Peter Morici professor at the Robert H. Smith School of Business at the University of Maryland and a premier economist was on Kilmeade and Friends to talk about the economic crisis in Greece and explain what caused it and how to remedy the problem.

Morici told Brian that he believes that by forcing Greece to shrink their government and entitlements so quickly and drastically the German’s and the EU are creating a depression. Peter explained the the fault actually lies with the IMF and the German Finance Minister who imposed this plan plan but refuse to admit that it failed and that they need to re-negotiate the terms. All of southern Europe (Italy, Spain, Portugal) is in depression because of these bailout arraignments which impose too much austerity and shrink the government sector too much too quickly.

Peter went on to say that by having countries like Greece suffer economically it benefits Germany because it bring the Euro down and allows their companies be more competitive in the global market. Peter told Brian that he believes the Germans have exploited the rest of Europe just like the Wall Street bankers pay themselves really well while the rest of us have sinking standards of living.