Radio Free New Jersey has an open letter to the Greek protestors. It does not mince words:
There is no money. There is no one else’s pocket left to pick. You can’t borrow anymore, you can’t print anymore, and you can’t steal anymore from anyone else.
Of course it’s not just Greece, nor even just Europe. Pick a nation, pick a state, pick a city – Los Angeles, say. The game is up. The grand Ponzi schemes of modern public financing have reached the point where Mr. Ponzi packs his bags and heads for Paraguay.
At the weekend I was chatting with a friend very knowledgeable in the bond and currency markets. I was actually grumbling about my kids. “They live in a virtual world,” I whined, “They don’t seem much interested in doing things or handling things, making things or fixing things. They just want to stare at those fool screens and diddle with those fool touch pads.”
He: “Yeah, well, that virtual world doesn’t have much longer to run. A few years from now, they’ll be obsessing about other things.”
Me: “What kind of other things, d’you think?”
He (after a moment’s thought): “Potatoes.”