Participation Awards Are Not A Good Part Of Growing Up....

I have a disgust for participation awards. When I was a kid, there were winners and losers, not participants.

I lost a lot and it made me want to get better and win.

In the last sovereign debt crisis, the outcome was clear: devalue, default.

You lose. Try again.

In our brave new participation award culture, the solution is to just throw more money at you, guarantee your sovereign debt, shore up your balance sheet.

It is sheer, utter nonsense of the most incontrovertible form.

We are so scared of consequences of failure that we compound the failure's problems and create a giant, nightmarish future for all of us.

Let Greece fail. Let the TBTFs fail, if it comes to that.

We have to get back to a culture of competition, not participation. Then, and only then, the global economy can actually begin to heal.

We've all had failures (present company included) and the best lessons have come from failure, rebuild, do it better.