Foreign Affairs editor Gideon Rose, speaking on “Bloomberg Surveillance” about the Greek economy, said that Greece’s current collapse is worse compared to the Great Depression, the deep and long-lasting economic downturn that began soon after the stock market crashed in October 1929, sending Wall Street into a panic and wiping out millions of investors.
“Lot of the help has gone towards helping bankers, not helping ordinary Greeks,” Rose commented regarding the fact that Greece’s GDP continues to roll over a massive ugly inflation during the last few years. He continued urging Europeans to give the Greek people a sense that their future can be better in order to be able to prevent anger, which is now “driving a lot of things.”
Rose also revealed that there will be volatility if Greece leaves the euro, and in order to avoid such a scenario Europe should loosen things up so that the Greek economy can go forward “without getting locked in the same straight jacket of austerity.”
“The key thing about the depression is for western leaders to recognize that in order to save capitalism, they should give democratic population a sense of security and stability without letting markets run rampant,” the Foreign Affairs editor added.