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What could be more ridiculous? The
Nobel committee grants its "Peace Prize" to the European Union, as
riots break out all over Europe in protest to austerity measures that are a direct
result of unsustainable government spending made possible only by the EU's
flagship monetary tool, the inflationary and misconstructed euro. Here's just one example among many. Earlier this week Greeks rioted over the
visit to Athens by German Chancellor Angela Merkel, who is seen by the Greek
citizenry as the cause of their financial plight. You see, the Germans are reluctant to hand
over even more euros to sustain the Greek's overblown welfare state. In Greek eyes that makes Germany responsible. There is even talk of demanding German reparations
payments for the misery perpetrated on Greece by the German army almost
three-quarters of a century ago. Oh,
what a blessing has been the European Union!
It has created probably the worst continent-wide financial crisis since
the 1930s and has rekindled animosities for which no living person is
responsible. But this is par for the
course for the Nobel committee's Peace Prize recipients, who have included terrorists
(Yasser Arafat) and communist dictators (Mikhail Gorbachev).
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It not the Greek welfare that's the issue. The core problem with Greece is that it has a pay bill and pension bill from the civil service and the army that was pegged. So, since these commitments are fixed, a bit like rent on a shop, thew rest of the economy is being strangled to feed that cohort.
ReplyDeleteWelfare, per se, is a tiny fraction and is little more that keeping them alive. However, since there are a huge number relatively speaking that draw pay from the State everything else is marked to that market. Ergo, a loaf of bread is priced to the civil servant not the low paid worker.
And yes Merkel isn't at fault. But neither is she helping matters.