The Greek Fiasco Trundles On

Has a deal been reached to solve Greece’s debt problem? No.

Has a deal been cobbled together to impose more hardship on the Greek people because the arrogant EU pen pushers and backroom deal makers are unable to admit failure and thus will do anything that will allow them to kick the can down the road a little further before the inevitable default and Greece is forced out of the Euro? Yes, well sort of.

Will the Greek parliament approve the deal? Unlikely.

If the Greek parliament does approve the deal will there be a return to civil unrest in Greek cities? Very likely.

Will the government of Greece fall? It’s a question of when rather than if.

Will the other EU nations approve the deal? The Finns have promised to veto it and Germany’s parliament, The Reichstag is deeply divided on the issue. About half of EU member states have strong misgivings, based on fears that sooner or later Germany will do the same to them.

So what should all this tell us in Britain? That we should ignore the blandishments of those neo-Nazi lefties who would sell out our national sovereignty and be happy to see our great nation absorbed into a Euronazi bureaucratic dictatorship (called The German Empire) because by now anybody with eyes to see and ears to hear should be aware that the EU is an undemocratic attempt by a cabal of unelected bureaucrats to destroy national independence and create a supranational tyranny.

Cameron’s Tories and the Labour leadership contenders with the exception of Liz Kendall, the only one talking any sense and so, predictably, the one trailing in fourth position behind the two spouters of anodyne platitudes and the left wing idiot) are making populist noises about reclaiming sovereignty from Brussels.

The Greek debacle should demonstrate to even the most brain dead political apparatchik there is no way to negotiate with the bureaucratic fascists, it’s like punching a sponge. The only way to escape is to walk away and face the consequences, which is what Britain should do now. Every day’s delay will only make our eventual exit harder.

Let’s put the optimistic drivel of mainstream media into perspective by looking at what is really happening in Greece as this will be the pattern for other nations that do not quit the EU.

Greece’s governmental debt to private investors (bondholders) as of, first, December 2009; and, then, five years later, December 2014, fell by over 80%. In almost all countries, private investors either eliminated or steeply reduced their holdings of Greek government bonds during that 5-year period.

(Overall, it was reduced by 83%; but, in countries such as France, Portugal, Ireland, Austria, and Belgium, it was reduced closer to 100% — all of it.)

In other words: by December 2009, word was out amongst the financial aristocracy that only suckers would want to buy their Greek debt holdings from them. So where do you find enough clueless saps to pay premium prices for worthless shite? There just aren’t that many idiots in the world so the bankers and investors deployed the fail – safe system set up in past centuries that permits or rather compels governments to buy the wealthy elite’s bad bets at face value despite its worthlessness in real terms; for governments to become the suckers with pockets full of taxpayers money when private individuals back off.

Not all Greek debt was sold directly to governments; much of it went instead indirectly, to agencies (bond dealers and brokers) that the industry elite set up as basically transfer-agencies for passing junk from the private sector to governments; in other words, as middlemen, to transfer unpayable debt-obligations to various governments’ taxpayers.

So who actually bought Greek debt you might well ask. Who were these governments and middlemen-agencies? According to Bloomberg, as of January 2015, they were: 62% Euro-member governments (including the European Financial Stability Facility); 10% International Monetary Fund (IMF), and 8% European Central Bank; then, 17% still remained with private investors; and 3% was owned by “other.”

What got bailed-out was private investors, not ‘the Greek people’ or ‘The Greek nation’ as mainstream media have constantly tried to suggest.

A reasonable assumption (and one often used by media commentators) is that a large part of the Greek debt to the Germans was the result of Greek consumption of German goods and services bought with the German provided credit. In that case, the Germans have lost the Greek goods and services that could have potentially been bought with the money that is owed to them.” But this is entirely false: that “consumption” was by the aristocracy, not by the public, anywhere or at any time.

After all, as we have showed, it’s the elite and their agencies that get bailed-out, not the public, not now, not ever. (The same thing is happening now in Ukraine.)

In other words this whole Greek crisis has been about transferring debt from bankers, investors, hedge funds and financial institutions to taxpayers. Because in spite of what the pseudo-anarchists of the occupy movement may tell you, the bankers and their buddies are not stupid and they have leaned that if bureaucracies such as the E U and the United Nations are put between the democratic process and the global financial system so that voters cannot call ‘ enough’, the flow of cash from us poor taxpayers into the pockets of the super rich is endless and unstoppable.

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One thought on “The Greek Fiasco Trundles On

  1. Ian,

    A very fine analysis/overview here, I feel.

    “…because by now anybody with eyes to see and ears to hear should be aware that the EU is an undemocratic attempt by a cabal of unelected bureaucrats to destroy national independence and create a supranational tyranny.”

    I certainly agree with the obviousness aspect, but I highly suspect that the unelected bureaucrats we can see are not the ultimate source of the attempt you decry.

    I believe they are essentially employees, part of whose job it is to make the attempt appear like the spontaneous result of technicians “working the problems” that ostensibly would naturally arise with harmonization/integration effort . . I believe there is a cabal that is the brawn behind the brains, one might say.

    Like

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