Free Markets, Free People
Greece? Just Like The US
You have to wonder how far we’ve slipped when the financial wreck that is Greece is assured that its situation isn’t so unique – look at the US. And the example is made by none other than America’s best friend – Vladimir Putin:
Russian Prime Minister Vladimir Putin played down Greece’s economic woes on Tuesday, telling his visiting Greek counterpart that the United States were no better than Greece in handling its debt and fiscal deficit.
“As we all know, the global economic crisis started neither in Greece, nor in Russia, nor in Europe,” Mr. Putin told a news conference after talks with George Papandreou. “It came to us from across the ocean,” he said in a clear reference to the United States.
“There (in the U.S.) we can see similar problems – massive external debt, budget deficit,” Mr. Putin added, suggesting Russia and Greece should concentrate on the “real economy” to weather the economic crisis.
It’s not clear what the “real economy” means. However it is clear that for Greece and the US, what they are doing isn’t sustainable and at some point the “real economy” or at least the laws of economics are not going to be denied – for both countries.