Well of Course Greece will Default and Revert to Its Own Currency

It cannot do otherwise. The stock market is worried about a default, but this probably won’t matter much.

For years, the Greeks considered profits to be an abhorrence and free-market capitalism an abomination. They built up the government sector and built down the private sector. They unionized everybody, produced little, handed out big incomes, and borrowed the difference.

No nation can build a mountain of debt and avoid default by suppressing productivity. Greece continues to tax its most productive citizens heavily. It overregulates businesses and makes starting new ones very difficult.

To a lesser degree, Spain, Italy, and France have done the same. In France’s recent presidential election, not a word was spoken about cutting government expenses, lowering tax rates, reducing regulations, and otherwise increasing productivity.

Eventually, the European Union and the euro will probably fail. You cannot create a democratic state by forcing the issue from the top down under a suffocating bureaucracy. The only successful way to combine the nations of Europe would have been to repeal all tariffs and impediments to trade and repeal all limitations on the movement of people. Over time, a union, or possibly several unions, might have assembled naturally from the bottom up.