The political and media coverup of the genocide of the Greek
Nation began yesterday (August 20) with European Union and other political statements
announcing that the Greek Crisis is over. What they mean is that Greece is
over, dead, and done with. It has been exploited to the limit, and the carcas
has been thrown to the dogs.
350,000
Greeks, mainly the young and professionals, have fled dead Greece. The birth
rate is far below the rate necessary to sustain the remaining population. The
austerity imposed on the Greek people by the EU, the IMF, and the Greek
government has resulted in the contraction of the Greek economy by 25%. The
decline is the equivalent of America’s Great Depression, but in Greece the
effects were worst. President Franklin D. Roosevelt softened the impact of
massive unemployment with the Social Security Act other elements of a social
safety net such as deposit insurance, and public works programs, whereas the
Greek government following the orders from the IMF and EU worsened the impact
of massive unemployment by stripping away the social safety net.
Traditionally,
when a sovereign country, whether by corruption, mismanagement, bad luck, or
unexpected events, found itself unable to repay its debts, the country’s
creditors wrote down the debts to the level that the indebted country could
service.
With
Greece there was a game change. The European Central Bank, led by Jean-Claude
Trichet, and the International Monetary Fund ruled that Greece had to pay the
full amount of interest and principal on its government bonds held by German,
Dutch, French, and Italian banks.
How was
this to be achieved?
In two
ways, both of which greatly worsened the crisis, leaving Greece today in a far
worst position that it was in at the beginning of the crisis almost a decade
ago.
At the
beginning of the “crisis,” which would have easily been resolved by writing
down part of the debt, the Greek debt was 129% of Greek Gross Domestic Product.
Today Greek debt is 180% of GDP.
Why?
Greece
was lent more money to pay interest to Greece’s creditors, so that they would
not have to lose one cent. The additonal lending, called a “bailout” by the
presstitute financial media, was not a bailout of Greece. It was a bailout of
Greece’s creditors.
The Obama
regime encouraged this bailout, because the American banks, expecting a
bailout, had sold credit default swaps on Greek debt. Without a bailout the US
banks would have lost their bet and paid default insurance on Greek Bonds.
Additionally,
Greece was required to sell its public assets to foreigners and to decimate the
Greek social safety net, reducing pensions, for example, to below subsistance
incomes and so radically reducing medical care that people die before they can
get treatment.
If memory
serves, China bought the Greek seaports. Germay bought the airport. Various
German and European entities bought the Greek municipal water companies. Real
estate speculators bought protected Greek Islands for real estate development.
This
plunder of Greek public property did not go toward reducing the debt that Greek
owed. It went, along with the new loans, to paying the interest.
The debt,
larger than ever still stands. The economy is smaller than ever as is the Greek
population that bears the debt.
The
declaration that the Greek crisis is over is merely a statement that there is
nothing left to extract from the Greek people for the interest of the foreign
banks. Greece is sinking fast. All of the income associated with sea ports,
airport, municipal utilities, and the rest of public property that was forcibly
privatized now belongs to foreigners who take the money out of the country,
thus further driving down the Greek economy.
The
Greeks have not only had their economic future stolen from them. They have also
lost their sovereignty. Greece is not a sovereign nation. It is ruled by the EU
and the IMF. In my 2013 book, The
Failure of Laissez Faire Capitalism, in Part III, “The End of
Sovereignty,” I described clearly how this was done.
The Greek
people were betrayed by the Tsipras government. They had the option of
revolting and using violence to overthrow the government that sold them out to
international bankers. Instead, the Greeks accepted their own destruction and
did nothing. Essentially, the Greek population committed mass suicide.
The world
financial crisis of 2008 is not over. It has been swept under the rug of
massive money creation by the US, EU, UK, and Japanese central banks. The
creation of money has far outpaced the growth of real output and has driven up
values of financial assets beyond what can be supported by “conditions on the
ground.”
How this
crisis plays out remains to be seen. It could result in the destruction of
Western civilization. Will Dog eat dog? After Greece, will it be Italy, Spain,
Portugal, France, Belgium, Australia, Canada, until none are left?
The
entirety of the Western World lives in lies fomented by powerful economic
interest groups to serve their interests. There is no independent media except
online, and those elements are being demonized and denied access. Peoples who
live in a world of controlled information have no idea of what is happening to
them. Therefore, they cannot act in their interest.