Greece according to CNN Money owes 323 billion euros ($366 billion), over 175% of the country’s GDP. That is roughly $ 33,273 per Greek citizen.
John Key yesterday announced we may be called in to help the Greek people cope with this debt. It pays to know who will end up with this money. Hint? It won’t be the Greek.
Yep, you guessed it, it was another bail out for the international bankster scumbags! So when John Key says we have to help the Greek we are actually scammed into keeping parasitical insolvent over-leveraged banking institutions afloat!
“We should be clear: almost none of the huge amount of money loaned to Greece has actually gone there,” Joseph Stiglitz, former chief economist of the World Bank and a Nobel Prize winner in economics, wrote in the Guardian newspaper today. “It has gone to pay out private-sector creditors – including German and French banks.”
A recent CorpWatch report – The EuroZone Profiteers – can help shed further light on this matter. While it’s true that corrupt Greek politicians borrowed billions for shaky government schemes from these banks, there was a very good reason that the financiers made these rash loans: they were under pressure from European Union bureaucrats to compete in a global marketplace with U.K. and U.S. banks.
Take the German banks. While Anglo-American banking is dominated by many branches of a few major banks, Germany had some 4,000 unique institutions in 1990 that made up a three-pillar system of savings banks, co-operative banks, and private banks. These banks lived modestly on miniscule profits of one percent in comparison to Britain’s four mega-banks, which boasted returns as high as 30 percent on equity. Under pressure from Brussels, the German government agreed to push some of the bigger banks to become more “market oriented” by withdrawing state guarantees known as “anstaltslast” and “gewährträgerhaftung” to back them up in times of failure.
Likewise Prime Minister Jacques Chirac began a process of privatizing French banks in the late 1980s to “shoulder its responsibilities to the business community.” (The banks that had been nationalized over time by General Charles de Gaulle in 1945 and by President Pierre Mauroy in 1982) Like the Germans, the French banks enjoyed state protection, and thus were easily able to raise money to lend out.
The European Union was firmly behind this since they wanted European entities to compete on a global stage. “Sometimes it is said that competition is not to the benefit of all: It can favor larger firms, but hurt smaller businesses. I do not share this view,” Mario Monti, the European competition commissioner, said in October 1997. “Naturally, competition will reward greater efficiency. It will put pressure on less-performing companies and on sectors already suffering from structural problems.”
But French banks knew that they could not make billions by competing in Germany, nor were German banks expecting to vanquish the French. They looked instead to a simpler and easier market to loan out the plentiful supply of cash they had – the poorer, mostly southern European states that had agreed to take part in the launch of a common currency called the Euro in 1999.
The logic was clear: In the mid-1990s, national interest rates in Greece and Spain, for example, hovered around 14 percent, and at a similar level in Ireland during the 1992–1993 currency crisis. So borrowers in these countries were eager to welcome the northern bankers with seemingly unlimited supplies of cheap cash at interest rates as low as one to four percent.
Take the case of Georg Funke, who ran Depfa, a German public mortgage bank. Depfa helped Athens get a star credit rating, raised €265 million for the Greek government railway, helped Portugal borrow €200 million to build up a water supplier, and gave €90 million to Spain to construct a privately operated road in Galicia. For a while, the middle class in Greece like the middle classes in Spain and Ireland, benefited from the infrastructure spending stimulus. When Depfa nearly collapsed in 2008, Funke was fired.
The Treasonous Tsipras.
Yep. But I’m sure he had some serious convincing perpetrated on him and his government. The international banksters can be very convincing!
No doubt as they have a host of high tech weaponry .
The story of Greece’s ‘economic ruin” from the criminal banking cabal is instead renamed as a “bailout” (to ‘austerity” !).
Its just extortion and lies.
Its a mind conditioning exercise, it makes people focus ignorantly on the economy( as though it is not completely controlled by the money lenders) and shows how govt’s are not listening to the will of the people( yet this is not new) . The NWO want “stupid revolutions” as a problem to pose their “solution ” a NWO one world govt .
There is also the distraction of the Vatican’s poope blaming not the Triad’s City of London but scapegoating “capitalism”.
The Triad to which the Vatican is a part of controls the world:
Economically, through “The City” of London.
Militarily, through Washington D.C.
Spiritually through the Vatican. ”
My comment below “sounds like a National Socialist Programme was a reply to @th2bc”
Some flavours of National Socialism may adopt similar principles, but the economic theory behind it is far older.
Apart from my derivatives demand, they are all principles of the American School of economics. Hated by oligarchs the world over for raising living standards and spreading wealth, it boasts more success than any rival theory in history. It built the railroads network in Europe, it freed the Slaves in America, it healed the Great Depression via the New Deal. Its the economic philosophy that gets good politicians killed. Alexander Hamilton, Lincoln, FDR, JFK.
I see your argument Shiva, but I’m not sure what you’re proposing. Convince enough people of a conspiracy to start dismantling institutions? I don’t see how that will lead to utopia on earth.
Then what without a Central Bank? Leave it to Private Banks? Bitcoin?
