There was a rather interesting article recently in the New York Times on November 11, 2011 titled “Greece and Italy Seek a Solution From Technocrats” by Rachel Donadio. Now the title is somewhat misleading, however, it does bring up an interesting concept, and that is to actually let the Technocrats attempt to try their plan. Why you ask? Well, Greece has nothing to lose, that’s why. Okay so let’s discuss this shall we.
The Technocrats see free-market capitalism as running its course and that eventually the game will collapse, again and again, they don’t see capitalism as a long-term viable solution to running human affairs; civilizations and societies. Indeed, they do have some legitimate points in some regards, although I certainly cannot subscribe to all of their ascertains. Nevertheless, as a coordinator for a think tank, I do find the dialogue and discussion worthy, at least so far as an “intellectual thought experiment” just as I suppose I would any well thought out theory.
Some of the Technocrats do treat it as sort of a religion, and I think that’s where I am unwilling to go, because I have fundamental disagreements with the logical foundation their argument. Still, here we have Greece right? It is not a viable economy, nor can the government continue to borrow money, that it cannot pay back, and thus, certainly no one really wants to lend it to them, and Greece cannot afford the price of the money.
If Greece defaults completely again, remember since 1821 they have defaulted 6-times, and ancient history does show this is a repeating occurrence for them. Greece has too low of taxes for all the benefits it gives, and have built themselves the proverbial ponzi scheme of future promises. Now the people are pissed, rioting in the streets, and don’t want to be ridiculed by the EU or the rest of the world.
If they leave the EU, depending on how that might legally happen, other members might say good ridden, and still others such as Italy, Portugal, Spain, Ireland, and yes, perhaps even France although probably not, may wonder if they are next. Indeed a cascading effect. Which is why some say that the EU as we know it today, will not look the same in 3-5 years, and I would agree with that. It needs a major overhaul, or it isn’t viable as a whole, due to the sum of its parts, along with its weak links.
Now the Technocrats have forewarned this day was coming and they claim to be ready to take the helm if and when it does. A new type of civilization not based on non-backed currency wealth, but backed by something that is tangible. Can they make that happen? Who knows, but maybe the EU should let them try their experiment, after all, Greece is at a cross-roads, and it would be insane to have them default, leave the EU, change back to their old currency, only to repeat right? See that point?
Indeed, I hope you will please consider all this and think on it.
Lance Winslow has launched a new provocative series of eBooks on Future Concepts. Lance Winslow is a retired Founder of a Nationwide Franchise Chain, and now runs the Online Think Tank; http://www.worldthinktank.net