If this is the reason behind the bailout, than yes, it was necessary... because China and Japan hold US Treasuries in much larger amounts than subprime CDOs.
Nothing will happen in Greece. It's only government employees and students on strike and rioting. They are not taking any risk, because they can do that without any fear of consequences. You only have real problems when the private sector riots. Private sector workers such as those killed in the bank, will only riot as a last resort. That's when you know things are bad.
the people are right to rebel, they will be put into 3rd world status if they accept, just like all the other countries who let the IMF and their mega bank swindlers suck more real wealth from humanity with their debt based money system. one day when everybody is under the austerity from the tyrannical money system so deviously crafted. the world will discover they don't need the bankers money to produce and trade. " The few who could understand the system will either be so interested in its profits, or so dependent on its favours, that there will be no opposition from that class, while on the other hand, the great body of the people mentally incapable of comprehending the tremendous advantage that capital derives from the system, will bear its burdens without complaint, and perhaps without even suspecting that the system is inimical to their interests." Quote by: John Sherman Protege of the Rothschild banking family Date: June 25, 1863 Source:in a letter sent to New York bankers, Morton, and Gould, in support of the then proposed National Banking Act "Banking was conceived in iniquity and was born in sin. The Bankers own the earth. Take it away from them, but leave them the power to create deposits, and with the flick of the pen they will create enough deposits to buy it back again. However, take it away from them, and all the great fortunes like mine will disappear and they ought to disappear, for this would be a happier and better world to live in. But, if you wish to remain the slaves of Bankers and pay the cost of your own slavery, let them continue to create deposits." Quote by: Sir Josiah Stamp (1880-1941) President of the Bank of England in the 1920's, the second richest man in Britain "The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world." Quote by: Carroll Quigley (1910-1977) Professor of History at Georgetown University, member of the Council on Foreign Relations (CFR), mentor to Bill Clinton
I fear that the government workers and punk anarchists just destroyed Greece's tourism this year. That's a large part of the private sector.
if they look at IMF's history they have little choice. default, leave the eu, or serfdom to the IMF who will then plunder their resource through austerity measures. It will spread through Europe then to the U.S. somebody has to stop it before everybody owe's their soul to the monetary system.
The greek public are stuck on stupid mode. They think bcuz of their country's place in world history that they know whats better instead of fiscal discipline. Im curious to know if any of those idiots rioting and walking off the job went to school and took any basic courses in economics and world history. Their way of thinking boggles the mind.....
I read a bunch of greek comments on youtube in broken English. Let me just say that I know youtube is not the place to go for info. I just cant read any of their forums or responses to news articles. I know there are crazy people on there. But from the comments.. they do not seem willing to go along with this, and in no way do they feel they need to. These posts talk about F the banks, To hell with the nwo. Screw the corruption. They discuss how they believe these loans come with mandates to buy more military equipment which they feel they have no need of. Its all a scam.. yada yada. So calling them stupid is one thing. They may or may not be, but I do not think they will ever "get it" in terms of accepting the loans and the taxes with them. Every time I read, I read a lot of conspiracies against banks, international banks like the imf and anti world government. I don't think they care about the euro for a second. They want out and they do not feel this debt is legitimate. Again from youtube, so big fat grain o salt.
Sorry am I missing something here? From what I can see, the Greek government took other people's money, promised to pay it back, and then went on an insane spending spree they couldn't afford, year after year. If you were the lender and some individual was the deadbeat, you'd be hopping mad. Also, since when has repaying money that you *owe to other people* been serfdom? Not repaying it is fraud, negligence, and theft. That is real slavery, since you took the yield of other peoples' labour, under false pretences, and then squandered it without their consent. The savers who lent that money worked hard to accumulate it, they are the ones who are being wronged, not the morons who pissed it away. Also this has nothing to do with the monetary system. It would be exactly the same if we were in a barter system and Greek borrowed 1 million cows, promised to return 1.5 million in a few years, and then ate them all at lavish banquets. Back in antiquity, if the Greeks had borrowed some gold from the Romans then not paid it back, they would have been invaded, conquered, thrown in debtors prison, and their populace sold into slavery to repay. Right now all they have to do is default and they get off scot free - no court can jail a single Greek politician, official, or voter for not paying. In short, these arseholes have fuck all to complain about. Any other debtor in the world or throughout history gets treated far worse than a sovereign debtor. So spare me the pathetic, whining pity party.
Let's not be too simplistic here. This money is created out of thin air. It's not really savings. The ECB takes EU member states' bonds as collateral. Thus, a commercial bank, with adequate reserve ratios, can create money (debt) out of thin air to buy these bonds. The bonds may pay anywhere from 5%-9% by the Euro Member in question... well, these bonds are in turn accepted by the ECB as collateral, and new Euros are "created" i.e. "lent" to the Commercial bank at 1.5% interest. the banks keep the difference. Sounds crazy? That's how a fiat system works. And guess what? Debt grows exponentially, and eventually, your ass is owned. Sure, some countries can maintain a current account surplus thru exports. But can all of the world's countries do that? Of course not. That's mathematically impossible for most countries to have a surplus. There has to be a balancing out - basically, double entry accounting. Money is created out of nothing. Yet the paying off of that money requires sweat. It's not just a question of savers and borrowers. There's more to it. And by the way, I have my criticisms for the government workers in Greece - no doubt about that. But there is more to the story - it's how our monetary system creates imbalances and gives the advantage to the lenders (banks) - the creators of money - out of thin air - all the political leverage and power.