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Guest Post: Greece Is A Kleptocracy

Tyler Durden's picture




 

Submitted by Charles Hugh Smith from Of Two Minds

Greece Is A Kleptocracy

Strip away the bailouts and the bogus austerity plans, and the truth is revealed: Greece is a kleptocracy, and the banks and the ECB Eurocrats are both complicit.

Despite a veritable flood of financial and political analysis about Greece, nobody seems to have noticed the obvious: Greece is a kleptocracy. Just as a refresher, here is the definition of kleptocracy. Ask yourself is this doesn't fit Greece like a supple leather glove:

Kleptocracy, alternatively cleptocracy or kleptarchy, from the Ancient Greek for "thief" and "rule," is a term applied to a government subject to control fraud that takes advantage of governmental corruption to extend the personal wealth and political power of government officials and the ruling class (collectively, kleptocrats), via the embezzlement of state funds at the expense of the wider population, sometimes without even the pretense of honest service. The term means "rule by thieves".

Here is a quote from a first-person report (via Zero Hedge) titled The Ugly Truth:

What angers me and most hard working Greeks is that the common workers are bearing the brunt of the austerity measures while the rich get off scot free.

In Greece, if you want to strike it rich, become a specialist dealing with critical life and death decisions, tax collector or a high profile minister in the government. The scandalous stories that are coming out now of doctors, tax collectors, and ministers with millions of euros in their bank accounts and villas in Santorini and Mykonos are no surprise to regular hard-working Greeks.

This is a classic description of a kleptocracy: a financial and political Elite which skims and concentrates the wealth of the nation via corruption and embezzlement while being protected by the winking complicity of their fellow plunderers who hold civil and financial authority.

Here's the real dynamic in Greece: The Kleptocracy--broadly, the political and financial Elites of the nation--saw a stupendous opportunity to embezzle hundreds of billions of euros from greed-blinded European banks at super-low rates of interest.

Being kleptocrats, they sniffed out the basics of the bezzle right away, and have been playing it ever since: we're not paying any of these loans back, so go get the money from the European Central Bank (ECB) and the German taxpayers, or declare bankruptcy. Your choice.

The Greek kleptocrats knew all along that the German, Dutch, French and Finnish taxpayers were easy marks, just as they knew the European Union Power Elites would fall all over themselves to "save the euro" which was the centerpiece of their "one Europe" strategy of domination.

Only the Greek kleptocrats just beat them at their own game
. The entire game plan of the "one Europe" Elites depends on nation-states actually complying with non-enforceable codes of conduct and on European banks making prudent loans.

Neither condition held: Greece's Elites reckoned they could game the system and string along the Eurocrats, if not forever, then certainly long enough to engorge their Swiss accounts with euros skimmed from the banks, and they've played that hand to perfection.

Their performance is truly a thing of beauty, a masterful display of the Big Con. Yes, we will agree to austerity, but of course that is only for "the little people." Then, we'll renege on that, and demand another bailout. The Eurocrats will of course comply, lest their own plans for domination crumble along with the euro and the Eurozone edifice.

Meanwhile, the European banks were playing a similiar bezzle. They knew Greece had a history of defaulting on a regular basis, and any employee of the bank who lived in Greece could have briefed them on the kleptocracy's hold on that nation. But the banks knew they could play the Eurocrats and the ECB, too, as the Eurozone had what amounted to a "German Put": if any bad bank loans to Greece ever threatened the Eurozone, the German-led European Central Bank would make them whole.

Once again, the Eurocrats responded as expected, quickly massing hundreds of billions of euros to backstop the impaired loans to Greece and promising that bondholders would not suffer any losses.

The banks and the Greek kleptocracy are like the wife and the mistress of a prominent conservative socialite who absolutely needs to preserve a facade of conventional propriety. The kleptocrats, like the mistress, know they can blow down the entire charade, and so when they demand some baubles (bailouts) from their "Sugar Daddy" European Central Bank, the bank whimpers and complains but forks over the cash, lest the whole shaky facade collapses in a heap, along with the ECB's dominance.

The wife, meanwhile, also gets her demand met. Now that the European banks have leveraged themselves up to pre-implosion Lehman Brothers levels of 30-to-1, they need a bailout, too, and so they tell the ECB, don't even think about saying "no" because massive bank insolvency would also shatter the Euroland's thin veneer of permanence.

The euro system is already broken, but the ECB and its Eurocrats are desperate to maintain the facade. The game is untenable, however, because the Greek kleptocrats and the European banks have all the leverage and the ECB is the bleating mark trying to satisfy the dualing demands of its wife and mistress.

"But you promised." Ah yes, Dearie, but I changed my mind.

It is almost laughable to see the Eurocrats desperately trying to get another "austerity deal" approved, even as everyone involved knows it's as phony as passing off your mistress as your "private secretary." The austerity plan will not actually be put in place, none of the line-in-the-sand fiscal targets will be met, and the Greek kleptocrats will be smirking as the frantic ECB marks scrounge up another bailout and another face-saving "austerity program."

The wild card here is the oppressed Greek citizenry, who might just spoil the fun by overthrowing their corrupt Overlords. They could also spoil the game by simply refusing to play any more, as a General Strike of any length would quash the fantasy of rising taxes and all the rest of the absurd assumptions at the heart of the "austerity program."

If the Eurocrats and the ECB really want to save the euro, then they should help the Greek citizenry evict their kleptocratic Elites. But that would take genuine courage and insight, and alas, the Eurocrats, like all bureaucrats seeking to protect their fiefdom at any cost, don't really care about the oppressed Greeks. They just want to play for time, and hope that a miracle will occur. Even as their fat, sweaty fingers hold a jumble of worthless cards--not even a pair of deuces--they persist in a laughably transparent charade of holding four aces.

The game is over for the ECB, the Greek kleptocracy and the european banks
. All that needs to happen now is for the players to reveal their miserable cards and fold. The losses will be stupendous, but they will only get more horrendous the longer the game is allowed to go on.

 

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Tue, 06/28/2011 - 10:52 | 1408755 Landotfree
Landotfree's picture

"The game is over for the ECB"

Fixed it for you.

"The game is over for the whole system, just a matter of time"

There is no out for the Greeks, and eventually there will be no out for everyone else.

Tue, 06/28/2011 - 11:03 | 1408807 zaknick
zaknick's picture

Purple haired, green dude Michael:

it's not just ur comments being deleted. ZH is not a real venue for discussion but click-bait with a catchy theme.

ZH is choking on bankster ......