Central banks hold great power and have historically been used for good and bad alike, President Roosevelt was elected after running on a platform to fight “Organised Money” by harnessing the Fed, and he did, despite what some people believe.
As for derivatives, you’d like to outlaw them? That would be nice, especially for CDSs and CDOs but imagine trying to pitch that to voters, the opposition would spin the issue in any number of ways in their favour.
I see it as more of a regulation problem. Bretton Woods wasn’t perfect but at least it thwarted many a derivative bubble.
At least by taxing financial instruments at 1% then that enormous potential tax revenue is a huge eye opener to the public, it’s a simple and effective regulation and not too much of a threat to the oligarchy to cause them to use extreme measures.
I can’t think of any good plans to clean up corruption in one fell swoop, but my demands in the previous post are a good start!
Why would you seek not want to threaten the oligarchy rule?
They are already using extreme measures: pushing TPPA( loss of nationhood), Climate change agenda(carbon taxing and carbon trading), sale of public assets, privatisation of public services to their corporations and economic measures for the poor and middle class of austerity. This is the end game.
The central banking system is privately owned as is the fed reserve.They have been used for control over nations economies. Why have nations not been able to create the money they need and not have to borrow it from private banks with interest then forced to impose the bankers policies on the people?
This is the difference, the knowing what is the actual problem to address it. Since the govt function is to protect the oligarchy not sure how you think they would impose, regulate and gift the same system of control a 1% tax ( in a shadow banking system with est $75 trillion debt) .
What do you see is the benefit to the public in derivative trading?The public if they understood what a sham the market is would have no problem questioning it.
Big financial instruments actively avoid paying tax and when they lose money the govt gets the taxpayer to bail them out (or if they are insolvent due to lack of regulation they have been known to keep on trading).
By using the banking cabal’s economic system how do you imagine there would be a change in the economic system (of wealth transfers and the protection of control)?
Do you propose regulation? Since the NZ govt are corrupt bankster stooges they fail to even”regulate” legislation in place and instead protect interest groups(for e.g the commerce commissioner)
The corruption of the oligarchy’s institutions should be known by the public. There is no “nanny oligarchy” as the oligarchy is a patriarchy and is not nurturing of humanities needs.
America has a “national socialist programme” and it did not “heal the depression”. The depression was created by the oligarchy. Debt slavery did not ever end in America
http://govtslaves.info/23-cents-an-hour-modern-day-slavery-happening-in-21st-century-america/ . Telling slaves they are free, and making them believe it is necessary to keep them as slaves.
I propose the solution is to end the oligarchy’s rule over humanity. Can we get ten percent of the population to learn the truth and stop believing the control matrix (includes the american school of economics)?
Can you not imagine a world where the odious debt was written off where there was no more debt enslavement …
“Private Central Banking is not about banking, or even about money. It is about Control. Private Central Banking is about rule by enforced servitude to artificially created debt. No different from other hoaxes played by the rich on the poor, such as Rule by Divine Right, or Rule by Chattel Ownership of your Body (slavery). As a human civilization we have outgrown these hoaxes and realize they are illegitimate forms of governance. So too shall it be with Rule by Debt. Those previous systems only worked as long as the subjugated population believed that those systems were real; the way the world was supposed to be. When the people broke free of the slavery of belief, those forms of enslavement collapsed.”
*Read more: Awaken slaves! – How The Private Central Bank Ponzi Scheme Trapped And Destroyed America | WHAT REALLY HAPPENED
Yes, the problem is our unquestioning belief in their systems, this is a good short.
Sounds like a National Socialist Programme.
And what would you do with the .01% that rule?
Derivatives and securities trading is an unnecessary evil, banksters control these rigged markets.
We have banking cabals corporate economic system, their reserve bank, keeping most calling it “socialism” would only increases the power of their cornered market.
Our assets were public (nationalised) now they have been sold again without consent.
The govt is corrupt so “nationalising” the bankster’s reserve bank would not change anything, the same corrupt monkeys pulling the strings and dictating its “austerity” monitory policy.
The Govt is a corporation and is a tool for the banking cabal.
Could we make the economic system reflect the truth that we have lost about humanity.
First thing is to make the privately owned reserve bank to write off the odious debt the NZ govt created, stop and reverse the “austerity measures” service cuts which have created cut healthcare and well being for many kiwi’s.
Biff the trough feeding dregs of humanity out of parliament and its institutions – a clean up of the endemic corruption that is ruling the nation.
The NZ govt banksters may create even more odious debt for the people of NZ in order to give the banking cabal a reward of more money for ripping off the people of Greece?
What a *anker Key is .
Its a fraudulent and odious debt- the Greek people don’t owe it.
Can’t wait till Kiwi’s understand that when the govt borrows money from private banksters not for the benefit of the people without consent its odious debt and they do not have to pay it.
I hope so too!
Friedrich List figured out the solution long ago and provides the only major economic theory with a 100% track record of improving living standards:
Nationalise the Reserve Bank
Provide 0% credit for reindustrialisation
Disconnect from globalisation with 10% tariff
1% Tax on Derivatives and other Securities