Stock index futures pointed to a fabulous open as I began typing this morning’s message… Of course, given the events of the week, I knew it’d be all about Greece. Some headline boasting a plan that would save creditors from a Greek default… Notice I said save “creditors” as opposed to save “Greece”… Of course the headline won’t make mention of the true intent of the next bailout scheme…
Sure enough, the headline reads; Germany, France Say United on Greek Aid Solution…
I’d change it to; Germany, France Say United on Greek’s Creditors’ Aid Solution…
What do you suppose is the ultimate consequence of this if-you’re-systemically-relevant-you-won’t-suffer message we forever send to Nations, to U.S. States (California, etc.), to Wall Street executives and to big-money private financiers? How about egregious imprudence on the part of Nations and States, and reckless stupidity on the part of Wall Street execs and financiers…
Milton Friedman said the free enterprise system is a profit and LOSS system… The risk of loss is essential in that it inspires prudence at virtually every level…