Quote of the Decade:

Bailouts are never about enabling reform–they’re about preserving the Status Quo for the Elites and their vested interests. - The very Status Quo that was broken enough to require a bailout in the first place.

Reform cannot be triggered by borrowing more money–it can only be triggered by defaulting on existing debts that cannot be paid. 


Attribute http://www.dancortes.com/failures-of-fiscal-discipline-the-swiss-exit-and-the-failure-of-the-euro/

some minor modifications made for better quote-ability.

Update.
Dancortes.com is no longer the original site, as it has gone missing and I cant find anything else on the internet about him or his writings.