Let the PIGS Get Slaughtered
February 19, 2010 by Chip Wood
Will all those PIGS in Europe get what they deserve? And if they do, should we care?
Sadly, the answers are, probably not. And yes, we should, because what happens there will have a significant impact on those of us here in the good ol’ USA.
First, who are these PIGS (sometimes written as PIIGS and occasionally even as PIIGSTY)? Basically, they are some of the socialist countries in Europe that have gotten their budgets caught in a wringer. They’re facing all sorts of financial problems at home. And unfortunately, their habit of spending money they don’t have is having bad consequences for them… and for us. If that sounds familiar, it should.
The acronym PIGS stands for Portugal, Italy, Greece and Spain. You can add Ireland to the longer version; and Turkey and Yugoslavia to the longest one. Right now, all of the attention is on Greece, so let’s begin there.
And let’s start with a dirty little secret no one wants to admit: When Greece was admitted to the European Union (EU) a while back, everyone involved knew that Greek authorities lied about the fiscal situation in their country. More >>
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