Sunday, September 23, 2012

Difficulties in the markets for Spain, a slippery slope towards a bailout, austerity, protests and social unrest, we have seen this movie before. Here is my a guide for how to deal with the situation.
An ancient Greek guide for Spanish and other PIIGS who wish to deal effectively with the crisis
1. Dealing in private with the pain and anxiety caused by the market turmoil and/or frequent visits of the Troika and their impossible demands (for how to deal in public see other points below): Draw from Stoicism. Stoics strived to be free of suffering and through exercise of reason achieve peace of mind - meant in the ancient sense of having "clear judgment" – as well as maintain equanimity in the face of life's highs and lows.
2. Dealing with “nice” comments about your morality: Use Aristotelian or Chryssipian logic. Convince yourself with sound deductive syllogisms that the rubbish posted around the world about your country & culture is the result of incorrect induction and reckless stereotyping (one pig does this, two pigs do this, therefore all pigs do this).
3. Dealing with the unethical behaviour of political and economic elites in your country and the abroad: Adopt Socratic dialectic and ethics in public life. Socrates was renowned for his relentless questioning of authorities and public figures, which was aimed not to humiliate individuals (yeah sure – never swallowed this at school) but to discover truth with a view to achieving the “good life” for everyone.
4. Dealing with seemingly endless half-baked attempts to re-establish financial stability: Recall Zenon’s paradoxes especially the one of Achilles and the Tortoise. If the Tortoise is given advantage in the race, Achilles will never reach her because by the time he has reached the last position, the Tortoise will always have moved a bit further.
5. Dealing with debt slavery: Recall σεισάχθεια (seisachtheia), Prior to Solon (5th cent BC) Athenians practiced debt enslavement: a citizen incapable of paying his debts became "enslaved" to the creditor. This issue primarily concerned peasants working leased land belonging to rich landowners and unable to pay their rents. In theory, those enslaved would be liberated when their original debts were repaid. Solon put an end to it with the σεισάχθεια / seisachtheia, liberation of debts, which prevented all claim to the person by the debtor.
6. Finally, if you fail to bring about the much desired relief or political change with the above measures why not go for a Roman style “Spartacus slave revolt” and then establish “Epicurean philosophical communes” all over the Med. They survived for hundreds of years in antiquity and provided peace and happiness to millions.

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