Tag Archives: greek default

The Waterfall

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Europe is now facing a debt crisis so severe as to imperil the entire global financial structure, and they don’t know what to do about it. An agreement was reached in July to take a partial hit on the Greek default and try to manage the consequences, but now there are those who want to borrow more money to pay back the previous money they borrowed and cannot repay. Christine LaGarde, the Managing Dirctor of the International Monetary Fund, insists they stick to the July agreement, but there is no consensus. What will they do? Greece will likely default on October 15, and if they do Europe and the world will be standing with their backs to a waterfall and a T-Rex about to devour them.

 

 

Christine LaGarde

Is trying hard

To not hurt peoples’ feelings

She said let’s try

What last July

We said about debt dealings

Ah no said those

Who while morose

See not a sticky wicket

While others say

The USA

Upon them we can stick it

It’s Europe’s call

But waterfall

Now looks to be the winner

And one expects

That old T-Rex

Will soon be having dinner

 

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Some Damn Fool Thing

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In 1909 Norman Angell published a book titled The Great Illusion, in which he argued that Europe, and the world, was now so intertwined financially and culturally that war was unthinkable. And we all know what happened five years later. Bismarck said war would come from some damn fool thing in the Balkans, and he was right. And it is happening again, this time in Greece, with debt default looming over Europe and the world, a default by the Greek government that could bring down the financial structure of the entire world. The last damn fool thing in the Balkans brought on world War 1 and the destruction of five world empires, the German, the Ottoman, the French, the Russian and the Austro-Hungarian, with the British empire lasting only another twenty-five years. And this time the collapse of empires may well include us.

 

 

The deer walk softly through the wood

Alert for danger, does and fawns

Small men stride worlds where giants stood

Outlined in light from pale false dawns

We know what’s right, the small men smile

We know what’s right, we know what’s good

And so they take us that last mile

There is no danger in the wood