US taxpayers will be helping to foot the bill for the Greek bailout, via the Interna tional Monetary Fund. And if the Obama administration doesn't draw a clear line, Uncle Sam may soon be on the line for even more and larger European "rescues."
The Greek government, with its high taxes and profligate spending to support large bureaucracies and social programs, is bankrupt. Its bonds have been downgraded to junk status.
As economist Milton Friedman once said, "If you put the federal government in charge of the Sahara Desert, in five years there'd be a shortage of sand." Greece has run out of sand.
Saturday, May 08, 2010
And yet we're broke too. Biggest ponzi scheme in history.