Marc Faber, Jim Rogers on Greece Bailout

by Gary Thomas

In a Bloomberg interview, Marc Faber reiterated what billionaire Jim Rogers has been saying for some time, and that is that Greece shouldn't be bailed out by the European Union or the IMF, as it's only postponing the inevitable, and rewarding excessive consumption.

By excessive consumption, it means the people of Greece being given handouts from the Greek government which the Greek government couldn't afford to pay.

That is obvious to everyone now, but it was hidden from their fellow European neighbors, who are now foolishly ready to bail out Greece, which will only postpone the crisis temporarily while inviting more countries to the postponement party.

Jim Rogers has stated in the recent past a number of times that if the EU was serious about the euro, they would allow Greece to fail so the rest of the EU countries with similar irresponsible financial practices will start getting their houses in order and implement much strong austerity programs.

In other words they need to cut down on spending and eliminate a lot of the government sponsored and central bank enabled programs and perks that are in no way sustainable. It's also another way of saying governments need to get smaller and central banks hopefully some day eliminated as being a part of the financial network around the world.

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May 3, 2010

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