Greece and Ireland - Two giant ponzi schemes

Here' a nice piece about the giant ponzi scheme in Greece. Greek politicians do not see the debt as being debt. They see it as income. So says Steven R. Earle in the Financial Post of Canada. "The problem with much of the opinion surrounding the Greek financial crisis is that few writers actually have any experience in Greece, in dealing with its politicians, its bankers, its systems, its cultural proclivities and its people," he says. He does, and his article makes very interesting reading. Eric Morecambe used to joke "How much does a Greek earn?" but I bet he'd be sobered in a second by such stuff.

And ponzi schemes are not just for the Greeks. The Irish have got a giant ponzi scheme going too. Rob Lyons writes in Spiked about how Ireland became a giant ponzi scheme. Well, if you can make money out of thin air, is it surprising that the wheels have come off these wagons.

Posted in: government borrowing,Greece,Ireland,ponzi schemes