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Presenting The "Greek Terms Of Surrender" As Annotated By Yanis Varoufakis
The Greek "deal" has already been dubbed "a new Versailles Treaty" for good reason: for Greece, the agreement which effectively abdicates sovereignty to Germany, is precisely that.
And while few if any in Greece - and certainly its parliament - have carefully read the actual contents of the Summit statement, and instead rushed to pass the deal shortly after 1am Athens time, with hopes that just approving its contents may lead to the ECB blessing a prompt reopening of banks so Greeks can resume withdrawing their frozen deposits before the public realizes it was betrayed by its rulers once again, one person who has read it is the former finance minister Yanis Varoufakis.
And not only that: just hours before what may be the most critical vote in Greek history, he has released an annotated version of what the Euro Summit statement really means for Greece.
In his words: The Euro Summit statement (or Terms of Greece’s Surrender – as it will go down in history) follows, annotated by yours truly. The original text is untouched with my notes confined to square brackets (and in red). Read and weep… [For a pdf copy click here.]
Euro Summit Statement Brussels, 12 July 2015
The Euro Summit stresses the crucial need to rebuild trust with the Greek authorities [i.e. the Greek government must introduce new stringent austerity directed at the weakest Greeks that have already suffered grossly] as a pre- requisite for a possible future agreement on a new ESM programme [i.e. for a new extend-and-pretend loan].
In this context, the ownership by the Greek authorities is key [i.e. the Syriza government must sign a declaration of having defected to the troika’s ‘logic’], and successful implementation should follow policy commitments.
A euro area Member State requesting financial assistance from the ESM is expected to address, wherever possible, a similar request to the IMF This is a precondition for the Eurogroup to agree on a new ESM programme. Therefore Greece will request continued IMF support (monitoring and financing) from March 2016 [i.e. Berlin continues to believe that the Commission cannot be trusted to ‘police’ Europe’s own ‘bailout’ programs].
Given the need to rebuild trust with Greece, the Euro Summit welcomes the commitments of the Greek authorities to legislate without delay a first set of measures [i.e. Greece must subject itself to fiscal waterboarding, even before any financing is offered]. These measures, taken in full prior agreement with the Institutions, will include:
By 15 July
- the streamlining of the VAT system [i.e. making it more regressive, through rate rises that encourage more VAT evasion]and the broadening of the tax base to increase revenue [i.e. dealing a major blow at the only Greek growth industry – tourism].
- upfront measures to improve long-term sustainability of the pension system as part of a comprehensive pension reform programme [i.e. reducing the lowest of the low of pensions, while ignoring that the depletion of pension funds’ capital due to the 2012 troika-designed PSI and the ill effects of low employment & undeclared paid labour].
- the safeguarding of the full legal independence of ELSTAT [i.e. the troika demands complete control of the way Greece’s budget balance is computed, with a view to controlling fully the magnitude of austerity it imposes on the government.]
- full implementation of the relevant provisions of the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union, in particular by making the Fiscal Council operational before finalizing the MoU and introducing quasi-automatic spending cuts in case of deviations from ambitious primary surplus targets after seeking advice from the Fiscal Council and subject to prior approval of the Institutions [i.e. the Greek government, which knows that the imposed fiscal targets will never be achieved under the imposed austerity, must commit to further, automated austerity as a result of the troika’s newest failures.]
By 22 July
- the adoption of the Code of Civil Procedure, which is a major overhaul of procedures and arrangements for the civil justice system and can significantly accelerate the judicial process and reduce costs [i.e. foreclosures, evictions and liquidation of thousands of homes and businesses who are not in a position to keep up with their mortgages/loans.]
- the transposition of the BRRD with support from the European Commission.
Immediately, and only subsequent to legal implementation of the first four above-mentioned measures as well as endorsement of all the commitments included in this document by the Greek Parliament, verified by the Institutions and the Eurogroup, may a decision to mandate the Institutions to negotiate a Memorandum of Understanding (MoU) be taken [i.e. The Syriza government must be humiliated to the extent that it is asked to impose harsh austerity upon itself as a first step towards requesting another toxic bailout loan, of the sort that Syriza became internationally famous for opposing.]
This decision would be taken subject to national procedures having been completed and if the preconditions of Article 13 of the ESM Treaty are met on the basis of the assessment referred to in Article 13.1. In order to form the basis for a successful conclusion of the MoU, the Greek offer of reform measures needs to be seriously strengthened to take into account the strongly deteriorated economic and fiscal position of the country during the last year [i.e. the Syriza government must accept the lie that it, and not the asphyxiation tactics of the creditors, caused the sharp economic deterioration of the past six months – the victim is being asked to take the blame by the on behalf of the villain.]
The Greek government needs to formally commit to strengthening their proposals [i.e. to make them more regressive and more inhuman] in a number of areas identified by the Institutions, with a satisfactory clear timetable for legislation and implementation, including structural benchmarks, milestones and quantitative benchmarks, to have clarity on the direction of policies over the medium-run. They notably need, in agreement with the Institutions, to:
- carry out ambitious pension reforms [i.e. cuts] and specify policies to fully compensate for the fiscal impact of the Constitutional Court ruling on the 2012 pension reform [i.e. cancel the Court’s decision in favour of pensioners] and to implement the zero deficit clause [i.e. cut by 85% the secondary pensions that the Syriza government fought tooth and nail to preserve over the past five months] or mutually agreeable alternative measures [i.e. find ‘equivalent’ victims] by October 2015;
- adopt more ambitious product market reforms with a clear timetable for implementation of all OECD toolkit I recommendations [i.e. the recommendations that the OECD has now renounced after having re-designed these reforms in collaboration with the Syriza government], including Sunday trade, sales periods, pharmacy ownership, milk and bakeries, except over-the-counter pharmaceutical products, which will be implemented in a next step, as well as for the opening of macro-critical closed professions (e.g. ferry transportation). On the follow-up of the OECD toolkit-II, manufacturing needs to be included in the prior action;
- on energy markets, proceed with the privatisation of the electricity transmission network operator (ADMIE), unless replacement measures can be found that have equivalent effect on competition, as agreed by the Institutions [i.e. ADMIE will be sold off to specific foreign vested interests at the behest of the Institutions.]
- on labour markets, undertake rigorous reviews and modernisation of collective bargaining [i.e. to make sure that no collective bargaining is allowed], industrial action [i.e. that must be banned] and, in line with the relevant EU directive and best practice, collective dismissals [i.e. that should be allowed at the employers’ whim], along the timetable and the approach agreed with the Institutions [i.e. the Troika decides.]
On the basis of these reviews, labour market policies should be aligned with international and European best practices, and should not involve a return to past policy settings which are not compatible with the goals of promoting sustainable and inclusive growth [i.e. there should be no mechanisms that waged labour can use to extract better conditions from employers.]
- adopt the necessary steps to strengthen the financial sector, including decisive action on non-performing loans [i.e. a tsunami of foreclosures is ante portas] and measures to strengthen governance of the HFSF and the banks [i.e. the Greek people who maintain the HFSF and the banks will have precisely zero control over the HFSF and the banks.], in particular by eliminating any possibility for political interference especially in appointment processes. [i.e. except the political interference of the Troika.] On top of that, the Greek authorities shall take the following actions:
- to develop a significantly scaled up privatisation programme with improved governance; valuable Greek assets will be transferred to an independent fund that will monetize the assets through privatisations and other means [i.e. an East German-like Treuhand is envisaged to sell off all public property but without the equivalent large investments that W. Germany put into E. Germany in compensation for the Treuhand disaster.] The monetization of the assets will be one source to make the scheduled repayment of the new loan of ESM and generate over the life of the new loan a targeted total of EUR 50bn of which EUR 25bn will be used for the repayment of recapitalization of banks and other assets and 50 % of every remaining euro (i.e. 50% of EUR 25bn) will be used for decreasing the debt to GDP ratio and the remaining 50 % will be used for investments [i.e. public property will be sold off and the pitiful sums will go toward servicing an un-serviceable debt – with precisely nothing left over for public or private investments.] This fund would be established in Greece and be managed by the Greek authorities under the supervision of the relevant European Institutions [i.e. it will be nominally in Greece but, just like the HFSF or the Bank of Greece, it will be controlled fully by the creditors.] In agreement with Institutions and building on best international practices, a legislative framework should be adopted to ensure transparent procedures and adequate asset sale pricing, according to OECD principles and standards on the management of State Owned Enterprises (SOEs) [i.e. the Troika will do what it likes.]
- in line with the Greek government ambitions, to modernise and significantly strengthen the Greek administration, and to put in place a programme, under the auspices of the European Commission, for capacity-building and de-politicizing the Greek administration [i.e. Turning Greece into a democracy-free zone modelled on Brussels, a form of supposedly technocratic government, which is politically toxic and macro-economically inept] A first proposal should be provided by 20 July after discussions with the Institutions. The Greek government commits to reduce further the costs of the Greek administration [i.e. to reduce the lowest wages while increasing a little the wages some of the Troika-friendly apparatchiks], in line with a schedule agreed with the Institutions.
