Some well‐meaning economists continue to hope that remaining in the euro will eventually lead to supply‐side reforms that will reinvigorate the Greek economy and replenish its treasury. Time, however, is not on the Greeks’ side. A growing number of observers, not to mention the markets, believe that Grexit (a Greek exit from the euro) is inevitable. Meanwhile, politicians in Brussels keep parroting the usual “No retreat. No surrender.” Instead of relying on sober analysis, they cling to the unity of the euro zone with a fervor more appropriate to religious dogma.
Having grown up in the 1980s in Czechoslovakia, I recall the importance of dogma. According to Marx and Lenin, Communism was the culmination of social evolution. As such, Communism was, by definition, a “perfect” state of human affairs, characterized by equality, social concord, material plenty, and peace. Serious deviation from the central principles of Communism was strictly verboten — no matter how repressive the state was or how empty the shops became.