Greek Pastries and Bitter Herbs
Socrates would have rattled on regardless "those fools spent that which they did not have" !! Plato would have swore the state and balked at the profligate lending that led this historic nation to the brink of collapse while holding the future of the European Union at worlds end.
Yes!! The Greeks should never have over-leveraged themselves with debt. The post-mortem is always easier to listen to or write about, especially since analysts pop out of nowhere onto the screens with their expert opinions.
While Riots flare up in Greece and the common man readies himself to feel the pinch of the proposed austerity measures, it is almost necessary to take a long hard look at the system itself. Capitalism riding alongside democracy is often touted as the only system that would lead to a better world. A world where what you sow is exactly what you reap (give and take a few weeds), where the market has no favorites and merit is all pervading.
In my opinion that probably still is the case. It is often observed that peoples love for capitalism reaches its zenith when the economy is at its crest. The US Economy is a typical case in point. Free markets do allow Financial Institutions to over-leverage themselves since at the end of the day it is "profit" that everyone looks for. The US is still pulling back from their second biggest recession, but it is indeed unbelievable that their citizens still repose faith in the system. Elsewhere in the world too, in Britain, the new coalition Government is pushing through their toughest known austerity measures since they once ruled India.
However, it is also noticed that peoples wrath against the system is normally vented in times like these, when the economy is dancing on a tightrope above a deep recessionary gorge. More so in Greece, especially since the public sector workers now feel that they are being shortchanged for no fault of their own. Much of the criticism is also due to the fat paychecks that Wall Street fat cats are still taking home despite the US Economy being in a Limbo.Continued on the next page