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The Rise and Fall of the Greek Empire

Only one place remains on my “Bucket List,” and that is to visit Greece.

No ancient history, no parade of amazing thinkers, have held such fascination for me. So it is with considerable sorrow that I created this image. This week Greece’s credit rating has been downgraded to junk status. And, what does this mean for us?

Along with Greece, Portugal and Spain are fading, raising concerns that the debt crisis in Europe could soar to calamitous heights. Here’s a quick recap from Jack Ewing of the New York Times.

The ratings agency, Standard & Poor’s, downgraded Greece’s long-term and short-term debt to non-investment status and cautioned that investors who bought Greek bonds faced dwindling odds of getting their money back if Greece defaulted or went through a debt restructuring. The move came shortly after S.&P. reduced Portugal’s credit rating and warned that more downgrades were possible.

The downgrades, announced near the end of trading in Europe, came amid rising political tensions across the Continent that had already punished Greek bonds and sent stock prices down sharply from London to Paris to New York. Investors, worried about shock waves in the broader European economy, migrated away from the euro and pushed the dollar and Treasury bonds higher. The euro slid to $1.3316 in afternoon trading in New York from $1.3382 late Tuesday.

“This is a signal to the markets that the situation is deteriorating rapidly, and it’s not clear who’s in a position to stop the Greeks from going into a default situation,” said Edward Yardeni, president of Yardeni Research. “That creates a spillover effect into Portugal and Spain and raises the whole sovereign debt issue.”
S.&P. forecast that Greece’s debt problems would only get worse, rising to 131 percent of GDP in 2011, the agency said. At the same time, growth would be nearly flat until 2016, meaning that the government could not count on expansion to lift tax receipts.

Of course, we have to ask, “What about us here in the USA?”

It’s a valid question with no solid answers forthcoming. Our debt to foreign countries is also overwhelming. And although I keep hearing that the economy is improving, I don’t see jobs and homes being saved. Fingers get pointed in every direction, but I don’t see leaders stepping up to the plate in ways that will result in serious fixes. You and I are part of the problem as well, and we will have to figure out how to take more care in how we live and how we vote. Increasing numbers of economists are warning that our kids will be growing up in a downgraded country, with China and India (and maybe others) surpassing us.

Greece is both a sad and a cautionary tale. Fasten your seat belts and drive as safely as you can.

  • EllenD

    And, what does this mean for us?

    Maybe you’ll get to visit. I hope at least you’ll get good rates.

    BTW – the Canadian dollar has been rising steadily since January.

  • ~~Justme~~

    I have been fortunate to travel to Greece many times. The country is amazing & people are wonderful. I cannot imagine how heartbroken they must feel to see their country and way of life collapse around them!

  • sowsear

    Current exchange rate of euro  is $1.3227

  • oowawa

    Yes, ah Greece, ah the Romance.  Sparta.  Athens.  Socrates.  Homer.  The mythic Gods on Olympus.  The Acropolis.  The Parthenon.  The Greek Columns. 
     
    And strutting down between the styrofoam Greek columns, this arrogant narcissistic little weenie, waving and grinning . . .  
      
    I guess the times have changed.

  • Diana L. C.

    Pat, 

    “No ancient history, no parade of amazing thinkers, has held such fascination for me.”  That’s true for me, too.  But there were also the epics and stories from Greece that kept me fascinated my entire life.  My mother would drive my brother and sisters and I into town every Sat. and drop us off at the library as she shopped for groceries and anything else she needed and went around to pay bills (heaven help them if they wasted money on a stamp). 

    I read everything and anything about ancient Greece (and by extension, Rome–though it was Greece I loved most).  I had read the Iliad, Odyssey, Aeneid, and all the various myths and had read the Oedipus cycle of plays, too by the time I reached in high school.  In fact, the librarian had my number and would call me when they received a new book on Greece.

    I finally got to travel there.  It was being almost in heaven as far as I was concerned.  I sure hope you get there someday, and I hope Greece recovers somehow.

