Greece: the lesson to be learned
In fact, Greece is only a particularly acute or virulent case of the sickness that afflicts much of the Western world. Greece’s overall debt is higher, no doubt, and its deficit larger, than those of other countries, but the difference is one of degree, not of kind. Like most of the rest of us, the Greeks have been living beyond their means.
When the crowd tried to storm the Greek parliament, shouting, “Thieves! Thieves!,” its anger was misdirected. It was a classic case of what Freudians call projection: the attribution to others of one’s own faults.
Sound familiar to a certain government’s expected budget tonight?
When will Western governments and individuals reign it in a bit?