Tue, 06/28/2011 - 11:21 | 1408909 lynnybee
lynnybee's picture

i read that comment last night by Michael, is this really true (deletion of comments) ?   I really like Michael, he's got guts & brains.    i have so little faith left in anything anymore, plz don't shake my faith in ZEROHEDGE, this website has really helped me understand & cope with the truth.   if "deletion" is true, i can't be here anymore.

Tue, 06/28/2011 - 11:38 | 1408950 ZerOhead
ZerOhead's picture

Strange things going on lynnybee...

I have had a clone or two pop up over here, remember though... it's about 'the message'... not the messenger.

Oh... before I get 'dissappeared'... what was the deal with Michael's comments?

Tue, 06/28/2011 - 11:53 | 1409052 lynnybee
lynnybee's picture

Hi !    ...just saw this.    i do not remember what the topic at hand was, but, i do remember that Michael posted that his comments were being deleted & that is all i know.    Now, i really like Michael (actually, i really like everyone on ZEROHEDGE, they are the smartest people i've ever met) .   

& i just love this website, the education has been so important to someone like me who used to be dumb as they come.    i just can't believe that this website would engage in censorship or deletion.    .... sincerely

Tue, 06/28/2011 - 12:02 | 1409097 ZerOhead
ZerOhead's picture

Gotcha kiddo! There is a difference between 'poor taste' (like mine) and inciting nasty things however. Michael may walk too fine a line at times.

I'm sure he'll be back. In some new form perhaps.

Tue, 06/28/2011 - 13:48 | 1409389 CH1
CH1's picture

Tyler is evidently quite patient.

If I had owned this playground, I would have booted him long ago.

Tue, 06/28/2011 - 13:42 | 1409365 i-dog
i-dog's picture

I don't believe these occasional claims of "deleted posts". The kid either had a fat-finger moment, or his shrooms were off, or there was a server glitch.

Whenever I've seen a claim of a deleted post here, it's been made by a squealing dick or a newbie. I've only ever had 2 double posts here out of hundreds, and both times it was because I had hit 'save' twice. I've posted things that have had me worried about the black SUV arriving any minute for a 'chat' (seriously!), and I've seen the most hateful drivel directed at niggers, jooz, ragheads, chinks, and other assorted minorities, that haven't been deleted.

The claims of censorship are just attention seeking (or disinformation) ... unless this post gets deleted.......

Tue, 06/28/2011 - 11:39 | 1408989 Landotfree
Landotfree's picture

They delete comments and ban users.

Tue, 06/28/2011 - 13:05 | 1409242 LowProfile
LowProfile's picture

And yet, your post stands.

As does this post, where I call pus-bloated douchebag on you.

Tue, 06/28/2011 - 13:15 | 1409263 rufusbird
rufusbird's picture

Just don't say it is the Borg, or it will get deleted...

Tue, 06/28/2011 - 14:50 | 1409615 stewie
stewie's picture

Now why would they do that?  ZH againt opression, opressing.  

Tyler  I never adressed you personnaly, but here we go:  What do you have to say about that?

 

 

Tue, 06/28/2011 - 15:30 | 1409721 Michael
Michael's picture

I still see you around here from time to time LynnyB. Thanks for the compliment.

I did draw the picture of comments being deleted here at ZH yesterday. It is quite disturbing but don't fret and leave us just yet. This is still the most tolerant and influential blog on the Internet. For the most part members can have a good intellectual discussion on most any topic. Some people around here just can't stomach certain truths.

Tue, 06/28/2011 - 16:50 | 1409962 Alienated Serf
Alienated Serf's picture

its a technical error, if that. 

they leave up a lot more offensive stuff then you post up.

give tyler the benefit of the doubt for now.

 

Tue, 06/28/2011 - 18:45 | 1410218 lynnybee
lynnybee's picture

....so true, Michael, so true.   the truth can be brutal.    the real truth of what is going on in this country is gut-wrenching, but, one does not dare speak the truth for fear of being ostricized or worse .... like junked !!!    i have a real fear of being junked, so i try to "keep it light, keep it nice."    sincerely.....

Tue, 06/28/2011 - 13:20 | 1409284 lincolnsteffens
lincolnsteffens's picture

Michael may be smart but not smart enough to understand he has been fed on propaganda about race and religion. ZH is a great place to get timely news and opinion by people that analyze concepts. Michael gets on the Jews and Blacks with no analysis or one liners. He is probably hooked on "Pastor" Pete and reading some of the same books the Wahabists teach. His economic topics are relevant but he likes to stir up uncalled for hate. This is no different than Obama, Fallwell, Limbaugh, O'Reiley, Trumka, with their constant drone of their own self appointed superior rhetoric. Those guys are all smart butI rarely bother to listen them.

Tue, 06/28/2011 - 15:49 | 1409768 Michael
Michael's picture

So many mis-perceptions in your comment lincolnsteffens I'm not even going to waste my time picking it apart.

I'll just point out I have not used that J word in any of my posts for that past 4 months. Everyone already knows the score on that topic.

I'm a live and let live kind of guy and that's the way I'd like to be treated in return. I have no vested interests in monetary gain like those others you mentioned, I just want my country to function the lawful way it's supposed to.

Thank you all for your comments concerning the deletion of comments here. It's something we should be aware of.

Just so you know, there is nothing anyone can say here that would offend me.

Tue, 06/28/2011 - 10:48 | 1408764 A.W.E.S.O.M.-O 4000
A.W.E.S.O.M.-O 4000's picture

Just Greece or the whole fucking Western World?

Tue, 06/28/2011 - 10:55 | 1408774 ThisIsBob
ThisIsBob's picture

Well except for the bankers, who have already been paid generously for their assistance and who hopefully stashed some of it.

Tue, 06/28/2011 - 10:58 | 1408801 SheepDog-One
SheepDog-One's picture

Take Greece and multiply it 10,000X for USA.

Tue, 06/28/2011 - 11:42 | 1408949 Eally Ucked
Eally Ucked's picture

That's right, and he writes about Greece! He is afraid to say something about ole US?

Tue, 06/28/2011 - 13:56 | 1409419 MFL8240
MFL8240's picture

Right idea but its closer to x 1,000,000 for the USA sewer rats

Tue, 06/28/2011 - 11:14 | 1408857 Azannoth
Azannoth's picture

Those who don't accept social Darwinism the easy way, will be forced to accept Natural Darwinism the Hard way

Tue, 06/28/2011 - 11:57 | 1409080 JS1234
JS1234's picture

What a great saying!  Did you make thet up yourself or get it from somewhere?

