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Greece should Ice the Troika!
Open Letter to the New Finance Minister of Greece Yanis Varoufakis
(This letter ran on the following notable blogs: David Stockman's ContraCorner, Dmitry Orlov's Blog, SlopeofHope, and StealthFlation)
Dear Yanis,
As an ardent admirer, with the utmost respect for what you have put forward and accomplished to date, I humbly offer my thoughts for your consideration.
In my measured estimation, requesting substantive forbearance from the TROIKA on a purely rational and fair minded basis, as you have suggested, in the anticipation of a desirable outcome, is likely a proposition which will disappoint. There obviously exist significant and powerful vested financial interests adamantly opposed to you on the other side of the table, not to mention the even more considerable, and now intensifying, European periphery precedent concerns which have clearly raised the ante.
Your adversaries' obtuse position continues to remain implacable for the most determined of self-seeking reasons, and the collateral damage that is Greece, obviously matters far less to them then the well defined and established course that they have set for themselves. Remember, they have not done the right thing previously, they don't do the right thing presently, and thus, will likely not do the right thing in the future, given the opportunity. Don't kid yourself, these adversaries are just that, lethal opponents.
Considering they were able to stomach the desolation Greece has so desperately endured throughout this period, there should be little to no expectation that they will now suddenly magnanimously change their stripes, simply because it's been determined by recently elected more reasoned and humane men, carrying a new mandate, that it's the right and sound thing to do.
Having accepted that reality, almost certainly, zero sum game theory shall be called for. Therefore, in my view, it would be critical that your Ministry of Finance promptly establish an official and entirely credible, thoroughly planned, monetary regime/reset exit program, so as to be perfectly positioned to exercise and execute a realpolitik monetary policy option/bluff, should the ensuing situation which develops call for it.
Make no mistake, Greece must have on the table a true, legitimate and authoritative default & national currency alternative, which the other side is firmly but calmly made to fully appreciate and understand, if not outright fear, even if your first choice is to actually avoid going down that extreme path.
Accordingly, onboarding an internationally recognized and highly esteemed monetary restructuring firm, with professional expertise in the comprehensive complex field of Sovereign finance and banking, would go a long way to fully validate the genuine viability of a well reasoned, planned and completely prepared alternative option for Greece. Establishing beyond any reasonable doubt the imperative credibility required to successfully leverage an epic bluff of such magnitude, or simply to have the full capability in hand, so as to be readily able to effectively exercise the monetary reset option should it become entirely necessary.
The old adage; carry a big stick so you don't have to use it, immediately comes to mind.
Finally, it is my genuine belief, that your sympathetic soul and broad shoulders are now bearing the long awaited burning bright torch of capital enlightenment, which may very well carry with it an even more momentous moment in time than the vital issue of Greece itself, that is quite naturally closest to your heart.
These are my sincere concerns, which I feel compelled to pass on to you, and would very much appreciate the opportunity to briefly discuss with you. Bluntly stated, as I see it, your only viable play is to credibly threaten going all Icelandic on the Troika's Medieval ass. Thus, the calculated corageus option/bluff game theory stratagem.
When you're up against banksters, don't bring a knife to a gunfight. The time for gentlemanly deliberations are long over with.
Good luck my brother in arms, Godspeed, and know that we are all with you.
Carpe Diem!
Respectfully,
Bruno de Landevoisin
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Yes sir, and once that's been entirely prepared, established and widely seen to be viable, you have your trump "threat" card in hand..
Capiche brother?
And it also helps if you have someone like Sammy "The Bull" Gravano to back your play.
Maybe Vlad "The Bear" Putin.
Hi Bruno
New Digital Drachma. 3000 years of brand power to leverage:
http://www.greek-coins.net/
may I suggest silver certificates?
"Speak softly and carry a big stick; you will go far." - Theodore Roosevelt
http://www.loc.gov/exhibits/treasures/trm139.html
Unfortunately Greece does not have any big sticks... (though it is interesting to see Russia step into the side wings.. and this may change the balance...).
