Opponents of austerity have come out to denounce the idea that it’s bad for governments to borrow. They note that there are benefits to borrowing. The distinction they fail to make is that there’s a big difference between private borrowing and government borrowing.
Statistically, alcohol abuse causes far more death, violence, injury, and disease than guns do. And yet, further limiting access to alcohol is off the table while gun restrictions are fair game. In the gun debate, the double standards are plentiful.
The United Nations recently passed a resolution in which those who lend money to governments are denounced as "vultures" while the governments themselves are portrayed as hapless victims. This isn't exactly a complete and accurate picture of the situation.
Refugees no longer stop at the nearest safe haven, but instead are lured into enduring hazardous black-market journeys for a welfare-state payoff. At the same time, states offer high fees and reams of paperwork for those seeking legal passage.
In the United States, both major parties are very fond of using the power of government to prohibit voluntary transactions among consenting adults. They merely disagree on which things to ban under pain of arrest and imprisonment.
The Greek crisis illustrates the latest failure in Europe's attempts to build a lasting prosperity through consumption and redistribution of wealth. It's been going on for 150 years, and it remains to be seen if Europe will learn anything from the present crisis.