This posting has partly a socio-cultural theme and partly a macro economic theme. The woes of Greece with their huge debt problem has parallels with western society’s own personal debt and our tendency to live for today and postpone repayment.
As a society we have been seduced into thinking we can have it all now. We are bombarded with celebrity lifestyles, “reality” TV shows and drip feeding of “affordable” credit card TV adverts.
Warren Buffet the philanthropic billionaire explained macro and micro economics in a very simplistic cartoon which some economists may say is too simplistic. However, consider the juxtaposition of this Youtube movie with the prospect of Greece having to sell off some of its Islands to balance its books.
Individuals are also getting themselves into greater debt, not so much to fund essentials but to chase the dream and enjoy a lifestyle that the magazines, soaps, credit card companies and the media shape for us.