Posts tagged with: George Papandreou

Acton’s Kishore Jayabalan on Vatican Radio today. Summary:

The spectre of a hard Greek default and euro exit hung over a meeting of G20 leaders beginning in Cannes on Thursday. U.S. President Barack Obama said after talks with his French counterpart Nicolas Sarkozy that Europe had made some important steps towards a comprehensive solution to its sovereign debt crisis but needed to put more flesh on the bones and implement the plan. The world is counting on the G20 to find a way out of the crisis, before it begins spreading to other parts of the globe.

“A lot of what is happening…at the G20 summit in France over the next couple days is really the inevitable consequences of a three or four year unwillingness of European politicians, and I would say American politicians as well, to deal with what’s obvious to most people is paying attention to this debt crisis,” said Kishore Jayabalan, the Director of the Rome office of the Acton Institute for the Study of Religion and Liberty.

“At some point government leaders are going to have to be frank and tell people they can’t rely on government benefits indefinitely,” he told Vatican Radio. “The entire scheme was based promises that can’t be kept.”

Jayabalan said in the future, people are going to be forced to be more self-reliant, and create their own opportunities.

Click on the player below to listen in:

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

Blog author: jcouretas
posted by on Friday, February 26, 2010

[news video expired/removed]

No, that’s not the new Bruce Willis movie. That’s the spectacle we’re witnessing now of general strikes in Greece in response to proposed austerity measures designed to keep the country from the fiscal abyss — and maybe dragging down other European Union members with it. But Americans shouldn’t be too smug. Despite some very substantial differences in political culture and economic vitality, the United States is showing early signs of the mass hysteria, the widespread delirium tremens that sets in when the omni-competent welfare state begins to renege on its promises. If the root problems underlying the Greek debacle include reckless spending, a bloated and self serving bureaucracy, a heavy tax burden, and a complete political failure to face up to reality, then how is California any different in this respect?

Writing in the February issue of Reason magazine, Steven Greenhut offers a lengthy and detailed account of the rapid expansion of the California state payroll and how elected officials and public employee unions work hand in glove to make themselves very comfortable at the expense of taxpayers:

People who are supposed to serve the public have become a privileged elite that exploits political power for financial gain and special perks. Because of its political power, this interest group has rigged the game so there are few meaningful checks on its demands. Government employees now receive far higher pay, benefits, and pensions than the vast majority of Americans working in the private sector. Even when they are incompetent or abusive, they can be fired only after a long process and only for the most grievous offenses.

Too strong? Well, look at where it’s led the Golden State. Here’s California Attorney General Jerry Brown earlier this month: “California is deeply in debt. You could say that it’s bankrupt.” Is it one step closer to insolvency with this week’s postponement of a bond sale? (more…)