Epic Fail Straight Ahead: Socialism

If there were ever an example of socialism writ large, it is Greece.  Now look where it has led the continent.  Just look at the 1 year Greek Government Bond yield, now reaching a clown car 96%.  When it hits 100, then what?  At first, we can look at the issue tactically:   News out of Greece is that the government there had a failed auction and for now has money to operate, but not for too much longer. According to Capital.gr:  Greece is now facing the critical possibility of shortage of funds to meet the basic needs of the state, causing intense fear within the government, which prepares scenarios of gradual suspension/postponement of payments in order to ensure sufficient funds for salaries and pensions.  In another article, we learn: Jürgen Stark, Member of the Executive Board and Governing Council of the European Central Bank informed President Jean-Claude Trichet on Friday that, for personal reasons, he will resign from his position prior...(Read Full Post)