Greece — The One Biggest Lie You Are Being Told By The Media

(Author: Chris Kanthan. I have also posted a Greek translation of this article. This article has been republished in hundreds of websites and translated into dozens of other languages. All were done without my permission, except for the article at Nation of Change! In the future, please contact me first. )

Every single mainstream media has the following narrative for the economic crisis in Greece: the government spent too much money and went broke; the generous banks gave them money, but Greece still can’t pay the bills because it mismanaged the money that was given. It sounds quite reasonable, right?

Except that it is a big fat lie … not only about Greece, but about other European countries such as Spain, Portugal, Italy and Ireland who are all experiencing various degrees of austerity. It was also the same big, fat lie that was used by banks and corporations to exploit many Latin American, Asian and African countries for many decades.

Greece did not fail on its own. It was made to fail.

In summary, the banks wrecked the Greek economy, and then deliberately pushed it into unsustainable debt … while revenue-generating public assets were sold off to oligarchs and international corporations. The rest of the article is about how and why.

If you are a fan of mafia movies, you know how the mafia would take over a popular restaurant. First, they would do something to disrupt the business – stage a murder at the restaurant or start a fire. When the business starts to suffer, the Godfather would generously offer some money as a token of friendship. In return, Greasy Thumb takes over the restaurant’s accounting, Big Joey is put in charge of procurement, and so on. Needless to say, it’s a journey down a spiral of misery for the owner who will soon be broke and, if lucky, alive.

Now, let’s map the mafia story to international finance in four stages.

Stage 1: The first and foremost reason that Greece got into trouble was the “Great Financial Crisis” of 2008 that was the brainchild of Wall Street and international bankers. If you remember, banks came up with an awesome idea of giving subprime mortgages to anyone who can fog a mirror. They then packaged up all these ticking financial bombs and sold them as “mortgage-backed securities” for a huge profit to various financial entities in countries around the world.

A big enabler of this criminal activity was another branch of the banking system, the group of rating agencies – S&P, Fitch and Moody’s – who gave stellar ratings to these destined-to-fail financial products. Unscrupulous politicians such as Tony Blair joined Goldman Sachs and peddled these dangerous securities to pension funds and municipalities and countries around Europe. Banks and Wall Street gurus made hundreds of billions of dollars in this scheme.

But this was just Stage 1 of their enormous scam. There was much more profit to be made in the next three stages!

Stage 2 is when the financial time bombs exploded. Commercial and investment banks around the world started collapsing in a matter of weeks. Governments at local and regional level saw their investments and assets evaporate. Chaos everywhere!

Vultures like Goldman Sachs and other big banks profited enormously in three ways: one, they could buy other banks such as Lehman brothers and Washington Mutual for pennies on the dollar. Second, more heinously, Goldman Sachs and insiders such as John Paulson (who recently donated $400 million to Harvard) had made bets that these securities would blow up. Paulson made billions, and the media celebrated his acumen. (For an analogy, imagine the terrorists betting on 9/11 and profiting from it.) Third, to scrub salt in the wound, the big banks demanded a bailout from the very citizens whose lives the bankers had ruined! Bankers have chutzpah. In the U.S., they got hundreds of billions of dollars from the taxpayers and trillions from the Federal Reserve Bank which is nothing but a front group for the bankers.

In Greece, the domestic banks got more than $30 billion of bailout from the Greek people. Let that sink in for a moment – the supposedly irresponsible Greek government had to bail out the hardcore capitalist bankers.

Stage 3 is when the banks force the government to accept massive debts. For a biology metaphor, consider a virus or a bacteria. All of them have unique strategies to weaken the immune system of the host. One of the proven techniques used by the parasitic international bankers is to downgrade the bonds of a country. And that’s exactly what the bankers did, starting at the end of 2009. This immediately makes the interest rates (“yields”) on the bonds go up, making it more and more expensive for the country to borrow money or even just roll over the existing bonds.

From 2009 to mid 2010, the yields on 10-year Greek bonds almost tripled! This cruel financial assault brought the Greek government to its knees, and the banksters won their first debt deal of a whopping 110 billion Euros.

The banks also control the politics of nations. In 2011, when the Greek prime minister refused to accept a second massive bailout, the banks forced him out of the office and immediately replaced him with the Vice President of ECB (European Central Bank)! No elections needed. Screw democracy. And what would this new guy do? Sign on the dotted line of every paperwork that the bankers bring in.

(By the way, the very next day, the exact same thing happened in Italy where the Prime Minister resigned, only to be replaced by a banker/economist puppet. Ten days later, Spain had a premature election where a “technocrat” banker puppet won the election).

The puppet masters had the best month ever in November 2011.

Few months later, in 2012, the exact bond market manipulation was used when the banksters turned up the Greek bonds’ yields to 50%!!! This financial terrorism immediately had the desired effect: The Greek parliament agreed to a second massive bailout, even larger than the first one.

Now, here is another fact that most people don’t understand. The loans are not just simple loans like you would get from a credit card or a bank. These loans come with very special strings attached that demand privatization of a country’s assets. If you have seen Godfather III, you would remember Hyman Roth, the investor who was carving up Cuba among his friends. Replace Hyman Roth with Goldman Sachs or IMF (International Monetary Fund) or ECB, and you get the picture.

Stage 4: Now, the rape and humiliation of a nation begin. For the debt that was forced upon them, Greece had to sell many of its profitable assets to oligarchs and international corporations. And privatizations are ruthless, involving everything and anything that is profitable. In Greece, privatization included water, electricity, post offices, airport services, national banks, telecommunication, port authorities (which is huge in a country that is a world leader in shipping) etc.

In addition to that, the banker tyrants also get to dictate every single line item in the government’s budget. Want to cut military spending? NO! Want to raise tax on the oligarchs or big corporations? NO! Such micro-management is non-existent in any other creditor-debtor relationship.

So what happens after privatization and despotism under bankers? Of course, the government’s revenue goes down and the debt increases further. How do you “fix” that? Of course, cut spending! Lay off public workers, cut minimum wage, cut pensions (same as our social security), cut public services, and raise taxes on things that would affect the 99% but not the 1%. For example, pension has been cut in half and sales tax increase to more than 20%. All these measures have resulted in Greece going through a financial calamity that is worse than the Great Depression of the U.S. in the 1930s.

Of course, the ever-manipulative bankers demand immediate privatization of all media which means that the country now gets photogenic TV anchors who spew propaganda every day and tell the people that crooked and greedy banksters are saviors; and slavery under austerity is so much better than the alternative.

If every Greek person had known the truth about austerity, they wouldn’t have fallen for this. Same goes for Spain, Italy, Portugal, Ireland and other countries going through austerity.The sad aspect of all this is that these are not unique strategies. Since World War II, these predatory practices have been used countless times by the IMF and the World Bank in Latin America, Asia, and Africa.

This is the essence of the New World Order — a world owned by a handful of corporations and banks.

So, it’s time for the wonderful people of Greece to rise up like Zeus and say NO (“OXI” in Greece) to the greedy puppet masters, unpatriotic oligarchs, parasitic bankers and corrupt politicians.

Dear Greece, know that the world is praying for you. Vote NO to austerity. Say YES to freedom, independence, self-government, and democracy. Yes, democracy, the word that was invented by YOU!

