IT WILL NOT HAPPEN TO ME. GUESS WHAT? IT WILL!!
Chapter 14
Pity the Greek Citizens – Not the Politicians
What you see and hear about Greece will slowly come our way. Socialism is a great deal for the politicians as long as they can provide openhanded gifts to the populace. As long as they could borrow money and put off the consequences until they could leave office – fine.
Once when no one will submit bids for their debt the game is really over. They better have an escape route to Argentina ready.
Once they joined the European Union, they lost their freedom to default for they are now tied to everyone else. A simple solution would be debt holders to forgive interest and go for the principal only. This would cause severe pain among the bankers whose salary is paid. Right now they are still in control, but slowly losing it as citizens start to revolt.
Now dear reader, this is how it will happen to you. Hospitals that depend upon government assistance will start to run out of supplies because they can not pay. Try blood bags, plastic gloves used to stop the spread of diseases’ from staff and patients. Unable to pay staff and nurses, and to matters worse all medical plans must be p[aid in full first.
Utilities can not pay for gas from Russia’s Gazprom. Italians stop supplying for the same reason and also their need locally overrides the Greeks need.
Greeks import some 40% of their food supplies. All of its oil and gas is imported, and almost all of its drugs and elixirs.
Its main industries are tourism and shipping. With high unemployment and a rising crime rate their outlook is more than bleak.
There is not easy way out for the Greeks, and all the solutions would be long term. Necessity will force changes in life styles. It will not come easily either. What they need is a Pericles and or a Spartan Police force.
Meanwhile Portugal and Spain are not far behind. Then there are the Italians and then France. Eagan Jones has just reduced their rating of Germany to AA, they are a private rating agency that is a step above the rest in my humble opinion.
Another long term solutions is to have term limits for all politicians. This makes it harder for them to con the public. It is more interesting watching a newly elected official trying to win votes knowing that he has a short time to prove his worth to the electorate.
One thing is certain, the world wide economy will be slowing down as countries and their corporations prove their credit worthiness. This era is a “game changer” and we will need new rules and safeguards to protect us from the robber barons of yesteryear.