Greece: Teenager With A Credit Card

Greece: Teenager With A Credit Card by Brad McMillan, Commonwealth Financial Network

As yet another deadline for Greece and the eurozone approaches, we once again find ourselves considering what a Greek default might mean for the U.S. and world economies. First, though, let’s take another look at what’s actually going on with Greece and Europe.

The Greek crisis boils down to a conflict between one group wanting to spend money that’s not there and another that wants to impose discipline—fiscal irresponsibility versus fiscal rectitude. The metaphor that comes to mind? A teenager with a credit card. I last used...