Past experience is certainly a guide to the future. And as the old cliche goes, "those who don't know history are doomed to repeat it", and so we are at this age where economists are trying to figure out what happened and what new models we should be using to predict the future, at least the economic one.
Over a year ago, I wrote about problems facing Greece. In as much as the problems in Greece are economic, they are also social. We accept conditions as they are as long as they do not impact our day to day activities. Well, the economic infrastructure was bound to collapse. Too much borrowing. And now the economics dictate the behavior of society. I guess the simple moral of the story is live within your means. I wonder if that lesson is lost these days. And is the US doomed to follow Greece.
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