Rich guy says Greek exit would cost over a trillion Euros...conveniently ignores the cost of staying with the Euro.

If someone told you that, by staying on the same course you've been on for the last three years -- which has resulted in nearly 25% unemployment -- would deliver at least another two years of a shrinking economy, increasing debt, continued rising unemployment, lowered wages and real deflation, what would you say?

The media has responded by giving overwhelming attention to this idea that a Greek exit would be tremendously damaging to the European economy as well as the rest of the world, and would be very expensive -- to the tune of over a trillion Euros.  It is true, that there are real costs and concerns with an exit from the Euro, especially if it were a disorderly exit.  But I'm shocked at how little attention is paid to the opposite scenario of Greece (and other periphery nations in trouble) staying with the Euro.

As leading German economist Hans-Werner Sinn points out, something big happened following World War I and a lack of concern over an economic catastrophe: the rise of the Nazis.

But hardly anyone -- certainly not those working for the banks or Wall Street, or the politicians born and raised on abstract, capitalist theory -- has given much thought that another two years of austerity and growing unemployment could result in a dramatic political revolution.

In cases of major political upheavals, you never read about how power was seized at the national level so that capitalism could be expanded with unregulated, free markets.

Or put another way: rich people ought to be wary of irony.