Greece-baiting

{{bronze}}{{economics}}{{cquote|Other [[transubstantiation]] candidates welcome.|||''[[The Economist]]''<ref>[http://www.economist.com/blogs/freeexchange/2012/03/new-greece The new Greece is...ID parade], ''The Economist''</ref>}}

"'''Greece-baiting'''" was a term coined in early 2012 in a bit of an incoherent screed in [[anarchist]] newspaper ''Freedom Press'',<ref>[https://www.indymedia.org.uk/en/2012/01/491503.html?c=on#c278331 "Dire Lessons From the Eurozone"] </ref> but (naturally) certain "thought-leaders" on the [[Internet]] [[reappropriation| reappropriated]] the concept to address a common<ref>[http://www.historum.com/general-history/41215-anti-hellenism-why-when-how-10.html "The situation in Greece is alarming, and the situation in all of Europe is alarming, but still the more alarming fact is that most people in Europe cannot still overcome their vanity and admit that Euro has failed, European economies except Germany are stagna—"] We're going to cut you off right there.</ref> trend of [[right-wing]] argumentation during the '''[[Europe]]an sovereign debt crisis''': such incisive analysts claim that all [[welfare state]]s (even those offering the bare minimum) are on a [[slippery slope]] to [[Greece#2010 currency crisis| Greece]], often until [[argumentum ad nauseam |one is blue in the face]].  Greece-baiting is another in a line of [[Association fallacy#Baiting |association fallacies]], and closely related to general [[anti-Europeanism]].

Greek-baiting was rampant in the wait-up to the [[2012 U.S. Presidential Election]], as the events across the Atlantic had a considerable effect on economic recovery in [[North America]].<ref group=note>That's [[globalization]] for you.</ref> If you've observed [[Republican]] politicians declare [[Barack Obama]]'s policies an attempt to create a [[Newt Gingrich| "European socialist state"]] and a [[Mitt Romney| "European entitlement society"]],<ref>[http://www.bbc.co.uk/news/world-us-canada-18327639  'Europe' is officially a dirty word in America], BBC</ref><ref>[http://www.huffingtonpost.com/2012/02/18/republicans-address-obama_n_1286569.html Republicans: Obama's Budget Proposal Will Put America On 'A Roadmap To Greece'], ''The Huffington Post''</ref> or hear country/province/city X be called "the Next Greece",<ref>[http://blogs.reuters.com/muniland/2012/03/08/puerto-rico-is-americas-greece/ Puerto Rico is America’s Greece], Reuters</ref><ref>[http://www.cbc.ca/news/world/story/2012/05/21/f-rfa-boag-california-greece.html 'America's Greece,' California dreams of raising taxes], CBC</ref><ref>[http://blogs.phillymag.com/the_philly_post/2010/10/19/philadelphia-is-the-next-greece/ Philadelphia Is the Next Greece], ''Phillymag''</ref><ref>[http://www.businessinsider.com/niall-ferguson-us-finances-are-not-much-better-than-those-of-greece-2010-2 Niall Ferguson: The Next Greece? It's The US!], ''Business Insider''</ref><ref>[http://www.theguardian.com/business/2010/may/05/simon-wolfson-next-uk-greece UK could become the next Greece, warns Next chief executive], ''The Guardian''</ref><ref>[http://metronews.ca/voices/ford-for-toronto/1069987/ontario-is-not-greece-or-detroit-or-inevitably-on-the-road-to-fiscal-ruin/ Ontario is not Greece or Detroit], ''Metro News''</ref><ref>[http://blogs.canoe.ca/lilleyspad/contributor-columns/column-duhaime-greece-and-quebec-more-alike-than-you-think/ Greece and Quebec: More alike than you think!], ''Toronto Sun''</ref><ref>[http://blogs.news.com.au/heraldsun/andrewbolt/index.php/heraldsun/comments/joe_hockey_this_budget_will_hurt_its_that_or_its_greece/ Joe Hockey: this Budget will hurt. It’s that or it's Greece], ''Herald Sun''</ref><ref>[http://www.youtube.com/watch?v=EOHFgR-G-w4 Croatia - the Next Greece], Adriatic Institute</ref><ref>[http://live.wsj.com/video/28792DD6-5C44-4B5C-BE19-75F605044244.html#!28792DD6-5C44-4B5C-BE19-75F605044244 Is Hungary the Next Greece?], ''Wall Street Journal''</ref><ref>[http://www.the-american-interest.com/blog/2012/05/17/india-shining-or-the-greece-of-asia/ “India Shining”? Or the Greece of Asia?], ''The American Interest''</ref><ref>[http://realmoney.thestreet.com/articles/02/27/2012/japan-next-greece Is Japan the Next Greece?], TheStreet</ref><ref>[http://video.cnbc.com/gallery/?video=3000074895 Is China the New Greece?], CNBC</ref> you've likely been hit with an example.  The term was also abused by [[Tea Party |Tea Partiers]] as an excuse for shutting down the [[US]] government in 2013 to prevent raising the [[debt ceiling]].<ref>[http://www.thefiscaltimes.com/Articles/2011/07/13/Tea-Party-on-Debt-Ceiling-Quit-Believing-Obama Tea Party on Debt Ceiling: ‘Quit Believing Obama’], ''The Fiscal Times''</ref><ref>[http://prospect.org/article/gops-dangerous-debt-ceiling-threat "It may be necessary to partially shut down the government in order to secure the long-term fiscal well being of our country, rather than plod along the path of Greece, Italy and Spain."]</ref> Though it doesn't have to be for any implicit political gain.<ref>[http://online.wsj.com/article/SB10001424052702304441404577478623021470082.html?mod=googlenews_wsj Football taunting!]</ref>