Tue, 06/28/2011 - 14:33 | 1409544 Azannoth
Azannoth's picture

Remember I have 200 IQ :)

Tue, 06/28/2011 - 10:49 | 1408768 Robslob
Robslob's picture

Bravo!

Tue, 06/28/2011 - 11:25 | 1408902 ZerOhead
ZerOhead's picture

Ancient Trojan Horse technology applied against the modern European Union. 

Simply Brilliant.

Pushed to the unsuspecting gates of Brussels by none other than Vampire Squidmaster Llyod Bank-fine of Goldman Sachs himself.

A stunning display of kleptocratic co-operation amongst peers for the ages.

Belgian Horse anyone?

http://thumbs.dreamstime.com/thumblarge_551/128833553358NEOS.jpg

Tue, 06/28/2011 - 11:34 | 1408981 falak pema
falak pema's picture

only when Helen comes as a trimming...

Tue, 06/28/2011 - 11:44 | 1409017 ZerOhead
ZerOhead's picture

Ahh... falak my good friend... developing a sense of humor I see! :)

Tue, 06/28/2011 - 13:39 | 1409368 falak pema
falak pema's picture

wonders never seize, even in greece where they search for the golden fleece...of people's body grease...now ready to be served.

Tue, 06/28/2011 - 12:33 | 1409183 Pinky
Pinky's picture

You got it - Brussels and the Squid used to be "frenemies." The facade fell apart maybe 2008ish, I'm guessing, but really the US grew tired of fighting Europe's battles a generation ago. Now that the gloves are off the EU/US (NATO) alliance is under enormous strain.

Euro replace the US dollar as reserve currency? Squid don't THINK so!  The EU is getting a taste of its own medicine, and a negotiated settlement between the "Crown" and "Kraut" factions is the only thing that will save our collective bacon.

I'm fairly certain the Greek PM knew the score, and I'm frankly surprised the "European Soviet" didn't see it coming from a mile away:

(Wikipedia) George Papandreou was born in Saint Paul, Minnesota, United States, where his father, Andreas Papandreou, held a university post. His mother is American-born Margaret Papandreou, née Chant. He was educated at schools in Toronto (King City Secondary School), at Amherst College in Massachusetts, Stockholm University, the London School of Economics and Harvard University.

 

Tue, 06/28/2011 - 10:53 | 1408770 SheepDog-One
SheepDog-One's picture

Oh now we get the lectures about how kleptocracy is bad...well it wasnt so bad when it was all humming along in its infancy and 401K's and pensions and stocks were growing exponentially with small monthly add ins! 

I dont feel sorry for communist fascist Greece and their people, just like I dont feel sorry for communist fascist US and their people. They all knew what was coming, but liked the free EZ money BS all these years now its unsustainable and broken and a lot of tough lessons have to be learned the hardest way. Stupid humans.

Tue, 06/28/2011 - 11:06 | 1408838 Americant Expat
Americant Expat's picture

Sorry you can't lump everyone together like that, it doesn't work like that. Infants and youngins don't have the capacity to understand the system plus they're indoctrinated to misunderstand it, so it hardly seems fair to lump their suffering in with the rest. Yes, their parents might have known better but to have little empathy for the people who will ultimate catch the can that's been kicked to them by others is unfair. Communist this facist that doesn't mean it's in their DNA and born deserving of a good fucking over.

Tue, 06/28/2011 - 11:39 | 1408980 anony
anony's picture

Exactly.  The vast majority likely fit into the category of innocents.

People who naively trust their government. Like many of the elderly too brain fried to have kept up with all the ways their government ====in complicity with Wall Street shmendricks=====have been able to screw them to the wall.

Tue, 06/28/2011 - 13:10 | 1409252 Hugh_Jorgan
Hugh_Jorgan's picture

If you are willfully ignorant, you cannot rightfully call yourself a victim of anything. Everyone grows up and CAN learn the truth about what sounds "too good to be true"...

Tue, 06/28/2011 - 18:31 | 1410205 Things that go bump
Things that go bump's picture

What is this willful ignorance?  Not everyone has the same sources of information available to them or the capacity to make use of what information is available.  Many can't even make the simplest extrapolation from information they do get.  If you see a small child with a dime and you offer to trade them a nickel for it, telling them that it is a bigger coin and so must be worth more, and the child makes that trade, is the child responsible for being conned or is it excused from responsibility by its ignorance?  Caveat emptor makes for lousy ethics.  One of the jobs that was entrusted to the government, a job that they actually did well at one time, was the protection of the public from such cons.  

Wed, 06/29/2011 - 04:41 | 1410921 Urban Redneck
Urban Redneck's picture

The government was also entrusted with education once, the result has been ignorance of the electorate (regardless of whether it is willful ignorance).  The electorate keeps empowering the very thieves who plunder the nation's wealth, and then they want a "do over"?  In order to vote you must be an adult and responsible for your actions.

 

Tue, 06/28/2011 - 10:52 | 1408775 RobotTrader
RobotTrader's picture

OK, enough on Greece, its old news.

Time to jump in an buy some stocks.

A year from now, Greece will be totally forgotten, just like Tunesia, Egypt, etc.

And the sheep will be once again power-chugging Monster Energy, buying Fossil watches, eating $7 gourmet burritos, watching NASCAR and American Idol.

Tue, 06/28/2011 - 10:59 | 1408791 SheepDog-One
SheepDog-One's picture

I applaud Tyler for revoking your chart and picture posting privs...now he should go the next step and ban your 1 trick pony ass from posting at all.

Tue, 06/28/2011 - 11:34 | 1408958 luckylogger
luckylogger's picture

i always looked forward to robo's

Tue, 06/28/2011 - 12:54 | 1409217 MisterMousePotato
MisterMousePotato's picture

A week or so ago, someone pointed out that all of Robo's posts are actually satire. So, why omit the </sarc> tag at the end of the post? Well, even Robo's most ardent critics have to admit that a lot of intelligent conversation routinely follows his posts, which, I believe, might not have been the case had it been obvious that he was simply being provocative. Viewed thus, his posts actually make a lot more sense. Inadvertently or otherwise, Robo has propelled the conversation forward, if only by the responses to his posts.

Tue, 06/28/2011 - 11:01 | 1408799 Corn1945
Corn1945's picture

Right. Everyone said that a year ago and here we are, dealing with the same mess that is getting worse.

Tue, 06/28/2011 - 11:03 | 1408806 SheepDog-One
SheepDog-One's picture

And people believe we can just go from daily $8 billion free cash injections to cold turkey, and everything just will humm along smoothly from here on out? Total delusion.

