Tuesday, February 16, 2010

Tough love

(Via the Drudge Report)

Germany has rejected the idea of setting up a special fund to bail out eurozone countries, like Greece, that run into budget trouble.

Finance Ministry spokesman Michael Offer said Monday that a European Monetary Fund would not help a case such as Greece's. He said there was "no way around" painful austerity measures being pushed through by the Greek government.


This could be rewritten as "Germany, knowing that digging a hole in water is a fool's errand, declines to be foolish." and be just as accurate.

Too many modern states, Greece and the United States among them, think that since someone will loan them money, it must be OK to borrow and spend. History has shown, time after time, that nations who silly-walk down this path eventually "go away", usually in a less-than-pleasant manner (see Rome, fall of).

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