We are all Europeans now. Doubt that"”and just try to get news about the American economy on the financial news networks on any morning. No luck. Lots of talk about German chancellor Angela Merkel's balancing act"”trying to keep from being turfed out of office, while still sending Germans' hard-earned money south to rescue Greece. More talk about the perilous condition of the European financial system, with under capitalized banks struggling to survive as the value of the sovereign debt on their balance sheets heads south. CNBC reporters bundled onto planes for quick overnight trips to Athens to interview everyone from politicians providing assurances that Greece, with its debt-to-GDP ratio a staggering 165 percent, really means it this time when it promises to lay off public sector workers and collect taxes, and the man on the street who vows to shut the country down if there are layoffs, and not to pay any taxes, much less the draconian new levies on property. If there is time to spare, they take a quick hop to Madrid to hear why it is not feasible for the government to privatize the lottery system, as it had promised to do. And with luck, some partying in Rome with Silvio Berlusconi"”not really, but I am sure financial reporters would find that a relief from the mostly dull people they interview as a regular matter.
Read Full Article »
