Did feminism cause Greek debt crisis?

The head-line of the article linked here asks, “Did feminism cause the Greek debt crisis?”  As with generally all such rhetorical head-lines that end with a question mark, the answer to this one, too, is, “No.”

Did feminism cause the Greek debt crisis?

June 18, 2015 By Janet Bloomfield (aka JudgyBitch)

The International Monetary Fund (IMF) has given Greece (another) iron-clad deadline to meet its debt repayment schedule – Greece must pay up by June 30th. Failure all but guarantees Greece will be booted out of the common European currency and forced to return to drachmas….

More: http://judgybitch.com/2015/06/18/did-feminism-cause-the-greek-debt-crisis/

The commentary by Janet Bloomfield is not bad, but it is somewhat off the mark.  It incorrectly blames feminists alone for the looming economic crisis in Greece.  There is no doubt that Greek feminists are to be blamed for a good portion of that crisis, but they do not deserve to be blamed for all of it.

Janet Bloomfield, for example, does not mention at all Greece’s massive and disproportionately large spending on military hardware bought from other countries.  Greece’s extraordinary spending on military hardware is bad, but it takes the combination of that with another issue, the excessive liability to satisfy the demand for pension incomes, to bring Greece’s economy to the brink of collapse.

Janet Bloomfield does not explain that Greece’s economic policies relating to cash-flows on pensions over time are identical to those in virtually all developed nations (Norway is a notable exception).  Neither does she explain that Greece’s low birth rate (one of the lowest in the world, 213th out of 224 countries) exacerbates the looming financial crisis.

Government-run pension schemes, although their pay-outs were once-upon-a-time to be based on returns from pension contributions, are now virtually without exception massive debt-repayment deferral schemes that transfer liabilities (demands for pension payments) from current and future pensioners to current and future participants in the workforce.  In essence, with governments putting pension contributions of workers into general revenue–from where they are used to pay current government obligations instead of being saved for future income claims by individuals who are working now but wish to retire with some level of comfort in the future–they manage to weasel out of a vitally important responsibility.

Governments who do such a thing are actively engaging in a fraudulent practice for which the directors of insurance companies and trust funds serve prison terms if they were to engage in it.

Certainly, Janet Bloomfield correctly vilifies feminists for wanting to have equality of outcomes when it comes to pension earnings but refusing to accept equal responsibilities when it comes to paying for the privilege to eventually being able to receive the earnings to which they should thereby become entitled.  Nevertheless, that is only a relatively small part of the causes of the Greek government’s inability to meet its financial obligations.

Janet Bloomfield fails to mention at all the far greater problem of the Greek government running a pension fraud that differs from any other pyramid scam only by its slow rate of progression and its far greater magnitude.  Instead of, as in a run-of-the-mill pyramid scam, the final suckers holding the empty bags in very short order (as soon as the market for those to be suckered by a given pyramid scam has been exhausted), the government-run pension-pyramid-scams take generations to run their course, with children, grandchildren and great-grandchildren eventually getting stuck with holding the empty bags.

Still, why flog the Greek government for being one of the first to be caught by the consequences of its pension-pyramid-scam?  All of the others will soon be in the same bind and for the same reasons, some sooner than others.
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See also: http://judgybitch.com/about/

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