Indeed, Greece obviously committed the [[sin]] of years of unsustainable government spending (debatably [[Keynes#Economic theory| Keynes]]ian, but no one knows what it even stands for at this point) that contributed to the shitstorm it's in, but the [[EU]]'s single [[currency]] does not necessarily mean homogenous [[business]] models; the eurozone is more diverse than you might think.<ref group=note>For now.</ref>

==Inconvenient truths==
===Raging welfare queens!===
[[File:Ratio_dépenses_publiques_et_PIB.png|thumb|National spending in Europe.  Darker the colour, bigger percentage of domestic product.  Where's 
Waldo
 the [[Portugal|P]][[Ireland|I]][[Italy|I]][[Greece|G]][[Spain|S]]? (hint: lightest is [[Switzerland]])]]
The euro crisis has frequently been described as a battle between the [[work ethic]]s of Southern Europe and its northern neighbours,<ref>[http://online.wsj.com/article/SB10001424052970203501304577088221198128632.html Myth and Reality About the Euro Crisis], ''WSJ''</ref>
pointing to the latter's higher [[GDP]] growth, productivity levels, and retirement ages,<ref>[http://www.spiegel.de/international/europe/german-chancellor-on-the-offensive-merkel-blasts-greece-over-retirement-age-vacation-a-763294.html Merkel Blasts Greece over Retirement Age, Vacation] ''Der Spiegel''</ref> among other factors.  It seems to be the smoking gun on blatant [[benefit scrounger|benefit scrounging]], yet [[statistics]] paint a more complex picture — Greeks are working the most hours in the entire continent.<ref>[http://www.bbc.co.uk/news/magazine-17155304 Are Greeks the hardest workers in Europe?], BBC</ref>

There's also a serious prevalence of [[tax protester|tax evasion]] in the country; its tax burden is almost dead-last in the European Union (31% of GDP in 2010,<ref>[http://ec.europa.eu/taxation_customs/resources/documents/taxation/gen_info/economic_analysis/tax_structures/2012/booklet.pdf Taxation trends in the European Union], Eurostat ([http://ec.europa.eu/taxation_customs/resources/documents/taxation/gen_info/economic_analysis/tax_structures/2012/country/el.pdf Greece summary])</ref> only a few points away from [[Canuckistan]] and some [[US|other random landmass]]<ref>{{wpa|Government spending#International government spending|International government spending as a percentage of GDP|}}</ref>). Doesn't exactly scream "high tax, low growth." Even Greece's social expedentures are historically mediocre, barely over the OECD average and handily beaten by [[Angela Merkel]].<ref>[http://www.oecd.org/document/9/0,3746,en_2825_501397_38141385_1_1_1_1,00.html Is the European Welfare State Really More Expensive?], OECD. Prepare to read over 100 pages! ([https://archive.today/PiDbb older data])</ref>