P.S. (You can also watch this video where John Perkins – author of “Confessions of an Economic Hit Man” – talks about exploitation of Latin American and Asian countries using the same tools of debt-austerity-privatization. He used to do this for a living!   https://www.youtube.com/watch?v=RVsB07CcSNw )

Check out Deconstructing the Syrian War, my new e-book on the Syrian war, the most consequential war of recent times

234 comments

  1. Thank you for this article. You could not have described the situation better. Unfortunately, not a lot of people are as informed as you are. I have read the sentence “Greeks owe, did not want to work and pay taxes and this is why their economy crashed” in so many forums. The reason: this is what the media have been spreading all over the world. Media controlled by those who want to control countries.

    Well written. Hopefully your article will help some people wake up and see what is really happening.

    Liked by 5 people

    1. yes, largely true article and well-done, but the failure of socialism is also apart of this–Iceland went thru default and even prosecuted the banksters and the agony was short-lived–but bad for a few years

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      1. In fact, it’s the *opposite* of socialism. This is extreme capitalism where banks come up with fraudulent derivatives and “securitized” products; fraudulent ratings agencies give awesome ratings to these ticking time bombs etc.

        Liked by 3 people

      2. IT IS BNOT CAPITALISM, OF ANY FORM.
        IT IS CORRUPTION, FROM THE EVIL ONE.

        THE ROTHCHILDS AND ASSOCIATES WORK FOR LUCIFER…ON RECORD.

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      3. I fail to see how “socialism” caused Greece’s and Iceland’s economy to fail when the debt that Greece had was serviceable until their rates increased well above and beyond anything that anyone would force in good faith. Not to mention the subprime as mentioned in this article. None of that has anything to do with anything “socialism.”

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      4. To the blog writer and Goran Mihailovic.

        Blog writer:
        Derivatives and securitized products may seem fraudulent for people that does not know anything about them. Anyone with a masters degree in finance and a couple of years of experience within investment banking knows all about the risks. The problem here was a bunch of socialist idiotic politicians that did not know what they entered. You do not enter something you don’t understand. If you do not understand how a car works, you don’t fix it yourself. Anything else is moronic. They did not even know that when you have a budget deficit of 8-15% every year for several years you are fucked. I guess you people are not so moronic that you take up a loan to buy a house when you already cannot pay your existing bills right?

        There is no doubt that subprime mortgage-deals were a high risk enterprise and that rating agencies and the system of non-independent rating agencies were faulty. When the provider of the products pays for the rating, it is not weird that the rating is favorable. You don’t bite off the hand that feeds you. That is again a political problem, not a financial problem.

        Goran:

        Debt was servicable as long as they had almost record low interest rates, when you are so extremely debt ridden (103% of GDP when entering the european union, muuuuuuch larger in 2008) you are extremely vulnerable to even the slightest change in yield. Not even the biggest idiot in the world would expect that a best case scenario would last forever. The fact that subprime is not socialism is true to some extent. The whole idea of mortgage backed securities that allowed for the subprime-crisis was a socialist idea in the 1930’s to let lower middle-class being able to buy houses and to create stimulus to the economy during the great depression. The way it evolved is not socialism at all. However, you have to mind something, Iceland and Greece are completely different in that regard. Icelandic banks bought the toxic structured products. Greece used other products and greek banks and government were much less exposed to these products. For Greece the financial crisis was only a catalyst. If that did not happen they would have continued and made the consequences even worse when the inevitable crisis would have started.

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    2. THE WORLD RUNS ON COUNTERFEIT MONEY CREATED MOSTLY BY A CRIMINAL CARTEL. Unless you understand this very basic problem you are being irresponsible when you vote and talk politics. The Courts and your economics teacher may attempt to explain it away using such concepts as the velocity of money and fractional reserve lending, but it is still counterfeit. Lacking clear understanding in this matter, you will simply perpetuate a system that has brought mountains of debt to the working class, horrific wars and misery to most of the inhabitants of this planet.

      Liked by 3 people

    3. My English is not that good so I’m just gonna say that this is load of crap and that greek people definetley deserved this and this is only the beginning.

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      1. Dominik you are correct, this is just the beginning, however no one deserves this. Not the hard working greeks or any other nation in the world. I am from a third world Caribbean country where a similar scenario is being played out. The people have been kept in the dark thanks to lies and half truths. We no longer own anything in the country. This can happen to almost any country in the world. The incurable illness here is the greed of the big multinationals who have instituted a new form of slavery…financial slavery as our great, great, great grandchildren will still be paying the interest on our present debt even if we never borrow another cent after today.This is sheer wickedness.

        Liked by 2 people

  2. “banks came up with an awesome idea of giving subprime mortgages to anyone who can fog a mirror”

    Where prey tell did the bank get all this money to provide the loans? One doesn’t hand out cash like it’s going out of style without having a huge surplus coming from somewhere… No, that collapse (like in the US) began with the money printers kicking out too much money and blowing up a huge bubble in the housing market years prior.

    Additionally, with Greece spending over 10 billion alone on the previous Olympics, how did they expect each person in the country to handle the repayment of that. Greece made no where near that much money off the Olympics to pay it back.

    AND, with 3.8 million government workers, and 4.1 pensioneers in a country of 11 million people, how exactly does the remaining 5 million or so Greecians pay for that?

    Greece is failing because it’s rulers are stupid and the people are responsible for putting them there. Let the blame fall directly where it should be.

    Liked by 3 people

      1. I am Latin American and I’m having side effects thanks to you guys don’t want to pay, I know bankers are the devil but you too need to take responsibility for your actions.

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      2. Anna, do you know that every single Latin American was exploited by the IMF and the World Bank. And not to mention how the U.S. has overthrown democratically elected leaders in almost every Latin American country? And you are complaining about Greece????

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    1. COSMICV: You are making a few mistakes:
      1. You view the “money printers” and the banks as separate entities. Wrong. They are just like two arms of a single Octopus
      2. Moreover, money printing (QE) did not happen during the bubble. It started after the bubble burst. The reason why banks were able to keep giving out loans was they were able to bundle the mortgage and sell it for a profit. Thus they had new flow of money to give out new loans. You would have known this if you read the blog.
      3. You keep spewing the same tired slogan of “Greek spent too much”. The whole blog is about why that’s a retarded statement

      Liked by 2 people

      1. I think that the following observation from the comments on a different site on the Greek debt issue are highly relevant both to the article and to this particular response. The author of the other article had used the terms “loan and credit” and “lender and creditor” interchangeably and cross-interchangably at the outset, and then settled into persistent use of “loan and lender”.
        _________

        With much respect, while I very much agree with your general position, I find it cognitively difficult to follow due to the technically inaccurate use of the terms “Loan” and “Lender” throughout.

        The IMF is not an equity-investment-lender. The IMF is legal-debt/credit-liability-kiter or creditor.

        The IMF advances credit. The IMF does not make loans.

        Lender versus creditor; loan versus advance

        “Lenders” make “loans”, which are paid for by:

        1. pre-existing money already earned and possessed by the lender,

        2. assumption of risk of default, and

        3. administrative overhead.

