The problem is that sovereign debt is NOT comparable to other kinds of debt. All five of these countries on the southern rim of Europe, France, Spain, Portugal, Italy and Greece, should unilaterally reschedule their sovereign debt obligations, to provide their economies room to breathe, and plow much more funding into promoting economic growth---instead of savaging their economies with "austerity" policies which KILL economic growth. Austerity has NEVER produced anything but austerity. It is the enemy of the kind of growth these countries need in order to get their sovereign debt in hand...
Well, that's not true. The involvement of Deutsche Bank in illegal currency manipulation, involving tens to hundreds of billions of dollars going back for years and years, is all over the news. You are lying to yourself if you pretend that these guys are honest. They ADMITTED they were guilty. And Deutsche Bank was just one of a whole gang of European banks involved in the scheme! They all just pleaded guilty and got off with paying a fine. No cuts in pensions. No massive lay offs. No, the punishment like that is reserved for working people. It's bullshit. Not only that, but Goldman Sachs was in Greece in 2008 and 2009, in the years leading right up to the financial crisis PUSHING more loans for Greece, which these "international creditors" were happy to make!!! It was their JOB, and the job of these so called "international creditors" to do what is called "DUE DILIGENCE" and make sure Greece could pay off its loans before giving them NEW ONES. For whatever reason, Goldman Sachs and these international creditors were convinced, up until September 2009, that Greece could maintain its obligations. So, it is dishonest for them to turn around, now, and say that Greece never was able to meet its obligations. These creditors swore the opposite was true when they made their loans to the Greeks in 2008 and 2009. The main reason why Greece, and Spain, and Portugal, are having trouble maintaining their public debt, is the financial meltdown of 2009 which drove their economies into the ditch, and that meltdown, without questions, was caused by the illegal activities of the so called "international creditors". The massive illegal activity on their part, involving the sale and resale of worthless debt securities in gigantic ponzie schemes, is documented. Instead of being punished, they all received massive bailouts, and, at worst, tiny fines. One Swiss bank alone, UBS, received over SIXTY BILLION euros in bailouts for the worthless derivative securities they had on their books. But no cuts in pensions. No massive layoffs. Again, that's reserved for the working people, not for the finance types who keep getting bonuses, for god's sake. You are lying to yourself, and to anyone who reads what you write, if you deny this. All of this is in the public record.
WHO are Greece's "creditors"? Every article one sees on this subject talks about the "international creditors" of Greece without specifying WHO these creditors are, besides mentioning the IMF and "Germany". And that means nothing. When they say "Germany" do they mean Deutsche Bank, the criminals who just had to pay a 2.5 BILLION euro fine for illegal currency manipulation in the Libor Scandal? When they say, just, the "IMF", isn't that just a public shell organization, which could, if it wanted to, reschedule Greece's debt any way they like in order to avoid perpetuating 25% unemployment they have already created in Greece, plus the slashing of the minimum wage, plus the slashing of pensions? If these are the only "creditors", then this whole debt crisis is bogus. If they are NOT the only creditors, then give us the NAMES of the other creditors. I will bet you that most if not all of them, if they are banks, took part in the lying and cheating which drove Greece's economy into the ditch, and they should not be given ANY credence in negotiations over how the Greeks dig themselves OUT of that ditch.
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Greece Is Not The Only Country Facing Severe Economic Challenges…
The problem is that sovereign debt is NOT comparable to other kinds of debt. All five of these countries on the southern rim of Europe, France, Spain, Portugal, Italy and Greece, should unilaterally reschedule their sovereign debt obligations, to provide their economies room to breathe, and plow much more funding into promoting economic growth---instead of savaging their economies with "austerity" policies which KILL economic growth. Austerity has NEVER produced anything but austerity. It is the enemy of the kind of growth these countries need in order to get their sovereign debt in hand...
Merkel's Own Party Ready To Give Up On Greece; Another Week Of Deadlines; Reflections On Can Kicking
Well, that's not true. The involvement of Deutsche Bank in illegal currency manipulation, involving tens to hundreds of billions of dollars going back for years and years, is all over the news. You are lying to yourself if you pretend that these guys are honest. They ADMITTED they were guilty. And Deutsche Bank was just one of a whole gang of European banks involved in the scheme! They all just pleaded guilty and got off with paying a fine. No cuts in pensions. No massive lay offs. No, the punishment like that is reserved for working people. It's bullshit. Not only that, but Goldman Sachs was in Greece in 2008 and 2009, in the years leading right up to the financial crisis PUSHING more loans for Greece, which these "international creditors" were happy to make!!! It was their JOB, and the job of these so called "international creditors" to do what is called "DUE DILIGENCE" and make sure Greece could pay off its loans before giving them NEW ONES. For whatever reason, Goldman Sachs and these international creditors were convinced, up until September 2009, that Greece could maintain its obligations. So, it is dishonest for them to turn around, now, and say that Greece never was able to meet its obligations. These creditors swore the opposite was true when they made their loans to the Greeks in 2008 and 2009. The main reason why Greece, and Spain, and Portugal, are having trouble maintaining their public debt, is the financial meltdown of 2009 which drove their economies into the ditch, and that meltdown, without questions, was caused by the illegal activities of the so called "international creditors". The massive illegal activity on their part, involving the sale and resale of worthless debt securities in gigantic ponzie schemes, is documented. Instead of being punished, they all received massive bailouts, and, at worst, tiny fines. One Swiss bank alone, UBS, received over SIXTY BILLION euros in bailouts for the worthless derivative securities they had on their books. But no cuts in pensions. No massive layoffs. Again, that's reserved for the working people, not for the finance types who keep getting bonuses, for god's sake. You are lying to yourself, and to anyone who reads what you write, if you deny this. All of this is in the public record.
Merkel's Own Party Ready To Give Up On Greece; Another Week Of Deadlines; Reflections On Can Kicking
WHO are Greece's "creditors"? Every article one sees on this subject talks about the "international creditors" of Greece without specifying WHO these creditors are, besides mentioning the IMF and "Germany". And that means nothing. When they say "Germany" do they mean Deutsche Bank, the criminals who just had to pay a 2.5 BILLION euro fine for illegal currency manipulation in the Libor Scandal? When they say, just, the "IMF", isn't that just a public shell organization, which could, if it wanted to, reschedule Greece's debt any way they like in order to avoid perpetuating 25% unemployment they have already created in Greece, plus the slashing of the minimum wage, plus the slashing of pensions? If these are the only "creditors", then this whole debt crisis is bogus. If they are NOT the only creditors, then give us the NAMES of the other creditors. I will bet you that most if not all of them, if they are banks, took part in the lying and cheating which drove Greece's economy into the ditch, and they should not be given ANY credence in negotiations over how the Greeks dig themselves OUT of that ditch.