Tuesday, February 9, 2010

Let Greece Go

The market rallied today and the pundits said that the rally was based upon hopes of a Greece bailout. Greece is teetering on bankruptcy because of the usual combination of entitlements and public employment largesse.

How does bailing out Greece help? It just means Greece continues along the same path without any course correction. Let Greece go bankrupt! Greece cannot afford what they are doing and others should not step forward to help continue this nonsense.

Greece is not alone. They are, in fact, the first of many to come. No countries can afford what the western nations are doing to themselves. Bankruptcy is the only way these countries will learn that they cannot afford what they are doing. So, let them go bankrupt.

Bailouts just prolong bad policies and eventually they will go bust anyway.

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