        “Creditors” advance “credit”, which is paid for by:

        1. assumption of risk of default, and

        2. administrative overhead.

        It costs at least a billion dollars to loan a billion dollars, and the lender walks away from the transaction a billion dollars poorer in terms of immediate purchasing power because now the borrower has it, and the lender does not.

        It costs at least nothing to advance a billion dollars of credit, and the creditor walks away from the transaction a billion dollars richer than the instant before because now they own the debtor’s security, and the debtor owes them a billion dollars that the creditor did not even possess the instant before.

        A billion dollar loan instantly costs a lender a billion dollars.

        A billion dollar advance instantly gains a creditor a billion dollars.

        Yet not one man or woman in 10,000 even knows that there is a difference. Legal documents, securities, mortgages, credit-card contracts, newspapers, tv and radio media, court judgements, all of it – all use the words lender and creditor; loan and advance, interchangeably for what is arguably the single greatest distinction to be made on Earth. I had done so myself for years without realising it (and inadvertently still do – it takes persistent mental discipline to avoid it).
        “Mr. Banker, that $1 billion transaction you just completed – did it cost you $1 billion? Or did it gain you $1 billion?”

        Mr. Banker: “Cost, gain; what’s the difference? You just need to get back to work and leave the complicated philosophical questions to us.”

        When Greece issues a billion euros of new sovereign debt to the IMF (or to the ECB), the IMF is not a “Lender” who has to go out and obtain the billion euros from some third party who already possesses it. The credit itself is supplied by the Greek government and people who otherwise gratuitously underwrite the credit itself.

        Assume Greece were to be a rich and powerful nation that wanted to help out a much more impoverished nation of the same EU, by agreeing to assume one billion euros of debt on behalf of the weaker nation. The Greek government assumes the one billion of new liabilities, the European Central Bank credits Greece’s one billion euro assumption of debt to the poor nation and the total supply of euros increases by one billion euros.

        Clearly Greece is the creditor and the ECB is merely a credit re-insurance middleman that does not contribute any equity to the transaction. The equity is supplied by Greece’s underwriting of the debt itself.

        Now, how does that situation change merely because the same credit is in fact delivered back to Greece itself instead of our theoretical impoverished nation? How does the same assumption/underwriting of euro-denominated debt have a billions euros of objective financial value in the first case but not in the second? In the latter case who gets the credit, per se, from the Greek government’s assumption of liability for the one billion euros (i.e., the one billion euro credit that goes to the poorer nation in the first case)? Answer: The ECB (or IMF as the case may be).

        The ECB experiences an instantaneous net increase or gain of one billion euros in its cash-equivalent-money-assets as and when it receives Greece’s unconditional undertaking of the indebtedness under the nominal sovereign bonds that it issues and delivers as nominal “security”. And that “somebody else’s equity” is the only financial capacity/equity that it (the ECB or IMF) brings to the transaction.

        But all of that is cognitively “washed out” in your otherwise admirable analysis by referring to the IMF (or ECB or private bank for that matter) as a “lender” instead of as a “creditor”. It doesn’t just make a difference, it makes all the difference in the world.

        Liked by 5 people

      2. Thanks, but can’t we just say it in a few words of Plain English?

        When banks do what we think of as loaning money (sorry Timothy!), they’re not giving you money someone else saved, and they’re not taking a risk. They’re inventing the money, the numbers, out of thin air. A tap on a keyboard.

        And if you struggle to “pay it back”, the banks start demanding your possessions, eg (for your mortgage) your house, or (for the ECB/IMF) your country’s economy – you must privatise everything and sell it off to foreign companies, to get more “money” to pay us back.

        Banks, corporations etc do not actually exist, by the way. Always good to remind yourself of that! When aliens come down, they’ll just see loads of humans running around, a tiny few (eg “bankers”) laughing in palaces, while the rest rush around in poverty and anguish. All because humans have “money” as the intermediary for buying anything, and the “tiny few” got the franchise on “inventing money out of thin air”.

        Since noone can stop them, we’re probably past the point of no return. Enjoy your grinding poverty, when it comes. (Or get a job as one of their security guards.)

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      3. Greeks misreported the GDP in the years before the crisis (which is btw the definition of spending too much). GDP deficit in 2007 was close to 9%. So, pray tell, how was the ‘debt forced on them’?. The statement you cry foul about is not only not ‘retarded’ (what a silly word) but actually exceptionally factual and easy to corroborate. Please stick to satire, as truth, it seems, is not your forte.

        Liked by 1 person

      4. However, it is not retarded to say that too much was spent by a small country on the Olympics. Tax avoidance was/is reputedly rife particularly in the higher echelons of business & gov’t & sometimes created by absurd legisation. Add to this an aging population (a Europe-wide issue) & insufficient employment for the young. From the point of few of the ordinary tax paying Jo with no off-shore capacity, we have a difficult hole to dig out of. The banking system might be described as pushers for junkies.

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    2. Politicians who are against the will of the people find their way into power time and time again, everywhere. It’s all rigged to fail the people slowly and benefit the powers that be.

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    3. I hear a rumour that many loans are exactly vapour. From the earliest days of banking, loans were 80% vapour and the “cash” was only generated as the loan was repaid. Problem is, we are repaying loans with more vapour.

      is anyone else having keyboard issues on this site?

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      1. Stav, you are 50% right. the bogus/criminal “Fractional Reserve” system was founded by the goldsmiths in the 17th/18th century in Europe. So, yeah, for every $1 the bank has, it gives out $10 (sometimes more) in loans. So, here is the enormous trickery:
        1) They “create” money out of nothing and give you a loan
        2) But you pay back with hard work and real assets. So, if you can’t pay your mortgage, the bank will take your house which took a lot of human labor and real materials. But the bank that gave you the loan … created that loan out of nothing.

        Liked by 1 person

      2. It’s not that simple. “Fractional reserve” is a consequence of misunderstanding of modern money. Canada for instance does demand no fraction whatsoever from banks and they can create as much loans they want without need to keep some fraction reserved and this causes no problems at all to Canada. Banks are very responsible for provided loans and if borrower does not pay back its loan, the bank has to return reserves back to CB anyway, so it effectively looses money. Banks sell (so highly appreciated) trust as other entrepreneurs sell houses.

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      3. the banks are just a convenient scapegoat, really the problem is people wanting to spend more than they can afford, and then the governments helping them because it helps them get elected. The banks really just respond to demand and regulation and there’s no one really there with any big plan. All the unaffordable mortgages that caused the financial crisis was because the US government forced the banks to give mortgages to people without jobs

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      4. First of all, the govt is controlled by the banks. Second of all, the banks DON’T CARE if they give out bad loans. You know why? They turn around and sell the mortgage paper to someone else. Why would that someone else believe in this piece of shit? Because the ratings agencies say this piece of shit is actually made of gold. read the article again please

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      5. THE WORLD RUNS ON COUNTERFEIT MONEY CREATED MOSTLY BY A CRIMINAL CARTEL. Unless you understand this very basic problem you are being irresponsible when you vote and talk politics. The Courts and your economics teacher may attempt to explain it away using such concepts as the velocity of money and fractional reserve lending, but it is still counterfeit. Lacking clear understanding in this matter, you will simply perpetuate a system that has brought mountains of debt to the working class, horrific wars and misery to most of the inhabitants of this planet.