  • ~~Justme~~

    “Yes they have”

  • ~~Justme~~

     ”Almost Heaven”
    What a great way to describe it Diana.

  • AC

    And lightly salted Feta cheese.

  • oowawa

     ”In fact, the librarian had my number and would call me when they received a new book on Greece . . . ”

    To me, that’s the most evocative line in your comment, Diana.  That makes me long for what wonderful exotic adventures books used to be in my youth; what a mystical place the little local library used to be . . .

  • Pat Racimora

    Ah, Diana LC.  A woman after my own heart.  Now, if only I can get there some day!

  • Diana L. C.

    But, oowawa, I think Obummer was trying to channel, instead, some of the crazy emperors of Rome, not anyone from Greece. 

    Those Romans sometimes felt they could excape any type of payback for their dirty deeds in life by making sure they underwent an apotheosis after they died.  Livia, Augustus’ wife, perhaps guilty of many poisonings to get the awful Tiberius to the throne, tried to get her crazy grandson Calligula to promise to make her a goddess after she died.  He was the wrong person to ask, of course.  Later, the kinder Claudius did that for her.

    So, this kind of old-fashioned typological thinking is fun for me.  There’s the crazy world banker grandmother who dies before his “coronation.”  I’m imagining the whispered requests on her death bed, the false promises from O, and she remains under the bus.  There’s the Frank Davis connection, too.  Was he, perhaps, the father in spirit that O dreamed of?  Livia’s son (not Augustus’ however), Tiberius, was one of the raunchiest most decadent of them all (get the Davis connection?) and he ended up, perhaps, being the one who really did the major warping of Calligulus’s mind.

    I like to think like that–putting our current famous in an imagined history book that someone will read centuries from now. 

    The question remains?  Who will be the traitor?  Will O get his apotheois? (NOT IF I CAN HELP IT!)  Who will be the Sejanus to take down the Emperor and set up a new one?, etc. etc.

  • HARP

    Now we know why this song was a winner.

  • AC

    Those Romans ***********************That gave us the representative,  Republican form of Government

  • oowawa

    Well, I’m afraid you’re right, Diana.  I can picture him sitting there in the Throne of Honor in the Colosseum, doing the thumbs-up, thumbs-down routine.  “Hail Obama!  We who are about to die salute you!” 

    Excuse me.  I think I need to visit the vomitorium.

  • Diana L. C.

    Which they, after Augustus, turned into something else.  There were Emperors and Imperial Gaurds and conscripted soldiers, and horrible, bloody arena shows, and emperors forcing the nobles to listen as they described making love to those nobles’ wives by force.  Don’t even get me started on what went on with Calligula and Nero.  The Republic didn’t last long before it was corrupted by the infighting of the noble houses (Repubs and Dims much?) 

    We owe much to the ideas of Greech and Rome, and to the other great political thinkers—Magna Carta, anyone?  Too bad despotic rulers ruin things and idiotic followers allow it to happen.

  • Breeze

    -

    Yes, AC, doesn’t it ‘frost your socks’ that NObody ever mentions the
    Roman REPUBLIC? 

    Beside the lack of education in schools, I blame Hollywood for the general
    ignorance of the importance of Rome’s republic to the world.  Although
    Robert Byrd, in the old days, would hold forth in the Senate and educated
    anyone who would listen to his compelling oratory.  He was marvelous and
    extremely knowlegeable in the history of the Roman Republic.

    SPQR!!!

  • ~~Justme~~

    Oh Diana, that’s way too much thinking about “Thee One” I could get there a lot quicker by thinking he’s a fraud!
    Why write a book when a sentence will do ;)

  • carol haka

    I got to go to Greece in 1984 (?).  I loved it.  It was the safest place in the world at that time.  Just prior to the bombing of the soldiers in the jeep and the hijacked TWA plane.

