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One Ring

An article in the Wall Street Journal today announced

There has been a chorus of calls from European policy makers, economists and the International Monetary Fund to plan more taxing and spending at a European level, and to find ways to bring profligate governments into line.

This is what happens when you give/take bailouts.  All of a sudden individual behavior becomes a collective problem which requires more “governance” and central planning.  Greece’s fiscal policy becomes the business of the rest of Europe since, if Greece goes down, Europe will “have to” bail them out.  This is a formula that we see time after time.  Someone gets into trouble (banks, car companies, governments, etc.) and somebody is right there to “save” them.  But this kind of thing is always right around the corner.  There is a much simpler solution of course, just don’t bail people out to begin with.  Then there would be no need for all this centralization…. It’s almost as if some people are thinking ahead and know what they are doing.  We better start doing that too.

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