Monday, January 26, 2015

Thanks for Democracy, Greece, But Don't Let the Door Hit You on the Way Out of 1st World!

by Nick Gillespie


January 26, 2015

So the Syriza has won the recent election in Greece and its leader, Alexis Tsipras, has vowed to stand against the "vicious cycle of austerity" foisted on the country by its creditors. And by the general guidelines of the European Union (EU), which insists that its members at least pretend to be serious about being able to their governments' books.

It's always nice to see a country peacefully change governments, especially when the incoming group apparently represents the will of the people. Nicer still to see it happen in Greece, the country that in many ways birthed the notion of representative democracy and has a long history of autocratic regimes and often violent protests.

But don't be fooled for a minute that anything happening in Greece has to do externally imposed "austerity" programs. The problems with the Greek economy stem from a basic, simple fact of ecoonomcs: Eventually the bill comes to due. You can't continue spending money you don't have, especially when you're a small economy that has to borrow dough from other, larger places. The homeland of Sophocles going bust and possibly being kicked out of the EU isn't a Greek tragedy. It's a sign that there is some order in the universe.


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