Friday, September 10, 2010

Michael Lewis at his best writing about the Greek financial crisis

On one hand this makes me feel much better about our circumstances, on the other, in the way that our institutions have behaved I can see the seeds of the same moral disintegration.  The moral:  when the Law becomes lawless, society spins out of control.  Fascinating reading.  Highly recommend it.

The day before I left Greece the Greek Parliament debated and voted on a bill to raise the retirement age, reduce government pensions, and otherwise reduce the spoils of public-sector life. (“I’m all for reducing the number of public-sector employees,” an I.M.F. investigator had said to me. “But how do you do that if you don’t know how many there are to start with?”) Prime Minister Papandreou presented this bill, as he has presented everything since he discovered the hole in the books, not as his own idea but as a non-negotiable demand of the I.M.F. The general idea seems to be that while the Greek people will never listen to any internal call for sacrifice they might listen to calls from outside. That is, they no longer really even want to govern themselves.

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