Who is Going to "Resolve" the Greek Debt Crisis?
I keep reading that the Greek crisis needs to be "resolved." Resolved? By whom? How?
Well, it seems the European Central Bank and the countries in the European Union are supposed to join hands and keep things under control. And so we go - virtually from day to day now - where the Greek crisis spins "out of control" and then we hear that the ECB and the governments of the European Union get things under control. And so it now continues on and on.
So if you haven't figured this out, there's not going to be any "control." What we're seeing as a kind of soap opera.
Even if the ECB buys up more Greek debt, even European nations like Germany and France agree to put up the money that Greece needs to meet its obligations, there's no end in sight. So why do they keep trying to control things? Wouldn't it be better if they saved their money, let Greece go bankrupt, and - if they want - spend their money to help Greece get back on its feet? If they spend their money now, it won't make any difference in the end. So why spend?
We could go on about all the reasons they're doing this - spending all this money now on what will be a failed project - but let's call a spade a spade. A big part of this is that the ECB and the governments involved really don't know what to do, or exactly what they're doing.
So many of us think that these "officials" know a lot more about what's happening than we do, and in one sense they do. The rest of us have jobs to do, families to take care of, lives to live. These officials are paid to know what's going on and what to do about the Greek debt crisis.
But just know what's happening doesn't necessarily mean they know what to do about it. And when you think about it, how could they? They must know that if they spend money now, Greece will still go bankrupt. Really. They have to. So by continuing to spend money now - they're just indicating that they really don't know what else to do. Because, let's face it, throwing money at the sinking Greek government debt isn't accomplishing anything more than putting off the inevitable.
So doesn't that mean they really don't know what the heck they're doing?
At this point, the crisis can't be resolved. It's going to have to play itself out. And that's why these guys should save their money now if they want to do something useful. As the crisis plays out, maybe there will be some reasonable use for their money. There certainly doesn't seem to be any reasonable use for it now.
Which all means NO ONE IS GOING TO RESOLVE THE GREEK DEBT CRISIS. All we can do now is wait and watch and maybe lend a helping hand if the Greek people inordinately suffer the ill effects of their governments failed fiscal policies.
What I'd look for, too, is whether any of those officials suffer any consequences from their failed policies. Will they take responsibility for their spending what they didn't have? Will they themselves undergo any of the "austerity" that they're imposing on their people?
Well, it seems the European Central Bank and the countries in the European Union are supposed to join hands and keep things under control. And so we go - virtually from day to day now - where the Greek crisis spins "out of control" and then we hear that the ECB and the governments of the European Union get things under control. And so it now continues on and on.
So if you haven't figured this out, there's not going to be any "control." What we're seeing as a kind of soap opera.
Even if the ECB buys up more Greek debt, even European nations like Germany and France agree to put up the money that Greece needs to meet its obligations, there's no end in sight. So why do they keep trying to control things? Wouldn't it be better if they saved their money, let Greece go bankrupt, and - if they want - spend their money to help Greece get back on its feet? If they spend their money now, it won't make any difference in the end. So why spend?
We could go on about all the reasons they're doing this - spending all this money now on what will be a failed project - but let's call a spade a spade. A big part of this is that the ECB and the governments involved really don't know what to do, or exactly what they're doing.
So many of us think that these "officials" know a lot more about what's happening than we do, and in one sense they do. The rest of us have jobs to do, families to take care of, lives to live. These officials are paid to know what's going on and what to do about the Greek debt crisis.
But just know what's happening doesn't necessarily mean they know what to do about it. And when you think about it, how could they? They must know that if they spend money now, Greece will still go bankrupt. Really. They have to. So by continuing to spend money now - they're just indicating that they really don't know what else to do. Because, let's face it, throwing money at the sinking Greek government debt isn't accomplishing anything more than putting off the inevitable.
So doesn't that mean they really don't know what the heck they're doing?
At this point, the crisis can't be resolved. It's going to have to play itself out. And that's why these guys should save their money now if they want to do something useful. As the crisis plays out, maybe there will be some reasonable use for their money. There certainly doesn't seem to be any reasonable use for it now.
Which all means NO ONE IS GOING TO RESOLVE THE GREEK DEBT CRISIS. All we can do now is wait and watch and maybe lend a helping hand if the Greek people inordinately suffer the ill effects of their governments failed fiscal policies.
What I'd look for, too, is whether any of those officials suffer any consequences from their failed policies. Will they take responsibility for their spending what they didn't have? Will they themselves undergo any of the "austerity" that they're imposing on their people?
Comments