Thursday, December 23, 2010

This blaming the rich argument is absurd. Over 60% of Americans own stocks in their 401(K) or some kind of other company-sponored investment fund. When the U.S. stock market declines, we all lose. Greece needs to tighten up. End their entitlement culture. Ditto for the rest of Europe. If you want an entitlement culture, you need to save, work, hard, be disciplined, like Germany, which has a huge welfare state. Ditto for Scandinavia. But they work for it. Southern Europe? Forget it. Though they need to make draconian budget cuts right now, it's nuts to think Italy, Greece, Portugal or Spain will ever approach the frugality and discipline of northern Europe. Heck, it's precisely BECAUSE these nations are so loose, corrupt, and, yes, fun, that northern Europeans vacation there. Just like New Orleans, a corrupt cesspool of ignorance and greed which is also a hella fun place to visit. I just don't think you graft Teutonic fiscal discipline onto Mediterranean free-spirited cultures. So, if the northern Europeans want the Mediterraneans in the EuroZone, they are going to have to periodically bail out the southern European laggards, and stop whining about it. Otherwise, they won't have any beautiful villas, nice beaches, and great cuisine to enjoy on their extra-long winter and summer vacations.

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