The Samaras Government by stupendous, sagacious, and painful efforts, and by using “conventional economic weapons,” is pulling Greece out of its economic crisis. For the first time after four years, Greece next week will be able to borrow funds on the international financial markets.
I’m republishing this short reply that took place early in 2012, for the readers of this blog.
By Con George-Kotzabasis
A reply to Bruce Wilder, suggesting default for Greece and Italy as the remedy for their economic crisis.
In serious discussion it is wise to enter it carrying a sieve in one’s hands to separate the wheat from the chaff.
Your crystal clear “efficient calculating machine” that would implement your proposal of default, would be no other than a wise, brave, imaginative, and humane technocrat. So what exactly you have against technocrats? They are OK if they adopt your plan and only transported to Hades in toto for their ‘mortal sins’, if they don’t! Default was and is always an option. The distinguished economist Deepak Lal and exponent of the Austrian School of economics, long ago suggested such a schema. Lucas Papademos and Mario Monti, Prime Ministers of Greece and Italy respectively, both presumably have this option in their arsenal to be used as a last resort if everything else fails. But before they use this ‘nuclear’ option, they must try, and be given the right by all objective analysts and commentators, to resolve this economic crisis by ‘conventional’ means that could avoid a default which would open a big hole in their countries GDP and throw their people into pauperization for decades to come.
I’m republishing this piece that was written on October 2011.
By Con George-Kotzabasis
Barack Obama has been elected as president of the most powerful nation in the world that since the end of the Second World War has been the bulwark of freedom against its infernal enemies, i.e., the former Soviet Union and its allies. In the twentieth-first century Western civilization is threatened by a new implacable and irreconcilable enemy, fanatical Islam; and the USA is the only nation in the world that can defeat this foe. But president Obama has already failed both tests of “knowing thy enemy,” and as a sagacious strong respectful leader. He has weakened America both before the eyes of its friends and allies and, most dangerously, its enemies.
The nations of Eastern Europe are rapidly losing their trust toward the US that the latter will protect and defend their interests and security, since Obama’s withdrawal of the missile defence shield from Poland and Czechoslovakia and his concessions to the Russians. And the enemies of America, such as Iran and its multiple terrorist proxies are heartened and have increased their confidence that in Obama they have before them a giant eunuch who is incapable and unwilling to use force, even as a last resort, against them. Since Obama has replaced America’s superpower ‘Jupiterian’ bolt diplomacy with olive branches toward them.
The “dangerous scenarios,” of which you are concerned with, are already in their incubatory stage: a nuclear armed Iran that would start a proliferation of nuclear weapons in the region with all the great dangers that would issue from such proliferation, especially in a region that is replete with the votaries of fanatical Islam. Thus to your question what kind of advice one would give to Obama in such an impending crisis, it would be the most heavily ‘armed advice’ that would fall on his shoulders. But Obama has neither the spine nor the balls to carry such heavy advice on his morally rickety frame, and least of all bring it to fruition as a last resort. Thus any strong advice given to a congenitally weak president would be a barren exercise.