Wednesday, February 22, 2012
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"The problem with socialism is you eventually run out of other people's money" - Margaret Thatcher "The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design" - F.A. Hayek
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There is no such thing as a free lunch - seems like Germany either will leave EURO and pay the price with higher currency, or pay the Greeks whose membership in the European Union lowers value of EURO to fuel German exports.
So maybe the inefficient Greeks are not entirely at fault here. What about complacent Germans who gave Greeks false illusion of prosperity by letting them become a member of the club they did not belong to.
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