        Like

    4. In a fractional reserve monetary system the banks don’t lend out money they already have, but rather lend money into existence. Something like 85% to 90% of the monetary supply comes from commercial banks which lend money into existence, so if you want to blame “the money printers” you are still blaming … the very same banks.

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      1. Just view it as One Bank. The Central Banks, the commercial banks, hedge funds, rating agencies, SEC, Treasury Dept of the U.S. — all financial tentacles belong to One Octopus

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      2. “Wake up people of the world and investors. Greece will come to your neighborhood very soon, maybe not this year, but next year or whenever it is, because the world is over infected. And defaults will follow, or they will have to create very high inflation rates.” – Marc Faber

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    5. Where did all that money come from?
      You are aware money is created by banks aren’t you? Especially in the form of loans, banks can create credit based on their view of the market. When it’s ‘strong’ they create a lot more credit, which inevitably can’t be paid back, leading to crises such as 2008.
      Some of the blame may be with the government and it’s people (which calling then stupid, does the opposite of your intention, and makes YOU look stupid), but the main cause of almost any modern financial crash is irresponsible lending and ludicrous terms by banks, whether intentional or not.
      Let the blame fall directly where it should be.

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    6. Yep. And when only like 35-50% of the remaining workers in the pricate sector actually pays their taxes in full they get more *beeped*. Another perversity is the estate tax. According to the greek tax law only fully built houses should be taxed upon. So what do the greek people do, they do not finish building their homes, instead of paying it. Another perversity is how some governmentally hired bus-drivers could earn up to ca.120 000 euros a year. For a bus-driver.

      Any explanation of the greek debt crisis which does not start with how a socialist country with no exports use money like crazy and accumulate and hide debt. GS and other banks offer a service. The people responsible is the ones that actually use their services for bad. You do not blame the knife-manufacturer after someone is murdered with it.

      Tl;dr
      This is the worst kind of drivvel I have ever read.

      Liked by 1 person

    7. “Money” is created out of thin air – all the banks do is make an entry in the accounting system and ‘produce’ a loan/bond etc.. No actual money materialises.

      Liked by 1 person

    8. ” One doesn’t hand out cash like it’s going out of style without having a huge surplus coming from somewhere…”
      To provide loans banks do not need deposits. They just simply credit your account by keystrokes on banks computer and accepting a signed loan contract as a collateral. To keep their bookkeeping in balance they have to offset loans by inquiring reserves (ether from interbank loan market or from CB discount window) and there can never be shortage of reserves as this would immediately trigger liquidity crisis, so CB provides as much reserves to banks as they ever need. Only 2 things that limit banks to provide loans are capital requirements and availability of reliable and qualifying borrowers. So broader meaning of banks providing loans is effectively money creation (or “printing money” if you will…) and it has not much to do with government printing money.
      This is heavily simplified description only and does not tell you if the system is good or evil.

      “Greece is failing because it’s rulers are stupid and the people are responsible for putting them there. Let the blame fall directly where it should be.”

      I think that despite Greece has some serious issues with corruption which caused abuse of the borrowed money, and other nations of EMU is now facing consequences (e.g. bailing out private banks by various measures) the Greece further austerity to fulfill demands of troika helps no one as austerity will not boost economy to enable Greece to pay its debt as it is repeatedly been proven all around the world. Also it does not change the fact that the euro is failed monetary experiment. And it failed because there is no fiscal union to balance out differences (economical mainly, but also cultural, climate wise, demographic etc.) of member nations. Otherwise there would be such a automatic stabilizer as freely floating currency rate which will prevent overspending.

      Liked by 1 person

    9. “Where prey tell did the bank get all this money to provide the loans? One doesn’t hand out cash like it’s going out of style without having a huge surplus coming from somewhere… No, that collapse (like in the US) began with the money printers kicking out too much money and blowing up a huge bubble in the housing market years prior.”

      You realise that the vast majority of money (97% in the UK) is created by banks in the form of debt, at the precise moment they issue loans? And that the sectors of the economy into which that money is pumped are determined by the financial interests of banks, not public “money printers”? Banks don’t need a “surplus” of money to lend unlimited amounts, because they create that money in the act of issuing loans. Contrary to most assumptions, this is not constrained by the “base money” issued by the state and it’s the private money issued and distributed by banks that is responsible for most inflation – the housing bubble being a prime example.

      Liked by 1 person

    10. FIAT money – not money printing. That would just result in massive inflation – everyone would be billionaires.

      by handing out hefty loans, they can use the theoretical income from interest on those loans as if it were capital, and then loan that, etc. Etc. Etc.

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    11. 1) A deposit to a bank is an unsecured loan at the cost of about 1% interest (and the cost of the provision of some services such as payment gateways etc.)
      2) Banks are then able to loan that 1 dollar out up to 8 times
      3) It is through this mechanism that retail banks create (digitally print) new money

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    12. The economy is not likened to a housewife budget, apart from the fact that your estimates don’t stack up. 8 million supported by the government from a population of 11 million. only 3 million working in the tourist industry, shipping, shops, markets, farming, fishing. Where do you come by these figures.

      You again make the big mistake of blaming the USA for printing too much money ? The money was not printed it was released onto the world market with the deliberate intention of collapsing old established banks, that have been absorbed by the New World Order.

      The same thing is happening in all of the weaker states involved in the EU, Spain, Italy, Portugal. The UK is being pounded month in month out with more and more demands for contributions to the EU.

      Look at the History of Canada and her Finances.. The Bilderberg Group are strangling North America. They are about to reduce Greece onto paying interest for ever. Greece saying No and the people voting against austerity will not be tolerated, as a lesson to other countries Greece will be forced into the most cruel austerity measures that will see people die, for what, Money ? The love of money is the root of all evil

      Liked by 1 person

  3. Excellent piece, thanks for writing it. It is tiring to keep reading the ignorant and the uninformed in the comments online writing that “Greece brought this upon itself, everyone retired at age 40, no one worked, no one paid taxes, etc. etc. etc.” Media misinformation at its finest. You may appreciate this detailed and telling piece regarding the situation on the ground in Greece and the referendum, which is not what it seems: http://99getsmart.com/the-truth-about-greece-syrizas-creatively-ambiguous-referendum/#comment-12748

    Liked by 1 person

  4. … To the International Court in The Hague the criminals of Europe … War crimes are committed by the beasts of Brussels … Crimes against humanity are those, which are orders made by the loan sharks … … Crimes against humanity are those manipulations, which lead the national economies to the destruction … Crimes against humanity are those manipulations, which lead states in subjection … Crimes against humanity are these machinations that lead societies to humanitarian crises
    … Crimes against humanity are those manipulations , which thousands of our fellow human beings are lead to the selection of suicide . All this is easily proved if they are linked to the current economic crisis, which is an artificial crisis and which was caused by the usurers to conquer Europe and dismantle its people.