- to fully normalize working methods with the Institutions, including the necessary work on the ground in Athens, to improve programme implementation and monitoring [i.e. The Troika strikes back and demands that the Greek government invite it to return to Athens as Conqueror – the Carthaginian Peace in all its glory.] The government needs to consult and agree with the Institutions on all draft legislation in relevant areas with adequate time before submitting it for public consultation or to Parliament [i.e. Greek Parliament must, again, after five months of short-lived independence, become an appendage of the Troika – passing translated legislation mechanistically.] The Euro Summit stresses again that implementation is key, and in that context welcomes the intention of the Greek authorities to request by 20 July support from the Institutions and Member States for technical assistance, and asks the European Commission to coordinate this support from Europe;
- With the exception of the humanitarian crisis bill, the Greek government will reexamine with a view to amending legislations that were introduced counter to the February 20 agreement by backtracking on previous programme commitments or identify clear compensatory equivalents for the vested rights that were subsequently created [i.e. In addition to promising that it will no longer legislative autonomously, the Greek government will retrospectively annul all Bills it passed over the past five months.]
The above-listed commitments are minimum requirements to start the negotiations with the Greek authorities. However, the Euro Summit made it clear that the start of negotiations does not preclude any final possible agreement on a new ESM programme, which will have to be based on a decision on the whole package (including financing needs, debt sustainability and possible bridge financing) [i.e. self-flagellate, impose further austerity upon an economy crushed by austerity, and then we shall see whether the Eurogroup will grave you with another toxic, unsustainable loans.]
The Euro Summit takes note of the possible programme financing needs of between EUR 82 and 86bn, as assessed by the Institutions [i.e. the Eurogroup conjured up a huge number, well above what is necessary, in order to signal the debt restructuring is out and that debt bondage ad infinitum is the name of the game.] It invites the Institutions to explore possibilities to reduce the financing envelope, through an alternative fiscal path or higher privatisation proceeds [i.e. And, yes, it may possible that pigs will fly.] Restoring market access, which is an objective of any financial assistance programme, lowers the need to draw on the total financing envelope [i.e. which is something the creditors will do their utmost to avoid, e.g. by ensuring that Greece will only enter the ECB’s quantitative easing program in 2018, once quantitative easing is… over.]
The Euro Summit takes note of the urgent financing needs of Greece which underline the need for very swift progress in reaching a decision on a new MoU: these are estimated to amount to EUR 7bn by 20 July and an additional EUR 5bn by mid August [i.e. Extend and Pretend gets another spin.] The Euro Summit acknowledges the importance of ensuring that the Greek sovereign can clear its arrears to the IMF and to the Bank of Greece and honour its debt obligations in the coming weeks to create conditions which allow for an orderly conclusion of the negotiations. The risks of not concluding swiftly the negotiations remain fully with Greece [i.e. Once more, demanding that the victim takes all the blame in behalf of the villain.] The Euro Summit invites the Eurogroup to discuss these issues as a matter of urgency.
Given the acute challenges of the Greek financial sector, the total envelope of a possible new ESM programme would have to include the establishment of a buffer of EUR 10 to 25bn for the banking sector in order to address potential bank recapitalisation needs and resolution costs, of which EUR 10bn would be made available immediately in a segregated account at the ESM [i.e. the Troika admits that the 2013-14 recapitalisation of the banks, which would only need a top up of at most 10 billion, was insufficient – but, of course, blames it on… the Syriza government.]
The Euro Summit is aware that a rapid decision on a new programme is a condition to allow banks to reopen, thus avoiding an increase in the total financing envelope [i.e. The Troika closed Greece’s banks to force the Syriza government to capitulate and now cries out for their re-opening.] The ECB/SSM will conduct a comprehensive assessment after the summer. The overall buffer will cater for possible capital shortfalls following the comprehensive assessment after the legal framework is applied.
There are serious concerns regarding the sustainability of Greek debt [N.b. Really? Gosh!] This is due to the easing of policies during the last twelve months, which resulted in the recent deterioration in the domestic macroeconomic and financial environment [i.e. It is not the Extend and Pretend ‘bailout’ loans of 2010 and 2012 that, in conjunction with GDP-sapping austerity, caused the debt to scale immense heights – it was the prospect, and reality, of a government that criticized the the Extend and Pretend ‘bailout’ loans that… caused Debt’s Unustainability!]
The Euro Summit recalls that the euro area Member States have, throughout the last few years, adopted a remarkable set of measures supporting Greece’s debt sustainability, which have smoothed Greece’s debt servicing path and reduced costs significantly [i.e. The 1st & 2nd ‘bailout’ programs failed, the debt skyrocketing as it was always going to since the real purpose of the ‘bailout’ programs was to transfer banking losses to Europe’s taxpayers.] Against this background, in the context of a possible future ESM programme, and in line with the spirit of the Eurogroup statement of November 2012 [i.e. a promise of debt restructure to the previous Greek government was never kept by the creditors], the Eurogroup stands ready to consider, if necessary, possible additional measures (possible longer grace and payment periods) aiming at ensuring that gross financing needs remain at a sustainable level. These measures will be conditional upon full implementation of the measures to be agreed in a possible new programme and will be considered after the first positive completion of a review [i.e. Yet again, the Troika shall let the Greek government labour under un-payable debt and when, as a result, the program fails, poverty rises further and incomes collapse much more, then we may haircut some of the debt – as the Troika did in 2012.]
The Euro Summit stresses that nominal haircuts on the debt cannot be undertaken [N.b. The Syriza government has been suggesting, since January, a moderate debt restructure, with no haircuts, maximizing the expected net present value of Greece’s repayments to creditors’ – which was rejected by the Troika because their aim was, simply, to humiliate Syriza.] Greek authorities reiterate their unequivocal commitment to honour their financial obligations to all their creditors fully and in a timely manner [N.b. Which can only happen after a substantial debt restrucuture.] Provided that all the necessary conditions contained in this document are fulfilled, the Eurogroup and ESM Board of Governors may, in accordance with Article 13.2 of the ESM Treaty, mandate the Institutions to negotiate a new ESM programme, if the preconditions of Article 13 of the ESM Treaty are met on the basis of the assessment referred to in Article 13.1. To help support growth and job creation in Greece (in the next 3-5 years) [N.b. Having already destroyed growth and jobs for the past five years…] the Commission will work closely with the Greek authorities to mobilise up to EUR 35bn (under various EU programmes) to fund investment and economic activity, including in SMEs [i.e. Will use the same order of magnitude of structural funds, plus some fantasy money, as were available in 2010-2014.] As an exceptional measure and given the unique situation of Greece the Commission will propose to increase the level of pre-financing by EUR 1bn to give an immediate boost to investment to be dealt with by the EU co-legislators [i.e. Of the headline 35 billion, consider 1 billion as real money.] The Investment Plan for Europe will also provide funding opportunities for Greece [i.e. the same plan that most Eurozone ministers of finance refer to as a phantom program].
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Can't you read. Read what i wrote about liability and debt. They paid the liability off, not the debt. Debt is on your side of the financial transaction, liability is the other side. People get confused with debt/credit, its an accounting thing.
In any case, read carefully what i wrote.
So then the U.S. has never paid back it's debt in... well, forever. Neither has Germany. That's what you're saying about Greece, right?
With the US is very interesting and sneaky....
Ok I can write a book on this. So I'm going to cheat and point you to see a few things.
ZeroHedge Note: I can't get any of your features to work. Like strikethrough and HTML, ok just noticed, that html link below worked, but the strike through isn't working.
Go here www.federalbudget.com
Look at the chart. Here is the very sneaky and dishonest thing that the US does. The chart for Social Security is on a 2nd chart, not on the main chart, why? Because it is off book. That means it is not on the books, the statement of accounts. And so they don't have to have that in the offical budget! Furthermore, there is no money in Social Security, it is filled with IOUs. The government spends it all, immediately.
You see the US government is technically bankrupt, but they can get away with the bankruptcy because they can continuously borrow money, and people take their TBills and Bonds. Lucky them.
But here is the problem. Look closely at the chart, there are 4 major expenditures, defense, social security, health and treasury. Now if you see they have been trying to cut spending for years, but health and social security are problems they can't get them under control. Furthermore, look at all the other minor offices, they are meaningless to the budget. They have only 4 major areas to cut. So you think they are going to cut social security? if they did it would be civil war. How about health care? Well they tried that, the solution, Obamacare! What a failure that is. How about Defense....Islamic State takes over the world! Ok Treasury, well good news is that interest rates are down, but debt is building. Imagine if interest rates were to climb? Ain't going to happend. The FED will not raise rates, if they do, bye bye US budget...hello Greece nightmare.
So you can see the US is screwed! So they have to stay the course... print money, and pray people around the world by their TBills. Its a big gamble. USA is in serious trouble.
I can write more but i think you get the picture, at least you should.
As for Germany. Firstly, the keep good books! But they are increasing debt, but they have good balance -of -trade, they can support their debt. France can not, Italy can not, Spain definitely can not. Don't worry about German debt, if they had to, they could pay it off real quick. As for France and Italy and Spain, mama mia che dolori (what pain!).
"...Don't worry about German debt, if they had to, they could pay it off real quick..."
Except for that 16Bn DM in 1953. Which it could never have paid off if it wasn't forgiven from their 33Bn of total debt.
And the only way Germany can possibly pay off it's current debt is to collect on all the bad bonds or other loans it's banks have made through the various Troika loan-sharking mechanisms. Since the German banks (like the French banks and the British and American banks) have all dived so deeply into the sub-sub-prime Soverign terrirory, they HAVE to collect or go broke. And the only way they can keep up the anticipated payement streams (which they NEED to stay solvent) is to loan their debtors enough money to keep making payments. Oh, and demand mroe austerity from their debtors.
