Sodium Haze: Betrayed. Greek nation sold to the banks.

Wednesday, 29 June 2011

Betrayed. Greek nation sold to the banks.

Protesters set up burning barricades to block streets leading to the parliament in Athens

The Haze is horrified to learn today that the Greek Parliament has abandoned its duty to its own people and paved the way for financial speculators and loan sharks to escape the Greek debt debacle unscathed - the losses on their reckless lending and gambling socialised to Greek and European taxpayers.

By accepting the latest round of austerity cuts and asset sales demanded by the IMF and the ECB in exchange for yet another loan they have sold their people into slavery.

What is euphemistically and dishonestly being called a 'bailout' for the Greek nation is nothing more than another huge debt - loaned by European taxpayers to a fiscally bankrupt nation that has no hope of repaying it through austerity.

The loan is illogical since it cannot succeed - but it has three clear aims and immense collateral damage.

(a) Most of the Greek debt bonds that are held in vast quantities by private banks all over Europe mature in 2015 and somehow the ECB & the IMF think that a way can be found to pay off the loans down the line.

(This is absurd because the terms of the loan demand a package of austerity measures that will destroy utterly the kind of economic growth needed to service the loans. This is of course exactly why we are in this position today as the last bailout was an utter failure - how could it not fail? - you can't fix debt with more debt!)

(b) It attempts to rescue the Eurozone banking system from a potential meltdown and save the embattled Euro itself. 

(c) It reinforces the absolute power and tyranny of the banking cartels - Greece has been bullied back into orthodoxy - by taking the loan it reinforces the notion that there is no alternative to accepting money as debt.

The collateral damage will be horrific. 

Greek assets like their national utilities will be sold off at knockdown prices - the imposed austerity will (at the very least) destroy the economic future of a generation of Greek people and may yet destroy the social fabric of an entire nation.

and it all simply keeps the global giant ponzi scheme of Fractional Reserve Banking going for a few more years.

As our friends @ Positive Money wisely reflected this morning:

Would it be possible for the banks to have lent so much if they had to actually find that money from savers, rather than simply creating it out of nothing through a clever accounting process?

For a bank (or another financial institution), it is one thing to lend money that they had to borrow and they have to return to their depositors with the interest, and it’s a completely different thing to lend money which they just created by typing numbers into a computer system.

There is something fundamentally wrong with fighting a debt crisis by offering yet more debt

The loan sharks and profiteers who have made a fortune from trading in Greek debt are being protected at all costs - and it will be ordinary hard working taxpayers all over Europe who will foot the bill for once again providing private companies with free insurance for reckless lending.

The Greek government had an historic opportunity to follow nations like Argentina and Hungary and defy the banking cartels and the IMF - and to stand up for their own people - but they lacked the courage - they lacked the vision and now the Greek people will pay the price.

The Greek people should now rise up and make it clear that they will not accept governance that betrays them on behalf of the banks.
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