As the Greek crisis continues to unfold, both sides continue to blame each other for the impasse. There is little question that Greece dug a good part of the hole in which it currently resides, and the owners of Greek debt made the loans in good faith that the debts would be repaid. But since 2010, Greece has followed the austerity policies of the troika and, as a result, its economic growth has plummeted. Declining economic activity actually makes the debt grow relative to the overall economy. So the parts of the hole that have been dug since 2010 is due almost exclusively to the troika’s misguided policies, and Greece has made huge cuts to his government budget in order to comply. What hasn’t changed is the demand of the troika for full repayment even though its policies have truly harmed Greece’s ability to repay. Perhaps it is time for some of the pain to be shared by the troika, and a willingness to take some losses on the debt.
A new study indicates that human beings are responsible for the “sixth” great extinction. There have been five previous periods in Earth’s history where a large number of species died off. In the worst, 250 million years ago, 96 percent of marine species and 70 percent of land species died off. According to the new study, “…the rate of extinction for species in the 20th century was up to 100 times higher than it would have been without man’s impact.”

Leave a comment