Those of you past a certain age may remember the old Art Linkletter show “Kids Say the Darndest [sic] Things.” The one I still remember was when Linkletter asked a little boy if he looked like his daddy. “No,” replied the boy innocently, “I look like the mailman.”
Anarchists tossing firebombs celebrated the Greek government's latest round of economic austerity measures. In their violent revelry's afterglow, four dozen or so Athenian buildings became party candles and 150 Athenian shops provided presents to any rioter willing to loot them.
Decades of government intervention into economic activity have produced economic distortions, sluggish growth, an unsupportable debt burden, and a rotten financial structure ready to collapse of its own dead weight. In spite of that record, most Europeans want more government. That’s their choice. Like it or not, sooner or later, we reap what we sow.
Greece threatened with expulsion from the EU if austerity referendum fails.
The global web of commerce is prone to false alarms and I’m always skeptical of claims that organizations barely capable of coherent management of their core mission are somehow capable of pulling off a global coup. But reports coming in from Europe are troubling and convey the impression that a sense of panic is setting in across the Atlantic. There is good reason for concern here because of the intertwined nature of the global banking system.