The Errors Behind Today's Economic Woes - WSJ.com
It is a puzzle why Americans are so fixated on Germany paying for the Greeks, etc.?
After all, how many Texans will be bailing out California when it can't pay the interest and/or refinance its bonds?
And, from what appears still to be the case, the Greeks haven't come close to a fiscal policy that can support its economy without fresh money - and, every year.
So, some of us just have to laugh and chortle at those who think the Germans have to take care of the Greeks. Those who bought Greek bonds thinking the Greek fiscal policy, body politic and economy were akin to that of Germany deserve to pay the price for their lack of insightful thinking.
But, then again, socialists like to avoid insightful thinking - it tends to be stratifying.
So, as well put in several recent editorials, the idea that Basel II and III made all European euro sovereign debt equal is now being shown as the king with no clothes.
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