The Greek tragedy
In many ways the greek tragedy is a play about modern monetarism theory or MMT and its relation to politics. For those that don't have the time or inclination to follow the details, it appears the pied piper has finally caught up with the hellenians. A debt crisis threatens the ability of Greece to raise cash and sell its EU bonds. Some cry foul, calling it mounted attacks by hedge-funds, other see a proverbial justice in having socialist countries pay for their profligal sins. Deficits don't matter? So when the rubber meets the road, the EU politically backs the debt of its participants fearing a debt contagion to the rest of the member countries. But in practice no nation wants to fund the greek bill. Germany knows re-unification and the prospect of paying through the nose for socialists in the south that are not even grateful is un-appealing. In holland they have passed a bill that they would provide no help. And here the reality of the Euro hits home. It is a monetary a...