Thursday, June 30, 2011

Greece Crumbles But U.S. Will Pay

So roughly $8 billion of the IMF bailout of Greece will be paid for by the U.S.

One problem: we don't have the money.

Which means we will borrow it.

Which means our kids will pay tomorrow so Greek workers can retire at 50 today.

Actually, that's quite analogous to what's happening with public sector unions in the U.S. right now.

(Best recent SNL joke: "You know what Greece's #1 export is? Hard working Greeks.")


  1. No, no, no. We don't borrow so that Greeks can retire at 50. We borrow so that U.S. banks will not go belly up due to their exposure to European banks. We have to keep propping up that Wall St. house of cards. Let's have another column on how great Wall St. is.

  2. Did Greece buy Mortgage Backed securities peddled by US Wall Street?