===Goldman's back===
Considerable debate continues over how much investment firms actually influenced the whole crisis to its climax.  It is a well-known fact that [[Goldman Sachs]] and other banks were paid off by Greek governments in the beginning of the millennium to hide their [[Ben Bernanke#Conspiracy theories and other bullshit|moneycopter spree]] as they were accepted into the monetary union, using the ''same'' derivative scamming that [[Great Recession|screwed over the States]].<ref>[http://www.guardian.co.uk/business/2010/feb/25/markets-pressure-greece-cut-spending Goldman Sachs faces Fed inquiry over Greek crisis], ''The Guardian''</ref><ref group=note>Whether which was worse is a matter of conjecture as well. See [http://blogs.reuters.com/felix-salmon/2010/02/16/the-greek-derivatives-arent-goldmans-fault/ Felix Salmon for the "pro-Goldman" side] and [http://www.bloomberg.com/news/2012-03-06/goldman-secret-greece-loan-shows-two-sinners-as-client-unravels.html these guys for the "pro-government" side.]</ref>

This was a clear middle finger to the Maastricht Treaty (requiring all members to maintain no more than a 3% yearly deficit and 60%  gross government debt<ref>[http://www.ecb.int/ecb/orga/escb/html/convergence-criteria.en.html Convergence criteria], ECB</ref>) and if such an act of stupidity was found in time, the Hellenic Republic would have been forced to stick with the drachma...and the Great Recession could have already been a thing of the past. Oh well.

===Spain and Ireland===
The Spanish and Irish economies are unique in the 
[[racism|GIPSI]]
 
GIIPS
 ''PIIGS'' in that their entry into this mess wasn't particularly caused by profligate borrowing,<ref>[http://www.bbc.co.uk/news/business-16290598 Eurozone crisis explained], BBC</ref> but in a similar matter to the US, via the [[boom and bust|bursting]] of a housing bubble.<ref>[http://www.vanityfair.com/business/features/2011/03/michael-lewis-ireland-201103 When Irish Eyes Are Crying], ''Vanity Fair''</ref><ref>[http://www.bbc.co.uk/news/business-17549970 Q&A: Spain's woes], BBC</ref>

===Germany itself===
The standard-bearer of the euro is [[Germany]], a [[social market economy|social market]] in its own right, with its labour force working double-time so the [[beer]] you're drinking right now isn't [[inflation|double the price]].<ref>[http://blogs.reuters.com/sakari-suoninen/2013/09/17/beer-washes-out-german-inflation-angst/ No, really]</ref> Unemployment levels are the best since [[Cold War]] reunification, trade surpluses are up, and there's no sign of it stopping.<ref>[http://www.washingtonpost.com/blogs/ezra-klein/post/the-european-debt-crisis-in-eight-graphs/2011/12/01/gIQAsmR5GO_blog.html The European debt crisis in eight graphs], ''Washington Post''</ref> 

However, Germany (along with [[France]]) has faced claims of [[hypocrisy]] for being the first to violate the Maastricht criteria after the €'s full adoption in 1999.<ref>[http://www.spiegel.de/international/europe/the-ticking-euro-bomb-how-the-euro-zone-ignored-its-own-rules-a-790333.html The Ticking Euro Bomb: How the Euro Zone Ignored Its Own Rules], ''Der Spiegel''</ref><ref>[http://www.bbc.co.uk/news/world-europe-16761087 Did Germany sow the seeds of the eurozone debt crisis?], BBC</ref>


