Yanis Varoufakis on Democracy Now discussing the fiscal waterboarding Greece was subjected to.
Greece dared challenge the EU dictatorship. For that Greece had to be punished.
The loans to Greece did not bail out Greece, they were bailouts for French and German banks. The money flowed into Greece, and straight back out again.
A Ponzi scam: Money flows in, the scheme appears to be growing, but it is not growing, it relies upon finding fresh investors to keep pouring in money to give the illusion it is growing. Indeed, the fund is shrinking because those running the scam are creaming off from the scam. Eventually the bubble bursts.
We are seeing the same Ponzi scams with high tech scams. The value of the company is entirely dependent upon finding fresh mugs to pour in money to inflate the value of the company. The intention being to flog off the company at its inflated price before the bubble bursts.
Ponzi austerity is a variant of pretend and extend. Keep lending money to an insolvent entity, in this case a country, to enable it to pay off the existing loans. In the meantime, strings attached, in the trade known as conditionalities, to implement austerity. The economy shrinks, making it ever less likely to be able to repay the loans.
Lame duck President Obama, visited first UK, to try and intimidate the Brits to stay in the UK. It was then visit Germany to discuss forcing through TTIP that strips us of democratic accountability, handing control to global corporations, then on to Saudia Arabia to sell weapons to the corrupt House of Saud, which when the corrupt House of Saud falls, the weapons will be in the hands of ISIS.
IMF is wishing to trigger a crisis in Greece.
62% of the Greek people in a referendum last year said No to the EU. This was in spite of the intimidation they were subjected to (similar intimidation we are seeing in the UK to force Brits to vote Yes to the EU). The Greek people showed courage and voted No. They were betrayed by Syriza who capitulated to the EU.
Greece is now ruled by diktat from the EU. The government a puppet of the EU.
At the end of the Second World War, the Americans created the Bretton Woods system. Currencies in Europe were linked to the dollar, the dollar linked to gold. US, as the surplus country, recycled its surpluses through Europe.
J M Keynes wanted to create an international body to recycle the surpluses. The Americans vetoed this as it was their money that was being recycled.
This worked fine until 1971, when US flipped from being a surplus country to a deficit country.
US then decided as a deficit country, it would recycle the surpluses through Wall Street.
Not sustainable, finally crashed in 2008.
- The Global Minotaur
- And the weak suffer what they must?
- Transparency in Europe now!
- IMF plots new “credit event” for Greece
- IMF’s criminal neglect on Greece
- Europe is Kaput
- Beyond Austerity
- An evening with Yanis Varoufakis