Greek Children Pay for the Euro

This is one reason (out of many) that I hate the Euro. A currency without transfers or common fiscal policy is not a currency but a trap to catch countries in perpetual debt. It’s worth noting that about 5 % of the massive bailout money Greece has received actually stays in Greece, the rest is paid to German lenders. The Euro (as most modern banking) is a large confidence scheme that impoverishes children so that digital information can be transferred from one computer to another.

Greece is certainly not innocent in this but at this point it’s like someone in debt to loan sharks with debts that can never realistically be paid back (especially since the reforms demanded by the bankers have the effect of reducing government income pushing it deeper in debt and punishing any lingering entrepreneurship in the country. Portugal, on the other hand, has quietly done everything the bankers have asked…. and is in no better position now than it was when the Euro bubble burst in 2008.

The people who designed the Euro were creating a 1970’s solution for problems that were better dealt with by computer by the early 2000’s. They purposely built it so that once a country entered it could never leave and now millions of people in Spain, Portugal and Greece (soon to be Italy?) are paying the price for their hubris.

Greek children may not be doing well but German banks aren’t going to lose a cent. I sometimes wonder if they want crowds with torches and pitchforks, because this is how you get crowds with torches and pitchforks.

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