Independence Day

From Reuters:

A debt crisis in Europe's single currency zone has entered a critical phase with fears Greece could default and spark a global financial disaster like the one that followed U.S. investment bank Lehman Brothers' collapse in 2008. Austerity plans have caused big street protests in Athens.

* Credit ratings agency Standard & Poor's cast new uncertainty on Monday over euro zone efforts to rescue debt-crippled Greece by warning it would treat a French bank plan for a rollover of privately-held debt as a default.

* While S&P's statement did not deal a death blow to the French rollover plan, seen by critics as a bailout for creditor banks rather than for Greece, it highlighted the difficulty of arranging private sector involvement in a second rescue package.

* On Saturday, euro zone finance ministers threw a lifeline to the socialist government of Prime Minister George Papandreou and approved a 12-billion euro loan Greece needs to avert default.

* Jean-Claude Juncker, the chairman of euro zone finance ministers, said Athens faced a severe loss of its sovereignty with increasingly intrusive outside supervision of its fiscal policy and privatisation agency.


Today particularly we need to reflect on our desire for liberty, not just in the USA but in all democratic countries.

We need to ask ourselves one question.

Is all the government intrusion into our collective and individual lives worth it, and who benefits from this interference?

Too often I see evidence that the beneficiaries of government benevolence just happen to be powerful, influential and wealthy financial institutions and other corporations at the expense of individual taxpayers.

If this trend continues to grow, perhaps we will need to change the name of the July 4th celebration to "Dependence Day".