Monday, June 29, 2015

The Real Issue in the Greek Crisis

You can't live forever off of other people's money.  That is the simple truth that commentators seem to miss about the Greek crisis.  Every country in the world should take note.  This is not just a Greek crisis, it is a world crisis.

There has been a dramatic cultural shift in the western economies, where folks think they can live off of bondholders indefinitely.  Either that or substitute empty promises (think Medicare and Medicaid in the US) for reality.  The truth is: you get what you pay for, with the emphasis on the "you."

Living off of other people's money is not a long run solution.  Giving everyone insurance that fewer and fewer doctors will accept is not a long run solution.

In the end, people will only receive what they are willing to work for.  All the other big government solutions simply postpone the inevitable.

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