(ya can't kill distributed self-ignorance)
European debt crisis - Wikipedia
"Clearly the Greek 'debt' payments are a Corporate Bailout which repays failed gambits made by (mostly German) banks & banksters, while distributing the burden on diverse EU Taxpayers .....making this the Equivalent of the US TARP Corporate Bailout. Very Serious business."Curiously, Wikipedia largely ignores another inconvenient fact. Poorer EU countries, from Ireland to Greece, wouldn't have even a fraction of their present "public" debt if rich EU countries (aka, Germany) hadn't pressured other EU governments to nationalize and guarantee repayment of the bad (private) loans northern EU banks made on risky (private) investments in those nations.
What part of capitalism states that lenders making bad loans shouldn't go bankrupt when their (liars) loans go belly up?
Greek voters didn't vote to force German banks to make bad loans in Greece. Nor did they collectively promise to pay for liars loans by foreign banks. The adage is "cavete fenerantis" (lender beware) not "cavete circumstantibus" (bystanders beware).
A feed-forward protection racket.
This is looting of lower classes by a predatory financial class, plain & simple. Concentrated gambling winnings, and distributed gambling losses, aka, a runaway process, involving a feed-forward protection racket.
Finance Industry to Middle Class:
In between those actions, what happened to cultural affinity, and morality?
I honestly think that we as a people are initially largely ignorant of the distributed effects that WE have on most of each other ... simply because growth itself makes us more unconnected (until we figure out why and how to reconnect), and because feedback-fed context awareness is so slow to grow (even when not actively opposed).
Sometimes though, distributed feedback triggers slowly awakening cultural awareness, and subsequent guilt ... that can quickly lead to long periods of overwhelming denial .... before our resolution to organize a better way and "make a more perfect union" finally returns, and we start acting like Americans again.
Of course we can do this. Otherwise we'd still be living in caves, forgoing use of all historically accumulate tools, methods and human culture.
Until we do, though, we're stuck in re-runs of Night of the Living Austerians - fighting the undead issuing forth from a finance industry that is more trouble than it is worth.
(Ya can't kill distributed self-ignorance with fines ... they have to be permanently decommissioned, by separating the head of the Control Fraud from the institution. Otherwise, they keep returning, writing bad checks and degrading cultural balances.)
Finance Industry to Middle Class:
"You must pay up, to protect yourselves from us, or we might not be able to bankrupt you again. You need us ... right?"How is this "God's work"?
"What would you do if we weren't around to bleed you?"These dimwits will eventually regret asking that $100 question. What WOULD electorates do, if they actually kept enough of their income to consume all that they produce? Evolve? As in FASTER? We might get around to answering that again, like our grandparents & peers did in 1933-1945 & 1986-1995 (Pecora Commission? S&L Prosecutions?).
In between those actions, what happened to cultural affinity, and morality?
I honestly think that we as a people are initially largely ignorant of the distributed effects that WE have on most of each other ... simply because growth itself makes us more unconnected (until we figure out why and how to reconnect), and because feedback-fed context awareness is so slow to grow (even when not actively opposed).
Sometimes though, distributed feedback triggers slowly awakening cultural awareness, and subsequent guilt ... that can quickly lead to long periods of overwhelming denial .... before our resolution to organize a better way and "make a more perfect union" finally returns, and we start acting like Americans again.
Of course we can do this. Otherwise we'd still be living in caves, forgoing use of all historically accumulate tools, methods and human culture.
Until we do, though, we're stuck in re-runs of Night of the Living Austerians - fighting the undead issuing forth from a finance industry that is more trouble than it is worth.
(Ya can't kill distributed self-ignorance with fines ... they have to be permanently decommissioned, by separating the head of the Control Fraud from the institution. Otherwise, they keep returning, writing bad checks and degrading cultural balances.)
7 comments:
Roger iirc government institutions hold like 80%+ of Greek debt as official reserves.... so our incompetent illustrious "leaders" strike again...
rsp,
It's a manufactured crisis to promote neoliberalism.
