Greece Riots, Brussels Fiddles, Germany Seethes, Europe Burns
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  • George

    Don’t forget the liquidization of our monetary supply via the Fed’s sero interest rate policy. Its downright frightening when one realizes that we will pay $500 billion in interest on our debt in 2015 with CURRENT interest rates. If one does the math and assumes interest rates reverting back to norm, that interest amount absolutely skyrockets. Which means the fed has absolutely no other option but to keep the ZIRP as far as we can see.

  • Jim.

    The implication is clear:

    The political classes of the world are not wise enough to be trusted with any more power than they have over the rest of us.

    They’re not even wise enough to be trusted with the power (and budgets) that they have.

    Now more than ever, we need better sources of information, better heuristics, than Leftist political theory can offer.

    We need Free Markets, and the price point information those provide. We need traditional approaches to economics (skepticism about taking on debt, values of hard work and independence, strong families and churches as the primary means of taking care of the old and infirm) rather than trusting out-of-control government to take care of everything.

    They can’t take care of everything. They fail when they try.

    As George (comment 1) pointed out, even in places where it looks like things are going comparatively well, if (when!) interest rates go to their traditional levels, the US is going into hard default or “soft” default (inflating away our debts).

    This is not to say there is no hope for the future. On the contrary; I have great confidence in individual responsibility and traditional values.

    We just have to get Leftism out of the way.

  • Eurydice

    Yes, indeed. And the Greek GDP numbers announced today are also much worse than expected, which might shed some light on those who are still puzzled by the public’s unhappiness.

    I hope Germany’s best and brightest don’t think they’re actually keeping a secret by expressing their foreboding behind the scenes. At this point, I don’t think anybody believes the Euro was a good idea.

    The Europeans may not know what to do next, but they know what has to happen overall for the Euro to work – they have to give up all notions of sovereignty and create a true European government. So far, they don’t want to do that, but eventually the world will demand that they make a decision.

  • Edward Grey, 1st Viscount Grey of Fallodon

    The lamps are going out all over Europe. We shall not see them lit again in our time.

  • Kenny

    “Twice in the past year I have found myself sitting next to different senior German officials at a dinner who have proceeded to tell me that the whole single currency was a terrible mistake.”

    Well, duh. These ‘best minds’ are like the village idiot who runs to the town square one day and announces that he’s discovered that the sun rises in the east.

    Well, yes the sun does rise in the east. So what can you do but pat the poor fool on the head and smile.

  • The implosion of Greece is just the start. They are faced with the same problems that the rest of Europe is faced with, it’s just that their economy couldn’t hold the ever growing wave at bay.

    The same thing will happen in the rest of the European countries as the dams of their economies are overcome by the debt they’ve created. And it will eventually come to America as well. The problem then will be, I fear, that the wave will be so big that what is left will not look anything like what was.

  • anon.

    Meanwhile, all I can do is think of what tune to play next on my fiddle while Rome burns.

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