"The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary." ~ H.L. Mencken
I.M.F. Giddy With ‘Glee’ Over Greece’s Devastation
Sahil Kapur: When a newspaper as even-keeled and to-the-facts as the Financial Times can’t resist making a crack about how cold and heartless the I.M.F. is, inquiring minds might suspect that there’s a grain of truth to it.
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I agree that Greece right now is suffering from a great economic tragedy that it was worsen to a BBB downgrade remark. It seems credit rating is vital to governments also, as Fitch has downgraded the credit rating of Greece to one of the lowest possible levels, BBB minus, with the rest of the European willing to help, but not too generously. (That proves the point about IGOs serving the interests of probably the most powerful member states.) Greece has been home to crisis after crisis, first liberation from Turkey, military and communist dictatorships, and now it needs payday loans from abroad to prop up its troubled economy. It's unpleasant to see the birthplace of Western Civilization struggle when its progeny disregards it.