under the mattress, not in banks. Even that is no parachute, though; governments have a long reach these electronic days. Might keep food on the table though.
We opined the other day that the E.U. would finesse a bailout for Greece. Brunnhilde (Flight of the Valkyries in the background) Merkel is post-Reformation but the ECB and IMF aren’t. Greece suddenly looks like toast. But this is Sunday, a week’s worth of time in these cases. Tomorrow may seem very different; we’ll have to wait the night. We still (more stubborn than smart) lean toward a deal of some sort. And as our spouse enjoys reminding us, we’ve been wrong before. Still … the table stakes are large; who knows the under the table stakes?
We offer one bit of advice: Watch closely as Greece goes down, then assume your own country (no exceptions) is next. We suspect that you will, doing that, be glad that you did it. Sooner or later, but glad.
Wine has been increasing in price, along with much else in the U.S, though we re constantly assured there is no inflation. Perhaps increased costs of living are no longer considered inflation?
Russia has not invaded Ukraine, you can keep your doctor, Iran will sign a nuke deal, we support Israel, the economy is recovering and the planet is warming, right?
We are reminded of old advice offered new arrivals in Alaska in times now past: “Believe nothing that you hear, and only half of what you see.”
And stash a few bucks under the mattress …