Tue, 06/28/2011 - 11:28 | 1408931 topcallingtroll
topcallingtroll's picture

My vde is up from 105.54
My spy is flat at 127.

So far it hasnt hurt to step out of cash earlier than i planned, but we may have already had the post qe2 correction.

We shall see.

I am with you robo on this one.

Tue, 06/28/2011 - 11:30 | 1408959 anony
anony's picture

Unjunk

A succinct synopsis of the state of play.

Tue, 06/28/2011 - 12:39 | 1409196 Raymond Reason
Raymond Reason's picture

@robot trader:  Your gambling strategy is like that of the male black widow. 

Tue, 06/28/2011 - 12:45 | 1409207 kito
kito's picture

funny how everyone junks robo, yet pms have not replaced fiat currency, the stock market is still hanging around 12,000. there is some truth to robo.

Tue, 06/28/2011 - 14:51 | 1409619 Raymond Reason
Raymond Reason's picture

Understood.  But my point is that the male black widow does well for himself for a while...

But ultimately, its a bad trade.   

Tue, 06/28/2011 - 14:09 | 1409478 NOTaREALmerican
NOTaREALmerican's picture

Re:  And the sheep will be once again power-chugging Monster Energy, buying Fossil watches, eating $7 gourmet burritos, watching NASCAR and American Idol.

 

The sociopaths win.   They are simply the human predators.   There's always gotta be predators and prey.    The trick to survival is to either be a predator or - if you're not smart enough - to at least be aware that the predators exist.

Tue, 06/28/2011 - 10:52 | 1408776 Re-Discovery
Re-Discovery's picture

Hey Market,

There are 4x as many protesters in Spain than in Greece.  Put your helmet on.

Tue, 06/28/2011 - 10:59 | 1408796 HelluvaEngineer
HelluvaEngineer's picture

By any chance, do any of them have a pointy stick, or perhaps a board with a nail in it?

Tue, 06/28/2011 - 10:53 | 1408779 qussl3
qussl3's picture

Someone clearly hasnt been to China or most of SEA.

The Asians have the euros kicked when it comes to robbing the people.

Tue, 06/28/2011 - 10:54 | 1408781 InconvenientCou...
InconvenientCounterParty's picture

and I'm sure the kleptocrats and their wannabe minions are demanding tax cuts.

sound familiar?

Tue, 06/28/2011 - 10:55 | 1408792 hugovanderbubble
hugovanderbubble's picture

Who´s gonna be the auditor of the flows given to the GREEK State?

you know how much its 60.000 Mn Euros???? in wrong hands...this world is awesome....

Tue, 06/28/2011 - 11:00 | 1408797 GeneMarchbanks
GeneMarchbanks's picture

Dear Dr Smith,

Your articles are often titled in a sensationalist way. Your 'analysis' is somewhere between self-evident and terribly generalized at best. Please do less writing and more due diligence so as to truly enlighten ZHers.

Thanks,

Gene

Tue, 06/28/2011 - 11:26 | 1408923 TimmyM
TimmyM's picture

Gene, ZH does not exist solely for your benefit. Although most regular readers know a lot of what is here. Eloquently readable overviews make awesome forwarding material in an effort to win over the great unenlightened. I know dozens of people totally brain washed in their faith in government. Getting them to doubt this faith is the only way we will ever starve the beast.

Tue, 06/28/2011 - 13:18 | 1409292 Vendetta
Vendetta's picture

"By the skillful and sustained use of propaganda, one can make a people see even heaven as hell or an extremely wretched life as paradise."

"It is always more difficult to fight against faith than against knowledge"

Author - Adolf Hitler

Tue, 06/28/2011 - 11:02 | 1408804 RobotTrader
RobotTrader's picture

No doubt Greece will be given huge bailout money, and the Plutocrats and crooks over there will siphon most of it off to buy more Rolexes, Bugattis, Tiffany jewelry, and $175 yoga outfits for their mistresses.

Tue, 06/28/2011 - 11:04 | 1408812 SheepDog-One
SheepDog-One's picture

No doubt the free money will keep flowing in! From a '3rd party' according to Greeces 'Plan B'. LOL whatever dickhead, youll never be a Pigman, just a Pigman groupie.

Tue, 06/28/2011 - 11:35 | 1408990 Bastiat
Bastiat's picture

Pigman jock-sniffer.

Tue, 06/28/2011 - 11:05 | 1408808 InconvenientCou...
InconvenientCounterParty's picture

glitch dup

Tue, 06/28/2011 - 11:04 | 1408809 iamme
iamme's picture

You are deluding yourself. Every country is a kleptocracy.

Tue, 06/28/2011 - 11:07 | 1408819 SheepDog-One
SheepDog-One's picture

The whole world is a kleptocracy. At least 1 of them Iceland told the banksters to go pound sand. The rest of the pathetic world just sits and begs for more slavery from worthless banksters who can only print fiat money at interest. I hope it falls apart quickly, enough of this crap!

Tue, 06/28/2011 - 13:18 | 1409289 NOTaREALmerican
NOTaREALmerican's picture

Re: The whole world is a kleptocracy.

History wouldn't be what it is unless Kleptocracy was the natural human social organization. 

There's nothing the Greeks or the Americans can do about it.   Unless the sociopathic nobility running a society have something in common with the peasant "marks" (like a common fear of another society) then the peasant "marks" get screwed (that's their natural role in the universe).    Unfortunately for the Greeks and Americans, the nobility doesn't need their peasants anymore.    It's now a global society.   The global sociopathic elite screwing the global peasants "marks".

Tue, 06/28/2011 - 11:05 | 1408815 williambanzai7
williambanzai7's picture

Hmmm, sounds like another country I know in many respects.

Tue, 06/28/2011 - 11:35 | 1408964 stirners_ghost
stirners_ghost's picture

Sounds like every country.

What funds these things? Taxation... confiscation of wealth... theft. (always legitimized by some noble principle or another, accepted readily by the gullible masses)

Tue, 06/28/2011 - 11:06 | 1408817 Bansters-in-my-...
Bansters-in-my- feces's picture

Fat cat,Kleptocrats.....

Hunting season opens on July 1st for them.

Bag yourself one or two,it's good for the sole.

Tue, 06/28/2011 - 11:06 | 1408831 dcb
dcb's picture

we are one as well

Tue, 06/28/2011 - 11:10 | 1408833 ThisIsBob
ThisIsBob's picture

Memo to the child who is junking all the posts:  If your mommie catches you playing with her laptop she will probably spank your bare bottom.

