Quote of the Day
Is from Michael Pascoe, who is described as “one of Australia’s most respected finance commentators”, although back in January I called him names for saying the Queensland floods provided an economic stimulus and thus giving a good example of the broken window fallacy at work. And while I’m not sure about some of what he says about events in Greece here I can’t argue with this:
… we tend to only do as much as we need to do. If governments are so hopelessly inept and short-sighted as to generously pay people for not working, many people will not work.
And of course Greece is not the only place where that point is becoming increasingly relevant, eh?