"Poor" Greeks Drive Porsches; U.S. Provides Payments through IMF

By:  Joe Wolverton, II
01/26/2012
       
"Poor" Greeks Drive Porsches; U.S. Provides Payments through IMF

Imagine this scenario: Your neighbor comes to you asking for money. He confesses to having gone on a lottery-winner spending spree year after year, to buying his kids everything without making them work for anything, and to knowingly and profligately living well above his means for so long he can’t remember. 


 

Imagine this scenario: Your neighbor comes to you asking for money. He confesses to having gone on a lottery-winner spending spree year after year, to buying his kids everything without making them work for anything, and to knowingly and profligately living well above his means for so long he can’t remember. 

As you listen to his petition, you remember that in addition to the many prodigal habits to which your neighbor is admitting, he has already made similar appeals to others in the area and has blown through that charitable cache, as well.
 
Still, contrary to all principles of sound economic policy to which you have promised to adhere, you loan your neighbor the money, imposing only minimal oversight and requiring but a pro forma promise of future abstemious behavior.
 
No sooner does he have your treasure in hand, but he runs back to his house, opens the garage, and out roar he and his wife, both driving brand new Porsches! You stand there, feeling flabbergasted and finagled, yet you walk back inside, with no real recrimination of your debtor’s malfeasance.
 
Sound too ridiculous to be true? Think no one could be as gullible as the benefactor or as inconsiderate as the neighbor? Consider this story recently published in the British newspaper The Telegraph:

Click here to read the entire article.
 

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