The European Titanic

Not de fault of the Greeks

The Speccie has a wonderful editorial on the European dept crisis and why we should not blame the Greeks. It suggests no one should be surprised.

 After all, the Greeks pioneered default as well as democracy: the first recorded example of bankruptcy was when ten Greek municipalities defaulted on loans from the Delos Temple in 4th century bc. Greece has defaulted five times in the past two centuries.

For the European leaders, this really looks like a shuffling of the deckchairs. Added to that the despair shown by Mark Steyn on the incompetence of Barack Obama in After America, demonstrates a complete paralysis of the political class anywhere to do anything.

Thinking of the deckchair analogy is uncannily accurate. The West is traveling in a cosy, luxurious state of the art Titanic with an infinite horizon of prosperity and debt accumulation that we all believe cannot sink.

Yes, that is it.

Greece will never be run like Germany, and all the summits in the world will not change this simple fact. The deluded eurozone leaders still think otherwise, flying here and there yet getting nowhere. Each new set of crisis talks seems to take them further away not only from reality, but from the people they represent. The EU leaders now live in a fantasy world of acronyms, and talk as if they actually have a trillion euros to spend. None seem to realise yet that they are arguing atop a mountain of debt, built upon debt.

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