Sunday, 5 February 2012

Earth To Union Leaders: Look At Greece

Greek debt talks to stretch into weekend

Greece desperately needs to secure the second bailout and the bond swap deal that seeks to halve its debt load in order to avoid a catastrophic default within weeks.

"And one of the main problems of the Greek economy as we have said time and again here is the chronic loss of competitiveness over the past decade. ... Therefore all the elements, including elements linked to the labor market, wage formation, are part of these discussions."

"The IMF rightly is demanding a reduction in the minimum wage and a major reduction in the number of civil servants," he said. "We will not agree to the second loan package until Greece has shown it is seriously working at this."
Free markets increase wealth for all.

Exactly what I am calling for in Ontario is exactly what the Greek people are having forced on them.  "Chronic loss of competitiveness," due to entitlement and irrationally high wages is at front and centre of the debt talks.  Lowering minimum wage is the solution to their problems: go figure.  Obviously too little, too late to figure this out.  Unions don't seem to be fairing well in Greece.  I predict similar unrest developing in Ontario over the next 5-10 years as we watch similar mechanisms at work (high debt, unemployment, lack of innovation, uncompetitive wages, etc).  Caterpillar leaving is just the beginning.  The free market does not tolerate entitlement either from a highly paid executive or an individual working hard at a lower paying job.  The free market is tough, but not our enemy.  Let the market be free, when we do...we give rich and poor the best chance possible.

Ontario, please observe the pit Greece has dug themselves into.  Get scared that we are on the same path. Turn and run from the entitlement, big government and big spending attitude that has captured our province; quickly, while there is still time!

Greece Unions: Bankruptcy or Wage cuts (not rocket science)
Ontario Unions (who has workers under them who are not competitive): Something is better then nothing!  You are not going to shut down the free market,  so you can lose out, or get competitive.  Or you can start your own company with your own capital. 

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