Global default movement gaining steam

May 21, 2010
By

What I call the “global default movement” and what Max Keiser calls the “No Pay Movement” seems to be catching on. Check out this article from Fortune. Comparing Greece’s impossible-to-pay debt to the burden of Sisyphus, cursed to eternally roll a boulder up a hill only to have it roll to the bottom again, the author declares that Greece may be better off just walking away from its debts:

Go ahead and default, Greece!

For Greece to pull off a default-driven revival, it will have to be ready to anger a lot of folks, most importantly its bondholders. The country could also be forced to abandon the euro and return to the to the drachma, or some version of it. The fireworks over Europe, should Greece go that route, would be something to see.

But the gain may be worth the pain. University of Maryland economics professor Theodore Kariotis points out that dropping the euro would put monetary policy muscle, control and flexibility back into the hands of the Greek government.

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