If you are considerate about the nearby future, read this article.
If you need a little push, click here.
One of my favorite points that Sinn makes in his interview:
Greece's creditors aren't entitled to have the debt repaid by the international community. Everyone has to earn the standard of living themselves, and those who chose to make money from risk must bear that risk.
If I understand interest-bearing loans correctly, don't interest rates encode the risk of default? The idea that a creditor may lend money with trailing interest rates and recollect irregardless of the debtor's ability to pay is irritable. That is the entire notion of risk! Likewise, interest represents the opportunity cost of not investing elsewhere. Why is there an obligation to pay debts that cannot be managed? An entire country turning to austerity mirrors a system of debt bondage, just on a much larger scale. While, yes, the ability to pardon debt too easily could limit growth by turning away investors, a balanced between the creditors and the debtors. I should not be able to go to input debtor into a thesaurus website and see it paired with "delinquent."
Further, what are the negatives to this? What is to become of home mortgages that are held by the Euro? And what of the middle class? They will likely be affected most by the currency shift, and their savings may be exhausted, but what of the austerity period Sinn is predicting? There is also a decent chance that a proportion of the middle class will simply emigrate in search of better opportunities. What shall serve as the backbone of economic revitalization without the pivotal middle class?