Essay on Governing Elite

The Article I analyze and written about is “Greece and the Crisis of the Governing Elite.” The article was a very interesting and in-depth look at the crisis befalling Greece and Europe as a whole. As I read the article seem to split into two separate articles that melded together perfectly. First, the governing elite of Europe, at first I thought I knew what it meant but as I look closely and research it, I had a better and in-depth knowledge of the term. Governing Elite basically is the Political class of an country, but Europe takes this term a little further than other countries, they have tremendous power and influence over all matter pertaining Europe as a whole economy. These “Elite” Individuals or party, considered their way of approaching the economy as more riskless and faire approached than free-market capitalism. As I read the article the financial crisis between the two parties in the article (Greece and the Elites), is that all the debt crisis and troubles fall back on the Elites of Europe; the crisis posed a huge threat to whole global economy to the point that three individuals Treasury secretary and former Timothy Geithner the former, and Larry Summers the latter, and President of World Bank Robert Zoelleck have admonished Europeans to move to fix their crisis before it threaten the United States already insufficient economic recovery. As I summarize I came across how these elites borrowed money “extravagantly” without any plan to follow just in case their borrowing would hurt them in the end. The author states that the debt crisis in Europe is none other than the faults of the political class, The crisis is so bad that various countries to name a few U.S, Finland, and Germany, have sent out loans to help with the crisis, for one Germany’s own Chancellor Angela Markel, support of Greece’s bailout where she punishes her own people the “taxpayers” in favor of an irresponsible government. Also in the article the economic polices imposed on Greece are from the elites which effectively cuts spending and handing out massive tax increases, which in turn is financially crippling the country of Greece, to the point of that when Frederic Bastait, warned the people of tax hikes, people began violent riots in Athens and Rome, also the dive into underground economy. The term underground economy which I research was the act of involves the exchange of goods and services which are hidden from official view. As I research I learned that the things that fall under this type of economy was: prostitution, drug trafficking, organ selling, and etc. which in was another word for “Black Market" the things that effecting Greece the most as I research was prostitution and drug trafficking. I learned as I read through various article relating to crisis in Greece was men and women were selling the bodies for a little was five euros, in the form of only getting this much for unprotected sex and the drugs were use by the prostitutes to make them forget about the pain if only for a moment rest. Back to the original article, I digest that others have reached out to Greece to withdraw from euros so it can devalue its currency, but article stated that this would plummet Greek currency rapidly, which in turn would reduce the government’s revenue which would be guaranteeing

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