What’s the big deal? How to Fix Greece

http://online.barrons.com/article/SB50001424053111903548904576343340195494116.html?mod=TWM_pastedition_1
Barron's Cover
| SATURDAY, MAY 28, 2011
How to Fix Greece
By VITO J. RACANELLI | MORE ARTICLES BY AUTHOR
It's time for the devastated nation to face reality. The only way out is to restructure now, with bondholders taking a 50% hit.

______________
My Take

What’s the big deal? The greedy were not crying and whining when they reaped filthy profits. Every time the gambler starts a new dealing he/she knows that there are some loosing probabilities; but they know what is in their sleeves—that extra small writing with specific rules favoring the dealer. As every bank has them—like the MAFIA, but legally.

However since the deck is tilted in bankers’ favor, who cares if they loos one hand? this is just one lost hand; they can count plenty of winning hands. Sucker gamblers—the addicted and those who gamble just as a habit like the Greeks, the Portuguese and the Irish will come back for more. Even if the bondholders get a big loss this time, overall they are still winning.

They will make up for it in the future as their deck and their dealing keeps on providing them with more wealth, which appears as luck; but, in reality it is proven as cleverness.

If we look at bankers it the United States, we see that their problems just helped them in becoming stronger. Bankers who lost, lost only paper money. It was just part of their gabling booty.

It is just like sitting on the evening with $50 bucks when sitting for the first deal, and then by midnight having a few thousand dollars in winnings; and then, by morning losing most of that money that was won; and only having a few hundred dollars left.

That gambler did not loose anything. If fact that gambler is still winning a few hundred dollars, for she/he only started with fifty; but, now she/he still has his original $50 dollars plus a few hundred more. His/her loosing was only from the booty, not actual loosing from the start.

On the following night them pros, as the bankers and financiers are, who live off the addicted players, will get plenty of profits to offset what they lost on the previous night.

However, during such wining streaks, the capitalists call it prosperity. Even the addicted gambler calls it progress, because she/he did not lose his/her soul to the devil at this time, they just kept working to pay that interest. Such interest they could have kept, if they would live within their means; thus, without borrowing. But, even though loosing, the addicted gamblers find comfort by being in the company of those whom they see as better and richer than they are.