I'm not disagreeing with you, Cold-Pragmatism. I'm just pointing out the absurdity of everyone doing the same thing, but then singling out the smallest, weakest members for a beating. Germany and the U.S. can NEVER pay off their debts either under the current rules unless they keep the whole Ponzi going. Germany is far less in the hole, but is still dependent on a payment stream from bankrupt Greece (and bankrupt Portugal and Italy and on and on...). German banks ARE BROKE if you consider all the bad debt they have on their books. German people can pay off their own soverign debt but they would be brought to their knees bailing in their banks.
The only difference with Greece is that they're on the bottom of the food chain - they never had the money to lend out to other members of the Ponzi. Germany, France (previously) and the U.S. are in no higher moral position - they were just big enough to feed off the proceeds of their own Ponzi so they never were pushed into a corner like Greece. Obviously, their day will come. Preventing a Greek default puts off that day for a while longer.
Greece's problem is the U.S.'s problem - we just have a bigger printing press.
I don't want to get into an argument with you, but, as for 1953, well lets go back to 1919 and the Treaty Versailles, remember the WW1 ended in a draw. Germany did not surrender. When German arrived in Versailles they LITERALLY were threatened with their lives and that war would begin again, the representatives of German literally had weapons on show to them. This is all true. Furthermore, Germany up untill the treaty was signed was blockaded by the French, Americans and British. Nearly 1,000,000 germans died of starvation after the war was over! These are all war crimes and all this contributed to Hitler being very angry with the French. Do you see where I am going with this? You will not read about these things in American or British textbooks, but you do in German books. Tread very carefully sir, you are entering a minefield of guilt on everybody shoulders.
Greece is at the bottom of the food change because they didn't bother putting all their debt into advancing their country, but instead it went into buying votes through pensions and alike. Germany restructed their economy, and did it again 15 years ago, and so they have a strong balance-of-trade book! Greece could have done the right thing, they didn't. They took the soft option, and used the money/debt to go on holidays and drink ouzo, and now they are paying the price. The Germans can carry their debt easy! Balance-of-trade mate, balance-of-trade. If the Greeks want what the Germans have, they can learn to work for it!
Paveway IV, you need to learn the facts about what really happened in the past. Your perspective of history, is very limited. So limited, that it is giving you very wrong impressions of what is happening today. Go do some research, but don't rely on British or American literature, 90% of it is all a bunch of lies.
I strongly recommend you learn German...you're in for a shock when you read about the things the Americans and English conveniently leave out of their literature.
BTW: Russian books are good too, especially for maths and physics, thought id throw that in there.
In short, never read history by the victors, they always lie. Remember in the American and Britain, all textbooks are vetted by the Education Departments, you can't imagine the dishonesty that goes on there. Yes this is brainwashing, and it is illegal, its actually a Crime Against Humanity, and the US and UK are guilty of it. But who is going to do anything about it? The UN? You see the problem.
"...Your perspective of history, is very limited..."
So you are insisting that if all the bad loans German banks made - KNOWING the debtors could never pay them back - were all to default, the average German wouldn't be screwed because 'Balance of trade mate, balance of trade'?
You sound like one of our U.S. politicians. I certainly don't wish for mass defaults to destroy the economy of Germany - but there's always that risk of that happening and it increases ever single day in Europe. That's not demonizing the German people, it's demonizing their political leaders and bankers that have been raping the German people to enrich themselves.
Bad things happen when foreigners try to screw over the working people in Germany. Really bad things happen when banks try to screw over the working people of Germany and then try to blame foreigners.
I'm pretty comfortable with that 'limited perspective' of Germany - the rest is noise.
Since this is not a secret, why did anyone lend them money? And more money? And even more after that?
Ever hear of due diligence?
I replied to your question further down. I got the reply buttons mixed up some how.
...or maybe not incompetence but the grandest of larceny. Incompetence would be not knowing what they were doing; I think larceny is more probable.
Greeks and especially Varoufakis and Tsipras, are all talk and no guts.
They will vote for everything the EU wants.
Typically Greek, complain, complain and complain. But they really have no courage to do something (like take matters in your own hands, like any responsible adult would, and exit!)...nope...they are all clueless and gutless!
These are not people, they are sheep....let the wolves now feed.
It is an act of self castration of the Greek government to follow these rules. The only question remaining: Why do the heck they comply?
Someone may have whispered in their ears about a nailgun
I think they would deserve this nail - gun.
upcoming trends - setting fire to yourself in public after government seized your bank savings, property and other valueables
Greek (on) Fire ?
You need an extinguisher with about 400 billion in it to put out a Greece fire.
No... that already happens in America over draconian anti-male child suppport laws.
http://freekeene.com/2011/06/16/thomas-james-ball-self-immolated-in-prot...
This one was totally ignored by the national press.
Okay maybe this is a little more extreme than a majority of the TEA PARTY fakers voting in favor of Obama's 2009 Iraq War funding extension.
TP wasn't actually a phenom until 2010. Even then only Rand Paul and Mike Lee in the Senate. Then Cruz in 2012. The House has maybe two dozen who vote like they're TP. One being my rep, Congressman Meadows.
Greece, the cradle of Western Civilization, has now become the cradle of Western Civilizational Collapse. Greece lead the way on democracy and now they are leading the way on total financial collapse.
If the Greeks want to come out of this with their honor intact, they should renounce all debt, take the pain, and set out on an urgent nationwide project of converting to self sustainability. Sure, that will incur a lot of pain, but at least they would end up with something worthwhile instead of perpetually hung out to dry by the blood sucking financial leeches who rule the EU.
If they sign this, then hang your heads in abject shame, TRAITORS to the Greek people who said OXI
Has this clown Varoufakis voted IN FAVOR of the resolution he "weeps" about?
He can do it. Hypocrisy knows no bounds.
Piece of shit.
He did not vote in favor of it. Tsipras is taking it back to his government to be voted on.
Varoufakis stepped down as Fin min. He was not in on the creation of this.
I am not defending him, but the facts do need to be on the record, correctly, before we come to conclusions.
"Varoufakis stepped down as Fin min. He was not in on the creation of this."
No Greek was on the creation of this. Varoufakis, though he has stepped down can still vote. We'll see whose side he's on... if he doesn't go on holidays instead, of course.
Let's not forget he is one of the main architects of the debacle.
http://www.nakedcapitalism.com/2015/07/greece-has-made-no-preparation-fo...
And thank you for not letting me stray from the truth out of anger, MsCreant. Much appreciated.
.
This is where the swipe the stuff that was nialed down. With the help of the Greek government. All for another hit off the fiat crack pipe.
More German payback for 1919 coz looks like a new 'Treaty of Versailles.' We know how that ended.
Listen. I love Greece.
But their internal governance is right up there with California in that it is a hysterical fantasy land of wealth and privilege for state-party insiders built upon a fun and games bureaucracy maintained by winks and giggles and wincing regulation.
You think that is an exaggeration, but look at the California pension system buoyed by these last years of fantasy football stats cum Wall Street.
Nearly 20% of Cal state budgets go toward pension obligations.
The music will stop.
Wearing my old banker hat I would chase Greece on these same covenants too - because I can and like naughty school boys they deserve it.
Greece's problem is that it does not have the Will to re-invent itself. So they will (potentially) die on the vine in the face of Euro-fascism - which they signed up for.
If you need to understand the Realpolitik, just pretend Germany won WW2.
A state like Greece with all it vaulted history, tourism industry and perfect position to play Russia/China with an off-shore banking industry to supplant US hegemony is a recipe for financial independence.
But like most welfare queens, they are going to play the TV loud, chain smoke while they scream at their baby and wait for the Sheriff to evict them - so they can be someone else's problem.
RIP Greece.
Varoufakis: Dealing with monsters.
http://www.sott.net/article/298986-Dealing-with-monsters-Yanis-Varoufaki...
Full of faux sound and faux fury and signaling a CYA gesture. His responses lack force and brevity. Had an alternate currency been prepared, they would have forced the EU masters, bankers, to face a collapse from credit default swaps and derivatives in repudiated Greek debt. Nice guys lose.
And this guy has any credibility because....?????
Whatthefackus is trying to turd polish his legacy for future generations who use him and Tsipras' name as a curse word in Greek
So basically they intend to strip the country clean of every asset.
Turn anyone owing a penny of mortgage arrears out their properties.
Suspend democracy - which hardly matters as the Greek government will be a joke.
And spit the Greek people out like chaff to rot.
Welcome to the Fourth Reich folks.
It makes Hitler look humane.
It makes Hitler look humane...really, you genuinely believe that?
German 'austerity' circa 1942 included literally taking food as payment (For their invasion costs) from the Greeks resulting in over one million men, women, and children starving to death in one year.
Eisenhower starved almost a million germans AFTER the war was over.
No, it wasn't the Americans obligation to feed the German vermin following their ignoble demise. The Russians had the right idea in their sector.
Hey Jew PIG bastard. Hitler said he could have killed all you KIKEs but left a few alive to show people in the future WHY he killed them.
I fully understand now.
See, see how DoucheButtBoy2015 responds? What I posted had absolutely nothing to do with this Buchenwald Oven Operator's comment, but because I am the ZH defacto Jooo, I am attacked simply because I am the Joooo. You are an evil fucking 'human.' No wonder the Douche are such duplicitous swine, they're kissing cousins of the German.
