Tuesday, May 4, 2010

Letter from the abyss

History is aplenty with ironies, so here's one more: Greece (the ancient one) the foundation of the European idea, and Greece (the modern one) bringing about its undoing. The Greek communists that unfurled their banners on Acropolis today saw it otherwise. They believed that revolution is back. That capitalism, having failed the peoples of the world, is about to crumple into dust and that communism will prevail. Conveniently, they tend to forget that Greece has failed not because of an oligarchy snatching away the country’s wealth, but because of socialist politics that benefited one and a half million workers (who are employed as civil servants and produce nothing), propped up with borrowed foreign money. Should we blame the bankers and the hedge funds for this? It’s like blaming a rich uncle for giving too much money to a delinquent, adolescent, nephew who went and spent it all on candy. The adolescent became fat in the meantime. And is now crying for more candy without crossing his stupefied mind that a diet is now in order.In failing, Greece has exposed the weakness of European institutions. Whenever I see that pathetic Luxembourgian guy who is supposed to be the “President of Europe” my shoulders drop and I get a tendency to stare at the floor for hours. We have entered a period of uncertainty that will make the recession of 2008 look like nothing.

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