Big banks and investors piously counsel Greeks to get their house in order by spending less.
Not much is heard about Greece having endemic tax fraud, with wealthy Greeks making lots of money, but reporting modest income. That means a low tax rate for them, right? Refinancing huge Greek debt may devalue the euro, while saving big banks who made the loans to finance a prosperity lie.
Here at home, the super rich pay low tax rates, too, claiming that is good for us all. Does a billionaire futures trader, hauling in obscene amounts of cash from market speculation, really help anyone else? His haul goes right to lavish living, hoarding and more speculation. Bankers and their rich co-conspirators made money beyond our imagination in complex schemes, loaning our savings for speculative investing, especially in fraudulently appraised and grossly overpriced housing. Traders peddled these bad loans to the unwary as bundled "products" that they now are forced to admit, under oath, smelled to high heaven.
What logic lies (pun) in the very rich paying almost no taxes because their "work" drives the economy? Their "work" leveraging our money drove the economy into the ditch, throwing millions of people out of work. We must learn from this latest Greek tragedy and not piously teach anyone debt management -- except our career congressional politicians at the polls. They rake in lots of cash from billionaires, so long as they toe this party line, selling their votes by lying to stay in office.
Kelley D. Carey
Hilton Head Island