    It was beautiful, cheap, safe and beautiful.  It was the best food I ever ate outside of Dallas/Fort Worth.

    I don’t understand why the rest of the World hasn’t acted on the fact that the US destroyed the World economy.

    If you didn’t see Beck today, copy it on the rerun tonight.  It was chilling.  He laid out the relationships between all the players and Obama as far as we have been able to figure out sooooo far.

    I needed Xanax afterwards.

    Our government is now Crime Inc.

    >:o

  • KZnextzone

    Lived there when I was an infant after evacuated from Pakistan (pop was in the foreign service), My great aunt Lou came to visit. She always thereafter refered to the Acropolis as ” nothin’ but a pile of rocks”.

    Go to Easter Island Larry. Great place, see it before it’s ruined by tourism.
    Total eclipse this year…

  • KZnextzone

    OOPs, I guess I should have directed this to Pat…

  • Obamastolemyparty,myboyfriend,mycountryandmyhealthcare

    Yep.  Some nights Beck scares the crap out of me!  Some nights I’m scared for him and his family and some nights I’m scared for me and my family and most nights I am scared for all of us!!  I haven’t watched yet, but will right now on my DVR!

  • Cindy

    Yes, Just Me—this must be truly heartbreaking for the Greek people!
    I’ve never been, but my parents went one year….and they fell in love all over again,with each other, and then fell in love with Greece.

    Pat–the cartoon is so well done, though a tragic image.
    Thanks for the informative post!
    I hope you get to go to Greece someday sooooooooon!

  • Cindy

    oowawa—vomitorium??? Love it!

  • Linda C

    The only salvation to our debt is that we aren’t on the euro.  However we are going to have to pay the piper for 2 wars, terrible tax cuts, and  bailouts.  It is better to pay it sooner than later.  We can gripe all we want and point fingers everywhere.  I don’t think we have enough fingers on our collective hands. although most of us would like to point the most important finger of all.

  • Docelder

    Actually US corporations ran by oligarchs ruined the world economy. But what it is… think of the middle classes of the world as livestock… lets say sheep out of simplicity. The sheep eat, sleep and work and get fat and happy. They grow a nice luxurious fleece. Every so often the oligarchs come in and round us up and shear us. This led to the last global financial crisis. They don’t want us to completely freeze to death and die, so they leave us just enough fleece to recover. We work extra hard, sleep and start to grow more coat. The day will come when they return for our fleece. You could say we are bees and the oligarchs beekeepers… same idea.

  • carol haka

    I believe the bundling of worthless “assets” for sale around the globe brought down the World economy.

    >:o

  • carol haka

    He told us in no uncertain terms if anything happens to him, it is this group of thugs that did it.

    He’s scared.

    I’m scared.

    This is real.

    >:o

  • Stan Davis

    Ahh…great memories of Greece.  In my seven-month Mediterranean cruise in ’72-73 when I was in the Navy, we spent a total of 40 days in Athens or Pyraeus.  Pyraeus is essentially the port city of Athens.  In mid-cruise, we had a 10-day standdown and two chartered planeloads of wives flew over.  We toured all the de rigueur sites, including Delphi and Corinth.  I guess the oracle at Delphi was out shopping that day.

    I was struck by how modern Athens appeared.  We learned that much of Athens was bombed out so that most of the city was rebuilt after WWII, although the Germans spared the Acropolis.

    Memories:
    * After port visits in Spain, Italy, Turkey, and France, we appreciated how well-regulated the taxicabs were.  The fares were dependable and low.
    * Our hotel (The Ambassadeurs, I think) had a lunch specialty to die for–a cold fish salad.
    * Eating beef or lamb on a skewer or kabob on the path up to the Acropolis.
    * Baklava about wherever it was sold.
    * Strolling through the national gardens.

    I wouldn’t trade Athens for Paris (I’m a life-long Francophile and speak the language), but it ranks right up there.  And our tours gave us a flabor of rural Greece, too.

