Bailing on the Euro

I live in a state that was relatively austere in good times. I say “relatively” because it still factored in an 8% annual return into perpetuity when calculating benefits for its public employee retirement fund … but, hey, no one’s perfect. So it’s with increasing chagrin that I read of “other” states that must in part be bailed out by Centennial State taxpayers because their government-sponsored Shangri-Las didn’t work out as planned. 

States bailing out other states is one thing. Translate it to countries and you get an idea of why the Germans are so angry (what? No!) with the Irish, Spanish, Greeks and Portuguese over the concept of the Euro. I deliberately say concept because it never really was a currency, as events now plainly lay bare. Think anyone in Ireland is thinking of retirement? What about Greece? Should we be at all concerned? Not to worry. A two-year salary freeze for government employees will surely do the trick.