John Tamny, RealClearMarkets
"Failure in market economies, while endemic, seems to go hand in hand with rapid progress." Tim Harford, Adapt: Why Success Always Starts With Failure, p. 11.The current refunding of Greece's profligate government was presented in the mainstream media as another story of a government operating beyond its means. While this is true, the bigger, economy-retarding story behind the story is why Greece was saved.Greece's government has since its origins in 1821 spent half of the time in arrears to creditors, and its difficulties have seemingly never merited global attention....
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