What happens to a society when the economy crumbles under the crushing weight of debt so large that it can never ever be repaid? Here is a description of what is happening in Greece today. (Please see the references I used at the end of this post and read the original sources for yourselves.)
- The Greek economy is in the fifth year of recession. Salaries are being cut. Some people have not been paid in months but despite the lack of paychecks many people continue to go to work simply because there is nowhere else to go. A sense of fear and anger and hopelessness pervade the people.
- Public sector jobs are being slashed. Unemployment is at record highs. The unemployment rate for those under the age of 25 is nearly 50%.
- One quarter of all Greek companies have gone out of business since 2009. Half of all small businesses in the country say they are unable to meet payroll. A barter economy has sprung up as people try to work around a broken financial system.
- People can’t afford their rent. People can’t afford food. The suicide rate has increased by 40 percent in the first half of 2011. People are selling their jewelry to get cash.
- Greeks don’t trust their banks. Greek bankers say that people have taken about one-third of their money out of their accounts; hiding it under their beds or burying it in their backyards. The people know that bailouts only help the bankers not them.
- There are long lines in front of the US and Australian embassies with people wanting to get out of the country. Last September, organizers of a government-sponsored seminar on emigrating to Australia, an event that drew 42 people a year earlier, were overwhelmed when 12,000 people signed up. The Greek government is crumbling.
Since 2000 we have tripled our debt. We are adding to it at a rate of more than a trillion dollars per year. The total per capita debt is higher in the US than in Greece or any other European nation. Are we going to ignore this problem like the Greeks have ignored theirs?
We are running out of time to save our economy and our country. Please consider sharing this information with others and calling your representatives in Washington and insist that they stop this madness now.