Saturday, September 10, 2011

Europe

There is a sense of centrifugal force at work; there is a sense of rent seams; there is an image of a bird hitting an air pump.

The editorial collective at Public Occurrences processes information on the dismal science as Benjy Compson did the world (we write about it the same way). Greece is on the verge of default (again) and we have a sense this is not going to end well.

Earlier this summer there was such sound and fury over Greece's sovereign debt that even the editorial collective noticed.  It was the e.c.'s impressionistic sense that all that did not signify nothing but rather something.  And we urged Greece to do something.

Greece did, passing various laws to sell off state assets and cut public sector jobs, which laws sparked even more protests among Grecians but mollified Greece's European "partners" who released a "tranche" (new word for the e.c.) of emergency aid for the Grecian economy.

The problem is laws have to be implemented not just passed and the suspicion among Greece's European partners and other heavyweights at the International Monetary Fund and like that is that Greece has not done this.  And that has produced fury among the partners and the heavyweights and forgetting about another tranche for the moment, the partners and the heavies are "thinking out loud" about kicking Greece out of the single currency euro zone. According to some study by some Swiss bank that the e.c. read a summary of a summary of a summary of kicking Greece out of the e.z. would unleash the Four Horseman of the Apocalypse on the world economy, forgetting for the moment the Grecian economy, which the e.c. would like to forget for all the moments comprising eternity but which we can't because we're governable and mature.

Editor-in-chief Compson had the sense at the last meeting of the e.c. that the whole idea of a European Union may have been a big economic boo-boo.  And a charade.  European union appears nothing of the sort at this particular moment in the rent fabric of space-time. Germans in particular are upset and it has never been a good thing when Germans get upset with other Europeans over economics. So Benjy had a bad feeling about all this.