Saturday, February 20, 2010

Greeks Bearing High Interest Rate Gifts

Greece will attempt to raise between €3 billion and €5 billion ($4 billion-$6.7 billion) as early as next week, FT is reporting. This would be only the first money raise of many for the Achaeans. The Greek government this year must somehow get its hands 0n €53 billion ($69 billion), or it's bankruptcy. And, don't forget, the other PIIGS will also be at the trough.

In other words, as far as this first money raise, keep in mind the words of the priest, Laocoön, who warned in ancient days of the Greeks' gift of a Trojan Horse:

"A deadly fraud is this, devised by the Achaean chiefs!"
Laocoön was, of course, ignored.

This time the gift will be presented by the Achaeans with the advice of that ultimate doer of financial evil, Goldman Sachs. In modern day, whenever money related evil of global proportions appears on the planet Earth, you can be sure the scent of Goldman is near. This time the scent is left, at a minimum, by Petros Christodoulou, a former Goldmanite, who has just been named, by Greece, the new head of the government's debt agency.

And so, the question in the days ahead will be, "Has the financial world learned from the dactylic hexameter verse of the Ancient Greek epic poems, and thus will be cautious and reject this attempted money raise, or will they welcome the Greeks bearing the high interest rate gift, just as the Trojan horse was welcomed?" And we all know how that turned out.

1 comment:

  1. Wow Wenzel, you are the whole package. Discussions of Austrian business cycle theory, frequent and unnecessary pictures of pretty girls, and now quotations from Greek literature. What next? A discourse on the Magna Carta?