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greek debt crisis

By Arthur Henson

Problems with the government debt of Greece threaten the European Union. The United States would most likely be drawn in if the financial crisis gets big enough.

The Greek predicament exposes root problems of capitalism. Production is a highly organized process. It embraces the whole of society. Yet the means of production are privately owned. The aim is profit. There is no overall plan of development. Production leaps ahead here and falls apart there; it is uneven. The outcome is frequent crisis. The Greeks have a word for it – chaos.