Idiotic
 Hilarious North American commentators have claimed that Germany will from now on take the lead in European politics or a new [[golden age]] for Germany has come<ref>[http://fullcomment.nationalpost.com/2012/06/09/conrad-black-the-german-hour-has-come-at-last/ Conrad Black: The German hour has come at last], ''National Post''</ref> (showcasing their complete incompetence concerning European treaties, Germany or economics), a notion that has been dismissed by many German politicians.<ref>[http://online.wsj.com/article/SB10001424052702303506404577446312797418208.html Germany Grapples With Role in Rescue], ''WSJ''</ref> [[Conservapedia|More inane Christian fundametalists]] believe that the only reason why Germany is on top of the crisis is because of the "[[Protestant work ethic]]" — forgetting that Germany is currently split between [[Catholicism]], [[Protestant]]ism, [[atheism]] and [[Islam]].
[[File:Supranational_European_Bodies.png|thumb|250px|Can't understand this? Try [[United Kingdom#The briefest possible history of the UK|UK geopolitics]].]]

===Ignoring the Nordics===
No discussion on the eurozone should leave out what the hell is going on in [[Scandinavia]].  Contrary to the insistence of ''[[laissez-faire]]'' economists on the [[Nordic model|Nordic Model]]'s collapse, it has survived the turmoil relatively unscathed.<ref>[http://blogs.wsj.com/source/2011/01/19/scandinavia-where-did-it-all-go-right/ Scandinavia: Where Did It All Go Right?], ''WSJ''</ref><ref>[http://www.guardian.co.uk/society/joepublic/2009/aug/05/scandinavia-recession-welfare-state Why Scandinavia can teach us a thing or two about surviving a recession], ''The Guardian''</ref>  Although the region has accepted [[free trade]] and various [[deregulation]]s since the 1990s, tax rates, [[trade union|union]]ization rates and public sectors are still the largest in the [[Western world]], as well as consistent balanced budgets.<ref>[http://www.globalutmaning.se/wp-content/uploads/2011/01/Davos-The-nordic-way-final.pdf The Nordic Way], World Economic Forum</ref><ref>[http://www.hertie-school.org/fileadmin/images/Downloads/working_papers/41.pdf The Nordic Model: Conditions, Origins, Outcomes, Lessons], Hertie School of Governance</ref>

The Swedes, Finns, Danes et al. can too give us an insight on the very inefficiencies of the EU.  While the Scandinavian peninsula shares a common interest for a mixed economy, relationships with the euro area vary vastly; [[Norway]] takes a [[eurosceptic]] position and sticks with pre-existing trade agreements, [[Sweden]] and [[Denmark]] are Union members but have opted out of anything else (however, the Danish currency is voluntarily, unilaterally paired with the euro), and [[Finland]] has done the most, replacing its markka with the legal tender.<ref>[http://www.guardian.co.uk/business/2012/aug/03/finland-eurozone-pride-anxiety?INTCMP=SRCH They might be beginning to regret it.]</ref>

And of course, there's [[Iceland]] which actually strengthened its welfare state while recovering from its own debt problem. Naturally, it is [[confirmation bias|conveniently forgotten]].

==At the heart of the crisis: the issue of monetary sovereignty==
A glaring difference between Greece and a number of countries it has been compared to is that the Greeks are ''not'' monetarily sovereign, that is, have full control of a fiat currency.  As with its eurozone counterparts, it cannot devalue the € to pay off its debt, ceding that ability to the European Central Bank.  The ECB, at the same time, has been unable to reciprocate with adequate [[monetary policy]].<ref>[http://www.economist.com/node/21556577 Start the engines, Angela], ''The Economist'' ({{wpl|Causes of the European sovereign-debt crisis#Structural problem of Eurozone system|More info}} on Wikipedia)</ref>  Most (i.e. Britain<ref>[http://www.nytimes.com/2014/09/08/opinion/paul-krugman-scots-what-the-heck.html Scots, What the Heck?], ''The New York Times'' (Describing the drawbacks of an independent [[Scotland]] retaining the pound)</ref> and the US<ref group=note>Wait, so the [[Amero]] isn't real?!!1!</ref>) have their debt denominated in their own 
pounds
 dollars, meaning they can "purchase" their debt for as long as it wants to until the currency is inflated into oblivion.<ref>[http://www.cepr.net/index.php/op-eds-&-columns/op-eds-&-columns/why-we-arent-like-greece Why We Aren't Like Greece], Dean Baker</ref> It's one of the reasons why [[Japan]]'s [[Monetarism|Lost Decade]] didn't cause the country to default, despite printing out more cash than Greece.