Did you mean Jew PIIGS Bastard?
In any case we can not condone your behavior here in ZH.
- There are historical narratives, and there are inflammatory statements
- Please learn the Difference
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I think we can state the the CFR, Trilateral Commission, the Group of 30, the Bilderbergers Exist today... Perhaps you should concentrate your comments on them.
I doubt you will see this message since you are always on a tear.
I am just one voter in the ZH Community. I am nothing special. You have no reason to consider my words important at all... you can just Emote.
Perhaps you are just a young man Emoting after all. I think that is how I will Describe you. A Tween or a Teen.
Good Bye.
I am late to the party. It just dawned on me that Greece has been conquered without firing a shot. Her roiling masses are scratching around in the streets, mouths agape, not sure what has just happened; exactly as anticipated. There are no guns, no one to shoot at, not a fucking thing they can do but eat their peas. Extraordinary times we live in.
I'm not so sure that Greece is any different than even the US. National sovereignty is a hollow shell in the West. EU and US polities are nearly identical today. From Central Banking to immigration to the administrative codification of every human activity. I don't think people generally understand just how far the administrative state has progressed.
-1 for "EU and US polities are nearly identical today". simply ridiculous
He is fully right. big government, big corporations big stealing and lying ot the citizens. That you can't see that is poor, really poor.
he is fully wrong, when he says that the polities are the same. he seems not even to know the difference between a polity and a policy
Did American citizens abdicate sovereignty to GM way back when?
Probably forgotton, but it's still important to remember what happened in Europe.
Back in 1973 the BBC put out this series of 26 episodes of WWII. It's all here, and some parts are very painful to watch.
But this really happened, and not all that long ago.
It's worth watching.
Here's a link to the entire series: https://www.youtube.com/watch?v=h-yI9D9oZgQ&list=PL3H6z037pboEKhZaLYS879...
oddly...if Greece were on the African continent and full of blacks there would be no concern at all about the poor.
Greece is lucky it has neighbors to be so cruel as to lend it money.
Having sat down with dozens of ministers from countries in 4 continents i can state unequivocally as Doc. says that Politicians are two a penny and their level of competence is matched only by their level of arrogance, in that, despite being totally unequipped to make business/economic decisions on behalf of their voters their ego's shine through.
In every country these Critters are made up almost entirely from the Public Schools (academia) and possess few skills or insight into the machinations of the Real World. Further they are Ripe for Manipulation from the Banking Fraternity who ruthlessly exploit them for financial gain which is never in the interests of the Public.
Just when Greeks thought there was nothing more to learn about taking it up the butt...
Hey Greek is the new French.
The cost of remaining European. Their gov't chose this pathway for the Greek people. What are they going to do about it? Nothing
"Treaty on Stability, Coordination and Governance in the Economic and Monetary Union"
Who'd sign something that scary sounding?
Among others the German politicians.
Sorry the Greeks aren't 'victims' here. The sad fact is that they voted their way into financial bankruptcy over 65 years via the voting booth. Its ironic that ZHers hyperventilate at the 'loss of Democracy' when it was their exercise of democracy of this period, voting for politicians that would dole out free stuff, that took them to bankruptcy. If ZHers feel different, I suggest you pool your money and open a bank in Greecs. We'll see how that works out.
Now, did Goldman massage their debt numbers? Yes of course, but that was done at the behest of Greece's leaders who wanted 'in', while Kohl and other europhiles, who also wanted them in, looked away. But you know what? You can only 'massage' debt that exists. In other words, each of us has to choose how much debt we want to take on. And we have to choose via the ballot box, how much debt we want our countries to take on. Unfortunately, in most 'democracies' today, that means having to start a new political party to get officials who will do what a vote for fiscal sanity calls for. This is particularly true in the US where both sides just feed their pet interest at the expense of the masses. But the 'masses' are to beholden to the free goodies to make a stink... and so it will eventually meet the same fate as Greece. So who of us is starting new parties?
So is 'democracy' dead in Greece? It may well be - but at the hands of the Greeks.
Samuel Johnson's quote puts it well: 'The chains of habit are too light to be felt until they are too heavy to be broken'.
And so they are.
What are YOUR 'chains of habit' fellow ZHer? And what are you doing about it......
+1
Is it safe to assume that you have surmized this Greek pathology is now international including the USSA?
Oh, totally. The Greeks are just the first to reach the 'end game'. But we're all riding on this shit-train.
I'm not saying I'm happy about it. There will be huge human suffering with this turn and that sucks. But we have to take ownership of the positions we put ourselves in. If we don't put ourselves in debt, we can't be manipulated by those who own our debt.
Napolean had a quote about how when a government gets its funding from bankers, the elected officials are not longer in control. That quote was taken in 1815? What have learned? Apparently nothing.
Oh, totally. The Greeks are just the first to reach the 'end game'. But we're all riding on this shit-train.
I'm not saying I'm happy about it. There will be huge human suffering with this turn and that sucks. But we have to take ownership of the positions we put ourselves in. If we don't put ourselves in debt, we can't be manipulated by those who own our debt.
Napolean had a quote about how when a government gets its funding from bankers, the elected officials are not longer in control. That quote was taken in 1815? What have learned? Apparently nothing.
And what country are you from? Because as far as I can see, ALL the countries taking part in this are being run by people who can claim to have won an election.
Just because you win a majority vote, doesn't mean those who are against you lose their right to defy you. Democracy is nothing more than dictatorship by majority vote. Those who do not agree still have rights, even if those who win would rather ignore them.
So again, which country are you from? Are you from the US, where we elected Obama not once, but TWICE? Or France, Germany, Ireland, etc? ALL of them have significant groups who did NOT vote for that leadership, and you'd best not ignore those voices. Even if you think they have no right to complain because their fellow citizens made a bad choice.
So, when your country fucks up, you are willing to pay the price, even if you DIDN'T vote for the idiots in charge? Even if what they did violated every standard you HAVE?
I didn't think so...neither does, or should, anyone else.
Most modern democracies here in europe have 5 or 6 parties sharing power.
I voted in Dutch elections a couple of months ago. The ballot had 10 parties and a list of people a mile long under each one.
Modern welfare states, where herding the sheep is a finely tuned machine. European history absent some very superior individuals is little better than African grub eaters. Only the briefest interludes of peaceful coexistence. Barbarity didnt' end with the Vandals, only the Americans provided you EuroTrash w/ the opportunity to stop murdering wholesale. Which Douche party did you vote for in the Douche elections a couple of months ago?
Bemused - I think the question of country is besides the point.
My views have not been 'represented' in 30 years at the national level, and I certainly have no local representation.
So I'm in that minority all day long. Again, making a general observation here. For anyone willing to look, there ARE countries with democracies that still have very low debt to GDP levels. And when you consider that the US has 93M not in the labor force, I don't think it can be automatically 'assumed' out of hand that such countries have more poverty or dramatically different wealth distribution. That actually would be an interesting analysis to under take if one had time.
Democracy does not have to be a dictatorship by the majority. A lot of ink was spilt in the Federalist Papers on tht topic. But the US doesn't bother with following founding documents. The Moderns are too sophisticated for that. They take the 'living document' view..... 'positivism' rules the day. 'We just want what we want' until they collide with this nasty thing called 'basic math'.
I don't believe I've suggested that those who have not supported the idiots just lay down for it. I'm staying that 'not' going along and taking ownership of personal decisions first is the one thing we can all do. Think about it: if EVERYONE did JUST that, there would be no problem in the aggregate in the first place. I think that logic is correct. Its the rule of subsidiarity.
So read and respond to what I actually said: not what you're projecting onto it.
Bemused - I think the question of country is besides the point.
My views have not been 'represented' in 30 years at the national level, and I certainly have no local representation.
So I'm in that minority all day long. Again, making a general observation here. For anyone willing to look, there ARE countries with democracies that still have very low debt to GDP levels. And when you consider that the US has 93M not in the labor force, I don't think it can be automatically 'assumed' out of hand that such countries have more poverty or dramatically different wealth distribution. That actually would be an interesting analysis to under take if one had time.
Democracy does not have to be a dictatorship by the majority. A lot of ink was spilt in the Federalist Papers on tht topic. But the US doesn't bother with following founding documents. The Moderns are too sophisticated for that. They take the 'living document' view..... 'positivism' rules the day. 'We just want what we want' until they collide with this nasty thing called 'basic math'.
I don't believe I've suggested that those who have not supported the idiots just lay down for it. I'm staying that 'not' going along and taking ownership of personal decisions first is the one thing we can all do. Think about it: if EVERYONE did JUST that, there would be no problem in the aggregate in the first place. I think that logic is correct. Its the rule of subsidiarity.
So read and respond to what I actually said: not what you're projecting onto it.
Take the thought one a step further. The dems voted in the mad man Obama who is destroying the U.S. with debt. When the US goes under are the voters going to take the heat or they going to blame presidents like Obama. Using your criteria most US voters are imbeciles just like the Greeks for allowing all the debt. Where is the scream today to stop it?...
Good question.
There's ignorance: 'I don't know'.
There's stupidity: 'I don't get it'.
There's denial: 'It'll all work out' (people have a huge capacity (normalcy bias) to blow smoke up their own asses).
There's incompetence: 'I don't know what to do about it'.
There's cowardice: 'I don't have the balls to do anything about it' (take me to the slaughterhouse post haste! Baaa, Baaa, Baaa).
Any others?
