Not only are the stated intentions not "good", they are not the actual intentions... (Part #1--Setting the Stage)

Consequence—con•se•quence (n.)

1. Something that logically or naturally follows from an action or condition.
2. The relation of a result to its cause.
3. A logical conclusion or inference.

Recent news from the European financial markets hints at a growing storm in the birthplace of democracy. In 1981, the nation of Greece joined the European Union, and the country's original currency, the Drachma, was replaced by the Euro in 2002. In a short period of just less than 3 decades, the world is now witness to the logical outcome (the consequence) of Greece's decision to sacrifice a good measure of its sovreignty and its freedom.

Two general financial prerequistes exist for entry into the single-currency-bloc for all candidate country. Firstly, the EU establishes "Broad Economic Policy Guidelines" for the country; these policies are non-binding, and at best represent a set of ideal outcomes following intregation into the bloc. Secondly, all members of the Eurozone are beholden to the "Stability and Growth Pact." This treaty dictates the acceptable parameters for each Eurozone member's fiscal policy, including: limits on deficits and national debt, with associated sanctions for deviation. Specifically, each member nation must maintain:

• An annual budget deficit no higher than 3% of GDP.
• A national debt lower than 60% of GDP or approaching that value.

Like every other country in the EU, Greece had to accept these requirements. Earlier this Spring, news broke which shed light on a pattern of dishonest financial reporting spanning years. Greece had essentially lied to the world by claiming that it was in compliance with these measures. The reality instead was this: in 2009, instead of deficits set at 3% of GDP, Greece had budgeted 13.6% of its GDP to finance burgeoning government entitlement programs. In aggregate, the 2009 national debt for this country in crisis was an astounding 115% of its gross domestic product.

When we ask "what does this mean?" we are really asking two questions:

• "What caused this?"
• "What are the potential probable effects (the consequences)?"

Powerful Patriots will attempt to provide meaningful answers to these questions over the next several days.

Stay united, stay hopeful, and stay powerful!