Greece has a 60% unemployment rate for people in the 18-25 age bracket.
Think of this. This is a generation that is unlikely ever to save their career plans out of the recession that has overtaken Greece and is getting worse.
It will mar them for the rest of their lives.
The experts said this was impossible in 2007. The experts were Keynesians. They wanted us to believe that Keynesian policies can always overcome recession.
This is not recession. This is depression. But Keynesianism is not working as planned.
The bankers in northern Europe believed the hype. They lent money to Greece’s government and businesses. Now they need bailouts from the European Union — the government — and the central bank, and the IMF. They care nothing about Greece. They just want someone to pay interest on their loans. They are getting what they ask for.
We are told that it can’t happen here. Yes, it can.
We are assured it will never happen here. Yes, it will. If the Federal Reserve stops inflating, it will.
At some point, it will stop inflating — either before hyperinflation or after.