Filename: Economist re production April 15
Date: 29 April 15
By: Frank Gue, B.Sc., MBA, P.Eng.,
2252 Joyce St.,
Burlington, ON L7R 2B5
To: Editors, The Economist, London, UK
Re: “On the Gredge”, April 25th edition 212 words
Economists, the ECB, The Economist, central bankers, and associated worthies always miss the main truism in all these discussions, which is: one cannot indefinitely consume what he has not produced. Anyone who does is either a dependent or a parasite; take your choice to apply in the Greek situation.
The endless finagling with money merely changes the images on the screen. It does not identify Piketty’s owners of expensive information flows that admit them to the “In” crowd who can appropriate the real wealth created by real people who are the “Out” crowd. This real wealth is anyway too small to support Greece’s standard of living; therefore the Outs will resort to streetocracy quite likely to degenerate into violence and civil strife.
It is past time that Greece and its friends and creditors started dealing in real wealth instead of money; which is to say raising the productivity of Greece’s business and especially its industry, never mind pushing euros from here to there.
Unfortunately Greece’s socialist government will not learn this; socialists never do. One can only hope that Greece’s inevitable epidemic does not become a pandemic, and that Greece will rise from her sickbed before too much damage is done – to her and to the rest of the world.