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By Alec Hogg
As you read this, the Greeks have apparently decided on their future in the country’s first referendum since 1974. Their aggressive young Prime Minister Alexis Tsipiras continues to remind us the most dangerous people are those who don’t know what they don’t know.
A hard-left politician thrust into power by promises that are impossible to keep, he continues to bait those whom Greece owes money.
Most Greeks had little idea what they were voting for yesterday. They were presented with a convoluted 72-word question to which they could answer Yes or No.
Tsipiras urged “No” in the belief this will strengthen his hand against Greece’s creditors. The rational man would describe him, rather, as a Judas Goat leading sheep to slaughter.
At some point the bouzoukis must stop playing. Greece has defaulted on its debt seven times in the past 200 years (behind only Argentina, at 8). This is the result of deeply entrenched structural problems in the economy which make another train wreck inevitable.
Greek Prime Minister Alexis Tsipras
Tsipiras’s Plan B is to resuscitate the Drachma. That way he believes he’ll be able to keep using other peoples’ money to fund the excesses. Zimbabwe tried the same thing and ended up with hyper-inflation and the destruction of its citizens’ savings.
At an AGM some years back Berkshire Hathaway’s deputy chairman Charlie Munger said Grexit was inevitable: “Greece is like your drunken brother in law sitting in the country club all day with the family business’s credit card.”
Greeks need to sober up. Instead, by following delusional leaders, they keep demanding the rest of the European family keep paying for the spree. Economic laws cannot be broken. Things like this always end in tears.
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