I would add one point to his analysis: The rioters in Greece are public sector workers — those who over generations have been taught to rely on government. The free market participants (businesses) will suffer the austerity package’s tax increases, but not its restrictions on government salaries.
Daily Archives: 5 May 2010
Peter Schiff on proposed bank regulation
Summary: It wasn’t a lack of regulation, it was too much government. Goldman Sachs charges are propaganda to increase government regulation. Big firms will win when regulatory burden crushes competition.
Letting Greece fail is EU’s last chance
Analysis by Patrick Barron: 
Refusing to lend sovereign funds to Greece is the EU’s last chance at saving the Euro. Contrary to the the pundits’ claims that a bailout will end the “contagion”, a bailout will spread the contagion. Greece has no real plan for paying off the debt and more countries will demand the same treatment. How can the EU refuse them? This is like watching a slow motion train wreck. Others estimate that the bailout cost–round one only–is already over 135 million Euros. They are simply printing money.
Sen. Harry Reid: “Iran is a festering sore in the world.”
In this post-9/11 age, the idea of preemptive war against a terrorist-prone country supposedly went out of favor after the 2003 US invasion of Iraq.
Yet Congress is now pushing President Obama toward steps that could easily be interpreted as an act of war against Iran over its nuclear ambitions.
The House and Senate are moving quickly on a bill to force US sanctions on the sale of gasoline to the Islamic Republic of Iran. In theory, the measure would only punish US and foreign companies that export refined oil products to Iran which, despite being a major exporter of petroleum, lacks sufficient oil refineries.
But there’s a big problem: The only way to really enforce such a crippling sanction against the Iranian economy would be through an American-led naval blockade which, by international law, is an act of war. (Read more from csmonitor.com)