Nigel Farage Explains Why Greece Must Be Allowed To Default

Tyler Durden's picture

On the day when the flawed euro experiment will get its first popular pseudo-referendum, it is only logical that prominent euroskeptic Nigel Farage would sound off on how he sees things for Greece, Europe and the currency union, and why he believes the current situation is nothing short of slavery.

From Nigel Farage:

Greece must be allowed to default

The European elite is ignoring the will of the people by protecting Greece from default, claims UKIP leader Nigel Farage MEP

As the European economic crisis unfolds, it is becoming obvious that
there are two distinct ideas out there about how to proceed. One is
favoured by the international financial elite, the European Union and
the political leaderships of member states - and the other is the
approach that is gaining purchase outside the chancelleries.

former is the creation of a true European nation, a fiscal and debt
union; the latter is allowing market forces to work and letting Greece
unpick its monetary handcuffs and find its own level. I ask whether we
would prefer to live under a benevolent dictatorship now because the
time for answering it is fast approaching, the fork in the road is upon
us and we are going to have to choose. I am not going to argue that one
answer is entirely good, and the other entirely bad, but that each has
its positives and negatives. It depends on your perspective, that is

Those that favour the top-down approach can include almost
everybody with political influence on the continent, and many off it. To
that number must be added the acting Director of the International
Monetary Fund, the American John Lipsky and his director of European
operations Antonio Borges. To them stability of the system is all, and
protection of the status quo overrules other values - which at other
times they might trumpet. In Luxembourg, on Monday, they launched the
IMF's latest statement on the eurozone. In the IMF's normal
user-friendly way, this study is called the 2011 Article IV mission.

in title, the importance of this document should not be overlooked.
What this report states so baldly is that the interests of the European
elite must and will take precedence over the wishes of the people. After
all, as is generally accepted, the bailouts are currently transferring
institutional and private banking debt from those institutions to the
taxpayers. Those taxpayers must therefore have a choice.

they are to be ignored. Listen to Borges state: "We really believe that
many of the current problems result from incomplete integration. In the
process of developing monetary union like the United States, which is a
fully integrated monetary union, you have obstacles that magnify the
problem." What he seems to forget is that final fiscal and monetary
union in the US only happened after the then bloodiest war in history,
in a country that was already united by language law and customs. It is
extraordinary that the IMF is suggesting that this economic crisis is in
any way synonymous with what was happening in the US in the 1840s. The
only slavery here is of the people to the Eurocrats dream. For without
democratic control, we are left with something akin to slavery.

other option is for Greece to default, leave the euro, find its own
level, set its own interest rates and trade itself out of its
predicament. The Greeks are no less hard working than any other nation,
but have been gulled through the application of economic policies that
suit Thüringen not Thessalonica. A wall has been built around the minds
of the elite, one in which there is no door marked "exit" merely the
ability to build the walls higher. The wall is their political
commitment to the euro at all costs; the bricks are their hectoring

We must make no bones about it, according to the EU
and the IMF there is no alternative. The people of Greece must do as
they are told. They cannot countenance default and leaving the single
currency. What then is the price of democracy in its birthplace?

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The Profit Prophet's picture


T.E.I.N. bitchez!

ratso's picture

Turns out that Greece is a financial drug addict and the EU, IMF and ECB are the long standing enablers who live in denial about what can be done.

Bite the bullet cut your losses by absorbing the debt and end Greece's participation in the Eurozone.  No amount of pleading by Greece asying "I'll be good I'll be good" will help.

All financial help to Greece at this point will just postphone the inevitable and prevent Greece from maturing financially.

AnAnonymous's picture

At least, this guy has the honesty of putting the two alternatives face to face.

Too often, in this US driven world, the propagandists have told there could only be one outcome: destruction of the eurozone.

This guy has the basic honesty to admit that there is the other outcome: the strengthening of the Eurozone through integration.


Eurozone on the US path, definitively.

TheBillMan's picture

Ah, but you fail to understand what is at stake here.  It is not about getting paid back (though the elites certainly don't want to lose any money).  It's about continuing the scam at any cost.  If Greece is allowed to leave the union under any circumstances, it would psychologically mean the end of the European Union, of a single currency, and a single politically united Europe.  They would have to admit that the great experiment has failed.  More importantly, they would have to admit that the ultimate goal of a single world central bank and single planetary government is a pipe dream: a world government run by the elites for the benefit of the elites and a world central bank that would allow them to print unlimited amounts of fiat currency to fraudulently buy up the world's assets for themselves beyond the reach of any law enforcement apparatus.  They would have to take all the well laid plans they have concocted over the last 50 years since the first Bilderberg meeting and throw it all in the dustbin.  The problem is that it already too late for them.  Greece will default and the European Union with disintegrate.  It is only a matter of time.  I just hope for the sake of the elite that they have a hidden island somewhere that doesn't appear on any maps to hide on.  They're gonna need it.

slewie the pi-rat's picture

when the bilderberg dream fails, they will take manhattan.   actually, they already have. 

maps are way overrated.  trust me.

