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Wednesday, February 08, 2012

Spiegel: "It's Time To End The Greek Rescue Farce"

Back in July of 2011, when we first predicted [19]the demise of the second Greek bailout package, even before the details were fully known in "The Fatal Flaw In Europe's Second "Bazooka" Bailout: 82 Million Soon To Be Very Angry Germans, Or How Euro Bailout #2 Could Cost Up To 56% Of German GDP" we asked, "what happens tomorrow when every German (in a population of 82 very efficient million) wakes up to newspaper headlines screaming that their country is now on the hook to 32% of its GDP in order to keep insolvent Greece, with its 50-some year old retirement age, not to mention Ireland, Portugal, and soon Italy and Spain, as part of the Eurozone? What happens when these same 82 million realize that they are on the hook to sacrificing hundreds of years of welfare state entitlements (recall that Otto von Bismark was the original welfare state progentior) just so a few peripheral national can continue to lie about their deficits (the 6 month Greek deficit already is missing Its full year benchmark target by about 20%) and enjoy generous socialist benefits up to an including guaranteed pensions? What happens when an already mortally wounded in the polls Angela Merkel finds herself in the next general election and experiences an epic electoral loss? We will find out very, very shortly." Alas, it has not been all that very "shortly", as once again we underestimated people's stupidity and willingness to pay the piper of a crumbling economic and monetary system. But our prediction is finally starting to come true. Spiegel has just released an article, which encapsulates what well over 50% of Germans think, who say that the time to let Greece loose, has come.

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1 comment:

  1. Ever stacked dominoes and knocked them down? THAT'S what going to happen when Greece finally goes into total default. We (the USA) are in that dominoe chain and everyone in the banking and financial sector knows this. Thats why they are using every possbile trick and machination to keep that from happening. But they can't stop it. And BAD things WILL begin to start happening. Buy food, water and guns and ammo. They will quickly become either exorbitantly priced or completely gone....thats an inescapable FACT. But one that they are desperately trying to hide.

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