Atlas Shrugs in Greece?
Atlas is the figure in Greek mythology who holds the world on his shoulders. Today the Greeks are refusing to pay their confiscatory taxes.. taxes that keep the over-extended euro financial sector afloat. Today it is taken for granted that Greek citizens don’t pay their taxes. The ugly truth is that the Greeks can’t pay their taxes. I want the Greeks people to stop paying their taxes even if they could pay them. I want the Greek Atlas to shrug.
Nathan Lewis at Forbes pointed out the economic end-game of tax and spend socialism.
“Greece’s 45% payroll tax rate, plus its 23% VAT rate, plus a personal income tax system with a top rate of 46% (and the 32% rate hitting at only 26,000 euros of income), makes business activity basically impossible … unless you evade the taxes.”
The only way to survive in Greece is to be on the government dole rather than run your business or hold down a job. Greece has a political economy designed for government handouts. Those handouts are designed to keep politicians in power.
The current political decisions in Greece will determine who pays the un-payable Greek debts. Will the banks and bond holders take a massive write down on their loans, or will the Greek people take a massive write down on their assets due to inflation and continuing high taxes? Atlas shrugs and the financial world falls down.
I want the corrupt banks to take the hit. My reasons are selfish; I want to end indentured slavery. I want the indebted children of Greece to be able to walk away from their parents debts.. and remain in Greece. The current holders of government bonds are like slave owners controlling the lives of people born into financial debt. Let me make my case.
It is true that politicians pandered to self-serving voters. It is true that past voters burdened future tax payers. I expect nothing more or less from corrupt and corruptible men. I hope to stop these credit-card-politicians by putting the financial burden on the banks. I want any society to be able to reject the debts of the past. I want to end the financial inheritance of slavery.
I am not a populist out to screw rich bankers. I simply want the bankers to suffer because they make loans to people who could not pay.. people who passed their unpayable debts to the next generation.
The people of Greece could repudiate their debt. Alternatively, they could repudiate their children and leave their children in debt. Greek pensioners would then watch their children vote with their feet and leave Greece.
I am hoping that financial institutions will learn their lesson. I want the banks and bond holders to refuse to lend unsustainable levels of public debt.. debt that burdens future generations. Repudiating the debt should stop the means of enslaving our children even if the political desire remains in place.
Charles, this post is for you.
Rob the money lender