Tue, 06/28/2011 - 12:52 | 1409227 weinerdog43
weinerdog43's picture

Guess what...you get a junk for being too lazy to get an avatar. 

Tue, 06/28/2011 - 11:11 | 1408840 zorba THE GREEK
zorba THE GREEK's picture

 The Europeans should have known better than to get in

 a poker game with Greeks. It kind of gives me a warm 

 feeling inside seeing the hustlers get conned.

Tue, 06/28/2011 - 11:07 | 1408843 AldoHux_IV
AldoHux_IV's picture

May the Greek citizens succeed in overthrowing their corrupt overlords-- the kleptocrats that continue to steal from every man, woman, and child of the system.

Tue, 06/28/2011 - 11:12 | 1408846 walcott
walcott's picture

US is the ultimate kleptocracy. Look at the recent silver scam?

Now Gold is the metal. Get enough idiots to pile in on that then crash

that and bring silver back. And Real Estate look at that scam.

They get their mortgage payments crash your home value then take your

house for free after you foreclose. And now how does anybody with a brain cell left

go to war for these fucking dirt bags? The American public is absolutely retarded!

Tue, 06/28/2011 - 11:43 | 1409006 Ponzi Unit
Ponzi Unit's picture

+1

Tue, 06/28/2011 - 11:12 | 1408847 Stuck on Zero
Stuck on Zero's picture

"Every successful system accumulates parasites." - Thomas Ray

Tue, 06/28/2011 - 11:57 | 1409081 Ghordius
Ghordius's picture

+1

Tue, 06/28/2011 - 13:28 | 1409322 Rynak
Rynak's picture

Not really, when thinking longterm..... and i'm talking about the "successful"-part.

A longterm successful system, knows how to keep parasites and their quantity in check, without outrightly exterminating them (exterminating them completely, would in the long run weaken the "immune system", and thus enable an outbreak).

Tue, 06/28/2011 - 13:55 | 1409416 NOTaREALmerican
NOTaREALmerican's picture

Re: A longterm successful system, knows how to keep parasites and their quantity in check

 

Unfortunately, "the system" knows nothing.  The system is the result OF the sociopaths interacting with the dumbasses.   If the sociopaths need the dumbasses for protection then the dumbasses will have a place in "the system".   This is why - for example - the sociopaths in Canada haven't screwed their own dumbasses quite as much as ours have.   The Canadian sociopaths still have a fear of Americans which causes them to "need" the Canadian dumbasses which preserves their society.   I suspect that the Greece sociopaths are now thinking globally.     Sometimes the sociopaths are wrong, but - there are always more sociopaths waiting in the mirrors to replace them.

Tue, 06/28/2011 - 11:13 | 1408849 kito
kito's picture

charles smith, the same dissertation poetically recounted 30 different ways.....yawn

Tue, 06/28/2011 - 11:36 | 1408973 falak pema
falak pema's picture

don't break your jaw you sound so blase!

Tue, 06/28/2011 - 17:53 | 1410129 mkkby
mkkby's picture

Yet, retarded asshole that you are, you keep reading it and commenting.

Tue, 06/28/2011 - 11:13 | 1408852 dearth vader
dearth vader's picture

I think you're right on the mark, CHS, but now, with a Chinese sugar daddy on board, the charade will continue.

Did you notice the last five letters of "deus ex maChina"?

Tue, 06/28/2011 - 11:14 | 1408872 Logans_Run
Logans_Run's picture

Yup, had first hand experience with this in Greece. My prior responsibilities included managing international pension funds for a former world's largest insurer. Interesting that about 2/3 of the invested funds disappeared from Greece's plan and the local CEO and several of his minions bailed out. The books were in such bad shape no one could ever find the obvious answer to the question.

Tue, 06/28/2011 - 12:00 | 1409090 ambrosiac
ambrosiac's picture

 

Was it the Greek insurance exec gentleman who tried to cover up by presenting a forged letter of credit and is currently facing trial?

 

He has been found; the funds not so.

Tue, 06/28/2011 - 16:31 | 1409905 Logans_Run
Logans_Run's picture

Hmmmm, interesting! My involvement was limited to forensics on how the money disappeared from the trust fund. I wonder if I will be called to testify?

Tue, 06/28/2011 - 11:18 | 1408876 The_Euro_Sucks
The_Euro_Sucks's picture

Mr. Smith, I usually enjoy your writings but this piece is not really showing the whole picture. The Eurocrats as you call them are also kleptocrats. Every member from the European Parliament is a millionair at least when quitting after 1 term. They brag about earning tons by getting bribed. The Nordic countries of Europe (Iam Dutch) are also run by Kleptocrats for at least 10 years now (most here point it to mid 1990). In my opinion the Kleptocrats rule Europe and nothing will stop them to pluder everything there is. Quite a few Europeans speculate that the goal of Euroland is to introduce some form of a neo feudal (gulag) system. There are many reason why the EU is also know as the EUSSR.

Tue, 06/28/2011 - 11:54 | 1409041 Ghordius
Ghordius's picture

I usually also enjoy Mr. Smith's writings.
Particularly when he shows two sides, fitting to his blog's "Of Two Minds". Lately he is very OneMinded.
So he writes about Greek Kleptocracy. And please where does he mention all the tricks that the Great & Holy Vampire Squid (aka GS) used to help them stealing in grand style? No, it's all "Eurocrats", ECB and "Eurobanks".
Lately Mr. Smith is using a very broad brush with foreigners that smacks of some sort of jingoism, perhaps he reads too many Greek-Australian blogs?.

Mr. The_Euro_Sucks, I have an issue with your "EUSSR": Have you experienced the UdSSR? Really? Please, don't compare the EU to the UdSSR lightly or give me an example where they have any similarity. Thanks.

Tue, 06/28/2011 - 13:32 | 1409328 NOTaREALmerican
NOTaREALmerican's picture

Don't forget tho...   An American (Mr Smith) that even has the CONCEPT of a Kleptocracy is unusual.  And, Mr Smith isn't just talking about Greece here.   He's also talking about the US.   And for almost all Americans, the concept that the BEST country in the entire universe - the country worshipped by the entire planet earth - has turned out to be nothing but another crony-capitalist Kleptocracy is very painful.     We - as Americans - are taught that America (and Americans) are exceptional - and as such - will benevolently rule the world.    (Of course, the American Banksters do)

Tue, 06/28/2011 - 17:08 | 1410032 The_Euro_Sucks
The_Euro_Sucks's picture

Mr Ghordius,

 

If you feel more entiteled to claiming the SSR extension be my guest. One similarity is that the international bankers own both our 'capitals leaders' (Brussels and Washington).