Metropolis_Minx's picture

Interview with Nigel Farage from Saturday:

There's a smidge of "hopium" at the end of the broadcast.



Cognitive Dissonance's picture

Blasphemous Heretic!

Burn the heretic at the stake. Must push market higher. Never use the term 'default'. Must silence all those who refuse to kick the can.

The Profit Prophet's picture

My cool new term for default: "Right Size"......i.e. Greece must Right Size its debt in order to avoid financial slavery!

T.E.I.N. bitchez!

Ancona's picture

I agree. Take the pain now, because later it will be double.

Cognitive Dissonance's picture

This is an exponential road to hell so the pain won't double but rather quadruple.

Oh regional Indian's picture

CD, you got junked for being conservative.

I feel the tipping point we are now approaching will come with binary ferocity.

Phase change. Snap.


Cognitive Dissonance's picture


I got junked because my stealth junker is back. S/he must have missed my low profile over the last few days. It's nice to know I'm loved hated by some. It adds balance to the Karma.

Or it could just be mother pissed off because I haven't called. Mom, I lost your new phone number. Please email me your latest one.

Shell Game's picture

If you're pissing off the right people, CD, you just may be on to something..  ;-)

Thomas's picture

"Phase change. Snap."

Could not have said it better.

qussl3's picture

Yup they are better bearing it now, else its lehmann later.

Zero Govt's picture

"Phase Change: Snap" is absolutely correct, the Western world is afterall built on a house of (credit) cards ....once a small stack of these IOU's fold the rest of the pack should collapse in short order


Robslob's picture

As long as "pain" does not interfere with elections then it will be allowed...


Of course only when every last elite has "left the station" complete default will be allowed.

hugovanderbubble's picture

Sell the news,


Reversal Island coming SP back to 1.100

vegas's picture

Humpty Dumpty sat on a wall,

Humpty Dumpty had a great fall,

All the King's horsemen and all the King's men,

couldn't put Humpty together again.


Nothing new under the blinding sun of Euro hubris.

Mudflap's picture

We're gonna need this...

Ingredients for homemade liquor-Union Army-
bark juice
brown sugar
lamp oil

disabledvet's picture

indeed it could be worse.

writingsonthewall's picture

I believe that Greece (the birthplace of Democracy) is now also the birthplace of the new world system.


...better get your reading glasses on....

Zero Govt's picture

Anarchy on the streets in Greece indeed, but well worth clarifying who the anarchists are, public sector workers and students angry at the broken promises of those scumbags, politicians

...these Govt drip-feed babes are throwing their toys outta the pram at having the sugary syrup of other peoples money taken away, Boo Hoo ;,,(

...when the private sector (small business) and productive citizens take to the streets, or simply refuse to pay their taxes, that's when 'democracy' returns and we start heading in  the right direction.. not this pathetic public sector babes spitting their dummies out (yawn)


Version 7's picture

"We really believe that many of the current problems result from incomplete integration."

We can't let a good crisis go to waste can we..

qussl3's picture

I think he meant the phallus isnt sufficiently integrated with taxpayer butts yet.

williambanzai7's picture

What then is the price of democracy in its birthplace?

That says it in a nutshell.

disabledvet's picture

i think the answer "more" does myself.

nonclaim's picture

Let's not forget how democracy (the democratic party) came into power in Athens: smear campaign against the aristocracy and a coup while they were out in a diplomatic trip.

AnAnonymous's picture

It looks like the US story. A coup against the aristocracy...

Mercury's picture

It is extraordinary that the IMF is suggesting that this economic crisis is in any way synonymous with what was happening in the US in the 1840s. The only slavery here is of the people to the Eurocrats dream.

It's not that extrodinary if you realize that in their analogy the Eurocrats are hoping to skip over the equivilent of the U.S. civil war and right up to 1865 when the The Commerce Clause was rammed into the constitution and the federal government really put itself into the driver's seat.

macholatte's picture

It's the new propaganda. The sheeple are ignorant of history so anythng goes. The Soros-Obama Machine has been doing it for years. So why not the Eurocrats. It's all complete and utter horseshit but the audience has no clue.


The great enemy of the truth is very often not the lie, deliberate, contrived and dishonest, but the myth, persistent, persuasive and unrealistic.
John F. Kennedy

The rulers of the state are the only persons who ought to have the privilege of lying, either at home or abroad; they may be allowed to lie for the good of the state.

