Greek Prime Minister George Papandreou declared he is not ruling out taking legal action against U.S. investment banks for their role in creating the spiraling Greek debt crisis.What?! Is it just me or does this seem incredibly ballsy? "...Greece has [been]...running unsustainable budget deficits with lavish government spending on unions, early retirements, impossible labor laws, subsidizing failing businesses, Madoff-like accounting practices and socialized health care." (Read more: A Euro of living dangerously) According to this Wikipedia entry, "[t]he public sector accounts for about 40% of GDP." Where do the evil U.S. investment banks come in to this equation? Yeah, I don't see it, either.
A couple of paragraphs down in the same article:
The 2009 budget deficit stood at 13.6% of GDP. This, and rising debt levels (115% of GDP in 2009) led to rising borrowing costs, resulting in a severe economic crisis. Greece falsified its financial data to try to cover up the extent of its massive budget deficit in the wake of the global financial crisis.
I'm no economist, but it seems to me that if you continue to borrow money without making any new money to pay it back, you're going to eventually run into trouble. It's like trying to pay your Visa bill with your MasterCard. But what do I know? I'm just a dumb, conservative hillbilly.
Besides that assault on our taxpaying checkbooks, (because we all know who will ultimately be paying for that lawsuit, if it's brought) we are already on the hook for $40 billion to help bail Greece out of their predicament thanks to the IMF. We're already going down the same path as Greece, but, hey, what's $40 billion among friends? Ugh!
The only hope we have as a nation, if we want to avoid Greece's fate, is voting the lefties and the RINOs out of office and replacing them with politicians willing to support the Fair Tax. You knew I'd have to throw that in at some point, didn't you?