I doubt that the election outcomes would have ushered in this change if Russia was absent.
Actually, their geographic land mass is a very big strategic stick. They can cause things to be very messy in a military sense, in a long term economic sense, too. All the PIGS are watching, and if the dominoes start to fall....the status quo is toast.
Empty threats show weakness.
"I come in peace. I didn't bring anrtillery.But I'm pleading with you, with tears in my eyes, if you f##k with me, I'll kill you all"
Gen James Mathis. USMC
It was a very effective threat- just saying some threats are better than others
Concur.
The time for Greece to "negotiate" with the EU has long since past.... Iceland laid down the path that the Greeks need to walk down. IMO the Greeks need to STFU, and do what needs doing. Not walking this walk earlier has cost their people and society dearly....
Greek Negotiations at this point brings to mind this scene in Blazing saddles.....
https://www.youtube.com/watch?v=Z_JOGmXpe5I
The truth will set you free.
Maybe so, but it may be the ultimate freedom - death.
… but it sure hurts a lot!
Just start having high level consultations with Icelandic officials. If you survive 24 hours beyond that, you will be lucky.
Getting to Iceland from Greece involves flying.
If you survive 24 hours beyond that, you will be lucky
Spot on.
I sure hope they can do it. It will take determination, and a willingness to suffer some harsh short-term conditions (Yes, even harsher than they are now) but in the longer term they will come out ahead.
The biggest danger is from the propagandists, who will no doubt use the harsh conditions to blame the new government (although those conditions existed long before this recent election) and try to force the populace into compliance.
They can make a great deal of headway with that populace however, if they do what they promise, and go after the oligarch's and their stolen money. Doing that would also help temper the inevitable reaction from the rest of Europe-they'll still be pissed, but if they see some actual reforms being done, many will agree to give them the slack they need.
C'mon Greece...we're rooting for you! You guys CAN do this!
Could start with HelleniCoin, and add paper currency later.
Greece should demand public negotiations so the "people" know what's being done to them. The EUrocrat's would defecate a cinder block avoiding that and wind up talking themselves into a hole.
I think they should demand a complete audit of all that debt...find out WHO borrowed what, and where it WENT. Every last nickel...
THAT would loosen the bowels in Brussels.
Varoufakis is proabably a great guy - I have no idea.
He has a certain look about him, though. I don't think I would borrow money from him or otherwise piss him off.
that's cause he looks a little like Bruce Willis, brings the Die Hard movies to memory. :-)
Blue jeans, a sport coat and an open collar. Looks to me like mafioso from the 70's.
He's a tough guy, sure in his convictions- no doubt.
The world is a great big place, compared to Greece, and Yanis has many powerful enemies.
Anyone remember what George "Baby Face" Nelson said when asked why he robbed banks? "That's where the money is." was his reply.
If Yanis can manage to rob the banks of the wealth they've stolen- not only from Greeks, but the entire fucking world, he's OK by me.
A sports coat... with the collar up. And a crew cut. Yep, he doesn't look like your usual soft-bellied, well manicured politician.
A tough bastard for sure. I admire that.
He seems to know his subject...that alone has to worry the bankers. It's one thing to pull the wool over the public's eyes...most don't know enough about economics to raise much of a fuss.
A different story when you're facing a guy who DOES, and who isn't impressed with you.
Agreed, and he has a microphone! That is what has been missing - someone speaking truth who can be heard, instead of bloggers and commenters like us. The message is getting out. Every day, more people discover on the Internet what the controlled media won't tell us. One day, the pool of awakened humanity just might reach critical mass demand change. The information is out there for seekers, and every displaced worker, every hungery belly, every worried citizen is a potential problem for the 'establishment'.
I certainly agree he has that "look" . More important for today: I wouldn't want him to owe me a lot of money, either. ;-)
I hope they do go full Icelandic on the bastards, and collapse the whole house of cards.
dupe
advice from the ancient past
“The secret of change is to focus all of your energy, not on fighting the old, but on building the new.” — Socrates