    If it turns out in the International Court that the Greek debt it was known for years that was illegal and unsustainable, easily some should be put in jail because they forced the unsuspected Europeans to pay back this debt with their pensioners’ money. To Prison should go Merkel, Sarkozy, Schaeuble Barroso, Strauss-Kahn, Lagarde Trichet Almunia etc .. Massive allegations of crimes against humanity must run for them. To prevent and save the people….. to punish them before they complete their crime and “upload” to Europeans a debt that will be a disaster for their very existence.
    So we Greeks have to start as Europeans to gather signatures to send their complaints … Millions signatures. To send lists to be signed by other Europeans … Italians, Spaniards, Germans, French, Portuguese and everyone else. The citizens finally have to understand the power that the Republic gives them and protect themselves and their children. The Republic does not give power only to the offices and their holders. The Republic gives strength to all citizens .
    This power should be exploited by the citizens and ” squeeze ” the beasts of Brussels … The beasts , which play with the fate of entire nations … The beasts of the type Lagarde , who for the ” upper ” itself requires salary of tens of thousands of euros and at the same time considers that the ” inferior ” Greeks must learn to live with 300 euros, because Latvians live with even less. They must punish the beasts and this effort must start from Greece , which first reaches the ” slaughterhouse ” .
    They must punish the beasts , which perceive themselves as ” senior ” people with ” higher ” needs, but which cover them with the plunder of the resources of the ” inferior ” . Europeans have to help Greece to beat the usurers and moneylenders and so to return to the European people the money taken from them in the name of Greece.

    A “message” has to go to the people of Europe from Greece .

    NO to the ” haircut ” of Greek debt.

    There are ways for the Europeans to not lose a single penny

    and Greece to not pay this illegitimate debt.

    OUT Americans from Europe.

    PRISON to the beasts that betrayed its people .

    The victory over the monstrous system would be magnificent

    and will belonging to man .

    The Greek victory will be the victory of humanity as a whole.

    Liked by 3 people

    1. I was going along with your comments until I reached your statement of “OUT Americans from Europe”. Whoa! What is that?! I am American and I love Europe and completely sympathize with each person struggling within the EU. HOWEVER, I am an American who is so tired of the ignorance of people like you who cannot understand that we are VERY much like you in a myriad of ways including struggling as a country under the SAME financial crisis as you! Why is it so easy for you to lash out at “Americans”? You spent time and thought writing this post but clearly do not have to scope to realize that the whole world stands under this oppression. I find here another soul on this planet that bleeds as I but in blind ignorance condemns a people as a whole for the sins of their government. Yes, LIKE YOU, we have horrible people! BUT the majority of us are normal people trying to get by peacefully in this life providing for our families and loving the people in our lives. We have dreams of a a future of peace for our children and grandchildren just like I am sure the majority of you. Educate yourself before spewing against “Americans”. We are suffering under the same banking systems as you! Our government and leadership is out of control! The wealthy are full of greed! We are concerned each day with the posterity of our country and our futures…JUST LIKE YOU but without lashing out and condemning other nations for the woes we experience. The finger is pointed directly at banking and financial institutions, wealth and greed, and corrupt and dishonorable government. MOST Americans sympathize with Greece and those within the EU who are struggling because MOST Americans struggle under the same issues here! Shame on you!

      Liked by 3 people

      1. Probably he is angry with your country because all this evil came from your national reserve bank and the elite that is playing this scam. The problem that you as Americans have is that you trust everything that they say and don’t think and process the informations that the media is giving you. They managed to lower the educational system just to be easier for them to lead you as a country. If you had the brains and got out in the streets as you did witprobably he is angry with your country because all this evil came from your national reserve bank and the elite that is playing this scam. the problem that you as Americans have is that you trust everything that they say and don’t think and process the informations that the media is giving you. They managed to lower the educational system just to be easier for them to lead you as a country. If you had the brains and got out in the streets as you did at the end of the Vietnam war, probably they will think twice before doing something. Don’t you forget if the citizens start to complain, than you will probably have a chance to change something.h the Vietnam war, probably they will think twice before doing something. Don’t you forget if the citizens start to complain, than you will probably have a chance to change something.

        Liked by 2 people

      2. Dear Anonymous poster on July 6
        Clearly, you did not read the post with any understanding regarding the reckless attack on Americans with any understanding. Clearly you do not understand that the National Reserve is ran by the elite. Clearly you do not grasp that America’s government, like many others, is out of control and unresponsive to their people. Clearly you cannot grasp that the world as a whole is under the control of elitist. Clearly you are deceived by media in thinking that America is to blame. Clearly you are deceived into thinking that the American populous as a whole can rein in the elite when clearly they are setting up America to fall along with other countries in the world. Can you not understand what is really going on here in America? Clearly you have no idea. You throw out “brains” and “education” yet clearly you don’t understand that we as civilians are absolutely no different than you. Can you honestly believe that if Americans “got out in the streets” it would change the plans of the global elite? Seriously?? Let me ask you this – if you think this will change their course….what are YOU DOING regarding reining in the elite in whatever country you are in? Understand this, it’s a systematic WORLD PROBLEM. Looks to me like you’re following the plan to blame Americans instead of looking to the real source. Clearly you are as much a victim of propaganda stirring up hate and division. It’s plain and simple. A handful of evil people with an evil agenda are using greedy puppet people to bring the world as a whole to disaster according to their own agenda. One of their most useful tools is spreading hate and division among people to keep them distracted from what is really going on.

        Liked by 1 person

  5. Greece was not in any way that, which many times have been described by the slanderers usurers and their ” parrots “. The Greeks never lived with other people’s money , as mainly Germans like to say . The Germans , for those who know economic history , have lived many times with the money of others , while the Greeks never did. The Germans had “outstanding debts
    ” many times to their lenders when they certainly couldn’t…. kill them .

    Thats all ,so to restore historical truth . In terms of the current situation , what happens is this: The whole of Europe – and not only Greece – was put by the money lenders in a plan which ” produces ” debt.

    Liked by 1 person

    1. IIt is fine to hear of the elimination of banks, but how do you start, would not it be lovely if you could say, we have the plan we will start in the morning. We want another Hitler now, he saved Germany from those wretches.

      Like

      1. We start by adopting Bitcoin, Money version 2.0. Bitcoin cannot be manipulated and controlled by banks and governments. The Bitcoin protocol allows anyone to send any amounts of bitcoins that they hold to anyone else in the world, any time of day or night, quickly, easily, securely, with minimal fees, without the permission or assistance of any bank or other third party. Bitcoin is decentralized money that eliminates most functions of banks. (For example, we’ll still need safe deposit boxes.)

        The way to strike a blow on the bankers is to buy and hold, and/or spend and replenish Bitcoin!

        Liked by 4 people

      2. It’s not that banks are evil per-se. Any institution can be evil or good, based on the conditions and power that are given to them. For example, after the Great Depression, the Glass-Steagal law separated the commercial banks and investment banks. This law was slowly repealed, one bit at a time, until 1998 when it was completely dismantled. Since then it’s been one crazy bubble after another.
        The ratings agencies, the SEC have all been taken over by bankers. Politicians are entirely funded by bankers and oligarchs etc etc etc

        Liked by 1 person

  6. Because of external interventions Greece was not allowed to default on its debt against the individuals who committed the crimes , but was decided to be lend again money of the people of Europe in order to satisfy these criminals . This was made by the international usurious gang against all the people of Europe,by using Greece . They Must be sought , be denounced and punished all the partners of the usurers , who ambushed the people of Europe with the Greek debt.

