All this fantasyland talk of Armageggon if Greece exits the euro is total nonsense. The world will not end when Greece defaults. Indeed, the world might breathe a sigh of relief.
So Why the Fear-Mongering?
That answer is easy. Bureaucrats have said for too long and in too many ways that "no one can leave the euro".
This is not about what is best for Greece. Is is about "face saving" of bureaucrats whose collective faces deserve to be dipped something far more smelly than mud.
Rather than let Greece default gracefully, all the nanny-zone fools cling to false hopes, while Merkel blatantly lies about wanting to keep Greece in the nanny-zone.
It was in the best interest of Greece to not let them in the Eurozone in the first place. Then it was in the best interest of them to default 2 years ago, 1 year ago, and 6 months ago.
Instead, because Merkel does not want to take the blame for kicking Greece out of the Eurozone, we see all the extra impossible-to-meet demands that have Greek technocrats jumping through hoops backwards to meet.
It is a travesty of justice what the technocrats, the nanny-zone supporters, and the politicians have done to Greece.
Anyone with any common sense knew Greece would default. Furthermore, if you are going to default anyway, then the earlier the default the better. In the name of stubborn face-saving Greece was destroyed.
Portugal and Spain better pay attention because they are on deck for the same treatment. As soon as Germans have to pay up, patience with those countries will wear thin as well.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.
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