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December 16, 2011

Did You Hear The One About ...

This "Euro-parable" via John Derbyshire is, unfortunately, not only not that much of an exaggeration but given the way that the Obama administration has been managing our money, the time is fast approaching (actually, it's already here) when this little parable will apply to the U.S., as well:

It is a slow day in a little Greek Village. The rain is beating down and the streets are deserted. Times are tough. Everybody is in debt. Everybody lives on credit.

On this particular day a rich German tourist is driving through the village. He stops at the local hotel and lays a 100 euro note on the desk, telling the hotel owner he wants to inspect the rooms upstairs in order to pick one to spend the night.

The owner gives him some keys and, as soon as the visitor has walked upstairs, the hotelier grabs the 100 euro note and runs next door to pay his debt to the butcher.

The butcher takes the 100 euro note and runs down the street to repay his debt to the pig farmer.

The pig farmer takes the 100 euro note and heads off to pay his bill at the supplier of feed and fuel.

The guy at the Farmers Co-op takes the 100 euro note and runs to pay his drinks bill at the taverna.

The publican slips the money along to the local prostitute drinking at the bar, who has also been facing hard times and has had to offer him on credit.

The hooker then rushes to the hotel and pays off her room bill to the hotel owner with the 100 euro note.

The hotel proprietor then places the 100 euro note back on the counter so the rich traveller will not suspect anything.

At that moment the traveller comes down the stairs, picks up the 100 euro note, states that the rooms are not satisfactory, pockets the money, and leaves town.

No one produced anything. No one earned anything. However, the whole village is now out of debt and looking to the future with a lot more optimism. And that, Ladies and Gentlemen, is how the bailout package works!