A Greek Tragedy

Greece the stock market and everything in between.

The Greeks don’t like it and the markets don’t like it. Who is to blame?
The world economy is in serious upheaval once again as Greece teeters on the verge of bankruptcy. The crazy part about all this is that a package has been offered by Germany to Greece and it will solve the immediate needs of the country. The aid comes conditionally that Greece cut spending and become fiscally responsible. This all means that there will be fewer handouts to pension plans and retirement funds and all other government services. The Greeks do not want to work past 50 ( retirement in some circles) they do not want to sacrifice promised stipends for the good of the world economy. They could care less about the world economy.
Who is to blame for the great mess?

The Greeks themselves of course and the political system of the country.
The Greeks in the last 25 years have elected officials that tell them what they want to hear. That is generous benefits to all, even without revenue that is coming in. Missing money is borrowed at continuing greater cost and then pay up time arrives and there is no money to pay back debts. As the banking systems in Europe are intertwined Greeks own loans will default effecting everyone even the Stock markets on the other side of the world. The investors in these markets fear that the Greek people will not agree to austerity. If they cripple the economy then the little the government makes from Taxes will be negated making paying back anything impossible. If Greece should default then countries like Portugal and Spain will not be far behind.

Somebody fearless in these countries needs to get up and say that every country should live within its means as should every individual. Government spending needs to be curbed to the bare minimum, handouts are wrong. The entire free world should look at this Greek tragedy as it is likely to come any country acting like Greece. This may happen in the United States if the continued incredible spending of the Obama administration continues.

Hold on to your precious metals that’s what you may have left in the end.