Greeks protest austerity measures, October 19 (RT Television)

This week was a sharp reminder that the ancient ideal of democracy is just as threatened -- and to some, just as threatening -- as it's ever been. In government offices in Athens, G20 meeting rooms in Cannes, and "Super Committee" chambers in Washington, we learned that there are still places where the will of the people can be overruled by the whims of the powerful.

From the Parthenon to the Potomac, it was the same story: Elites still hold veto power over the democratic process, and they're not afraid to use it.

Democracy: 'Radical,' 'Irrational,' 'Dangerous'

Ironically, this week's ferment began in the country that's usually credited with creating democracy. In many ways the Greek economy couldn't be more different from our own. The government's fiscal problems there are due in large part to widespread corruption and massive tax evasion -- not tax breaks, tax evasion -- which are very different from our own problems. The government's finances dramatically worse than our own -- almost like night and day -- and a default could create the next major financial crisis.

A certain level of fear and concern was understandable when Greek President George Papandreou announced there would be a referendum on the new bailout plan imposed on his country. The global economy is still unstable, top-heavy, and still riddled with too-big-to-fail institutions. In a worst-case scenario, Greece could trigger another financial meltdown.

Yet the fear was rarely balanced with an understanding of what's really happening in Greece. There was no acknowledgement that the bailout's terms might be grossly unfair (they are), that they're likely to make a terrible situation even worse (they will), or that Greece is in chaos, misery, and despair. (It is.)

And what was most striking was the assumption the elite -- the 1%, if you will -- have veto power over the democratic process. In most of the commentary that flowed from the powerful and the press, a surprising number of world leader didn't even acknowledge that Greece had the right to its own democratic decision-making process.

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Is this a shock to anyone that pays attention to economy?

From the WSJ: Greece's Budget Deficit Higher Than Expected

Greece's budget deficit in 2010 was 10.5% of gross domestic product, significantly larger than forecast ... Lower-than-expected government revenue was the main culprit behind the higher deficit number. ... The Greek government was targeting a 2010 deficit of 9.4% of GDP ...

The missed target was "mainly the result of the deeper-than-anticipated recession of the Greek economy that affected tax revenue and social security contributions," the Greek government said in a statement after the Eurostat announcement.

More austerity coming - the beatings will continue until morale improves!

It doesn't take a math whiz to understand that you can't cut your way to prosperity without raising revenues. Republicans should have lost all credibility in the Beltway media since they refuse to embrace any type of tax increases.

( h/t Atrios)

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Land of Penny Pinchers

By NICHOLAS D. KRISTOF
That accusation by a U.N. official, in veiled form, provoked indignation here. After all, we're the most generous people on earth ... aren't we?

No, alas, we're not. And the tsunami illustrates the problem: When grieving victims intrude onto our TV screens, we dig into our pockets and provide the massive, heartwarming response that we're now displaying in Asia; the rest of the time, we're tightwads who turn away as people die in far greater numbers....

In 2003, the latest year for which figures are available, we increased such assistance by one-fifth, for President Bush has actually been much better about helping poor countries than President Clinton was. But as a share of our economy, our contribution still left us ranked dead last among 22 top donor countries.

We gave 15 cents for every $100 of national income to poor countries. Denmark gave 84 cents, the Netherlands gave 80 cents, Belgium gave 60 cents, France gave 41 cents, and Greece gave 21 cents (that was the lowest share, beside our own).