Greece, over the last few decades has amassed a debt of about 160% of their GDP (by way of comparison, the USA debt is expected to hit 90% of GDP soon — considered by most analysts as a very dangerous place to be). This all occurred as a result of a 2-party stranglehold over the nation coupled with fiscal irresponsibility at the hands of useless politicians and greedy business developers.
Sound like America? Can it happen here?
According to the Peter G. Peterson foundation it can.
But we are speaking of Greece. Today’s Yahoo news ran a feature I found rather disturbing. The article discussed how the Greek leaders were meeting again with representatives of the EU to continue working on a balanced budget that will enable the nation to remain solvent. This is vital to all living in Europe and indeed the world, for a Greek collapse carries the potential to create a domino effect that could sweep, first Europe, then the world.
In other words, a Greek collapse (bankruptcy) could trigger similar collapses worldwide. This is an issue all should be concerned with.
Of course, this sort of makes sense. Try to cut something like Medicare, Social Security, or other such services and see what kind of backlash is brought by the American people. In fact, cut such services anywhere in the world, and there are sure to be protests.
However, it is only through such overspending on such programs (and in America on useless things like the Presidential libraries, Tennessee Valley Authority, and moving sidewalks in Arizona, to name a few) that a national budget gets to the point it can no longer sustain the population. At that point, loans are taken, mostly from Central Banks, and the nation begins to slide into debt. It begins small, but eventually snowballs.
The reason is very simple: The Central Banks “loan” money to the nation at interest, creating a situation of automatic and ever-increasing debt and inflation (the US began this slide in 1913 with the creation of the Federal Reserve, which is anything but Federal). Add to this any necessary expenditures (such as for national emergencies) as well as social programs aimed at pacifying the people while the politicians line their own greedy pockets (as occurred, incidentally with Ancient Rome) and the formula for future national disaster is complete.
If the people of Greece (or any other nation, for that matter) want bankruptcy and all the terrible consequences that come with that, then all that is needed is to oppose the assistance offered by the EU. If they do not, then they need to accept the “austerity measures,” tighten their belts for a few years, and emerge reasonably sound. They will still have debt (the Central Banks will see to that), but if the learn to live on less, the rich can continue to get richer and the nation will survive. Sounds kind of sucky, doesn’t it?
Well, it IS pretty sucky, but that is the situation, not only in Greece, but worldwide.
It would appear that the only real solution is to eliminate Central Banking, which was opposed by most of the Founding Father’s of the US and includes such luminaries as Lincoln, Jackson, and Kennedy.
As an aside, in the current US elections for President, there is only one candidate that takes this position against the Central Bank of the US that is maintaining the status-quo of rich-get-richer-while-the-poor-make-sacrifices mentality. That candidate is Ron Paul. He has been speaking out against the domination of the Federal Reserve his entire career.
Until recently, people called Mr. Paul a conspiracy theorist. As more and more people feel the effects of artificial inflation created by the Federal Reserve coupled with the mounting danger of national bankruptcy as a result of similar spending trends here as occurred in Greece (note the similarity of having a 2-party stranglehold on the nation), more are beginning to see the wisdom in Ron Paul’s message.
I am coming to the conclusion that either the Greek people WANT bankruptcy or are simply too selfish, poor, or stupid to actually avert that problem.
Personally, I have decided that here in America, it is Ron Paul or bust. If Mr. Paul does not get the nomination, I will go with President Obama. The reason is simple: I do not like the idea of a slow death. Ron Paul wants to curtail, if not eliminate the Federal Reserve, which has caused the fiscal problems we now have. Obama wants to expand spending, which will hurry along bankruptcy. Either we fix the problem or get it over with so we can begin rebuilding. Either way, the only way the American people win this time, will be either of these two candidates.
Greece is blazing the trail, but there is a road not taken. Which we choose is up to US.
- Financial Colonialism. (radicalglasgowblog.blogspot.com)
- This is not a Crisis (pathtothepossible.wordpress.com)
- Shame on Europe for betraying Greece (dikaiopolis.gr)
- Greece Solidarity Demonstration – Saturday 18th Feb (edinburghanarchists.noflag.org.uk)
- EU tries to calm nerves in escalating Greek spat (seattletimes.nwsource.com)
- Greece, the Euro zone crises (communistdaily.wordpress.com)
- Telegraph on Greece (panokroko.wordpress.com)
- The EU & Greece: A capitalism that has persuaded the world that capitalism is the world (energybulletin.net)
- National News: EU seeks to defuse Greek debt row (coventrytelegraph.net)
- EU seeks to defuse Greek debt row (independent.co.uk)
- Guest Post: Do We Really Know Greece’s Default Will Be Orderly? (zerohedge.com)
- ECB considering Greek PSI for central banks (forexlive.com)
- ECB may take haircut on Greek bonds (business.financialpost.com)
- Greece facing ‘dramatic dilemma’ (money.cnn.com)
- Shame on Europe for betraying Greece: Capitalism is triumphant as EU states sacrifice the Greek people in a desperate attempt to appease the gods of speculation (mysatelite.wordpress.com)
- Greece should reject the Troika and default on its own terms (3eintelligence.wordpress.com)
- Greek fears grow beneath looming shadow of bankruptcy (guardian.co.uk)
- Wary Of Another Greek Bailout, EU Procrastinates (npr.org)
- Cartoon: The Theft of Greek Democracy (englishblog.com)
- Merkel Optimistic, But Greek Rescue Package Could Still Collapse (ibtimes.com)
- Greek Leaders Fail To Reach Debt Overhaul Deal (alternet.org)
- Greek Bailout Decision Due by Monday: Juncker (ibtimes.com)
- Greek cabinet tackles austerity, rescue hopes rise (nation.com.pk)
- Greece the ‘first domino’ in end of EU nations’ financial sovereignty? (rt.com)
- Hopes rise for Greek deal after new budget cuts found (vancouversun.com)
- Greece’s wartime resistance hero denounces EU-backed cuts (guardian.co.uk)
- Greece tries deeper cuts to meet European demands (telegraph.co.uk)
- Greece at the brink (business.financialpost.com)
- Firewalls In Place, Markets ready: Greece Can Go To Heck (zerohedge.com)