For approximately three years, our governments, the banking cabal, and the Corporate Media have assured us that they knew the appropriate approach for fixing the economies that they had previously crippled with their own mismanagement. We were told that the key was to stomp on the Little People with "austerity" in order to continue making full interest payments to the Bond Parasites -- at any/all costs.
Following three years of this continuous, uninterrupted failure, Greece has already defaulted on 75% of its debts, and its economy is totally destroyed. The UK, Spain and Italy are all plummeting downward in suicide-spirals, where the more austerity these sadistic governments inflict upon their own people the worse their debt/deficit problems get. Ireland and Portugal are nearly in the same position.
Now in what may be the greatest economic "mea culpa" in history, we have the media admitting that this government/banking/propaganda-machine troika has been wrong all along. They have been forced to acknowledge that Iceland's approach to economic triage was the correct approach right from the beginning.
What was Iceland's approach? To do the exact opposite of everything the bankers running our own economies told us to do. The bankers (naturally) told us that we needed to bail out the criminal Big Banks, at taxpayer expense (they were Too Big To Fail). Iceland gave the banksters nothing.The Street | Opinion
Iceland Was Right, We Were Wrong: The IMF
Jeff Nelson
Good argument that the present plan by the euromasters for the EZ is by design, not from ignorance — and how the Icelanders escaped the trap by standing strong together. And, by implication, why MMT is ignored by TPTB in favor of "expansionary fiscal austerity." It is to break the resistance of the poor and middle class.
"Good argument that the present plan by the euromasters for the EZ is by design, not from ignorance "
ReplyDeleteHe may be making an argument Tom, but he is arguing with facts that are NOT in evidence, ie he would be thrown out of a court of law.
He is using what is called "hearsay", and it is inadmissible.
Eg: "We were told that the key was to stomp on the Little People with "austerity" in order to continue making full interest payments to the Bond Parasites -- at any/all costs."
Where were we told this??? Chapter and verse please?
Rather, we WERE told by highest policymakers that "we are out of money"; this is a FACT. We were told this (by no less than Obama in the broadcast booth of the 2009 MLB AllStar Game). And this is a verifiable STUPID statement.
Eg: "The bankers told us that no amount of suffering (for the Little People) was too great in order to make sure that the Bond Parasites got paid at 100 cents on the dollar. "
Again, can I get a citation please??? What "banker" said this when and where?
Rather, what is a FACT is that one banker, Jamie Dimon, in his recent Congressional testimony, scolded Congress for continuously running endless fiscal deficits and letting the "national debt" grow uncontrollably. Which again is a verifiable stupid statement.
That said, this good: "When Plutarch wrote 2,000 years ago "an imbalance between rich and poor is the oldest and most fatal ailment of all Republics," he was not parroting socialist dogma (1,500 years before the birth of Socialism).
Plutarch was simply expressing the First Principle of economics; something on which all of the modern capitalist economists who followed in his footsteps have based their own theories. When modern economists produce their own jargon, such as the Marginal Propensity to Consume; it is squarely based on the wisdom of Plutarch: that an economy will always be healthier with its wealth in the hands of the poor and the Middle Class instead of being hoarded by rich misers (and gamblers)."
No arguments from me here, these are good assertions.
However, here he goes again: "One of the reasons for Iceland being able to escape the choke-hold of the Western banking cabal is that its economy (and its people) still retained enough residual prosperity [Ed: Whaaaat???] to tough it out -- as the banking cabal tried to strangle Iceland's economy as retribution for rejecting their Debt Slavery."
Where did the "cabal" try to strangle anybody? EV-I-DENCE please???
What the "bankers" did do though is arrange a $2.1B ($7,000 per capita) foreign currency loan to Iceland:
http://www.imf.org/external/pubs/ft/survey/so/2011/surveyartf.htm
that Iceland readily accepted.
And this is interesting: NO MENTION of the difference in monetary system arrangements between Iceland and the Euro countries??? NO MENTION of the Euro treaty requirements for fiscal deficits to ideally never exceed 3% of GDP????
And then: " where the mainstream media trotted out all their expert-shills to tell us they had been "surprised" by this economic event; while those within the precious metals sector had been predicting precisely such a cataclysm, in ever more-assertive terms, for several years."
Oh brother! What is next dont tell me: "none of this would have happened if we were all on the gold standard" LOL!
This is the way I look at it: After their banks went bust, Iceland nationalized them and took on a very substantial external loan to retain access to foreign markets and critical imports. Then going forward, used their autonomous authority over their own monetary system to issue enough Kroner NFAs within their own internal system to support adequate domestic demand and the associated robust output and employment that follows...
Euro countries cannot do this and stay within the spirit and letter of the treaty laws...
Rsp,