As I watch the calamity in Greece and the chaos in China I am struck by how much things have changed in 10 years. “Wealth” looks very different to many people these days.
Wealth is time with one’s family. Wealth is time to think. Wealth is a good roof over one’s head. Wealth is good food and good friends. Wealth is walking through a field first thing in the morning with few bills to worry about. Wealth is swimming in the ocean and catching flounder in the surf. Wealth is peace of mind.
Be thankful you aren’t an unskilled worker in Athens or a newly middle class manager in Shenzen who has leveraged his home to play the stock market. Be thankful that you are not feeling the hottest of the world’s economic flames. At the same time be aware that fires do spread.
(From Washington’s Blog)
How generous of the finance ministers of all those EU member states to agree to a “bridge loan” that will help Greece “keep its finances afloat”. This should provide the people of Greece with a bit of breathing room, right? Maybe access to their bank accounts (finally!), perhaps?
No, not at all. Here’s what the entirety of the “”loan”” will go towards instead:
The bridging loan means Greece will be able to repay debts to the ECB and IMF on Monday.
Ummmm…that “money” will not ever go anywhere near Greece…
…Why do we slavishly feed a banking system that is rapacious, insatiable and always threatening calamity whenever it doesn’t get exactly everything it wants, when it wants it? That is a question nobody in power is willing to address.
Why not? Because there’s no good reason to do it — unless you’re a bank, or one of the many proxy agents (like politicians) receiving kick-backs from the banks.