Are German Parliamentarians Dutch Burghers or are they Germans?

By: Ian Campbell | Fri, Sep 7, 2012
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Why read: Because things can happen very quickly, and it may be that 'push' finally may be coming to 'shove' in the Eurozone.

Commentary: Even if 'push' and 'shove' don't meet in the Eurozone over Greece (and Spain) in the next few weeks and months, time nonetheless seems to be shortening for Greece (and Spain), and eventually 'push' and 'shove' must meet. I have said for months now that:

In the past few days Greece has said it needs:

In a recent meeting, German Chancellor Angela Merkel is reported as having been unprepared to address Greece's plea for more time.

Concurrently:

Greece is a comparative small problem when measured against that of Spain (and Italy), and in recent days Spain's bailout requirements have been a topic of escalated interest.

That said, remember Dr. H. Albertus Boli's fable of the little Dutch boy who saved Holland by sticking his finger in the dyke. If you are not familiar with that short story, or are familiar with it but haven't read it in a while, you ought to consider reading it. In summary, it is a fable about a little boy who, seeing a hole in a faltering dyke, sticks his finger in it. The dyke springs more leaks, and the Burghers (read for purposes of the fable 'the ruling class') find other little boys to stick their fingers in those holes - and so the story goes.

It will take you about 3 minutes to read the fable. No doubt the fable will bring a smile to your face, and may bring a larger smile to your face as you consider whether many politicians and central bankers ought to drop their 'fancy suit disguises' and don centuries old Dutch garb, thereby not just acting like the 'Burghers' in the fable who postponed their problem, but looking like them as well.

In summary:

Again, I suggest you take 3 minutes out of your day to read or re-read Dr. Boli's fable.

Topical Reference: Debt crisis: Merkel says Greece will stay in the eurozone but trader fret over more delays, from The Telegraph, Louise Armistead, August 24, 2012 - reading time 3 minutes.

 


 

Ian Campbell

Author: Ian Campbell

Ian R. Campbell, FCA, FCBV
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Through the Economic Straight Talk Newsletter Ian R. Campbell shares his perspective on the world economy, the financial markets, and natural resources. A recognized business valuation authority, he founded Toronto based Campbell Valuation Partners (1976), Stock Research Portal (2007) a source of resource companies market data and analytic tools, and Economic Straight Talk (2012). The CICBV* annually funds business valuation research in his name**. Contact him at icampbell@srddi.com.
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