When Greece joined the 17-country EuroZone (Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain) back in1999/2000, they all agreed to be in it together by linking each other to one currency despite the vastly different cultural/political/and economic discrepancies amongst the 17 EuroZone countries! (Coincidentally, this once blissful union became effective a year before my summer abroad in Italy and made me very upset at the fact that my hard-earned USD was going to be worth far less).
Now, several years later, Greece is having, to say the least, a very Terrible, Horrible, Very Bad Day (quick thank you to the similarly titled childhood book, Alexander and the Terrible, Horrible, Very Bad Day, that prevented me from childhood depression when at the tender age of 6, my Crayola Crayons were stolen from my Ninja Turtles backback by an unknown classmate bandit and I saw my kid-world crumbling around me to then realize that some, like Alexander and his very bad day, were far far worse than I was at 6 years old having to start my Crayon collection from scratch).
Anyway, now that Greece realizes that its Crayons are about to be confiscated for failure to make payment on its very high-interest loans and is asking its buddies for help, the response from more stable Germany and/or France cannot be “F^Off, you are on your own.” Why, you ask?! Well, it is simple, if Greece fails then EuroZone looks bad and is worth less. (Read my Zell post for more We Are In It Together). Looks bad and worth less because to the rest of the world, on paper, they are one and the same in regards to currency and rating and will be reluctant to invest in the Euro overall. Good thing that they (the rest of the Euro fam) came to their senses, realized that they would incur greater risk, and decided to offer some type of aid to Greece. The fact that the Greeks are unhappy with the possible solution (and very unhappy with #Prime Minister George Papanedreou) is another topic all together that will not be covered in this blog, for now. But do note, being angry does not equal finding a viable solution.
Now enter Occupy Wall Street, or the like, asking for a spot at the good-looking, bourgeois One-Percenter dinner table. Much like Greece and the EuroZone family, the 1 and the 99-Percent are part of a bigger picture, America. Translation? Well, if we let the majority fail (whatever this perceived failure may look like to those who are protesting, to those who are not, to those who are just talking or blogging about it, to those at the top of the 1 or at the bottom of the 99) then we allll look bad. So yes, we all want our crayons people, we just need to play nice.
Just look at the Obama Bail-Out Plan that we witnessed earlier this year/last. Did that make you angry? Did you feel that he was only helping the One-Percent? Well, this is what I came to find after extensive and sometimes annoying research: if he would not have helped these financial institutions (sometimes known as Crayon bandits) then the US would have had even further economic, civil, and social unrest! It is not just about how we as Americans view each other, it is about how the world views us as America. Obama had to save the financial institutions because (even if you don’t like it) they help keep America’s credit rating (meaning we stay attractive to foreign investors) and overall position in the world. That means they could not fail-despite their very controversial tactics. (This was a disturbing realization I had in a very heated conversation with my One-Percenter).
Therefore, suck it up, we need each other! Kinda (disturbingly) romantic.
- With the Country in Turmoil, Should Greece Ditch the Euro? (curiouscapitalist.blogs.time.com)
- No more aid for Greece until it decides on euro, Sarkozy says (theglobeandmail.com)
- Splits Deepen in Greece Over Referendum on Euro Debt Deal – New York Times (news.google.com)
- Leaders get down to business amid Greek crisis (cnn.com)
- Europe crisis hangs over G-20 summit opening (edition.cnn.com)
- Euro Choppy as Warnings of Greece’s Future Grow (online.wsj.com)
- Greece Referendum Vote Throws Bailout Into Doubt (socyberty.com)
- Stocks, commodities fall as Greece spooks investors (windsorstar.com)
- Euro Zone Crisis & Greek Rescue(Courtesy:The Economic Times) (kumarsaurabhverma.wordpress.com)
- http://sociology.ucsc.edu/whorulesamerica/power/wealth.html (Great Article on WHO RULES AMERICA)
- http://www.amazon.com/Alexander-Terrible-Horrible-Good-Very/dp/0689711735 (Amazon.com link to where you buy your own Terrible, Horrible Childhood Book!)
- Greece Faces Total Collapse, World Economy At Risk (VIDEO) (blippitt.com)
- Thank you http://troll.me/they-took-they-took-my-crayons/ for the Picture!