    Stan Davis
    Lakewood, CO

  • AC

    Diana L.C. it seems from your writing you have a certain disdain for anything Roman.  I could cite those horrors you cite about many societies–starting here in the US.  A republic that last how many hundreds of years–but you speak of two despots–what country hasn’t had them?  Funny how the Magna Carta and English Law use Latin words–funny how the MAGNA CARTA are Latin words.  Give it a rest on the Roman bashing.

  • AC

    Yea Breeze, those terrible Romans, that also gave the word “Civil Engineering” roadwork and fresh drinking water to all those people they ruled over, funny how they gave those same people  civilized recourse in a court of law, and were soooooo bad that the intellectuals of our own revolution decided to mimic the same form of government as a basis for their “Grand Experiment”.

  • Cindy

    Stan—I enjoyed your comment…it was like visiting the Travel Channel for a minute!
    But you didn’t mention Greek coffee—Now THAT’s what I love.
    And Turkish, Armenian, Lebanese coffee…  all of ‘em made basically the same, in a briki, with the sludge in the bottom—-yummy.

  • Cindy

    Pat—-I had a thought—If you’ve never been to Tarpon Springs, Fl., you should go…It’s like “Little Greece”….has the highest number of Greek Americans in this country! It’s a great little town….restaurants, shopping, people, etc.

  • elaine

    Tarpon Springs…wonder what the sponge docks will smell like after about a month of ou ‘d BP slicker scent flam bay coming in from the Gulf? It’s heart breaking.

    Never been to Greece but would love to go, do own some Greek dry bulk shipping stock, wonder if Angeleki can keep it going. She’s suppose to be pretty tough.

  • don x

    Back to the Greece crisis for a moment.   There is a discussion of what led to the crisis and the rescue efforts underway at the following site:

    http://english.aljazeera.net/news/europe/2010/04/201042961414904780.html

  • Sassy

    We have a tendency to create optimistic assumptions that we could not face the same situation as Greece. The reality of our debts tell a different story!
    China and India have an increasing middle class that creates markets for their own products, resulting in a reduced need for imports.
    We are losing jobs, have trade imbalances, and declining tax revenue, all while accruing more debt!

  • jwrjr

    Obama wants to grow up to be Caligula.

  • Pat Racimora

    Ah–I do get to Florida on business on rare occasion.  Will see if I can fit that in next time.  Thanks for the tip.  We do have a Greek Orthodix Church here and I love the annual festival.

  • Pat Racimora

    Yep–I think all of this should be of great concern, and I agree that we tend to somehow mask the reality.

  • sowsear

    One of my gr-grandfathers was named Trajan after the, supposedly, “last great Emperor”.

  • Obamastolemyhealthcare

    He should be scared.  He is the one exposing these things.  There is a reason no one else will!

  • AC

    sowsear, in the provincial capitol of Benevento (my area) there stands(in the center of a traffic circle) a Triumphal Arch honoring Trajan –it is one of the few still standing and not deteriorated in existence. He rose to Emperor from humble birth and was responsible for constructing many civil engineering projects beneficial to the people/inhabitants.

  • Diana L. C.

    AC–no, I don’t have disdain for all things Roman.  I think you are misreading me.  It just seemed to me that the columns at BO’s acceptance and his behavior is more like the behavior of someone wanting to be a despot in the manner of a bad Roman emperor than anything I can recall so much from Greece, as its history for a long time was more city state.  I was just answering oowawa’s contention that they were Greek columns.  (Though now that I think of it, the Romans did copy lots of ideas from Greek, even in its architecture.)

    And my point about the excesses of some of the Romans emperors was meant as a forewarning of the things I see today.  

    You sound like one of those people who accuse me of racist actions just because I like Arizona’s laws.  I studied Latin.  My first comments were about reading all things about Greek and Roman history, and only saying I liked studying the Greeks better.  Everyone can have preferences.  My other statement that included the mention of the Magna Carta includes “the Republic didn’t last long before it was corrupted.”  Does that seem as if I wanted it to be corrupted or that I didn’t like the idea of the Republic?  It was meant more as a statement in terms or what I see as a corruption of our republican form of government.