    Karamanlis, Papandreou and Samaras was elected prime ministers, who in their knowledge – and under the authority of the New Order and the Bilderberg Group – betrayed the Greek people. For someone to uncover this conspiracy, it must start from the correct “point” because it would otherwise be “lost” within the infinite aspects of this enormous betrayal … because it is unprecedented to surrender the sovereignty of an independent State by its leaders …… It is unprecedented to surrender a free state as a prey to loan sharks
    … The threat of ” failure” of the negotiations is a ” show” of terrorism similar to that which had been ” set up ” in Cannes by Sarkozy and Merkel against Greece … A ” Thriller ” made in USA with ” audience ” of this ” show”of terror is again Europe and its peoples . This ” show” is not to scare the Greeks – which anyway do not take into account- , but to frighten the Europeans . What is the aim of scaring them ? … To accept a MEGA REFERENDUM as a European Union .

    As once Papandreou was used with the ” referendum ” to scare the Europeans to accept to lend to Greece , soTsipras is useing today , to accept the destructive ” haircut ” , which will necessarily lead to their own borrowing.Then was the French Sarkozy, who ” starred ” , now is his own finance minister French Lagarde .
    Then the solution was for Europeans to lend their money to ” stupid ” Greeks , now the solution is for the Europeans to borrow the American money, to escape the consequences of the ” stupidity ” of the Greeks.
    … The Greek Prime Minister will ” fall ” , he who ” threatened ” the people and so the Greek people will suffer that elected him . As Papandreou “fell ” that threatened the Europeans for ” punishment ” , and so will Tsipras ” fall ” according to the script.

    Entire nations are plunged into disaster. Entire social classes are sentenced to extreme poverty. Families are torn apart. People are left destitute. Young people are turning to drugs. Crime rates sore. People are committing suicide.

    When the way an economy functions brings such tragic results we are not talking about an economy any more but war. We are not talking about real competition but premeditated murder. Given that the entire situation is a result of the decisions made by some people, it is only natural that we can talk about crimes against humanity.

    We want to escape the Greeks out of poverty. We want collaborationist politicians, corrupt government officials, robbers intertwined bankers and usurers to go to jail . We want those who ” bleed ” the Greek people to ” bleed ” . , Those who laughed against them, to cry . We want back our country . We want back our lives.

    Everything was a trap. The corrupt European Union monitored the corrupt political partys in Greece and knew when to intervene. Leaving the political parties to break the law because they wanted to take advantage of some of the underground phase. Having always true “picture” of the Greek banking market, they knew that political parties – completely illegally and without guarantees – borrowed huge sums from the banking system. However, the ECB did not intervene to stop, because this their illegality was the “key” to their plan. This illegality would ensure the decisions needed when they needed it … The political parties had a party with the permission of the ECB
    The New World Order will not survive and their triumph against the hated Greeks would never take place . The Greeks , for reasons that will be revealed in the future , they will find the power supplies , culture and faith and will survive. They will prove once again in their enormous history that they can always WIN … ΕΣΣΕΤΑΙ ΗΜΑΡ.

    Liked by 2 people

  7. I prefer the independent newspaper review as they are quite unbiased:

    “Greece has had a tricky time with its finances. In the 1990s it consistently ran significant budget deficits while using the Drachma. As a result of this economic mismanagement it joined the Euro in 2001, rather than 1999 like many other EU nations.

    The boom years:
    Shortly after joining the single currency, Greece enjoyed a period of growth (2001-2007). However, economist and analysts have retrospectively labelled this boom as “unsustainable,” pointing out that Greece (very broadly speaking) profited off the cheap loans available from the EU.

    2008 crash:
    This house of cards came tumbling down with the financial crash of 2008. Like many other countries in the EU Greece was seriously affected, but it was unable to climb out of the hole as it had in the past by printing more currency (thus boosting the economy) as the Euro was controlled by the European Central Bank (ECB). Unemployment spiralled to 28 per cent.”

    This is what actually happened, 2 of my family members are second generation Greek, they both catagorically confirm that only the completely naive really only pay tax in Greece. Governments do not have thier own money, it’s raised from taxes, therefore if tax is not collected and money is borrowed on the basis of it being repaid from tax revenue, then you are in deep shit aren’t you.

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  8. To post, or not to post…

    When you do this as a business in a developed country, you are accused of antitrust and taken to court and fined huge sums of money and are forced to break your business apart and change your operations. And all you are doing is selling stuff. Operated at this global level it smells more like crimes against humanity. There is only so much money that can be repaid. The owners of a sin only live so long. If money loaned truly has a value, then the creditor should be invested in the operation, just as much as the returns, just as much as the entity borrowing for its prosperity. Regardless of whether the above article is factually true, the condition described above exists. If you play it in your mind carefully, there is no doubt that these conditions add up to the abuse of humans.

    This next part will be a little ranty. How dare any governing body which subscribes its members to a system deny them the possibility of participating in that system. How dare anyone providing a subscription service create an environment in which their customers are unable to fairly close that subscription, especially when the provider is unable to guarantee the performance of that product, nor do they provide any warranty on that service. Imagine if the financial industry was forced to recall and fix all of their faulty loans. Let alone upgrade them every time there is an upgrade product available. Tech support? “Yes, hello, this is windows calling, there is something wrong with your computer, please allow me full access so I can ‘fix’ it.” Sound familiar? For so long as people are treated as business opportunities and not people, this will be the state of play. The population will continue to increase, the demand will drive prices higher and those embedded in the heart of the system will continue to use their position to exploit the people subscribed to this faulty, obsolete and inefficient (broken) system.

    Finally, rant over, this article is not only about Greece, it is not only about the current crisis, it is about a condition which has been building since the introduction of trading. It is beyond the ability of some people to care about others. These people are driven to put themselves in the places where they might maximise their leverage over others. These are not traditional political dictators, these are business people hiding behind the thick veil of economics and commerce. From there they dictate to all subscribers, from governments and corporations to lowly individuals.

    In a time of multi-headed crisis and challenge, the world is in a phase of great waste and abuse. Whilst the results may be caused by the actions of a few, we are responsible as the many. We do not shout loud enough or often enough to reform the sins of our past. We can’t even agree on how we might govern our selves. However will we agree on how to treat each other?

    I was premature in my declaration, now it seems the rant is over.

    For we who are sound of mind (and presented with opportunity); we act, we act alone, we choose to act alone, we choose alone, we choose how much information we absorb and how it is important to us. What makes us different from each other is how we rate the importance of those (things) other and how we choose to act in that consideration.

    Liked by 3 people

  9. What happened to the comment about he gangsters? Reminds me of a story my year 7 teacher told me. ‘It’s always the hand you don’t see.” Trust the gangster with the gun, ‘he’ will at least shoot you fair and square. A gangster without a gun is obviously a gangster for a different reason. Who knows what ‘he’ is doing (to you) that you are not even aware of.

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  10. There is little or no industry in Greece to speak of. Over the years most of the manufacturing businesses moved out of the country. The most shameful of all being Olympic aicraft maintainence being closed down which was highly respected among foreign airlines and lucrative.Ship repairs was another due to union action.It was felt that the workers were being exploited.
    The final issue is that there are no jobs in Greece. Everything is imported.For this the Greeks have only themselves to blame.

