Grexit...

...Austerity Has Failed: An Open Letter From Thomas Piketty to Angela Merkel

I asked Frank for his views on this, and here is his reply:

I am not, of course, much of a fan of The Nation's political and economic outlook. Wonderful 19th-century ideas, to be sure, a lot like Bernie Sanders's. When I was in high school, which was a long time ago, I first learned of the notion of technocracy. It sounded good: Have things run by highly trained specialists. It has proved to be a bad idea. Principally, I think, because highly trained specialists are usually devoid of imagination. In his Memoirs of a Superfluous Man, Albert Jay Nock makes the point that a classically educated person is likely to be able to do any job that comes his way because his education — familiarity with history and literature and philosophy — leads to an experienced mind. He looks at today's headlines and hears echoes of the past.
I have been thinking recently that the world seems more and more like the 1930s. But I'm now beginning to think it is more like the world just prior to WWI. I hope I'm wrong.
Anyway, this letter fails to address the central problem: Where is the money going to come from? It fails to address it because the answer is "other people."