No that's not quite true the market imposes it's austerity when a nation goes sideways bits default and restructure. Happened lots of times in lots of places. I'm not saying the Greeks didn't have it coming they just don't have the financial mechanisms that have been used historically. The Greek bonds are priced in euros not drachmas. Big big difference
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So who creates wealth when they take more than they contribute ? 3 or 4 day work weeks and far too many benifits simply don't add up.
This is one of the reasons unions kill the economy, everybody wants to work less , get paid more and demand more benifits for doing nothing more than showing up for half a work week.
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That's it in a nutshell Furrow. If you want to freak yourself out on a beautiful Sunday apply gaap accounting to our own situation and demographics
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