Greeks face the horror of closed banks as Thatcher’s day of reality finally arrives. They collectively voted for politicians who made each election an auction of other people’s money. And from the man in the street to the editorial writers in the Greek media, the politicians of every party, every businessman and banker, they all bought into the stupid socialist delusion that governments can print money and debt does not matter.
Debt does matter, and for those who say that governments cannot do what must be done for if they do they will be voted out, and support them though they continue to deceive and cheat the unknowing voters, well look long upon Greece, for it is your doing.
17 thoughts on “Greece’s collapse should send a shiver down the spine of every socialist”
Democracy is Doomed to Failure
“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship. The average age of the world’s greatest civilizations has been 200 years.” This quote is attributed to Alexander Fraser Tytler. In 1814, John Adams said “Remember, democracy never lasts long. It soon wastes, exhausts, and murders itself. There never was a democracy yet that did not commit suicide.”
Can’t remember who wrote these words, but very true.
Yes, and many people fail to realise that the reason the US is a Constitutional Republic and not a Westminster democracy is that its founders understood those predictions.
Constitution Republic and not *any* kind of democracy.
That’s just one reason why Ted Cruz’s latest proposal is so stupid: the Framers and Founders hate the idea of either a universal franchise, or a national one.
The joke and it is a joke is the Greece only accounts for something like 2% of the Eurozone, and about the same as us .05% of the World economy.
It is an irrelevance and the best thing that Greece could do in the situation is to go Bankrupt wipe the slate and start again, and do it properly this time.
The problem is that they are not alone, funding their lifestyle beyond their means. Portugal, Italy, Ireland, Spain also France etc are all in the same situation.
By itself the Eurozone could adsorb it. But it may also open the flood gates for every other Country in a similar situation.
Then our World Financial Market Ponzie scheme is in real trouble.
Not really, there would have to be a reset of the World economy and a bit of pain, especially for those living beyond their means.
I saw an article that showed that 2 US tech companies had enough in cash at the bank individually to pay off Greeces debt.
What would a Country give up for the ability to repay its debt a sort of Sky City Government Guaranteed monopoly with the power of the state backing them up.NZ was cheap a motley downgraded convention Center.
Preferential laws, TAX exemption.
Would the likes of Apple and Microsoft, pay off the Greek Debt and move their World wide operations there, Head office, manufacturing, preferential TAX status etc.,
2 US tech companies had enough in cash at the bank individually to pay off Greeces debt.
well that just goes to show how shit Greece is.
The Eurozone can perhaps absorb Greek debt – well Germany certainly can – but France collapsing? France’s economy is only slightly smaller than the UK, sixth in the world (after US, China, Japan, Germany, UK). France goes down or goes out – Europe is fucked; the Welfare West is at and end, and yes China and the US will for sure feel that — as will little old NZ, whose borrow-and-spend-on-welfare economy is far closer to Greece than it is to China, the US, or the UK.
I hope whatever the Greeks do they take global warming into consideration.
Well yeah, they can’t afford to pay for coal or oil, so that’s 80% of their electricity generation offline. No more cars or streetlights or or computers etc should save on global warming too.
Borrow and spend.
The NZ Government requires 45% of the Countries GDP (Income) eye watering + borrow to cover the shortfall.
In France it is 55%. In some occupations you can retire at 50, teachers 55 the rest 60. Talk of lifting it to 62 was met with riots in the streets.
And yes big business is very big, and has a lot of lobbying power. They would not want to bail out Greece because they would just continue on with the borrow and spend policy.It would come back and bite them in the bum.
Honestly did anybody not question that a Country the size of New Zealand was hosting the Olympic Games.
Like most Countries they did not meet the EU criteria for entry, so they hired somebody like Goldman Sachs to massage the books a little bit.
In Greece – now – after reforms already done, retirement age is 67
In NZ – retirement a is 65.
In fact – retirement is socialism and simply unaffordable. Governments cannot and must not provide any kind of retirement age, support, dole, codger-dole etc
Greece did default and the World did not end.
Right on again Red. I wonder at the mountain of debt most countries are under and what it is going to take to make the whole house of cards come crashing down. Almost makes me weep when I think of NZ and the only political parties willing to take on the status quo of Fiscal liberalism are the Conservatives and they are busy infighting and the ACT Party, whom are busy being sycophants to the liberal National party.
I’ll bet the Greek treasury had similar charts right up to the end. 🙂
What annoys me is that the left bleat on about it being a tax issue. Low taxes are great but you cannot retire at 50 on a huge state pension or increase the civil service by 5% a year forever if you have low taxes. Serves the stupid Greeks right – any idiot could see it was not going to last.
SInce 2009, Greece’s civil service has decrease in size by almost HALF.
Since 2010, the UK has cut 10% of the civil service.
Since he was elected, Key has cut NOBODY
Have a very strong feeling that we are heading for our own Greek tragedy.
But others will get there before us so pay attention and learn.
Look for ways to protect yourself not only from the economics but the a greedy Government and angry hungry ingrates who rely on the Government for today feed.
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“Have a very strong feeling that we are heading for our own Greek tragedy”Mr Blobby
You’re not the only one bud
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