A crumbling government, protests on the streets of Athens and ongoing European disagreement on another bailout package: Greece's debt crisis is on the verge of spiralling out of control. German commentators say that the country's politicians have failed their people.(Source: Der Spiegel)
Everybody is guilty.
The people, because they asked too many social programs that they did not deserve.
The politicians, because they gave too much to the Greek people, knowing full well they did not deserve it because they were not producing the wealth to repay the loans.
The bankers, because they knew what was going on. Yet they gave the money to the politicians to finance the grotesque Greek social programs.
The problem is that who will have to pay, eventually, is the Greek middle class.
Make no mistake about it. What has been happening in Greece has been happening here too. This is the reason for the catastrophic decline of the dollar since 2004.
George Dagnino, PhD
Editor, The Peter Dag Portfolio. Since 1977
2009 Market Timer of the Year by Timer Digest
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