Tuesday August 28, 2012
In Boomerang financial journalist Mike Lewis visits Iceland, Greece, and then Ireland before finishing with a, surprise, bike ride with Arnold S, who reflects on our version of those countries, California.
After reading his account of how the Greeks operate, Germany can attempt a bail out but I would not expect the outcome to be any different. Greece has been in default of half of its modern existence, since 1823, and no wonder. In an election year the politicians pull the tax collectors off the street. No credit cards, people pay cash and under rerport their income, even corporations. Hundreds of occupations got themselves categorized as arduous and obtained a retirement at age 50 something.
Recall my comment this past weekend about Turkey, as many billionaires as in Moscow or London, a lavish spread in the weekend WSJ. Money never sleeps and it moves to productive economies. As Mark Steyn observed in his latest book After America, the Europeans are all demonstrating for the government to 'rescue them.' In America the Tea Party demonstrates for the government to leave them alone. In Turkey and the Eastern Bloc countries they are all thrilled to be working. And so the money marches East.