A sign for for anti-bailout party Syrzia in Athens, Greece yesterday
Ahead of elections in Greece this Sunday.
(which may see the country exiting the Euro).
Greg Palast writes:
The euro is simply the deutschmark with little stars on it. Greece cannot adopt Germany’s currency without adopting Germany’s finance minister, Wolfgang Schäuble, as its own.
And Schäuble has determined that Greece must be punished. As my homey Paul Krugman points out, there is no credible economic theory that says that austerity—that is, cutting government spending, cutting wages, cutting consumer demand—can in any way help a nation in recession, in deflation. That’s why, in 2009, Obama ordered up stimulus, not a sleeping pill.
But austerity has nothing to do with economics. It is religion: the belief by the stern Lutheran Germans that Greeks have had too much fun, spent too much money, and spent too much lazy time in the sun—and now Greeks must pay a price for their sins.
Oddly, I hear this self-flagellating nonsense from Greeks themselves: we are lazy. We deserve our punishment. Nonsense. The average Greek works more hours in a year than any other worker in the 34 nations of the OECD; Germans the least.