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Bank lobbyists know that the financial game is over. They are playing for the short run. The financial sector’s aim is to take as much bailout money as it can and run, with large enough annual bonuses to lord it over the rest of society after the Clean Slate finally arrives. Less public spending on social programs will leave more bailout money to pay the banks for their exponentially rising bad debts that cannot possibly be paid in the end. It is inevitable that loans and bonds will default in the usual convulsion of bankruptcy.
Greek labor is not yet so pessimistic as to give up the fight. What it recognizes (which its American counterparts do not) is that somebody will control the government. If labor – the demos – loses its spirit, power will be relinquished to foreign creditors to dictate public policy by default. And the more the bankers’ interest is served, the worse and more debt-burdened the economy will become. Their gain is bought at the price of domestic austerity. Scheduled payouts by Greek pension funds and government social spending programs must be to replenish German and other European bank capital.
That evidently is what stock markets around the world anticipated when they soared on Monday morning at the news of Europe’s trillion-dollar bailout. What really was bailed out is the principle that economies should be stripped so that finance capital may rule. But the fight surely is not yet over.
It will escalate for the remainder of the 2010s, because it is nothing less than an attempt to roll back the history of the 19th and 20th century’s struggle to replace the power of vested property and financial interests with principles of progressive taxation and public enterprise.
Is this where Western civilization really is supposed to be leading? Confronted by parliaments controlled by aristocracies, the 19th-century reformers sought to take them over on behalf of democracy. Classical political economy was a reform program to tax away the “free lunch” of land rents, monopoly rents and financial interest extraction. John Maynard Keynes celebrated this program in his gentle term, “euthanasia of the rentiers.”
Originally posted by Peruvianmonk
reply to post by Zosynspiracy
Ok you may well be right on that issue.
What i meant was your own currency as in not tied to some kind of Bloc like the Euro where you do not hold soverign authority on your economic policies (At least if your not France or Germant).
That state of affairs puts countries like Greece at a severe disadvantage as they cannot devalue their currency or print money to save themselves.
Originally posted by ReelView
This current situation seems to be a global corporate (governments) meltdown leading to as much bankruptcy, new currency and further concentration of power by the NWO. This is also happening in the uSA witch is now in it's 4th bankruptcy and 2nd for the USA. However, the true government for the uSA is being restored which will end the bankruptcy fraud here. The rest of the world may have a harder time as the uSA constitution was suspended since 1871 not replaced. We are now moving back under the uSA and the constitution and will restore the true 13th Amendment which bars foreign agents (like lawyers / BAR members) from office.