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Democracy may be a good way of establishing the will of the majority. It is a poor way to instill discipline in a crisis. That is why when a democratic country is attacked or goes to war for other reasons it is normal for a State of Emergency to be declared. This allows the Government to act undemocratically while the crisis is sorted out. When it has passed, elections are held and, almost invariably, the opposition is elected for a term.

The Greek drama has now reached Act III. As the new head of the IMF, Christine Lagarde, puts it “The country’s destiny is at stake.” The democratic response to the crisis is riots and an opportunist political opposition appealing to the despair of the citizens rather than to their common sense. For Greece to default on its debts means either major damage to the Euro or Greece leaving the monetary system and reverting to the state of a third world country.

States of Emergency are declared when there is physical threat. Financial threats are different. Money is a symbol of goods and services and symbols can always be reproduced. More money can be printed at any time. The majority of people think this is all you have to do. The behaviour of the international financial community does not dispel the idea although even a moment’s thought is enough to show how absurd it is.

This suggests that the population is in need of financial education. All the evidence gathered from more than twenty years of mentoring confirms that the lack of financial understanding is not confined to Greece. Even people in charge of major businesses frequently demonstrate, through their personal finances, that they have remarkably little grasp of the value of money.

The last British Finance Minister, Gordon Brown, a highly intelligent man, declared his dedication to financial prudence then proceeded to employ approximately a million new Civil Servants and bring Britain to the brink of bankruptcy for what he calculated would be political gain. His term as Prime Minister was one of the shortest in the history of the country. So both financial and political judgments were flawed.

Gordon Brown is not the only politician to have bent financial rules for expected political gain. The Greek opposition is no better. The reality of poverty is harsh living conditions, discomfort, hungriness, disease and, in extreme cases, death. The appearance of poverty can be delayed by mortgaging the future. The whole world has done this for the last fifty years. The day of reckoning is not yet but it is approaching fast.

In the next Greek Act some temporary Euro loans will be made to shore up the crumbling Greek economy. Shortly thereafter the country will default. Other countries will follow. Perhaps another fifteen trillion dollars will be printed to delude us into thinking the end can be delayed yet again. If that happens the hyper inflation already threatening us will begin in earnest.

Let’s hope Mrs Lagarde declares World Financial Emergency before it is too late.