    Liked by 1 person

    1. Greece has to rebuild. Self-reliance is the only true solution. Rebuild your farming and agriculture, manufacturing, healthcare industry etc. And demand a country that is debt-free. (BTW, this holds for America as well since it’s also drowning in debt, destroying its middle class etc)

      Liked by 1 person

  11. The way to break the power of banks is quite simply if the large majority of the world population would unify and for 1 PARTICULAR MONTH withdraw their cash and assets and refuse to pay each mortgage they hold. Yes, there would be some struggle initially following. However, it would give an opportunity to strip power from the elitist and to learn and rebuild a better world for us all.

    The first problem with this is that people will not stand together, which the elite know and use to their advantage. Their biggest fear is a unified majority. Why do you think media is filled with lies pitting nations, religions, races, and economics against one another? It’s far too easy to stir up strife and hate among people and keep them divided and blind.

    I see the EU system as a forerunner of the new world order. They’ve learned how to build up and tear down leaving devastion in their path with desperate people who are defeated and easily moved. They used Europe as a practice field though even with that, the whole world is affected.

    If only…

    Liked by 2 people

  12. Which Corporations Control the World?

    A surprisingly small number of corporations control massive global market shares. How many of the brands below do you use? It’s a Small World at the Top.

    Largest banks hold a total of $25.1 trillion

    1.) ICBC, China, $2.95 trillion in assets, over 18,000 outlets, 108 branches globally

    2.) HSBC holdings, UK, $2.68 trillion in assets, 6,600 offices in 80 countries, 55 million customers

    3.) Deutsche Bank, Germany, $2.6 trillion in assets, 2,963 branches, 70 countries, 46 million customers

    4.) Credit Agricole Group, France, $2.58 trillion in assets, 60 countries, over 21 million clients

    5.) BNP Paribas, France, $2.51 trillion in assets

    6.) Mitsubishi UFJ Financial Group, Japan, $2.49 trillion in assets

    7.) Barclays PLC, United Kingdom, $2.41 trillion in assets

    8.) JPMorgan Chase Co., U.S., $2.39 trillion in assets

    9.) China Construction Bank Corp., China, $2.36 trillion in assets

    10.) Japan Post Bank, Japan, $2.12 trillion in assets

    Enough to fund the federal U.S. government for over 7 years. Or roughly $3500 per person on earth.

    http://www.internationalbusinessguide.org/corporations/

    Liked by 6 people

  13. All the windy Marxist rhetoric in the world does not change the fact that the Greek government cooked the books. Greece lied it’s way into the EU and now it’s trying to lie it’s way out. After pocketing three hundred and fifty billion euros of decent, law abiding, tax-paying Europeans hard earned money, of course.

    Well, Judgement Day is nigh.

    Prepare for the collapse of the Greek Economy. Prepare for empty shelves, bread lines, mass unemployment, power grid collapses, medicine shortages and social unrest on a scale so vast so as to defy quantification. Don’t think Angela Merkel is going to help you. She’s got that steely cold Germanic heart and you lot have pissed her off pretty good with your greed, ingratitude and sense of self-entitlement. It was just unseemly. Especially that Varoufakis churl. What a horrible little man. I mean, really!

    For Greece it will be Armageddon – The End of All Things. And the irony is you voted for it.

    So be it.

    Will The Failed State of Greece ever rise again in my lifetime? I wouldn’t put money on it. Neither will The Troika…

    Liked by 1 person

      1. Well, you can either stick with that simple answer or learn much more from the article. It’s up to you, my friend. A lot of people want simple one-liners and that’s the reason we have dupes

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  14. Can someone with graphic skills simplify this article and produce an infograph to circulate on social media? The majority of people look at pictures and read buzzed now… It would be powerful to get these points across in a simple way.

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  15. What is happening in Greece is the result of socialism playing out.

    Greece has enacted entitlements which assure the citizens a royal life just because they are born in Greece. For example everybody gets pension. Everybody, means everybody. At the age of 57, you as a private or self employed person retire with full State pension. But there is another catch. If you work in a hazardous profession, you can retire with full pension at the age of 50. There are about 450 professions classified as hazardous. One of them is hairdresser. Yep, you read that right, in Greece, hairdresser is a hazardous profession.

    So if you are a hairdresser, you can retire with full state pension at the age of 50.

    All other entitlements- healthcare, education, unemployment benefits, housing, etc., of course are there. With these securities in place, Greeks did what all other Europeans have done: They stopped having babies. If government is there to take care of you from cradle to grave, why go to the trouble of maintaining families and having babies? Its fertility rate is just 1.41. (World Bank in fact put the figure at 1.29 in 2013.) So there are not enough Greek nephews to take care of the old age pensions and medical care of Greek uncles. Greeks are discovering the hard way two inescapable facts of life:

    1. government doesn’t have infinite money.

    2. Government has no money of its own.

    If there are no taxpayers around, government earns nothing.

    But Greek uncles say,”We don’t give a damn. We don’t care how you arrange the money. Just keep our Welfare cheques coming. Otherwise we will burn down our own cities.” The dispute right now is that Greeks want their entitlements to continue, to be paid by the rest of Europe, whereas rest of Europeans are not ready to pick up the tab. How cruel of them, those Europeans. They all profess to be socialists but are not ready to take care their poor brethren in Greece.

    What is happening in Greece, and in the rest of Europe as well, is that the latest avatar of Socialism-the Welfare State- has also bombed big time. Socialists through their control of media may put any spin to it, but the fact is that their latest project of collectivising only incomes (and not means of production or property) has also ended up destroying some of the richest and most advanced countries on the planet- the Welfare States of Europe especially Scandinavian.

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    1. Even with all that, their situation was not unmanageable. In 2008, they had enough money to bailout their banks ($30 billion). They got into big trouble only because of the global financial crisis. This worsened when Wall Street attacked them in bond market.

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      1. “They got into big trouble only because of the global financial crisis.”
        – Really? The crisis was, as you say, global. But even if we stay in Europe, why it is only Greece who is in really big trouble then? How is it possible that for example Poland was growing?

        Liked by 1 person

      2. “Wall Street attacked them”

        Jesus man, this is idiotic. So it is revealing in 2008 that Greece had been lying on its GDP deficits and you expect the yields on their bonds not to change? And when they do – rationally so – you label it an attack and say the debt was forced on them??

        Can I come live in your world, because it sure sounds better than the real world! “Bankers are evil and the rest of us are the victims” …. it sure sounds nice, now if only it were true.

        The real problem is that this is being re-blogged as fact…

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      3. Consider this: AFTER Greece accepts the second bailout, the bonds rate fell from 50% to 2%. How can that make sense? It’s like “You got into more debt? Wonderful, now you are more creditworthy!”. Please google “bond market manipulation” before arguing further

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  16. First off, thank you for the article. It was a most interesting read, and very well done. However, I think you are mistaken on one part; the major part of the Greek public system in the debt crisis. Think on these numbers for a bit, before 1981, Greece had ~300,000 public servants for 9.5 mil people. By 2009, we had 1,300,000 public servants for 11 mil people. This averages out to about 150 public servants hired every day. This is bad in and of itself, but then you have to include other problematic factors in the public sector. How about statues that allowed public servants to retire from as early as 35-40? Those are, of course, people who get paid a full pension which rivals their wages as public servants, for the majority of their lives.

