Thursday, 11 February 2010

Sick man of Europe seeks remedy from wary neighbours
Living on credit
Now the bill comes home and no one wants to pay. "Let someone else pay for it" seems to be the theme of all the Greeks interviewed on the subject. Since there is little chance that their government will require the public sector workers, businesses or the self-employed pay up, the tab will likely come to you, me and other EU citizens.
    This is difficult: as the debt bill gets passed around from hand to hand, the best individual strategy is to keep kiting until bankruptcy, then start over. As this strategy rises from individuals to groups to natons, I fear the result will be a global depression that will make the 30s look like a mild downturn. I'd say about 2025.

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