The one-handed economist

I last visited Greece (Corfu, Athens, Samos) in 1991, so my return there in January was an opportunity to “reset” my impressions (hot, dirty, not as nice as Turkey).

First of all, it wasn’t that hot, but this was in January 🙂

Second, I found the people we met (casually but also in longer discussions) to be really nice (even kind) relative to other Mediterranean cultures.

Third, I am pretty sure that Athens about as clean/nice as Istanbul 😉

But here are a few more impressions, based on Leiden University College’s six majors.

Culture, history and society: Greece has a long and well-documented history. Its influence on Rome, and thus Europe, was profound, even if it was often mythologized. As a society, the Greeks are more traditional (conservative) than northern Europeans. The culture is a lot more relaxed, but that attitude can also be annoying. My favorite phrase on the trip (learned from a Greek) was “in theory…”, which should be offered near any statement regarding timing, opening of shops, office or museums, pricing, etc. Oh, and the British should give back the bloody Elgin Marbles. It’s a crime against the Greek people.

Global public health: The population is relatively poor, but there are government and NGO-efforts to keep people safe(r) from Covid. Public bathrooms were not common, street markets were cleaned up quickly after close, there were very few stray dogs (but many cats). The lifestyle is lower stress, but poverty can end it prematurely.

Governance, economics and development: Corruption is widely-acknowledged but change is unlikely (dynastic politicians). Much development is/will happen if/when the post-financial crisis diaspora returns. The cost of living is very high relative to wages (Greek PPP-GDP/capita is half the Dutch level). Foreigners/tourists can bring money but exacerbate corruption. Government treatment of “anarchists” in Athens is appalling.

International justice: The Greeks are on the front-line of tensions with (authoritarian) Turkey and (shitshow) Syria. The EU should have done a lot more to fund the Greek/EU border control. I doubt TR will attack GR, but Cyprus is always a sore-spot. It would be better if Cyprus would reunite, but — as we saw in Lebanon and Bosnia — it cannot be run by sectarian factions.

Sustainability: The people are too poor and few (10 million) to worry much about sustainability. They are experiencing record heat and wildfires (made worse by cutting fire fighting budgets and spending on weapons). The prices for meat are lower than for fish or cheese (!), which is good for tradition/protein but bad for sustainability.

World politics: Greece was abused by DE and FR after the financial crisis, as those governments wanted their banks to get repaid. As a result, IMO, the Greeks have turned to China, which will not end well (my recent post). Greece’s importance (see “justice” above) will only grow as forced migrations increase with climate and political instability.

My one-handed conclusion is that Greece is a lovely country full of nice people who are mis-led by corrupt politicians who make them poorer and abused by foreigners who have forgotten how heavy is the burden of poverty.

I just spent a few weeks in Greece, on holiday. Greece has been through a lot of stress since the 2008+ financial crisis (I think the country should have declared bankruptcy), but now it has a “friend”: China.

China is investing in Greece’s largest port, exporting plenty of goods to Greece, and also building “soft” ties like these ==>

The accompanying text (left) is a bit cringe (click to enlarge), but it is typical for Chinese diplomacy: allowing for some overlap between China’s greatness and that of the supplicant country. (There was also an American-sponsored plaque at this location. It was all about how the Americans were proud to pay for restoring Greek history, under the direction of Greeks. No USA! USA! I miss the old days…)

So my story here is simple: China, as Greece’s new “friend,” is not such a good friend.

It goes like this: Greece is that girl in school who has not taken good care of herself. Yes, she’s a bit obese, but she’s facing issues beyond her control as best she can. Sadly, the cool kids — France and Germany — are not that interested in obese Greece (they even tease her!), so Greece is a bit depressed. But China is there! China says nice things to Greece, helps her with her ports and economy. China is a real friend. Why not date?

So then Greece ends up pregnant, and China is busy. “But China — we were friends and now I’m pregnant — can’t you help me?”

After some silence, China reacts: “Sure you can have my kid, but I’m not gonna support you, and neither will anyone else, since it’s my kid. I’ll call you later… maybe.”

The story, in other words, is that Greece — like many countries participating in China’s “Belt and Road initiative” — is getting fucked (watch this), and it’s not going to turn out well.

Just remember what’s happened to Tibet, Hong Kong, Taiwan and Xinjiang.

My one-handed conclusion is that China’s “friendship” is worse than isolation and poverty.