Good question.
There's ignorance: 'I don't know'.
There's stupidity: 'I don't get it'.
There's denial: 'It'll all work out' (people have a huge capacity (normalcy bias) to blow smoke up their own asses).
There's incompetence: 'I don't know what to do about it'.
There's cowardice: 'I don't have the balls to do anything about it' (take me to the slaughterhouse post haste! Baaa, Baaa, Baaa).
Any others?
Obama was not elected. Obama was installed. Obama was a nobody that came out of nowhere and appointed the exact same people who betrayed this country.
Lehman was a planned and, carefully, orchestrated crime. Obama was installed to confound the masses and detract attention away from the 14 trillion dollar theft of equity, and benefits from pensioners.
When is everyone going to clue in that there is no difference between Democrat and Republican?
Obama was a nobody and still is. He is not fit to be my caddy let alone POTUS.
They are both a joke, just serving different groups, but certainly not the health of the whole.
I once heard congress described as follows:
- 15% are earnestly left.
- 15% are earnestly right.
- The rest are just happy to be there.
We should add 'and will do anything to stay there (at the trough).
We really no longer have 'left' and 'right'. That's a show to distract us.
Instead we have 'top' and 'bottom'. And those who don't recognize that will get their heads taken off like an American in Sydney getting smacked by a bus because he looked the wrong way crossing the street.
Vote Repubican. they are all sane and want to help you.
They happily spend other peoples money, just like the Dems-and they voted for the TPP. Traitors
Who is hyperventilating about democracy? Here "ZHers" is just a shorthand for a strawman that you can set up and attack. Democracy is a very blunt instrument as I'm sure most real ZHers know. Personally I find the idea that I can elect someone to borrow funds on my behalf to be repugnant and wrong. So democracy was always dead, never provided a sensible way to manage the finances of any nation. The Greek people have been truly shafted and I think it's only real assholes that can watch a country being hollowed out like this and say that they deserve it. The reality, yes the masses are stupid, but they are supposed to be protected by proper statesmen with spines, whereas the political class in Europe is and America is invertibrate. Maybe that's everyones fault, but the ordinary Greeks have done nothing much different to any other European or American populace. It's just assholes that apportion blame to the people, especially when a tiny elite have made out like bandits. As for our chains of habit, we are the spectators of suicide, we can do nothing but watch and talk about it.
It is very sad and, at the same time, comical when you, proudly, refer to this mysterious "exercise of democracy"!!!!
What planet do you live on to suggest there is such a system on this planet? Last I checked a few hundred people get together a few times a year (Bilderbergers, Jackson Hole and Davos) to decide the other several billion's destiny and determine how the Diebold voting machines will be programmed.
Even when that does not turn out as expected SCOTUS will step on any attempt at a democratic process and install the predetermined toady into the WH!!!!
I am not even going to entertain the thought that you believe any words that you wrote or you could, or would ,argue my position.
Then you go on to compare high crimes and treason to a "massage"!!!!???? As if the orchestrated destruction of the civilized world's economy, by a few chosen individuals, compares to a day at the spa! Hardly! Cooking the books to circumvent The Maastricht rules should have been considered a capital offense punishable by death, especially seeing the result and suffering, but was instead rewarded with lavish fees and bonuses.
Now the conspirators sit in luxurious hotels in Brussels to mete out more suffering on the Greek peoples.
Your disingenuousity is of a highly aggressive nature. Appalling but, not surprising!
So for you there is no such thing as a Conspiracy real and proven or even organized crime and bribed politicians.
For you there is no concern about conflicts of interest, cronyism, Corruption, Gerrymandering, foreign agents with money, gifts of tuition and housing for grand kids, mordida, baksheesh, racketeering, anti-trust activity, price setting, a fighter taking a dive, a private corporation created in secret to be the world largest central bank...
No such thing as off shore tax haven or wealthy refusing to invest in their own economy when the economy is in recession.
I guess you believe in Trickle Down Economic even after NAFTA and 150 years of growing produce overseas with slave labor.
You probably are 100% for Free Trade and open borders.
You aren't sure whether we need Term Limits either although you are puzzled why we have status quo every year when so many burning issues are clear to your political party. You believe there are two parties too, right?
And although you can see why we need spies and domestic spying you don't put it together that the Wealthy have the same types of systems of spying as our military.
Wow I should be a fortune teller.
Greece is being taken to the woodshed! Simple as that...
Civil war is coming to Greece, maybe not today, but soon. All of the pieces are being carefully arranged, and all it will take is that one spark to ignite the whole thing.
The Greeks that have agreed to this nonsense will find themselves a target of those who still retain something resembling national pride, and it will be game ON...
The banks STILL won't get their money, but they will have a whole NEW bunch of 'fun things' to do with their time as Greece melts down completely.
They will look back to the Tsipras days with much regret at lost opportunities, but by then it will be much too late.
People like Schauble and Merkel will NOT be viewed kindly by history, not in Greece, and not in Germany. Because the lessons of history NEVER get learned, they just keep re-appearing every generation or two in new get-ups.
No, it ISN'T "different this time"...it's the same old shit, re-warmed. The smell ought to be familiar by now.
So tell us. WHO will the Greeks be fighting in their "civil war" ????
If there is a civil war, it will not last long. They're broke. What are they going to do when the bullets runout after the first 1/2hr? Throw Greek yogurt at each other?
Remember greeks don't fight, they argue, point fingers, remind you they evented democracy (they didn't, they only evented the word), and created civilization (they didn't do that either, the Sumerians did).
Then they sit down, drink coffee, and have a smoke and look indignant (that they do very well).
I happened to catch a replay of the original robocop a couple wks ago where a corporation (omnicorp) literally reposess the city of detroit. that was intended as spoof/satire but this is basically what we're witnissing only on a nation scale!
Great double feature: ROBOCOP and Terry Gilliams BRAZIL
Three words come to mind regarding Greece at this point: Testbed, Blueprint, and Prophecy. Greece is in the endgame stage of what is going to happen to every single nation out there that has debt-based fiat currency, and the banksters are watching very closely to see what they can get away with. When you allow money to be created out of thin air by privately owned banks, who then lend it into circulation, with the expectation that it is to be repaid in full with interest, how can it result in anything else but complete bankruptcy for everyone everywhere? It's just happening to Greece first, it's coming to your country soon, and to all countries that have privately owned central banks - which happens to be pretty much all of them with the exception of North Korea.
... Dear Hellenic Republic citizens ...
... remember, no matter where you go, there you are ...
~Confused shoes
Million dollar bonus is satire....and in my opinion is really good at it...I look forward to his/her postings...breaks up the monotony..
It's actually amusing to me that so many people's heads asplode over MDB's posts. How can they be interpreted as anything other than satire and sarcasm?!
Greece is a FAILED STATE because it is a FAILED CULTURE AND FAILED SOCIETY.
It has been this way for many, many generations - NOT just since fraudulently joining the EZ.
Corruption is rampant and embedded in the Greek genetic structure - you must bribe everyone in government to get them to do their jobs, eg to issue permits or to sign off on inspections - the government IN Greece is the primary oppressor of the Greeks who want to strive and achieve and be self-sufficient and prosperous - NOT the governments outside Greece or ANY banks.
The culture and society in Greece has ALWAYS regarded "government" as ultimate multi-nippled tity that you live off of in many ways, especially horrendous number of do-nothing-useful patronage jobs with stunningly high salaries & benefits and retirement on government pay at age 50.
You cannot possibly understand how horrible the society is for starting and running a business unless you have actually tried to start and run a business in greece - it is far far worse than you imagine.
Unless the remaining enlightened greek minority revolts and purges all the socialist, communists, and corrupt politicians, revokes all the stifling labor laws, abolishes the crippling unions, privatizes all the government corporations, etc
THEY DESERVE TO BE DOMINATED BY THEIR CREDITORS AND THEY DESERVE TO SUFFER ECONOMICALLY.
PEOPLE IN EVERY COUNTRY ***MUST*** ACCEPT ULTIMATE RESPONSIBILITY FOR WHAT THEIR POLITICIANS DO - EITHER REVOLT AND OVERTHROW THEM OR BY DEFAULT YOU ACCEPT THEM AND THEIR POLICIES AS YOURS.
And as in every society, to make SUBSTANTIAL changes, the conditions have to degrade to a point where everything is so bad, they have to start from scratch.
If Greece was simply given another bailout, as proposed a couple weeks ago, nothing would have changed. Even now, the changes won't be dramatic enough to change things. They will quickly go back to the way they were last year.
If Greece truly wants to change, they should reject the bailouts, completely destroy their own economy, sell off what they need to to pay back their loans, essentially declaring bankruptcy, and start from scratch.
But of course, we know that won't happen.
Oh yeah? Where do you live? Why don't you do it now and give us all something to laugh about.
That's right CRUSH THE WEAK! The street sweepers, the bakers, the candlestick makers, the quiet people that just work and pay taxes, fuck them too. MIGHT IS RIGHT baby!
I have tried to upvote you but cannot get my tick accepted.
An A+.
Ticks are often delayed by some browser/system refresh function.
Sit and watch for some time and you'll see it incremented.
I long ago stopped feeling/being responsible for what my government does and will not be, in any way, responsible for what they do in the future. Trying to vote them out of office for the last forty years has not helped at all. Fat chance in overthrowing the gov't. and if it is overthrown you will just get more gov't. You might advise them to buy gold and silver and become responsible for themselves.
