Slimviews: Commentary on Global Political and Economic Events by Slim Fairview. Read my blog today or hear it from experts in a month or two. Slim
Perhaps I should not call it commentary.
"Everybody knows what everybody knows." Slim Fairview [From The Quotations of Slim Fairview/ Copyright (c) 2011 Slim Fairview]
But I digress:
The latest reports out are that back in the mists of time, the fact that Greek debt was higher than reported and that prognosticators were saying this could lead to a default at some time in the future, were met with vehement denials and great acrimony.
"You show me disrespect. I got empowerment and dignity. I got an entitlement. Gimme something." [sic]
"Positive reinforcement of negative behaviour is a disincentive to improve." Slim Faiview. The time for stern measures was then. The EuroCrats failed. They were bullied.
Now that disaster has befallen Greece, Europe, Asia, The World, The EuroCrats are attempting to save face by taking stern measures.
Ineffective, ineffectual, but stern. And, too, they are clutching retentively to their ideologies like a two year old with his hands down his nappy.
You cannot have a solution that does not include economic development.
You cannot have a solution that does not increase the middle-class.
"The rise or fall of the middle class is a leading indicator of a nations future." [Success or Failure] The Quotations of Slim Fairview.
Still, the EuroCrats will not budge. This may be trite but it is true: They are rearranging the deck chairs on the Titanic.
Papandreou was to resign. Markets up. Denial. Markets down. Agreement to resign, Markets up.
"Those who forget history are doomed to repeat it." Santayana.
"Those who never learned history are doomed--period!" Slim Fairview
Berlusconi to resign. Markets up. Denial. Market down. When € 500 billion, tell you to go, you go. However, first there must be talk. Rumours. Denials. Pledges. Indignation. (Righteous or otherwise.) Accusations. Recriminations. Finally, a Sanctimonious Submitting of his Resignation--with deep regret. And a nasty insinuation about his critics and the opposition. I apologise if this seems harsh. However, we've seen it before--all too often.
Meanwhile, the Greek Parliament (Critical of the US) is emulating the US Congress in handling serious debt crisis matters. To assuage their bruised egos, the EuroCrats are comparing themselves (Contrasting) favourably to the US. That must offer some satisfaction. No solutions but some satisfaction nonetheless.
The only new visions the EuroCrats have embraced is to move from a failed policy and procedure of pursuing austerity with celerity and no mechanism for growth (rather stifling growth) and repeated larger doses of a medication that harms more than it hurts the patient.
There are some people who, when confronted by the consequences of their actions, will coagulate like white corpuscles to defend the body against the medication designed to heal the illness.” –Slim Fairview
That is what the EuroCrats are doing. Fighting the medication that will heal the illness.
The next step the EuroCrats are in the midst of taking: A Ponzi Scheme. Now that investors have lost half their investment, the EuroCrats are going to China for investors; to Brazil for investors; to the Petrostates for investors. Call it what you will. Define it any way you choose. This is a Ponzi Scheme.
If you are not laughing I will assume you understand the severity of the situation.
Instead of describing my blog as Commentary, let me say that it is more prescriptive than descriptive. But don't bother listening to me. Everybody always doesn't listen to me.
My Comment on The New York Times On Line.
Copyright (c) Slim Fairview