    Learning to really read what someone writes is an important reading skill, which has nothing to do with jerking one’s knees.

  • Diana L. C.

    And—notice my mention of studying also the great epic written by the Roman writer Virgil, The Aeneid.

  • Diana L. C.

    I am pegged as someone against Rome simply because I know some history.  This really causes me to want to find a quiet corner of the world to hide in.

    On my wall near my computer is a framed quotation from Dorothy Sayers:  ”Nobody can prevent the fall of Troy, but a dull, careful person may manage to smuggle out the ‘Lares and Penatates.’”  I am sure you defenders of Rome against my supposed hate of Rome can really explain to me what that has to do with Rome (and thus The Aeineid) and, in my opinion, the U.S now and why my favorite professor would have given me this quotation to hang in my office.

    The fact that some of you are proud of “good emperors” is fine and the fact that you are proud of your possible Roman ethnic background is also good.  I am not against all things ROME at all, so get over it.

    My final exam in a mandatory ancient history class was graded by a professor, not a graduate student running the answers through a machine to see if I guessed the right multiple choice or true or false answer.  It had two essay questions on it:  ”Discuss all that you learned about ancient history” and to “Discuss the famous line from Poe’s poem ‘To Helen’: ‘the glory that was Greece and the grandeur that was Rome.’”

    We could go on all day talking about the good, better, best of the Roman emperors or the bad, worse, worst, but the fact that we would be talking about emperors at all should cause you to think about the fact that there was no longer a REALl republic in the sense of the republic as it was founded.  Augustus often felt burdened by being emperor and mentioned on occasion his nostalgia for the republic.  Caligula’s (‘little boots’) father, Germanicus was also very much interested in a return to the republic and was loved by the Romans who were greatly sickened by the bad Tiberius. (There’s the unprovable suggestion by some authorities that Livia had poisoned him.) They welcomed Caligula for that reason, who his father was, only to be more oppressed by him (as I said most likely the result of growing up under the influence of Livia and Tiberius after his mother, an outspoken critic of Tiberius, was banished).  Caligula was later killed on the order of Sejanus of the Imperial Guard because he was so crazy and put the role of emperor in danger and it was Sejanus who put the reluctant Caudius (Germanicus’ crippled brother) on the throne.  The Imperial Guard’s whole reason for existence was that there be an emperor, not a republic.

    I could go on, on the other hand, writing much about the amazing technology, advances in science and math, etc under the Roman Empire.  But, please stop and think about the fact that it was an Empire with an emperor.  Does that mean it was thus also true to the early vision of being a republic?

    I am so sorry that Pat’s wonderful cartoon about Greece has been hijacked by people’s contention that I hate Rome.  But I will hold to my statement that O seems more like an evil emperor wannabee who, in my mind, is wanting to form his own “Imperial Guard.”  

    That’s the only point I was making.

  • ~~Justme~~

    Wow Diana I think you too may need to read without taking things a little too personally.   :)
    You sound like one of those people who accuse me of racist actions just because I like Arizona’s laws.
    This makes me sad that as regulars we would need to lower the bar this far and accuse each other of racism. We sometimes forget we all have different backgrounds and something that appeals to one may not appeal to another. At times we need to show compassion for each other. We are living in very sensitive times and being receptive to another’s feelings (as a regular poster) is what will get us through this together. :)

  • Diana L. C.

    AC clearly accused me of Roman bashing.

  • sowsear

    Thank you AC. Where is Benevento, in case I ever get back to Italy?

    My gr-grandfather’s uncle was also named Trajan. I guess the family, who lived in VT in the late 1700s, must have had some education. I’ve not found any evidence of a classical education, however.

  • sowsear

    Unfortunately, Byrd is now on automatic.

