Tuesday, June 30, 2015

Grexit to drachma dangerous for whom?

Grexit, an outcome certain to carry pain economic and financial pain for ALL, is dangerous for those that believe freedom, liberty, and justice are more privileges interpreted by the discretion of men (and women) than inalienable Rights endowed by our Creator.

We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.--That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, --That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness. Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shewn, that mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security.--Such has been the patient sufferance of these Colonies; and such is now the necessity which constrains them to alter their former Systems of Government. The history of the present King of Great Britain is a history of repeated injuries and usurpations, all having in direct object the establishment of an absolute Tyranny over these States. To prove this, let Facts be submitted to a candid world. Declaration of Independence, July 4th 1776

Headline: Grexit to drachma would be dangerous: Larry Summers

With Greece just hours away from missing a $1.8 billion loan payment to the International Monetary Fund, the dire debt crisis there is a "sad story of mutual intransigence," former Clinton Treasury Secretary Larry Summers said Tuesday.

"It seems to me that everyone needs to lift themselves up," Summers told CNBC's "Squawk Box" in an interview. "There needs to be a vision for how Greece can grow at a reasonable rate out of the hole it's in, which is worse than the American Great Depression was."



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