This thing in Greece just won't go away.
Simon Johnson at Baseline Scenario weighs in. OS takes him seriously, given the man's resume, including time at the helm of the World Bank. Not another angry guy living in the basement of mom's house, definitely.
Long story short:
1. Nobody does anything, and Europe comes unwound.
2. The US rides to the rescue on the backs of its taxpayers, and does stuff that makes the TARP look like small potatoes.
3. The politicians in Greece actually man up, slash the spending, and do the right thing. It's really ugly for a while, but everyone survives, perhaps wiser for the experience.
Well, number 3 is not in the cards. The clowns who created the problem are still in charge. Courage is not their strong suit.
Number 1 is unacceptable, since the last time Europe came unwound, we all ended up with Hitler, Stalin and Mussolini. That turned out well!
So, that leaves us contemplating Door Number Two, to quote the old TV game show...
OS scratches his gray head and wonders: Since we're now spending money like Greece has been for years, who rides to our rescue in 2022? A grateful Europe?
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