There is only one letter difference between 1939 and 2015,
In 1939 the Tanks were backed up by a psychopath (Hitler )
In 2015 the Banks were backed up by another psychopath (Schaeuble )
accept blame for your culture/country failure and suicide - STOP blaming those who were foolish enough to lend money to you parasites and thieves
You don't know much about 1939...
Its a bitch when you run out of other peoples money....
TELL THAT TO THE PENTAGON
So, where are his positive remarks "[in green]" ?
my worse fear about Yanis and Tsipras is coming true. The duo's character assasination has begun. It is sad that people at zh are supposed to be more informed that general public... but you are not more informed than the actors that have to perform at the stage ... zerohedge.. can you pin point one person or agency that is clearly at fault?
that's what happens when a news organization claims to be a fight club. it won't even know who to fight. don't worry, in the coming future it will become clearer... then will see if you are a fight club or yana (yet another news agency) ...
Varoufuckis SIGNED on the 23rd of February 2015 ALREADY the Death warrant of Greece.
HE ACCEPTED THE DEBT IN FULL.
Search it for FFS.
"Varoufuckis SIGNED on the 23rd of February 2015 ALREADY the Death warrant of Greece.
HE ACCEPTED THE DEBT IN FULL."
A contract is not legally enforcable if signed under duress.
I went to the Troika and they said I had 6 months to live
I couldn't pay my bill so they gave me another 6 months...
If Iraq, Afghanistan and Libya could not escape Zion, how is Greece to?
Liberty is a demand. Tyranny is a submission..
Colonization enslaves, plunders, and impoverishes less developed societies. Zion colonizes and does the same to developed ones.
I think there is a Reagea song from Jamaica ... some how they must have been a target as well under the British Rule. If I got the words right it goes something like this.
Said the Li-on
Slow-ly Dy-in'
cause of Zi-on
Or at least that is how I heard it.
Could be an old Communist Era meme I suppose.
The people of Greece should hang every Greek politician, then declare the territory called Greece a permanent "government-free zone".
Don't even wait until they vote for this atrocity. That their so-called "leaders" would even consider anything but default and exit at this point is a monumental crime against humanity.
Wouldn't it be ironic if the only time Tsirpussy wore a tie was the noose placed around his neck as being a traitor to his people
Hopefully that shouldn't take too long.
What the Greeks need is a modern day Moses. Lead them out to wonder the Mediterranean shores for 40 days and forty nights. Oh, that's the Ark story... Just sayin -- get the hell out of there already.
Eh.. wasnt Ark story`s guy Noe?
He's exactly correct - it's an "extend and pretend" deal. Brussels is kicking this can down the road because they know if they allow the Greeks to go their own way the Euro is dead currency walking.
Yes, but it already is, they know it. Shit like robbing Greece of all it has is what keeps the fairytale alive. The EU is borrowing time, for Greece times up, stick a fork in them, this won't end well, none of the Ponzi scheme is sustainable. Whatever they foolishly agree to I just hope they don't give up their Gold or they'll have nothing to rebuild with.
The Euro is dead even now.
There are now three Euros.
1) the convertible Euro (used in countries not Greece of Cypress)
2) the cypress Euro (just get his value if out of the country, you can not wire your own money out of Cypress)
3) the Greek Euro also not convertible, just gains in value while crossing the border of Greece, even worse you just can pick up 60 € day instead of 300 € a day in Cypress.
So there is not pretending any more the Euro is dead, but it's kept alive by such asses as the ECB and Eu-crats... Every one elss is FUBAR
Fools and their money are soon parted
No more game playing. Greece gets the terms of staying in EU with such amount of debt. I hope they realize they are dealing with Germany.
So what was the purpose of the referendum?
These two clowns thought the Greeks would shuffle along and vote yes to austerity. INstead Tsipras folded immediately and put his nuts in Merkel's mouth.
Germany did't undo Greece's "democracy" Tsipras did.
If the Greeks don't burn Athens to the ground over this betrayal, then just accept your nigger status so Germany can prevail. At least in WW II the Greeks fought back.
Now all they want to do is whine.
Default and fight your way back against the Euro. Arrest bankers and politicias. Nationalize the banks.
No? Then accept your punishment and carry on.
How do you say Arbeit macht frei in Greek?
Democracy is mob rule, and the mob wants to stay in the EU... no matter what. Even the confused bastards who voted "NO" still want to suckle the EU tit. They just thought by voting no they'd get a better spot on the boob. I figure Tsipras knows the truth: If you thought the "austerity" is bad now, just wait until you no longer have Germany's money to spend. Cause afterall that's what this comes down to... another fat check. Greece is like a loser 40 year child living in Germany's basement.
85% of Greeks reject more austerity. 80% of Greeks want to remain in the Eurozone.
As reggae singer Peter Tosh sang, "Everybody wants to go to heaven. But nobody wants to die"
Tsipri-Ass looks like an Obama Puppet.
Someone got to Tsiprias. That is why Yanis was looking to resign even before the Election IMHO.
The New Boss is the Same as the Old Boss.
Tsipri-Ass wants to be in the one percent and the one percent will take care of him privately.
Where is problem? Greece has alternative:
1.) Say NO to this deal!
2.) Leave EURO, go back to drachma
3.) Default on your debt
4.) Start a budget with no deficit
Go ahead! What are you waitting for?
@ newsoutlet
The only way that works, is if Greece leaves the EU. While they remain in the EU, they are lumbered with massive compulsory Public Expense, imposed by the EU (a huge and unnecessary bureaucracy - which they had to put in place prior to entering the EU).
All EU member Nations are lumbered with this financially crippling insanity (e.g. in the UK we now have around 130 Government Ministers (!) along with all the ancillary Departmental staff, which is mirrored in Regional Assemblies, and in Local Government as well). There are other heavy invisible costs too.
Some how you forgot to mention all those EU funded projects that Greece has to boost it's economy and modernize it.
During recession it was only source in Latvia of investment that kept economy alive. After that we got on feet again. Leaving EU would not help tourism - now people from EU travel to Greece without any border patrol, no visa, nothing. This would change. And trade with EU countries also would suffer. No, that would not be a smart move at all.
Border & Tariffs on Greece?
Not sure I agree with the border as a definite.
The concept of Free Trade is pretty strong. Someone posted about how Socialist Nations are hit with sanctions or moralism that reduces trade and increases costs like tariffs.
I can see how the Troika are evil in this way.
Certainly NATO & the US have hurt Greece, Russia, Germans, Polish, Baltic Countries with Sanctions on Russia.
It seems Freedom & Democracy never were popular enough to keep the West from Trade Barriers.
If Greece goes to Drachma it would be the cheapest tourist place on the Mediterranean... maybe. Balkans are still more expensive than I like... maybe the Balkans and Greece would all become cheap to compete with each other?
I don't see need for borders with Greece except where Trade, Cargo, Containers are moving.
The Greeks are too spineless and chicken to take the hardship.. They just want their handout from Germany
To be fair so are Amerikans
"Whenever the legislators endeavor to take away and destroy the property of the people, or to reduce them to slavery under arbitrary power, they put themselves into a state of war with the people, who are thereupon absolved from any further obedience." John Locke
"If people are hungry, it is because the government is taxing and interfering too much; this is why people rebel.
If goods and trade are free and not restrained black markets won't develop and the people needn't be criminals.
When the way of nature is ignored, regulations, codes, and hypocrisy emerge.
The people are rebellious when rulers meddle in their affairs. The more laws, the more violators.
Therefore, that leader is best who governs least.
If we keep from meddling with people, they take care of themselves.
If we keep from commanding people, they behave themselves.
If we keep from preaching at people, they improve themselves.
If we keep from imposing on people, they become themselves.
The way is like an invisible hand, a spirit guide that leads without interfering.
Here is the way: set people free."
Lao-Tzu
I regret that I have but one upvote to give.
Lao Tzu was one of the very first libertarians.
Simplify, Streamline, and Standardize.
These are governing principals.
The only reason not to standardize is because those with interests in cheating.
That is why Banking and the Federal Reserve are complicated and why we have more rules and pages of income tax rules each year.
Shadow Banking. No monitoring and Tracking of Derivatives.
Lawyers are Bankers are mostly Self-Regulatory Organizations. How do you think the BAR, FINRA, SEC, FTC, FEC, Stock Exchanges, Naked Short Selling, Accounting Control Fraud, Gift Giving in Government, HFT & Algo Trading are doing?
Notice we are a lot like Jolly Old England, but not much like the Declaration of Independence or the US Constitution.
I just read Varoufakis' notes on the Eurogroup requirements set for Greece.
Hey Varoufakis' your crazy! I have never read a more bewildering display of detached reality syndrome.
Varoufakis seek medical help; you're either schizo. or suffering delusional episodes of grandeur.
Nothing you stated is in sync with what is written by the Eurogroup.
Seek help, you are mentally ill! SERIOUSLY.
WOW...you're nuts!
As an example check this out:
the safeguarding of the full legal independence of ELSTAT [i.e. the troika demands complete control of the way Greece’s budget balance is computed, with a view to controlling fully the magnitude of austerity it imposes on the government.]
Varoufakis don't you know what "independence" means? As I stated in a much earlier post, Greeks are famous for changing defintions when it suits them. Varoufakis you are the typical lying greek that goes around bragging, being arrogant, but knows nothing about anything (including game theory) and can only lie about everything.
