What Will Happen in Greece?

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Greece is at a crossroads. The public-union dominated welfare state has collapsed. They have two choices. One is to accept the cutbacks in salaries, retirement, and other public benefits and the huge tax increases, both more or less across the board, and try and rebuild a non-socialist economy. The other choice is to put their personal wants and needs ahead of reform and continue to demand the welfare state benefits and resulting unsustainable national debt. They may take this second course as a result of pressure by the unions and the rioters.

A second consideration is that if Greece goes under will the other weak countries (e.g. Portugal, Spain, Ireland, and maybe the UK) face similar circumstances and will crises and defaults spread first to Europe, then to the world's major trading nations. No one, not even the U.S., has sufficient funds (ours are being squandered in our own flirtation with socialism and we face unprecedented debts since Obama's election) to bail out a series of defaulting nations.

Here are two analysts' opinions

"There is simply a growing recognition that Greece has got to default," banking analyst Dick Bove told CNBC.com. "The riots in the streets showed the decision to repay the debt was not going to be made by the people in Germany, France and Switzerland—it's going to be made by people in Greece and they're not going to repay it."

There also is a growing sense that any collapse of Greece could trigger a wave of defaults across Europe and even the world.

"We've seen a crisis start in a country—Greece—become regional, impact the whole of the Euro zone and is on the verge of truly going global," El-Erian, CEO of the world's biggest bond fund, told CNBC shortly before the selloff began. source

Here is my opinion

If Greece defaults, their future ability to attract capital for investments and recovery might vanish. They appear to face a very uncertain future. Civil order and freedom might be the first to go if anarchy and chaos result.

If all this happens, the question is what form of tyranny will result and might it also spread to other defaulting nations? Will it be the tyranny of a brutal communist dictator restoring order or the seemingly more benevolent (seemingly because any tyranny ultimately comes to violence and suppression to maintain order) socialist tyranny promising much while manufacturing, agriculture, infrastructure, and everything that makes a productive and civil society crumbles? That is, will it be a quick and brutal takeover then continuing decline or will it be a slower takeover followed by continuing decline? In either case the endpoint will be the same--a brutal tyranny without economic, physical, or spiritual well being for its people.

It is genuinely frightening and depressing to see America marching down the same road taken by Greece. Obama, the Democrats, and the state media seem hell bent to take the same path and we all know where it leads. Why do they seek destruction, suffering, and sorrow for our great nation? Does their racism, their irrational hatred for white Americans, outweigh their instincts for survival?