* Why do so many countries accept it? China is totally fine about bribing rulers who don’t care about their citizens and then leaving those citizens with debts even heavier than the French or Germans might assess.

I know that Americans tend to make a very big deal about their Constitution, but it’s a big deal for a few reasons. One is the Bill of Rights, which was (technically) added to the constitution as the first 10 amendments in 1791.

The other day, I was thinking about the lack of rights in China. “But wait,” I said to myself. “Surely, there must be a few of the basic 10 in China!?!”

Nope:

Amendment I: Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.
In China, the Communist Party of China (CPC) controls religion, speech, press, assembly, and assembly. These freedoms are not available.

Amendment II: A well regulated Militia, being necessary to the security of a free State, the right of the people to keep and bear Arms, shall not be infringed.
In China, the CPC controls access to guns and the Army. This freedom is not available.

Amendment III: No Soldier shall, in time of peace be quartered in any house, without the consent of the Owner, nor in time of war, but in a manner to be prescribed by law.
In China, the CPC has “stationed” party workers in Uigur homes.

Amendment IV: The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized.
In China, the CPC decides who gets searched or seized in a closed process without due process.

Amendment V: No person shall be held to answer for a capital, or otherwise infamous crime, unless on a presentment or indictment of a Grand Jury, except in cases arising in the land or naval forces, or in the Militia, when in actual service in time of War or public danger; nor shall any person be subject for the same offence to be twice put in jeopardy of life or limb; nor shall be compelled in any criminal case to be a witness against himself, nor be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation.
In China, “justice” and punishments is administered via closed courts. China has the highest number of state executions in the world. Private property is routinely seized without just compensation.

Amendment VI: In all criminal prosecutions, the accused shall enjoy the right to a speedy and public trial, by an impartial jury of the State and district wherein the crime shall have been committed, which district shall have been previously ascertained by law, and to be informed of the nature and cause of the accusation; to be confronted with the witnesses against him; to have compulsory process for obtaining witnesses in his favor, and to have the Assistance of Counsel for his defense.
In China, trials are often slow. The accused can be held for long periods without charge or trial, access to lawyers and/or evidence against them.

Amendment VII: In suits at common law, where the value in controversy shall exceed twenty dollars, the right of trial by jury shall be preserved, and no fact tried by a jury, shall be otherwise reexamined in any Court of the United States, than according to the rules of the common law.
In China, trial by jury is unknown. The common law is not observed. In many commercial cases, defendants are found guilty without a hearing.

Amendment VIII: Excessive bail shall not be required, nor excessive fines imposed, nor cruel and unusual punishments inflicted.
In China, defendants are held without bail and massive fines have been levied against “enemies of the state.” Executions are common.

Amendment IX: The enumeration in the Constitution, of certain rights, shall not be construed to deny or disparage others retained by the people.
In China, the CPC controls rights and tells citizens if and when they have rights.

Amendment X: The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.
In China, power is centralized in the CPC. There is no such thing as provincial and/or popular powers.

My one-handed conclusion is that the Chinese do not have the rights of Americans, and that affects how governments and citizens interact.

I wrote this for our students, but it applies to all of us, young and old:

There’s a lot of stress over failure, getting “low” grades, and other types of under-achievement within our amazing student body. I am sure that you’ve had bad days or outcomes, but how have you “processed” them? As something shameful to hide or an opportunity to learn or dial back your expectations?

Anyway, this article reminded me of this topic (worth reading), and I want to try a bit of “celebrating failure” here, with my own example:

I was 21, just graduated from university, didn’t know what I wanted to do or where to work. I took an unpaid job with a start up (building a platform for matching real estate borrowers and lenders) and got to work. I was going to make a market! Well, the timing was wrong and my boss was abusive — blaming me for not being loyal enough or working hard enough, even though I was earning 80% of the firm’s revenue at times (we staffed from 2 to 6 and then back to 2).

It turns out that I was not to blame. My boss was just an asshole who used abuse to control rather than working as a partner with respect.

After 2 years of that, I was nearly burnt out but realized (via a girl I started dating) that I was in an abusive relationship. Oh, and it doesn’t help that my boss was also my step-father. (My mom had died 4 years earlier…)

I got out of there, and within a few weeks I got 3 job offers (paid!) on the same day. I took the best one (with the Vets — another story)

My one-handed conclusion: Bosses who make you feel bad are bullies, not leaders. I learned that there are always other jobs out there with people who will appreciate you. I learned from my failure…

So what’s your story of embracing and learning from failure? [hit reply!]