 

regards TES

Tue, 06/28/2011 - 11:29 | 1408927 falak pema
falak pema's picture

wasn't madoff greek? like onassis and souvlaki skewers?

karamanlis caramba! he started the kleptocracy roll...

Tue, 06/28/2011 - 11:24 | 1408930 masterinchancery
masterinchancery's picture

A++, can't argue with any part of it.

Tue, 06/28/2011 - 11:30 | 1408944 tony bonn
tony bonn's picture

same story in the usa

Tue, 06/28/2011 - 11:37 | 1408997 Ponzi Unit
Ponzi Unit's picture

Hey, klepto is a Greek word. They invented it -- credit where credit is due, so to speak.

Tue, 06/28/2011 - 11:55 | 1409069 Sinestar
Sinestar's picture

Nympho is a Greek root too, I bet we can get some hotties cheap now. SEX TOURISM WILL SAVE THE ECONOMY!!

Tue, 06/28/2011 - 11:46 | 1409016 americanspirit
americanspirit's picture

Keep a close eye on the Greek military. They know where the kleptocrats are and where they keep their stolen wealth. Within 48 hours of a coup at least half of them will be under arrest and their wealth confiscated. The rest will be chased down. There will be huge show trials and there will be hangings. Whether or not a military dictatorship will emerge as worse than the present situation is a toss-up. Maybe we won't see a return to the era of "The Colonels" and instead will get a military government that truely sees itself as interim, pending national elections. One can only hope. However, either way, the fat rich guys with gold chains, deep tans, huge bellies and lapdog whores are going to be toast. Before the end of the summer - guaranteed.

Tue, 06/28/2011 - 13:07 | 1409244 topcallingtroll
topcallingtroll's picture

Most will get off scot-free, because most of the "theft" was legal or in a gray area hard to prove beyond a reasonable doubt.

They could get them on tax evasion, since evasion rates are greater than 90 percent, if kleptocrats evade taxes at the same rate as the greek legislative branch.

Tue, 06/28/2011 - 13:10 | 1409260 mick_richfield
mick_richfield's picture

Why are the military different?

If I were buying a country, I certainly wouldn't forget to put generals on the payroll!

Tue, 06/28/2011 - 13:28 | 1409314 Havana White
Havana White's picture

How will this process begin?

Sun, 07/03/2011 - 08:01 | 1422360 laughing_swordfish
laughing_swordfish's picture

 

Where is Douglas MacArthur now when you need him?

Tue, 06/28/2011 - 11:52 | 1409049 Sinestar
Sinestar's picture

Probably no one mentioned it because it would feel like stating the obvious. This has been the old new normal since the USSR broke up and the Rubinites advised Yeltsin to fuck over a few hundred million people.

Tue, 06/28/2011 - 12:05 | 1409094 zorba THE GREEK
zorba THE GREEK's picture

 I'm not positive, but I think Vaseline is a Greek word too.

Tue, 06/28/2011 - 13:16 | 1409266 mick_richfield
mick_richfield's picture

Yes -- if I remember correctly, he was an important figure in the Trojan War.

Tue, 06/28/2011 - 12:08 | 1409119 ambrosiac
ambrosiac's picture

 

Kleptocracy it is, but in true socialist-statist fashion there is also a trickle-down effect.   It is difficult, not to say dangerous, to steal all by yourself; you need your goodfellas.  A surrounding ring of lesser kleptocrats kept satisfied with crumbs from the sumptuous feast.

Tue, 06/28/2011 - 12:58 | 1409229 topcallingtroll
topcallingtroll's picture

Yes indeed.

Many of the proles were guilty also, voting for the politician that would promise the most freebies and the earliest retirements.

Tue, 06/28/2011 - 12:28 | 1409181 Leo Kolivakis
Leo Kolivakis's picture

Is Greece a kleptocracy? Watch this GEICO commercial:

 

Tue, 06/28/2011 - 12:44 | 1409212 ex VRWC
ex VRWC's picture

Well it is in Eastern Europe, where the kleptocrats stole everything after the fall of Communism.  They are just a few years behind.  Hey, I know - lets have a new round of Communism, then let it fall, then the kleptocrats can steal everything again!  Brilliant idea.  

Tue, 06/28/2011 - 13:29 | 1409333 NOTaREALmerican
NOTaREALmerican's picture

Re:  Brilliant idea. 

Not just an idea...   It's the ONLY path possible.   You've basically - in once sentence - written the history of the world.  

Tue, 06/28/2011 - 12:57 | 1409233 topcallingtroll
topcallingtroll's picture

Default now!

The idea that one generation can bond future generations to pay the debts of the previous generation is involuntary servitude.

Liberation from multi generational debt slavery starts with greece.

Tue, 06/28/2011 - 13:38 | 1409344 ex VRWC
ex VRWC's picture

Actually it starts with you and I, and our kids.

Don't contribute to it by taking debt.  Challenge the mantra that credit ccore is king.  Challenge the 'home ownership' fallacy that really means 'lifelong debt servitude'. Don't play the market that invests in things like CDS that further debt servitude and make default something to be feared resulting in - you guessed it - more debt. Don't participate in an entitlement mentality that lays your debts or your upkeep on the backs of your children.

Governments need to be held to account also, of course, but there are things you and I can do.

Tue, 06/28/2011 - 13:39 | 1409354 NOTaREALmerican
NOTaREALmerican's picture

Re:  Liberation from multi generational debt slavery starts with greece.

 

Only if you have an idea on how you educate the average person - there are an average number of average people, btw -  to identify the VERY VERY smart sociopaths living amongst them. 

 

Figure out that, and you can have "Representative Democracy", otherwise you just get the same story over and over and over.    Greece,  China,  the US, the EU, ...   all the same.   The sociopaths screwing the dumbasses.

Tue, 06/28/2011 - 13:04 | 1409248 Hugh_Jorgan
Hugh_Jorgan's picture

The problem is not with the players playing the game of "European Socialism", the problem is the game has two kinds of players and one kind of player ALWAYS wins. Best bet is not to play the game at all. Our Founders knew this...

Tue, 06/28/2011 - 13:41 | 1409361 NOTaREALmerican
NOTaREALmerican's picture

Our foundin-fadders might have known it, but there's no way to prevent the average people from being conned by VERY VERY smart sociopaths.    It's what the sociopaths are supposed to do.    You can't fight nature.

