Saturday, May 8, 2010

Marc Faber: Boot Greece!

Marc Faber said recently the European Union should boot Greece out of the European Union, and any other country which refuses to operate within the parameters laid out by the EU.

Talking to Bloomberg, Faber said, "The best would be to kick out Greece and the countries that abuse the system. They didn't have the fiscal discipline that was essentially imposed by EU."

Attempts to paint Greece as unique to the EU is ignored, as the threat of sovereign debt contagion is real, and there's little that can be said to convince us that things are different than that reality.

Jim Rogers has called for the EU to just let Greece fail, as another way of dealing with the situation, in order to show they are serious about the euro and countries adhering to the guidelines put forth.

Until government is limited, central banks closed down, and the culture of entitlement dealt with, there is very little that can be done to change things, the reason this is only the beginning of the sovereign debt crisis, which threatens to engulf the world.

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