Bankers Gear Up for the Rape of Greece, as Social Democrats Vote for National Suicide

[Donnachaidh]

http://counterpunch.org/hudson06242011.html

The fight for Europe’s future is being waged in Athens and other Greek cities to resist financial demands that are the 21st century’s version of an outright military attack. The threat of bank overlordship is not the kind of economy-killing policy that affords opportunities for heroism in armed battle, to be sure. Destructive financial policies are more like an exercise in the banality of evil – in this case, the pro-creditor assumptions of the European Central Bank (ECB), EU and IMF (egged on by the U.S. Treasury).

As Vladimir Putin pointed out some years ago, the neoliberal reforms put in Boris Yeltsin’s hands by the Harvard Boys in the 1990s caused Russia to suffer lower birth rates, shortening life spans and emigration – the greatest loss in population growth since World War II. Capital flight is another consequence of financial austerity. The ECB’s proposed “solution” to Greece’s debt problem is thus self-defeating. It only buys time for the ECB to take on yet more Greek government debt, leaving all EU taxpayers to get the bill. It is to avoid this shift of bank losses onto taxpayers that Angela Merkel in Germany has insisted that private bondholders must absorb some of the loss resulting from their bad investments.

The bankers are trying to get a windfall by using the debt hammer to achieve what warfare did in times past. They are demanding privatization of public assets (on credit, with tax deductibility for interest so as to leave more cash flow to pay the bankers). This transfer of land, public utilities and interest as financial booty and tribute to creditor economies is what makes financial austerity like war in its effect.

Socrates said that ignorance must be the root of all evil, because no one deliberately sets out to be bad. But the economic “medicine” of driving debtors into poverty and forcing the selloff of their public domain has become socially accepted wisdom taught in today’s business schools. One would think that after fifty years of austerity programs and privatization selloffs to pay bad debts, the world has learned enough about causes and consequences.

More at the link --

[xchrom]

1. recommend

[bvar22]

2. K&R There IS some "hope". Look South.

"The worst enemy of humanity is U.S. capitalism. That is what provokes uprisings like our own, a rebellion against a system, against a neoliberal model, which is the representation of a savage capitalism. If the entire world doesn't acknowledge this reality, that nation states are not providing even minimally for health, education and nourishment, then each day the most fundamental human rights are being violated."
----Bolivian Reform President Evo Morales

FDR said much the same thing in 1944 with his Economic Bill of Rights.

[azul]

3. When the banks failed, they were not nationalized or broken up,

but were bailed out by taxpayers.

But when countries fail, banks get to privatize and break up the taxpayers' common assets?

This failing money-debt system is for the birds. It by nature funnels assets to the wealthy banks. But how to improve upon it? Usury laws?

[socialist_n_TN]

4. Revolution

Nationalize the fuckers and expropriate the assets. The opposite of "austerity".

[Rex]

5. Sounds like a few select individuals are begging for the guillotine.

Their necks just can't resist the temptation.