Tue, 06/28/2011 - 13:33 | 1409339 Mr Kurtz
Mr Kurtz's picture

"Greece's Elites reckoned they could game the system and string along the Eurocrats, if not forever, then certainly long enough to engorge their Swiss accounts with euros skimmed from the banks..."

All of which should surprise no one given that Zurich has always functioned as the money laundering capital of the world for banksters, tax evading fat-cats, corrupt politicians and criminal cartels.

Tue, 06/28/2011 - 13:39 | 1409356 allenaki
allenaki's picture

Well, Mr. Of Two Minds...

1. Even if Greece as a whole wer a "kleptocracy", you still owe Greece, because thanks to its thousand years old language you enrich your vocabulary once again...

2. The title of the post is demonizing and OFFENDING a whole NATION (its people namely) in a very well known and DANGEROUS way...

3. The right title for the post shoud be: THE GREEK POLITICAL AND FINANCIAL OLIGARCHY IS A CLEPTOCRACY.

And as a Greek citizen I suggest you alter your title.

Tue, 06/28/2011 - 13:41 | 1409375 NOTaREALmerican
NOTaREALmerican's picture

Re: Even if Greece as a whole wer a "kleptocracy", you still owe Greece, because thanks to its thousand years old language you enrich your vocabulary once again...

 

I would suggest there's a translation problem here.  Greece - as a whole - can NOT be a Kleptocracy.  NO society - as a whole - can be a Kleptocracy.  

 

The definition applies to the organization of the society's ruling elite NOT the society as a whole.   

 

Kleptocracy, alternatively cleptocracy or kleptarchy, from Ancient Greek: κλ?πτης (thief) and κρ?τος (rule), is a term applied to a government subject to control fraud that takes advantage of governmental corruption to extend the personal wealth and political power of government officials and the ruling class (collectively, kleptocrats), via the embezzlement of state funds at the expense of the wider population, sometimes without even the pretense of honest service. The term means "rule by thieves". Not an official form of government such as a democracy, republic, monarchy, or theocracy; a kleptocracy is rather a pejorative for a government perceived to have a particularly severe and systemic problem with the selfish misappropriation of public funds by those in power.

 

 

 

Tue, 06/28/2011 - 13:44 | 1409388 allenaki
allenaki's picture

Exactly what I'm saying, so I'm right to ask for a change in the post title.

Tue, 06/28/2011 - 14:00 | 1409448 NOTaREALmerican
NOTaREALmerican's picture

Re: so I'm right to ask for a change in the post title.

I'd say no.    The title is:  Greece is a Kleptocracy.   The world Kleptocracy IMPLIES the ruling elite.   

 

If you changed the title to:   "Greek government is a Kleptocracy"  this would be redundant.   It would be like saying:  "Greek peasants don't have influence over Greek government Kleptocracy"; of course they don't - it wouldn't BE a Kleptocracy if they DID.  

 

A Kleptocracy applies TO the government.   Not the people themselves. 

Tue, 06/28/2011 - 14:11 | 1409489 allenaki
allenaki's picture

I suggested: the Greek Political and Financial Oligarchy (or Political Class, it's better) is a Cleptocracy.

But even so, I wanted it to be clarified.

You imply the greek ("peasants") citizens are "guilty" because they elected the cleptocracy.

Well, in Greece as in any other country, politics is a full day professional occupation but the ordinary greek people had to work HARD feed their families!

Tue, 06/28/2011 - 14:22 | 1409510 NOTaREALmerican
NOTaREALmerican's picture

Re:  You imply the greek ("peasants") citizens are "guilty" because they elected the cleptocracy.

I don't blame the sheep for being eaten by the wolves.    Wolves eat sheep,  sociopaths eat dumbasses.    The Greeks and the Americans (and the Chinese and the EU) are simply societies run by predator-sociopaths that feast off their peasants.   

It's completely natural, and there's nothing anybody can "do about it".   All the political ISM's (and religions) work great IF there are no sociopaths.   Unfortunately, there are ALLOT of sociopaths.  

Re: I suggested: the Greek Political and Financial Oligarchy (or Political Class, it's better) is a Cleptocracy.

I still think the title as it exists is correct.     Your title is ok,  but Mr Smith's title would make a better newspaper headline:  More eye-catching.  

 

Tue, 06/28/2011 - 14:37 | 1409545 allenaki
allenaki's picture

I said OK about the title. It's not in my powers, anyway.

But the argument "eye catching headline" is a fault by itself... because it uncovers a mainstream media logic in a blog..., thus sacrificing some objectivity in favour of the readability

Tue, 06/28/2011 - 13:41 | 1409377 allenaki
allenaki's picture

 You offend directly the ancestors of people who fought during the WW II against the Axis and gave the Alliance it's first decisive victory and deccelerating the german army.

AND BELIEVE ME, AMONG THE GREEKS ARE PLENTY OF THEM, SO MANY YOU CAN'T EVEN IMAGINE...

CAPICCI AMIGO?

Tue, 06/28/2011 - 13:58 | 1409441 Downtoolong
Downtoolong's picture

And so we move to the next phase of hostage capitalism where the debtor maintains the upper hand over the creditor by constantly threatening default.  As I said yesterday, I think Donald Trump may have invented (or at least perfected) the tactic back in the 1990’s with his highly leveraged casino development disasters in Atlantic City. Hey, you have to give the guy credit for something, and it can’t be his toupee.

Tue, 06/28/2011 - 14:53 | 1409630 flacorps
flacorps's picture

I think it's one of those spiral scalp resection jobs like Ted Koppel's ... painful as hell and it gives you a weird hairline. To do it you have to be tough and vain at the same time, which is a rare combination.

Tue, 06/28/2011 - 17:46 | 1410105 Ponzi Unit
Ponzi Unit's picture

"Hostage capitalism!"

Yes!

 

Tue, 06/28/2011 - 14:08 | 1409460 allenaki
allenaki's picture

After all, the greek citizens demonstrate now and ask:

1. We do not want to be bailed out !

2. We want to analyse our debt in odious and non odious !

3. Return to drachma.

4. We do not bother the poverty, we want to be independent.

If you help the Greek citizens now, this circle of perpetuum debt will break and the other nations will be freed also!

Tue, 06/28/2011 - 17:44 | 1410110 Ponzi Unit
Ponzi Unit's picture

Help the Greek citizens?

Storm the palace!

Tue, 06/28/2011 - 14:14 | 1409476 Volaille de Bresse
Volaille de Bresse's picture

"Those who don't accept social Darwinism the easy way, will be forced to accept Natural Darwinism the Hard way"

 

urgh here's another guy who watches TV and never read Darwin... (sigh).