Tom,
"manufacturing" implies design and intelligence, etc....
None of that is manifest.
These libertarian/neo-liberal or whatever you want to term them, spawn of nazis and products of East German "nurture" currently running the institutions would think the govts/institutions are "bankrupt" if Greece does not pay them back... so they wont let them off the hook...
rsp,
http://mikenormaneconomics.blogspot.com/2012/06/greg-palast-robert-mundell-evil-genius.html
This is all about cramming down EZ workers and crushing opposition, and it has been so from the design board.
That's all hearsay Tom....
In their paradigm the 3% deficit limits would act to keep the economy "efficient ", etc.... avoid "crowding out" etc.... they're stupid.... rsp
They can't be that stupid and have gotten in control of a continent. They managed to transfer the debt from the banks to the governments. If they were that smart, they surely know that the government apparatus can deal with anything that arise and the proof is that they already did it with Germany. This is pure and simple core dominating the periphery and Greece is not even the first on the periphery to get the neoliberal treatment. Ask Iceland and Ireland.
There is no doubt that Mario Draghi knows, and he is the one that should reap the lion's share of the blame for the crisis, which is a liquidity crisis that the ECB could easily relieve as it has done before. The Fed rolled over more that 30T in short term loans to provide liquidity to the banking system and not just US banks, for example.
Greek Democracy Is Failing
Paul Craig Roberts
The Greek debt is unpayable. It is simply too large to be repaid. The austerity that the EU and IMF have imposed on Greece has worsened the problem by driving down the Greek economy, thus making the burden of the debt even heavier. Despite the obvious fact that the EU’s austerity policy is a failure and cannot succeed, the Greek “debt crisis” drama continues.
A solution was possible at the beginning of the “crisis” prior to the economy being driven down by austerity. The debt should have been written down to the amount that the Greek economy could service or pay. This traditional solution was unacceptable to creditors, to the EU, and to the European Central Bank. As I explained in my book, The Failure of Laissez Faire Capitalism (Clarity Press, 2013) http://www.amazon.com/Failure-Laissez-Faire-Capitalism/dp/0986036250/ref=sr_1_1?s=books&ie=UTF8&qid=1435166756&sr=1-1&keywords=The+Failure+of+Laissez+Faire+Capitalism, Greece’s creditors, the EU and the European Central Bank have agendas unrelated to Greece’s ability to pay. The creditors are determined to establish the principle that they can over-lend to a country and force the country to pay by selling public assets and cutting pensions and social services of citizens. The creditor banks then profit by financing the privatization of public assets to favored customers. The agenda of the EU and the central bank is to terminate the fiscal independence of EU member states by turning tax and budget policy over to the EU itself.
In other words, the Greek “sovereign debt crisis” is being used to create a precedent that will apply to every EU member government. The member states will cease to exist as sovereign states. Sovereignty will rest in the EU. The measures that Germany and France are supporting will in the end terminate their own sovereignty, very little of which actually remains as they do not have their own currency and their foreign policy is subservient to Washington.
Default and a turn to Russia is the only possible way out for Greece. The entire world would benefit from this course of action as Greece’s departure from the EU and NATO would begin the unraveling of NATO, Washington’s principal mechanism for creating conflict with Russia. In the end, all of Europe and the rest of the world would thank Greece for derailing the violence that will result from Washington’s effort to assert hegemony over Russia.
As a Greek default and a turn to the East is the only workable solution for Greece, the EU’s agents inside Greece have launched a huge campaign against a Greek turn to the East.
I fear that the Greek people are too brainwashed to be able to avail themselves of the opportunity to rescue themselves from the clutches of the One Percent, who will drive the Greek population into the ground. The Greek voters did not have sufficient judgment to give their current government a large enough percentage of the vote for the government to have any credibility with the EU and Greece’s creditors. What we are witnessing in Greece is the failure of democracy due to the people themselves.
Post a Comment