Monday, February 27, 2012

But Nobody Actually Has To Pay

Forgetting the particulars of existing laws and treaties, conceptually nobody actually has to pay for Greece! The ECB can print free money and give it to Greece. Or Greece can default, and the ECB can give money to the banksters. To some extent, this has been happening anyway, if in more indirect ways. There are some potential costs of doing this (moral hazard, inflation), but it's really hard to see how those potential costs outweigh the obvious current actual costs. Unless you're the sociopathic assholes who run the world.