Isn’t it funny how this financial crisis is going from the so called ‘demise of Yankee capitalism’ to the actual demise of socialist welfare state in a heartbeat?
The fact that such small country as Greece is having such a huge impact in the European Union is something that tells you how unsustainable the whole system is. Check out this little diagram showing some of the debt flows in Europe. Italy is a scary, scary case.
What do you do when a system as a whole comes under attack like this? You ask help to their guru, right?
So I took the painful step of reading Golden Boy’s blog this morning. Surprise! His posts on Greece are… how can I say this… very confused! He doesn’t have an answer other then “well, they can’t print money to generate inflation so they are screwed!”
Really folks, why is anyone surprised at this whole mess? Are the 70s so far in the past so no one remembers it?
The funny (in a sad way) thing is that Golden Boy really doesn’t understand what the problem is. Or at least he doesn’t want to admit it. He is totally fine with advocating more and more US debt to be issued while watching Europe crumble in their mountain of debt. “They just didn’t do it right!”, I bet he would tell you.
It is really insane. His only answer to everything is “Inflation!” (He tries to make it sound nicer by calling it ‘devaluation’)
I should start calling him Paper Money Boy. And his value is ‘devaluating’ really fast!