The world's democracies gathered to stop the citizens of world's oldest democracy from voting.
After lots of pressure, Greece has canceled its referendum on bail-out-austerity measures because the leaders in Paris, Berlin, Washington and everywhere else in the less-indebted world thought the Greeks might actually vote down slashing their own budgets to pay off bond holders.
Leaving aside the merits of the vote or the bailout plan or whether we'd all be better off if Greece left the Eurozone and went back to the Drachma, this is the most vivid example we've seen of how debt can erode sovereignty. A nation that in debt surrenders its own powers to the whims of its bankers.
Pace Krugman. That's not to say the U.S. is better off slashing budgets now when Keynesian demand is much in need. And our borrowing costs are insanely low. Greek 10-year bonds have 24 percent interest rate. Ours is 2 percent. The markets understand who's on the edge of the cliff and who isn't.
Still...no one wants the day when the rest of the world's powers are gathering to tell us what to do. If it can happen to the heirs to Athenian democracy who's to say it could never happen to the children of Lexington & Concord.
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