    Now we add the crisis of the European union’s money-lending. Not post financial crisis; I’m, referring to the one before that. Where the EU would give Greece enormous amounts of money in order to help build up its infrastructure, farmland and technology. Which was then immediately pocketed by politicians and members of the public alike. In one prime example, the EU offered some half a dozen million dollars to a farming community in order to unite farmlands and profit from bulk managing and technological updating to equipment. Instead of twenty small farms with outdated and rusty equipment, you’d have one very large farm with state-of-the-art technology; this would raise overall revenue and productivity. Instead, the money went straight into cars; Larissa, a farming community, is the world’s capital of
    Porsche Carrerra’s!

    I agree that the EU has been profiting enormously from Greece, and that their actions have been consistently pro-Europe at the expense of Greece. And your article shows the outline of this great deception. But you have to acknowledge that Greece has been a black hole of infrastructure spending and a soviet state like few others as well.

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    1. Clarification; the number used above (150 public servants a day) is an addition of ~97 extra public servants per day plus ~50 for turnover from retirements, (very few) expulsions from the civil service, and career changes to the private sector.

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  17. This is all well and good but really fails to deal with why Greece made themselves so vulnerable to exploitation, and those reasons are mostly internal (e.g cronyism, overspending, decades of mismanagement)

    The Greek economy was going to crash eventually and adjustments needed to be made, but it didn’t need to be this brutal.

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  18. Rothschild Zionist Jews. The end. Once you realize it’s not “antisemitic” to tell the truth and they single handedly enslave countries and shower the native populous with white guilt and push race mixing in an attempt to create a “more easily managed negroid race” you’ll know just how low the level of scumbag these people are. They should all be hanged.

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  19. All nonsense! Wait and see what this useless leader of Greece does and then talk. I cannot stand conspiracy theories like yours, and thats all it is. You need a proper understanding of economics to properly analyse this situation which you don’t. I find it humorous how you deflect responsibility from Greece and put the blame on others. The main reason for Greece’s problems is its uncompetitiveness, its poor tax laws which continues it’s huge black market and low tax revenues, the Greek mentality for preferring the good life (which I can’t blame them) and Greeks not handling their debt. This is the fact and the reality, think otherwise and you must be deluded.

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  20. 1) Sorry, but what happened to stage 0 in your article, i.e. the years when Greece provided false data to be able to enter the Eurozone?
    http://www.independent.co.uk/news/world/europe/greece-admits-deficit-figures-were-fudged-to-secure-euro-entry-6157967.html

    2) Who forced anyone in Greece to use the services of the foreign banks or take loans from them? I mean, there are domestic banks like Piraeus Bank, Alpha Bank etc.

    3) You wrote:
    “In Greece, the domestic banks got more than $30 billion of bailout from the Greek people. Let that sink in for a moment – the supposedly irresponsible Greek government had to bail out the hardcore capitalist bankers.”
    – Who forced the Greek government to do this? Who was supervising the domestic banks and why these supervising authorities didn’t notice anything suspicious in advance? Why the banks didn’t go bankrupt, which would be the “hardcore capitalist” solution?

    4) You mention Portugal, Ireland… If, as you imply, there are predators everywhere, how is it possible that these countries (or also Estonia) got out of a similar situation?

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    1. I would love to see the responses to well reasoned posts like yours, shame none are forthcoming. Sometimes you can’t fight truth with satire, or ill-informed pieces of ‘news’.

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  21. Umm… sorry, but as i undertand it Greece well on its way to financial ruin by insisting on holding the 2004 Olympic games. I seem to recollect very clearly that there was considerable concern as to whether Greece would even be able to make the Olympic Games happen. If that was not mismanagement of funds and over extending ones selves, i dont know what is..

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  22. Good points. I have one argument on the “profitable” Greek organisations. The airlines, the train even elctricity despite its monopoly were unsustainable due to corruption from Greek governments and lobbies. Not only the Europeans and the “BAD” people are responsible. We hare indeed responsible. From those involved in scandals nobody was judged ando most of them were “inoocent” or given a small penalty (Olympic, ENERGA, Papakostantinou). You can see the financial statements and judge if these organisations should still operate under government authority. To be specific operate under these corrupted government authorities. The best move of course would be to clean them up,. restructure them but there was not much political will left and many “clients” involved.

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  23. I Wish I was a greek shipowner, I wish I could retire at 55, I wish my daughter could get paid 1k euros for doing nothing and I wish I could get a bonus on my salary for working at “fresh air” (and there are many more reasons why those who managed the EU billions lived the life of Riley).

    It’s easy to blame the hand that feeds you

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  24. Read ‘The Shock Doctrine’ by Naomi Klein. It’s a frightening thesis on how the Chicago School of Economics under Milton Friedman came up with the notion of ‘disaster capitalism’ and has led to vulnerable economies being savaged in order to increase the profits of capitalist players since the early part of last century. One of the most frightening books I’ve ever read.

    Liked by 1 person

  25. Very good and well informed points. You are wrong about pre-2008 tho, the Greek issues predate that significantly due to Goldman Sachs helping them to cook the books in order to qualify for entry into the eurozone. That trumps all in my book

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  26. Greece was made to fall, given the way they led their financial politic. They have always had a big deficit because they don’t collect tax from the richest. And they’ve never had a balanced budget. Why should the EU keep bailing them out. It’s not the first time.

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  27. Haha, I suppose having one of the youngest retirement ages and highest state pensions in Europe doesn’t come into it does it??? I bet it was the bankers that caused the 2004 tsunami as well

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    1. True, Greeks have a better welfare system. But that didn’t prevent the Greek people from having enough money to bailout the ultimate capitalists – bankers – in 2008 with $30 billion. In 2008, banks in America and Europe received $16 TRILLION of handout money from the public. The wonders of capitalism??

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    1. Good question, Hamza. We need a huge social awakening. Really. Or else, it will be like George Orwell said: “If you want a vision of the future, imagine a boot stamping on a human face – forever.”
      (I will share some ideas in a future blog about what we can do as individuals and as societies.)

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  28. Fantastic piece, thank you for it. I sincerely wish that it would be read by everybody.. You’d be surprised how brainwashed and/or ignorant a lot of people are, even supposedly “smart” people with PhD’s and beyond.. I am sharing this to everybody I know. And, thank Zeus for that OXI!

    Liked by 1 person

    1. Thanks for your feedback. Yeah, we live in a world where there is too much “specialization.” So, for example, a doctor just knows his stuff and his clueless about everything else. Everything else is simplified into slogans by the mainstream media. We need a huge social awakening. Today it’s Greece, tomorrow it’s everyone else…

      Liked by 1 person

      1. Why only respond to positive feedback??? Others have provided factual responses that show this to be an uninformed article. Yet, there are no responses to them….?

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      2. I don’t have all the answers and there is no “one simple truth”, for sure. But I can’t respond to tired, old slogans that are repeated in the mouthpieces of the 0.01%. So, feel free to give a good, factual negative feedback and I will gladly acknowledge it

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