Which brings us full circle: what happens next?  Presuming austerity measures aren't a panacea, there's really only two ways to go:<ref>[http://finmin.nic.in/WorkingPaper/euro_zone_crisis.pdf The euro zone crisis: Its dimensions and implications], Indian Ministry of Finance</ref>

*Accelerate economic integration within the EU to promote growth, and make the ECB act like the [[central bank]] it was ''supposed'' to be in the first place; or
*[[Pandemic|Shut. Down. Everything]]. (kick the PIIGS out, ultimately risking a full-scale breakup of the euro)

Since the second didn't happen, the logical conclusion is a big one — a commitment to fiscal federalism in the EU.<ref>[http://www.cer.org.uk/publications/archive/report/2014/how-finish-euro-house How to finish the euro house], Center for European Reform</ref> This will likely lead to numerous unintended consequences in the sociopolitical realm, mostly [[Nationalism|national sovereignty]] stuff.<ref group=note>Remember that (historically) Europe isn't the most [[WWI|peaceful place]] [[WWII|in the world]], so it's quite an imperative to solve this as quickly as possible.</ref>

==PII
G
S corollaries==
As the worst offenders of the crisis proceed to receive their bailout funding, there's a 
good chance versions of the neologism could emerge for each nation
 Never mind.<ref>[http://news.xinhuanet.com/english2010/indepth/2011-11/08/c_131235655.htm Will Italy be next Greece?], Xinhuanet</ref><ref>[http://live.wsj.com/video/is-spain-the-next-greece/AC65A424-7E20-4320-8CC3-0946A706678E.html#!AC65A424-7E20-4320-8CC3-0946A706678E Is Spain the Next Greece?], ''WSJ''</ref><ref>[http://www.nytimes.com/roomfordebate/2012/02/14/what-went-wrong-in-portugal/portugal-is-the-next-greece Portugal Is the Next Greece], ''The New York Times''</ref><ref>[http://business.time.com/2010/09/22/is-ireland-the-next-greece/ Is Ireland the next Greece?], ''Time''</ref>

==In fairness==
In an age of [[Great Depression]]-style stimulus and worrying outlooks on fiscal health, legitimate allusions to Greece's situation can probably be made, in the proper context.  Just don't make it ''the next'' [[Godwin's Law]], for fuck's sake.

==See also==
*[[Straw man]]
*[[Escape hatch]]
*[[Red-baiting]]
*[[Fear-mongering]]
*[[Naomi Klein#The Shock Doctrine|Naomi Klein]]:  Yes, [[moonbat]]s do it too.
*[[Venezuela]] – A more modern scapegoat for this kind of argument, mixed with [[red-baiting]]

==External links==
*[http://www.nytimes.com/2012/08/25/business/global/in-euro-crisis-plenty-of-blame-to-go-around.html?pagewanted=all&_r=0 In Euro Crisis, Fingers Can Point in All Directions], ''The New York Times''
*[http://www.dangardner.ca/articles/item/309-europe-isnt-a-caricature Europe isn't a Caricature], Dan Gardner
==Notes==
{{reflist|group=note}}
==References==
{{reflist|2|80%}}

{{logfal}}

[[Category:Conservative deceit]]
[[Category:European Union]]
[[Category:Fallacious arguments]]
[[Category:Financial crisis of 2007 to 2009]]
[[Category:Greece]]
[[Category:Informal fallacies]]
[[Category:Political terms]]

Categories: Conservative deceit, European Union, Fallacious arguments, Financial crisis of 2007 to 2009, Greece, Informal fallacies, Political terms