Varoufakis go back under the rock you came out from. The world doesn't need scam artists like you.
I'm getting tired of these Greeks clowns. Go ahead Germany do your thing.... No Mercy...these greeks are really asking for it now.
Varoufakis, what a despicable creature you are.
fuckin clown ass show
First they came for Ireland, but I didn't do anything about it, because I wasn't Irish;
Then they came for Cyprus, but I didn't do anything about it, because I wasn't a Cypriot;
Then they came for Greece, but I didn't do anything about it, because I wasn't a Greek;
Then they came for my Country, but there wasn't anybody left to do anything about it.
Paul Craig Roberts
Greece: Sound and Fury Signifying Much
All of Europe, and insouciant Americans and Canadians as well, are put on notice by Syriza’s surrender to the agents of the One Percent. The message from the collapse of Syriza is that the social welfare system throughout the West will be dismantled.
The Greek prime minister Alexis Tsipras has agreed to the One Percent’s looting of the Greek people of the advances in social welfare that the Greeks achieved in the post-World War II 20th century. Pensions and health care for the elderly are on the way out. The One Percent needs the money.
The protected Greek islands, ports, water companies, airports, the entire panoply of national patrimony, is to be sold to the One Percent. At bargain prices, of course, but the subsequent water bills will not be bargains.
This is the third round of austerity imposed on Greece, austerity that has required the complicity of the Greeks’ own governments. The austerity agreements serve as a cover for the looting of the Greek people literally of everything. The IMF is one member of the Troika that is imposing the austerity, despite the fact that the IMF’s economists have said that the austerity measures have proven to be a mistake. The Greek economy has been driven down by the austerity. Therefore, Greece’s indebtedness has increased as a burden. Each round of austerity makes the debt less payable.
But when the One Percent is looting, facts are of no interest. The austerity, that is the looting, has gone forward despite the fact that the IMF’s economists cannot justify it.
Greek democracy has proven itself to be impotent. The looting is going forward despite the vote one week ago by the Greek people rejecting it. So what we observe in Alexis Tsipras is an elected prime minister representing not the Greek people but the One Percent.
The One Percent’s sigh of relief has been heard around the world. The last European leftist party, or what passes as leftist, has been brought to heel, just like Britain’s Labour Party, the French Socialist Party, and all the rest.
Without an ideology to sustain it, the European left is dead, just as is the Democratic Party in the US. With the death of these political parties, the people no longer have any voice. A government in which the people have no voice is not a democracy. We can see this clearly in Greece. One week after the Greek people express themselves decisively in a referendum, their government ignores them and accommodates the One Percent.
The American Democratic Party died with jobs offshoring, which destroyed the party’s financial base in the manufacturing unions. The European left died with the Soviet Union.
The Soviet Union was a symbol that there existed a socialist alternative to capitalism. The Soviet collapse and “the end of history” deprived the left of an economic program and left the left-wing, at least in America, with “social issues” such as abortion, homosexual marriage, gender equality, and racism, which undermined the left-wing’s traditional support with the working class. Class warfare disappeared in the warfare between heterosexuals and homosexuals, blacks and whites, men and women.
Today with the Western peoples facing re-enserfment and with the world facing nuclear war as a result of the American neoconservatives’ claim to be History’s chosen people entitled to world hegemony, the American left is busy hating the Confederate battle flag.
The collapse of Europe’s last left-wing party, Syrzia, means that unless more determined parties arise in Portugal, Spain, and Italy, the baton passes to the right-wing parties—-to Nigel Farage’s UK Independence Party, to Marine Le Pen’s National Front in France, and to other right-wing parties who stand for nationalism against national extermination in EU membership.
Syriza could not succeed once it failed to nationalize the Greek banks in response to the EU’s determination to make them fail. The Greek One Percent have the banks and the media, and the Greek military shows no sign of standing with the people. What we see here is the impossibility of peaceful change, as Karl Marx and Lenin explained.
Revolutions and fundamental reforms are frustrated or overturned by the One Percent who are left alive. Marx, frustrated by the defeat of the Revolutions of 1848 and instructed by his materialist conception of history, concluded, as did Lenin, Mao, and Pol Pot, that leaving the members of the old order alive meant counter-revolution and the return of the people to serfdom. In Latin America every reformist government is vulnerable to overthrow by US economic interests acting in conjunction with the Spanish elites. We see this process underway today in Venezuela and Ecuador.
Duly instructed, Lenin and Mao eliminated the old order. The class holocaust was many times greater than anything the Jews experienced in the Nazi racial holocaust. But there is no memorial to it.
To this day Westerners do not understand why Pol Pot emptied Cambodia’s urban areas. The West dismisses Pol Pot as a psychopath and mass murderer, a psychiatric case, but Pol Pot was simply acting on the supposition that if he permitted representatives of the old order to remain his revolution would be overthrown. To use a legal concept enshrined by the George W. Bush regime, Pol Pot pre-empted counter-revolution by striking in advance of the act and eliminating the class inclined to counter-revolution.
The English conservative Edmund Burke said that the path of progress was reform, not revolution. The English elite, although they dragged their heels, accepted reform in place of revolution, thus vindicating Burke. But today with the left so totally defeated, the One Percent does not have to agree to reforms. Compliance with their power is the only alternative.
Greece is only the beginning. Greeks driven out of their country by the collapsed economy, demise of the social welfare system, and extraordinary rate of unemployment will take their poverty to other EU countries. Members of the EU are not bound by national boundaries and can freely emigrate. Closing down the support system in Greece will drive Greeks into the support systems of other EU countries, which will be closed down in turn by the One Percent’s privatizations.
The 21st century Enclosures have begun.
Holy Crap!!
- Many good Quotes there above.
- The New Boss(Tsipri-ass) is the Same as the Old Boss
" So what we observe in Alexis Tsipras is an elected prime minister representing not the Greek people but the One Percent."
- OCR is right, Democracy is not the Goal, Nor is Humanity or Humanitarian Issues, History of the Great Depression has now been overturned and reinterpreted
"The One Percent’s sigh of relief has been heard around the world. The last European leftist party, or what passes as leftist, has been brought to heel, just like Britain’s Labour Party, the French Socialist Party, and all the rest. "
- Who do we Blame for Democracy Dying in the USA? NAFTA and Banking Reforms under Bill Clinton? Or was it when H.W. Bush got into the Whitehouse in 1980? Or was it the Vietnam War and all the illegal Spending done to sustain the war and contractors greed? Or was it 1910 when the Federal Reserve Act Was created by Private Bankers riding on a Wave of Wealth from the 19th Century?
"The American Democratic Party died with jobs offshoring, which destroyed the party’s financial base in the manufacturing unions. The European left died with the Soviet Union."
- PCR is right to point out that the end of the USSR obviously was a signal to the Wealthy & Corporations to run wild claiming a kind of mandate that greed is good and no Salary is too high
- There is a problem of too many people not understanding power, money, accounting, auditing, and Business
"Syriza could not succeed once it failed to nationalize the Greek banks in response to the EU’s determination to make them fail."
- PCR is pointing out that we have to have mechanisms to limit terms for officials, limit lobbying, limit private executive & Corporate Power (Now greater than most countries)... and to see that lawyers complicate things to the point where outsiders can't understand them... lawyers have to be held in check and encouraged to go into business just as financial people need to be encouraged to get out of Wall Street and produce something other than power
"Revolutions and fundamental reforms are frustrated or overturned by the One Percent who are left alive."
"But today with the left so totally defeated, the One Percent does not have to agree to reforms."
Why Greece was politically and economically crushed and humiliated well beyond pale of any civilized conduct?
Why such seemingly irrational intransigence of German Government to the point of raising serious American concerns regarding integrity of NATO if Greek society totally collapses?
There is only one plausible answer is CDU/CSU want to cover up their crimes perpetrated against German nation.
Merkel/Schauble gang cannot allow Greek default on the German held bonds 140 billion euro since this would open up Pandora box of issues related to how in the world and why German government acquired worthless Greek bonds 2008-2010 from insolvent German banks including Deutsche Bank, in fact bailing it out.
Let's get it strait Greeks never took loan from German government or sold them bonds.
Germans would ask how much bribes took CDU/CSU, including their leaders and their corporate cronies to load German taxpayers with worthless bonds and propping up zombie banks.
These are crimes punishable in Germany with many years of prison. All of this show is to continue to extend and pretend to cover up politicians asses in Germany France, the Netherlands Finland etc., who did the same namely defrauded their nations for monetary and political gains.
As I repeat again and again Brussels and EU is a cesspool of true gangsters , petty gangsters without Corleone finesse and wisdom.
German people do not get yourself be economically fucked like the rest of the world.
And you German trolls men up.
I think you Nailed it.
From my Remarks above:
"It even looks like the Greek Central Bank was into the Debt only by $4.3 Billion Euros, and Greek Banks by $11 Billion Euros. So these stupid outside banks were pouring money into Greece knowing that the Greeks had not even invested in themselves."
It is obvious that this is a game to bankers.
The stakes are only real to those that sell bonds, take loans/Credit, or are dumb enough to think they can take a company public(IPO) and keep the company safe.
Bankers get Paid very well and get Regular Bonuses for taking risks with other peoples money and playing tough.
Spot On. Even if they have to nuke nations they will do it to save the likes of Deutsche Bank.
Tragedy also lies with willing preys.