  • Rich

    Wonderful cartoon.  Well, we wanted to be like other European Nations and so why would we not be surprised that we might be next?  Let’s see, 50% of the people do not pay taxes, so if the government spends more, why should they care? Giving people things for free or no cost to them wins votes so why should people in government care?  Corporations that get special access and free passes give money to politicians, so why should corporations or government officials care?  And we do not have a personal responsibility ethic, for the most part, so let’s see who can we blame?

  • AC

    Stuff it Diana L.C. I read your backhanded complements–nothing but bull!  And you bring up this racist crap. You’re way out of line.  You took a benign comment from oowawa and turned it into an exercise of denigrating Rome plain and simple.  If you want to go there we could pole the people that Alexander conquered of better yet let’s call on Socrates who was compelled to kill himself under the great Athenean Democracy –Give me a freaking break.  You like classical Greece–Great, but that doesn’t give you license to bash others.

  • Anthony

    Benevento is just north of Naples.  A tiny colorful town, who prides itself on Strega (both the liquor and the tradition).

    Spent three months there in 2008 doing research on pre-Christian traditions.  400 yr old walnut tree, temple to Diana on the lake, and fantastic folklore and history.  Go see it before the euro falls off the cliff

  • sowsear

    On my wall near my computer is a framed quotation from Dorothy Sayers:  ”Nobody can prevent the fall of Troy, but a dull, careful person may manage to smuggle out the ‘Lares and Penatates.’”  

    I see your analogy here to the USA,  but whom do we smuggle out? The Trojan Horse is coming through the gate.

    (I’m envious of your knowledge of Greek and Roman history).

  • Diana L. C.

    Get a grip, AC.  I took a benign comment by oowawa and tried to turn it into a comment about BO, that’s all!  Since I live in Denver, the most common comment I overheard about the columns was that they were ROMAN columns.  That is what reminded me of some of the worst of the emperors, and you have to be a fool to think that the long history of the Roman Empire didn’t have some pretty shady characters.  I must still assert (and based on the fact that I can clearly cite specifics about Roman history from my memory) that I was NOT bashing Rome and that I also liked studying things about Rome.  You just really, really misread what I wrote because you wanted to. I brought up the racist crap because it appeared to me that you were accusing me of “Roman bashing”–wait a minute, you did do that.  If I can bash certain American leaders or German leaders, since that is my ethnic background, I feel it’s o.k. to bash some Roman leaders without that meaning I was bashing all things Roman.

  • AC

    Bull shit!  You’re full of it Diana L.C. You got that!

  • AC

    Anthony, Benevento has at least 70 thousand inhabitants hardly a “tiny colorful town”  Historically significant since at least the first Samnite Wars versus the Roman Republic.  What’s the Euro got to do with it?  It was there before the Euro and will be there after.  In fact the lower the Euro the better for American travelers–correct?

  • sowsear

    PS None of my Trajan’s family were Italian. They were Mayflower English.

  • ~~JustMe~~

    Wow Brits!

  • sowsear

    I saw something today saying Chinese were barred from buying more than one apt. in Beijing….earned more than they need…tell BO

  • Anthony

    I live in Manhattan. Benevento is is a lovely town. 70,000 residents are not really a lot of people. Same as a suburb in New Jersey.  

    The euro is danger right now because of whats going on in Greece. If the European economy fails, the unrest that will ensue will be broadcast in the same light as whats happening in Greece.  Tourism will virtually disappear.

    I guess its a matter of perspective, don’t you think?

  • AC

    Well I live in Virginia and 70,000 is a City!  How does a town = a suburb?

  • Anthony

    Dude – I thought you said you lived in Benevento?

    To me, its a town.  Nothing wrong with that.  One of the most interesting places I’ve visited. Either way, its a matter of perspective. Do you need to take a nap or something? You sound a little cranky

  • lilly lover 206

    ;)  i love u too!

  • lilly lover 206

    No way! thats disgusting!

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