Interview with Doug Casey

While quite startling to those who haven’t spent a great deal of time studying and understanding real (Austrian school) economics, the following quote out of the middle of a Doug Casey interview states the best of two unsettling choices very well.

“…back to the present global economy: do you think Greece will default?

Doug: First, you shouldn’t talk about “Greece” like that. We’re talking about the Greek government’s debt. And my view is that not only will they default, but that they should default. Generations of future Greek taxpayers should not be turned into serfs in order to pay for the excess of today’s Greek politicians. And the people who lent the Greek government all that money to do stupid things with should be punished for both their lack of foresight and their collusion with corruption. And it would be doubly good if this happened, because it would greatly hamper the ability of the Greek government to borrow money in the future, which would limit how much it could spend on all the disastrously stupid things governments spend money on.

I’ll go further and say that all of these struggling governments, including the U.S. government, should default on their debts and punish the people foolish enough to lend them money. The world would be a better place if governments around the globe were unable to borrow money.”

That tidbit, of course, is not a complete argument, nor is it done justice standing here alone. Please go read the whole interview on this page of