Having just returned last week from a relatively short visit to Greece, it is abundantly clear that Greece is in a much more desperate crisis than many Americans understand.
And unfortunately, it's all too clear that the Obama administration is completely impotent in dealing with the crisis, or worst case, simply doesn't understand the problems sufficiently to craft a legitimate American response.
You see, the Obama administration has come to Greece's defense by warning Germany and other European creditors that they must be more accommodative to Greece to avoid the beginnings of a potential Eurozone break-up.
The US deputy national security adviser, Caroline Atkinson, has stupidly advised the stronger European states, like Germany, to do more to accept their share of responsibility for the euro crisis, while making solutions to the problems of gross government spending "socially fairer."
Of course, her comments are taken directly from the Keynesian handbook of silly economic theories designed to make uneducated lawyers look competent in the field of economics.
For the only real and permanent solution for Greece to get out from under its massive debt is to allow the country to default, and then leave the Eurozone for good.
Only then, will Greek workers and entrepreneurs function in a legitimate free-market economy where success is rewarded with financial remuneration, while mistakes and excessive greed are met with the appropriate consequences.
It is, truly, the height of stupidity to think the European Union can continue to kick the proverbial can down the road, all the while pretending Greece can service its $350 billion debt load.
The Greek economy cannot function under such a load, and the sooner the Obama administration learns this concept, the sooner the Greek people will terminate it ties to European welfarism.
The Germans to the Rescue?
Interestingly, the Germans may be paving the way for a Greek exit of the Eurozone themselves.
By insisting that Greece be obligated to 100% of its crushing debt load, the Germans are doing the Lord's work in setting the Greek captives free by making it virtually impossible for the new Greek government to abide by its voter mandate.
Thus, Berlin is effectively forcing Greece to walk away from Europe.
But there is a broader consideration as well. By forcing Greece out of the euro, the Germans may inadvertently pave the way for the Euro's demise.
And with it, any hopes of the EU's ill-conceived ideas of bank bailouts and central bank money printing learned from the charlatans at the US Federal Reserve.
If successful, fiscal authorities would be forced to face an honest bond market, the very thing Obama and Yellen fear the most.
For only an unfiltered bond price feedback can force the most obtuse political hack to understand that zero interest rate policies (ZIRP) and quantitative easing (QE) can't possibly help the macro-economy or trigger the long-hoped for escape velocity.
And for Europe, the sooner the EMU is busted, the sooner the ne'er do wells like Italy, France, and Spain will be required to get back out into the global financial markets with their own currencies with no chance to print their way to ten year bond rates of 1%.
Then, at last, the world could turn it eye towards the most profligate government in world history, and prevent the United States from traveling the route of the Greeks.
Of course, it will take something other than professional politicians to see the light, but we can always hope!