Greece has taken advantage of its membership in the European Union to borrow heavily to expand its public spending, thus increasing its debt to unsustainable levels, all the while concealing from the EU inspectors the real condition of the Greek economy. The EU (read France and Germany) have now said no more bailouts, so the government has promised to cut spending, meaning lopping people off the public payroll. This, of course, has occasioned rioting in Athens and other cities, as people can’t understand why the gravy train cannot continue forever. Is Greece the canary in the coal mine? How far behind Greece is Italy and Spain? How far behind Greece is the United States in its year long spiral under the Obama administration into unsustainable debt?

 

 

Beware of Greeks bearing gifts

Beware of gifts baring Greeks

Have fun while the rising tide lifts

Later cry when your rising boat leaks

The socialist gift’s a charade

Borrowed money can last for a while

But eventually the piper is paid

And the bubbly wine turns into bile

We speak of canaries in mines

We parse what the wise men have said

We listen to wind in the pines

No matter, the canary is dead