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Re: Greek baleout details
I'm almost half-a-world away from Greece, but from this distance, why would the European Central Bank want to bail-out Greece? Does Europe need more highly paid civil-servants? More hair-brained solar energy schemes and windmill fantasies? More exorbitantly priced Meditteranian real estate?
If we have learned anything from Bernanke and his bunch here in North America, we have learned the bitter lesson of bailing-out "too big to fail" banks. Wouldn't the right move now be to let Greece and the other PIIGS fail, because each bail-out ( as per Bernanke's TARP ) has proven to beget a bigger bail-out ahead.
Bail-outs beget more bail-outs, just as de-valuations beget more de-valuations, and some inflation begets more inflation. There is no end to this madness. Why haven't our central bankers learned from history?:rolleyes:Comment
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