 

"Social Darwinism" has been invented by the gang of crypto-fascists who were around Ronald "brain dead" Reagan...

Tue, 06/28/2011 - 14:42 | 1409574 PulauHantu29
PulauHantu29's picture

I hear sales of KY Lube are soaring in Greece. They already ran out of olive oil!?

Tue, 06/28/2011 - 14:51 | 1409620 flacorps
flacorps's picture

What everyone misses is that these economic dislocations resulting from excess mouths here, excess productive capacity there and insufficient natural resources in some third place eventually work their way along to mutual distrust and breakdown of cooperation until one day there is a full scale war rather than a lot of little proxy conflicts.

That day arrived twice in the last century. I expect it again, relatively soon.

At that point, Europe will again bear the brunt, with Asia not far behind.

Tue, 06/28/2011 - 16:23 | 1409869 sgt_doom
sgt_doom's picture

"...until one day there is a full scale war rather than a lot of little proxy conflicts."

Dood, that's the way they (the Transnational Capitalist Class) rolls, using war to destroy surplus capacity --- their solution and how they profit from the building, during and the aftermath.  (Historically, the way those Rockefeller, Mellons, Morgans, etc., became super-rich, aftger all!)

Just read Arun Gupta....and L. Fletcher Prouty!

And beware of Greeks bearing thrift!

Tue, 06/28/2011 - 15:12 | 1409680 americanspirit
americanspirit's picture

Dear Allenaki - there's not much that those who wish you well can do other than to let you know that many Americans care very much about your democracy and wish for you and your children the freedom from debt slavery that you deserve. To all those who enjoy criticizing the Greek people as lazy and corrupt I can say you know nothing of Greeks. I believe that behind all such criticism is a profound jealousy over the ability of the Greek spirit to enjoy life to its fullest. Opa!

Tue, 06/28/2011 - 15:50 | 1409774 Hayabusa
Hayabusa's picture

As I read the post, I couldn't help but remove and replace Greece with U.S. and Greeks with American citizens, etc.  Kleptocracy in Greece?  Hell, the kleptocracy has permeated the world economy. The day the bailouts happened (which I consider to be the most blantant form legalized theft from the American People ever perptuated to date) it was clear to me that kleptocracy by the elite had reached new heights - just more blantant than in the past.  It's not their fault... they're just greedy lying hedonistic SOBs... after all we elected them.  Here in the U.S. people are more concerned with sports, who wins Dancing with the Stars, and the rest of the boob tube pablum designed to dumb them down.  When will the U.S. citizens wake up?  When (like the Greeks) they are faced with harsh austerity measures, the ongoing kleptocracy and wondering where their next meal is coming from - reality TV programming and Dancing with the Stars will be distant memories.  In the end, the world's cheap offshore labor force will be used up and things will come full circle... we will once again have cheap labor right here in the U.S. because that's been the plan all along of course - we've used up the rest of the world's cheap labor who are now becomming accustomed to a higher standard of living and aren't content to work for peanuts any longer.  Top Ramen and dog food for all U.S. citizens.

Tue, 06/28/2011 - 17:03 | 1410019 YHC-FTSE
YHC-FTSE's picture

+1

Nice post.

Tue, 06/28/2011 - 17:48 | 1410124 Ponzi Unit
Ponzi Unit's picture

Sleeping dogs. Lying in the Matrix.

Take away our bread and circuses, then watch the fireworks.

Tue, 06/28/2011 - 16:35 | 1409901 Roger Knights
Roger Knights's picture

"The Greek kleptocrats knew all along that the German, Dutch, French and Finnish taxpayers were easy marks, just as they knew the European Union Power Elites would fall all over themselves to "save the euro" which was the centerpiece of their "one Europe" strategy of domination.

.................

"Meanwhile, the European banks were playing a similiar bezzle. They knew Greece had a history of defaulting on a regular basis, and any employee of the bank who lived in Greece could have briefed them on the kleptocracy's hold on that nation. But the banks knew they could play the Eurocrats and the ECB, too, as the Eurozone had what amounted to a "German Put": if any bad bank loans to Greece ever threatened the Eurozone, the German-led European Central Bank would make them whole."

--------------

Here's a comment I made at Seeking Alpha a few hours ago on this matter of the "German Put" and the need of the eurocrats to maintain their facade:

Back in the day, when the banks were reluctant to take on as much peripheral debt as was being offered to them, (I suspect that) the eurocrats in the ECB promised them that the ECB would never allow a default on those bonds to occur. And/or the eurocrats hinted that a failure by those banks to buy their quota of bonds would be evidence of a lack of European patriotism, and treated accordingly.

In this manner peripheral debt would not have had to offer high yields to investors, and so no cracks would have shown at an early date in the facade of a seamlessly united euro-project—and making the euro-project look good was the eurocrats' real motivation for encouraging this recklessly imprudent (highly leveraged) credit-extension. (What other motivation could there be?)

If the ECB were now to endorse any sort of haircut for the bankers, it would risk exposure of its earlier machinations by a whistle-blowing bank that said, "You promised us you wouldn’t do this." This exposure would not only end the careers of the guilty officials, it might fatally taint the entire euro project (politically)—and it might give euro-skeptics a justification for NOT bailing out the euro any further. So all it can do now is double down.

 

Tue, 06/28/2011 - 17:42 | 1410104 Abiram
Abiram's picture

So if Greece is a kleptocracy, how does one call a country where the top 1% of the population own more than 50% of all assets and more than 70% of all financial assets ?

Guess where that is ?

Tue, 06/28/2011 - 18:26 | 1410184 Problem Is
Problem Is's picture

Kleptocracy, alternatively cleptocracy or kleptarchy, from the Ancient Greek for "thief" and "rule," is a term applied to a government subject to control fraud that takes advantage of governmental corruption to extend the personal wealth and political power of government officials and the ruling class (collectively, kleptocrats), via the embezzlement of state funds at the expense of the wider population, sometimes without even the pretense of honest service. The term means "rule by thieves".

I Don't Know About Greece...
But the above sure does describe the US of Amerika, Wall Street and the corporate whore, bought and sold, corrupt US political class led by that telepromptin', completely worthless cock sucker Obama Bin Lyin'...

Mon, 07/04/2011 - 13:45 | 1424678 ThanksIwillHave...
ThanksIwillHaveAnother's picture

Happy 4th All Americans and those in Heart!!!  

Greece is a disgrace (5 currencies in last 100 years!); may the USA not follow them.

 

Be strong!

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