Greece is looking into dumping the Euro and basing their economy on the American dollar. It is the equivalent of an economic Brexit. Some are already dubbing it “Grexit.”
Professor Ted Malloch revealed that senior Greek economists have inquired about the possibility of adopting the greenback if the country crashes out of the single currency.
He asserted that Athens is so desperate it is prepared to tie itself to the dollar on the same terms as the likes of Puerto Rico if it means being able to quit the euro zone.
And Prof Malloch said German leaders including Angela Merkel were “freaked out” at the humiliating possibility of losing Greece to a rival currency, which would be a devastating blow to the EU project.
Tying Greece temporarily to the US dollar would be one way for the authorities in Athens to ensure that its currency does not completely tank if it leaves the eurozone, as would likely occur with a reissued drachma.
It is important to remember the state that Greece is in. Beginning in 2007, Greece faced an economic crisis tied to the worldwide economic crash of the time. Greece, however, had it far worse, because of high government spending, out-of-control entitlements, and falling tax revenues. The European Union has bailed out Greece in several instances, but the debt level is still unsustainable.
HOW DID GREECE GET HERE?
Greece highlights the results of Europe vigorously embracing abortion and birth control in the face of socialism. The results are the same in all “First World” countries. The birth rate of natives in First World countries is below 2.1. The birth rate is below 1.0 for native Greeks. You need a birth rate of 2.1 to statistically replace the parents. Now their population will reduce by half with each new generation.
But the problem created is worse than simply having fewer people. Fewer new little Greeks mean fewer payers into the socialistic system because they provided retired Greeks with a lavish lifestyle. At first, the remedy was to borrow money to make up the difference. Now, their line of credit has dried up because of their inability to repay loans.
LEADERSHIP PANICS AND MAKES THINGS WORSE
When the lefties in power finally saw what they were voluntarily doing to themselves, they did not call an end to abortion, because that would be admitting that they are wrong. Instead, the remedy was to bring in immigrants to make up the difference. They assumed, incorrectly, that the immigrants would work and pay taxes, thereby supporting the system. That would have been the case had they not brought in Muslim “refugees” who live off of government benefits and never work. In Greece, that exacerbated their existing problem and accelerated their decline.
SIMILAR EFFECT PLAGUES THE USA
Doesn’t all of this sound like what Liberals are now doing to the USA? Vigorously embrace abortion and birth control. Create a population implosion in the Liberal demographic. Make up the difference via a flood of illegal aliens who they assume will vote Democrat.