World markets tumbled Wednesday amid acute fears that Greece's debt crisis would spread like wildfire through Europe after a leading credit ratings agency downgraded the country's debt to junk status and cut Portugal's rating as well.After all, we know the seer of all statist seers recently reassured we the great unwashed that:
The reality is plain to see: there is no debt crisis that need cause us concern. Of course there are issues to deal with, but talk of a crisis is plain nonsense.What is this, a moment of (somewhat) clarity from the statist touchstone:
And this then is a crisis created, in the main, by bankers – who put in place too many of the strictures inherent in the Euro; by libertarians who promote the hatred of the states and the poor regard for regulation that has denied the Greek government so much of the tax revenue it is owned and by financial institutions who (as Goldman Sachs seem to demonstrate, time and again) just love just situations to make short term profit at cost to ordinary people.Nary a mention about the serial fraud perp'd by successive Greek governments in reporting phony economic data for years, nor the successive European governments who failed to hold the Greek governments accountable for their actions, nor the failure of EU-level governmental bodies for properly investigating the year over year over year fraud.
Then again, statists don't do governmental responsibility.