A sign of the times: Greece has cut back on security support for its cultural and archeological sites, and seeing a chance to profit, thieves have been plundering with little opposition. Last week, the museum dedicated to the Ancient Olympics was robbed of some of its antiquities of immeasurable value, as the building was left unguarded for an hour and the thieves saw their opportunity to benefit. So, items of irreplaceable value and worth tens of millions of dollars are left unguarded as the economic strife within Greece has left a shortfall for appropriate security of their treasured artifacts. It’s like leaving your sexy, young wife naked at home and the door unlocked to escaped prisoners. Not a good place to be in.
But without appropriate funding and plans to revive the economy, these crimes will continue unabated per the desires of the public to seek revenge, and perform nefarious income plays to survive the harsh reality of an economy gone woefully astray, thanks to the stupidity of political leadership and conveniently placed elite individuals who gained access to easy capital for their own gains at the expense of the public. A lesson we have learned all too well in the U.S.
Meanwhile, many will be pointing to strong equities markets as a sign for the future when nothing could be further from the truth. Remember 1929; everything was ticking along nicely until October 29th when the markets crashed sending millions into peril. Although Greece gets center attention for its painfully desperate situation, it is only the canary in the coal mine. Most nations in Europe are in a similar spot – only Germany, Netherlands, Finland and Norway are safe from the ravages of the current economic implosion. The others all face a similar fate to Greece, and that includes the U.K., France, Italy and Spain – the next biggest national economies after Germany.
So when you view the equities markets and hear statements from pundits that things seem to be getting better, based on the recent performance of the equities markets, and we’re on the road to recovery, one should not forget that the equities markets are merely a gambling den for big players with spare cash. Until the unemployment rate falls below a ‘real’ 7.5% – currently it is closer to a ‘real’ 16% – we will be vulnerable to the same perilous state of affairs as Greece. And, as it is election season, so more time will be spent on useless campaign rhetoric than solutions coming forward from Congress and our current political leadership.
Be careful of accepting economic candy from strangers.