This Is A Coup

What they’ve arguably got is a global reputational disaster: the crushing of a left-wing government elected on a landslide, the flouting of a 61 per cent referendum result. — Paul Mason

Paul Mason is a rare example of a journalist who knows what he talking about, especially when talking about Greece. He gives a chilling account of how complete the Occupation of Greece by the Fourth Reich and how deep the humiliation of the Greek government.

And yet today, on Wato, there was nothing. I expected reports from the street, reports from the Greek Parliament.

The austerity measures imposed are even worse than Greece has had imposed over the last five years, and that has seen GDP shrink by 25%, unemployment at 25% (youth unemployment 50%), 25% living below the poverty line, suicides and infant mortality on the increase. And during this period debt has increased from 125% of GDP to 175% of GDP. IMF figures indicate getting worse.

There are seven pages of what Greece must comply with, and these are only minimum conditions.

It was as though the Dark Forces of Mordor had swept over the Shire.

There has been no offer of debt relief. A vague hint of pretend and extend.

There are two sides to a debt, the creditors and debtors. It is wrong to treat the debtors as though they are somehow morally inferior.

If lenders lend money for which there is no hope of repayment they are at fault.

Feckless and greedy banks, lent to Greece.

The banks were bailed out when more money was lent to Greece in 2010. The debt then was unsustainable, but it was a bail out for bankers, not Greeks.

When a debt is un-payable, it has to be written off. Extend and pretend is that a pretence, that simply passes the problem into the future. Rather than admitting the debt can never be repaid, more money is lent to enable the debt to carry on being serviced.

It does though have the effect of placing the debtor under the control of the lender.

The Greek debt has to be written off, that is the only way forward.

In Mediaeval times, there was a Jubilee Year, every seven years when all debt were written off.

We have the concept of bankruptcy, when debt is written off, and creditors like vultures pick over what little is left.

The Greek debt must be written off. Not used as an excuse to wage economic terrorism against Greece.

Greek Prime Minister Alexis Tsipras has told the country that the deal he signed, is not a deal he can support, but that he had no choice.

There is a way forward, and that as architect of the euro Bernard Lietaer  has suggested create a parallel currency. The logistics cannot be underrated, but are not insurmountable.

Does there have to be one secondary currency, could have a national currency and also local currencies for Athens, the islands or groups of islands. The Central Bank could print and distribute these local currencies.

Could also have a digital currency. Local currencies exist in digital form in Bristol and Brixton, this could draw upon their expertise (payable via smartphones). Cumbersome to use, but probably less inconvenient than queuing at a cash machine to draw out 60 euros (and that assumes the machine not empty).

Roll-out out of a digital currency would take some time. If families who had the app on the smartphone, had money on their smartphone, they could help out their neighbours, with the neighbour trusted to pay them back, this would ensure more rapid implementation.

All participants could have 1000 euro-equivalent created in their digital account, for small businesses, local shops 5000 maybe even 10000 euro-equivalent paid into their accounts. Emloyees could be paid all or part in the digital currency. The same applies to all government employees.

If the system worked on p2p, block chain, it would be transparent and secure. And would not need a central bank to function.

Quantitative Easing does not work, this would work as the money would be injected into the local economy, where there is a liquidity crisis, it would stimulate economic growth.

There also needs to be support for sharing economy, social enterprises, open coops, open commons, all of which isolate from external shocks and make more resilient to economic terrorism by the Fourth Reich.

Greece must move to an orderly exit from the EU, and encourage allies to do the same. Leave the Germans with smouldering ruins of their own making.

Germany has shown, nothing has changed in their mentality since a Blitzkrieg across Europe more than 70 years ago.

The message we are getting from the Fourth Reich is that they do not recognise democracies, do not care about people, and will quite happily use economic terrorism to destroy a country that does not bow to their demands.

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