Tuesday, March 9, 2010
- Someone Stole My Prosperity!!!
Government bureaucrats run budget deficits and spend borrowed money until their fiscal situation is totally unsustainable.
Independant market participants correctly analyze that situation and demand higher rates to lend money to the insolvent parties.
Government Bureaucrats (with help from a sycophantic and economically illiterate business media) demand new rules banning 'speculation' in the hope that they can then force others to lend them money at the previously low rates.
Market Participants tell the government Bureaucrats to go suck eggs and that they can buy their own damned debt.
The government in question fiscally implodes.
The animating principle of all socialism is the idea that "someone stole my prosperity." The economically illiterate Greek government wants to blame hedge funds and 'speculators', but everyone knows that it's the Greeks that have behaved irresponsibly and the speculators are just calling them on it.
I'm with Gartman. I say ... if they don't want us to participate fine...let em burn.