Greek Default Imminent

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“There are two things that can hurt an economy, one is a deficit and the other is higher taxes, so it’s almost a matter of pick your poison. But why do we have to run deficits, or why do we need higher taxes? They both really stem not from the tax cuts but from overspending.”

~ Tim Kane

If you think it cannot happen here, examine the economic disaster that is now Greece. Their default is imminent. Ireland’s bond rating is also reduced to junk status.

The nanny/welfare states cannot survive. They are unsustainable. Of course, we all want to give as much as we reasonably can to our fellow man, but we cannot do it if we do not have it. It’s insane to give all one’s economic power to one entity such as a government. Sanity needs to prevail or we will go the way of Greece!

Reuters…Moody’s cut Greece’s credit rating further into junk territory on Monday and said it was almost certain to slap a default tag on its debt as a result of a new EU rescue package.

It was the second rating agency to warn of a default after euro zone leaders and banks agreed last week that the private sector would shoulder part of the burden of a rescue deal that offers Greece more cash and easier loan terms to keep it afloat and avoid further contagion…Read here: There goes Greece

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