It is true that liberty is precious; so precious that it must be carefully rationed.
Vladimir Lenin

SilverDosed's picture

So the IMF is saying that any country that tries to "seceed" from the union should be slaughtered, their cities burned to the ground, and then economic slavery put on anyone who survives for the next 150+ years? Sounds pretty spot on to me.

For the one or two that dont know any better, the civil war was not about slavery, it was about economic control, like almost every other war in history, actually it kind of was about slavery, and slavery won.

oogs66's picture

At some point the politicians have to do the will of the people, no?

writingsonthewall's picture

The people have to demonstrate their will - by refusing to participate in the charade any longer.

Strike, Occupy, Sabotage.

The ONLY thing the fascists fear is a mass dissention by the workers (slaves) - as you can see in Syria, even a state with apparently no moral boundaries will find it difficult to manage without the support of the majority.

The best way to rid yourself of parasites is to go into slumber. That's why Europe is already striking because without willing people - there is no nation to control.

It's a serious matter - now you must choose whether you want to side with the slave masters - or fight to be free.

Version 7's picture

Only if you make them an offer they can't refuse.

tonyw's picture

"do the will of the people" no they do what's in their own interests. Since we're talking about Greece take the EU, the politicians avoided a referendum when it was sure to go against them and in the case of Ireland when they voted no they just had to vote again.

In the US the people were against bailing out the banksters but what happened, the banksters got bailed out.


JR's picture

Crime? Confiscation of public tax monies and sovereign infrastructures to bail out the bankers – whether in America or Greece, whether it’s Citibank or Deutsche Bank AG -- is inequality before the law.

“When will we call a crime a crime? When will we demand a jail-out, not just more bail-outs. Unless we do, and until we do, the people who created the worst crisis in our time will, in effect, get away with the biggest rip-off in history.” -- Will Banksters Get Away With It | February 26, 2011 | Al Jazeera

It’s in the interest of these giant international bankers and international corporations to keep the Eurozone together, yes, but it’s not necessarily in the interest of the average German or European citizen.  The German people, et al., just give up more and more of their standard of living to the bankers, as do Americans when forced, for example, to give billions in taxpayer funds to the likes of AIG’s counterparties -- Goldman Sachs Group Inc, Deutsche Bank AG, Merrill Lynch, Societe Generale, Calyon, Barclays Plc, Rabobank, Danske, HSBC, Royal Bank of Scotland, Banco Santander, Morgan Stanley, Wachovia, Bank of America, and Lloyds Banking Group…

And now look what they’re attempting to do to the Greek people; the IMF/Fed will grind them into the dirt if they get their way.  And this is just the beginning; the tyrants who come after them will make Mao look like some kind of Sunday school teacher.

These people aren’t content with their commissions and bailouts from control of the currency anymore; they want slavery.

lynnybee's picture

Crime ........ bingo, that's right ..... why isn't more written about the crime of it all , the collusion of politicians & bankers at the highest levels to drain the wealth out of whole countries & into their coffers !

Confuchius's picture

Chairman Mao was a teacher.

He taught that political power comes out of the barrel of a gun.

The Afghans have learned this.

The Americans and Europeans have yet to learn it.

AnAnonymous's picture

Crime? Confiscation of public tax monies and sovereign infrastructures to bail out the bankers – whether in America or Greece, whether it’s Citibank or Deutsche Bank AG -- is inequality before the law.


Inequality? Then it is good.

US citizens have equality. Equality is a straightforward, tractable notion that is not that easy to manipulate. Hence the US hate as it calls for concrete results.

US citizens prefer vastly freedom, a vague, undelineated concept that it is easy to manipulate. It allows vast ground for propagandists (the heart of America) and freedom can be painted as being the US at its inception, a nation calling for freedom and maintaining slavery.

What is happening is totally American. The bankers have to be treated inequaly.

The US citizens nature is eternal and dont ask from them what they can not deliver. Consideration for equality is not one of them. US kind of freedom, totally and the bankers are free by US freedom standards.

Sambo's picture

I like the comment at the end of the webpage:


People talk about this as a car crash. I think of it more like the sinking of the Titanic. We are at the stage where the damage is done but the ship is still floating and nobody in charge can quite believe that this is really happening and that such an unsinkable vast construction such as this can possibly be going down. Even a "Farage Of Common Sense" fired directly at them will probably not wake them from their reverie until it is too late. Lifeboats anyone?
Steve Boston - Fife, Scotland

hambone's picture

apropos - all we need now is Jamie Dimon on the bow of the ship shouting "I'm the king of the world" while the ship is capsizing from the stern.