There is only one plausible answer is CDU/CSU want to cover up their crimes perpetrated against German nation.
Why do you think it's just the Germans, you do not even know the the EU consists of a little more than just Germany. The crime of Germany is the crime of any EU state. Breaking the laws, but the US government does that on the same base. Does Guantanamo tells you anything? does NSA tell you anything. Whatis really poor is just mention Germany, it's not Germany alone which broke any law. But I guess you won't understand that.
Anyway I try:
1. The Union shall not be liable for or assume the commitments of central governments, regional, local or other public authorities, other bodies governed by public law, or public undertakings of any Member State, without prejudice to mutual financial guarantees for the joint execution of a specific project. A Member State shall not be liable for or assume the commitments of central governments, regional, local or other public authorities, other bodies governed by public law, or public undertakings of another Member State, without prejudice to mutual financial guarantees for the joint execution of a specific project.
2. The Council, on a proposal from the Commission and after consulting the European Parliament, may, as required, specify definitions for the application of the prohibitions referred to in Articles 123 and 124 and in this Article.
Are you abel to read that, if you do not extend the crimes onto other states, than you are not better than any Germans you dispise so much.
European Commission:
President: Jean-Claude Juncker, from a town in the commune of Sanem, in south-western Luxembourg.
First Vice President: Frans Timmermans, Dutch
Vice Presidents:
Federica Mogherini, Italian, 41 years old...
Kristalina Georgieva, Bulgarian
Jyrki Katainen, Finnish
Valdis Dombrovskis, Latvian
Andrus Ansip, Estonian
Maroš Šef?ovi?, Slovak,
Who are these Guys???!!!
-
I am afraid they are just the face of Government. They are NOT the real power of Government. All respect to them. I'm sure they are smart people with admirable careers. I know the face of Democracy and Unity should show these kinds of people as the Face of the European Commission.
But... my feeling is that Bankers play a game with other peoples money... they can't lose since it is not their money. And yet they are able to mobilize the Government and the new Supreme Authority called the EU to socialize the Risks of the Banks while they get Bonus money and new Promotions or Salary Increases.
Follow the money Troika!!
The wealth is flowing from the Middle Class and others to the 1%, the Wealthy, the Powerful, the new Corporate Super Powers.
Sheesh.
I would argue that the ones who have to give 350 billion euros without getting a cent back are the vassels, not those who received and spent it.
Pithy comment.
Thin air printed currency has no right of return.
Why has Varoufakis not commented on the ECB's designs on Greece's 112 tonnes of Gold?
YAnus's position is so utterly, unfathomably indefensible, absurd, ridiculous, immature, pretentious, and yet he continuously gets a free pass.
"If we keep demanding everything we want, none of which can we afford or do we intend to pay for, surely we will get it, because we deserve it."
Game theory chessmaster or not, this man is a first-rate buffoon and at minimum a colonel in the Greek Free Shit Army.
That 10 minute audio discusses that there is NO Plan B, because NO Plan B is politically possible, due to the basic background issue having been that civilization was based on making "money" out of nothing, in order to "pay" for strip-mining the planet, which processes are reaching real limits of diminishing returns.
Since the world is actually controlled by backing up lies with violence, which primarily manifests as governments enforcing the financial frauds of privately controlled banks, it is politically impossible to deal with the runaway problems that doing that so much, for so long, have allowed that to develop to astronomically amplified sizes. Since the established systems were based on being able to back up lies with violence, the only Plan A "solutions" are to continue to do that more than ever before. While it is relatively easy to annotate the ways that Plan A is actually doing that, there still is NO Plan B.
FASCIST (government of, for and by the multinational bankster corporate monopoly) TAKE-OVER is foreign to American representative democracy and Greek direct democracy (government of, for and by the People).
The fascist are criminals to our democracy Justice System that the fascist criminals have overthrown by the criminal tools of corruption and theft: fraud, forgery, bribery, bunko and Ponzi schemes, cohesion, extortion, embezzlement, theft, murder, and any other criminal act to farther their control and power over the People.
The central bankster criminals have declared war on the Peoples of the World with fraudulent debt implemented and foisted on the leaders of democratic nations.
Fraud by representative debt on to the People was the bankster criminal plan from the beginning of the European Union and American debt. The central banksters have set out to bankrupt nations by debt and take over the country assets; to hell with the People.
The People have said emphatically and democratically “NO” to criminal fraud and debt. It is time to hold a Peoples Court for Justice and arrest and charge the criminals with their crimes. Seize all bankster multinational assets until the end of the trials and forfeiture of the assets if found guilty. The criminals have destroyed your democracy set of criminal laws, so a Peoples Kangaroo Court is your only civil defense to restore your universal criminal laws. Don’t destroy your own civic property, seize their property.
You should drink some green tea, relax a little bit, take dictionary and find out what is meaning of words you use. Start with word: fascist.
I just defined it for you; notice the small “f” not a capital “F”: dig your head out of your ass and tell me what is the difference between the $140,000 YOU owe to the banksters and the few thousands owed by Greek citizens. Ha. Ha. Ha.
Yeah, this is interesting stuff.
PCR reprinted below is talking about how democracy died in Europe and the USA.
Marriage or Intercourse between Corporations and the US Government has resulted in Offspring. Now this process could be as old as the USA. It seems that in 1812 we can't be sure of collusion and influence between British and American Negotiators. Hudson Bay Corporation and others were well represented by their agents I am sure.
I was trying to calc the total owed by each American.
$18.1 Trillion Federal Debt is arbitrary, but think many agree on this as a starting point. If the Federal Liability is over $100 Trillion or even $211 Trillion as laurence kotlikoff might say... well just multiply by 10 or 20.
$18.1 Trillion / population of 319 Million = $56,740 dollars per citizens... (not counting illegals I guess)
Did I get the comma in the right place?
State and Local Governments, Excluding Employee Retirement Funds; Credit Market Instruments; Liability, Level
2015:Q1: 2,962.52 Billions of Dollars
Government-Sponsored Enterprises; Credit Market Instruments; Liability, Level
2015:Q1: 6,234.62 Billions of Dollars (+ see more)
Quarterly, End of Period, Not Seasonally Adjusted, GSETCMDODFS,
Mortgage Debt Outstanding by Type of Holder: Mortgage Pools or Trust: Government National Mortgage Association
2015:Q1: 1,536,330.00 Millions of Dollars (+ see more)
Quarterly, End of Period, Not Seasonally Adjusted, MDOTHMPTGNMA,
Mortgage Debt Outstanding by Type of Holder: Mortgage Pools or Trust: Government National Mortgage Association
2015:Q1: 1,536,330.00 Millions of Dollars (+ see more)
Quarterly, End of Period, Not Seasonally Adjusted, MDOTHMPTGNMA,
So figure $18.1 T plus $9.1 Trillion GSE Liability = $27.2 Trillion
$27.2 T / 319 Million people = $85,266 debt per person without any Medicare, Social Security, or Pensions.
Or just assume $56K time 10 for conservative estimate = $560K per US Person Debt
Take your own advice, shill.
Every country in the world is in this position with their governments. All governments have exceeded a size that the people will support with taxes long ago. They have employed inflation and un-repayable borrowing and counterfeiting to make up the difference. And they continue to grow at an accelerating rate.
At the limit, all governments collapse under their own weight and die. In the steps toward the end, just like little companies get swallowed up by bigger companies which get taken over by still bigger companies, in the end, the resulting monolith cannot stand and collapses in a heap.
Since we know this is going to happen, I suggest the following for all people with respect to their governments:
1) Institute a properly manged Medium of Exchange where money is truly "a trader's promise to complete a trade" and INFLATION is guaranteed to be zero, all the time ... everywhere. This will kill off the opportunistic banks and governments which will not be able to compete.
2) Terminate all military spending and destroy the destructive capability of current inventory.
3) Sell off all military plant and equipment and terminate all personnel.
4) With the proceeds of the sale arm every citizen and provide them with ammunition and training it its use at the citizen's expense. This can be done at a fraction of the cost of any formal military and defies any attacker to occupy. Then spread out so bombing strategies are ineffective.
5) Disassemble 2/3 of the current government leaving just those functions that the people themselves cannot provide (e.g. fundamental infrastructure ... all welfare programs gotta go)
6) To the extent that government pensions and other perks have exceed norms of the private sector, pare them down to private sector levels. It is the government that has failed. It is the government that must pay. The citizens have signaled their disapproval of government services for a long time through the avoidance of taxes.
7) Document all indebtedness and to every extent possible segregate real loans from contrived loans originated through counterfeiting by funding institutions designed to bail out banks. If the economy gets going again, make every effort to complete the government's trading promise ... real promises first; graft and fake and counterfeit loans last. Do so in an environment which guarantees zero inflation enabled by proper MOE management.
8) Start over in isolation knowing that with a properly managed MOE you have the strongest money possible and traders will beat a path to your marketplace. The populace will quickly observe that most of what they are currently spending their money on is totally unnecessary. Get creative about creation of food, collection of water, use of utilities, and waste disposal. Almost all individuals can provide these things for themselves.
9) Break into small groups which employ a real tendency for natural mutual assistance and discipline. Let that be the new form of government.
10) Forever after resist all attempts to form larger groups.
11) Reduce prison population by the return of public executions. For lesser offenses, public ass-whippings and /or branding with hot irons on the forehead with the acronym of the offense.
by the return of public executions.
I would prefer public shame. Put the bad actors in open circus wagon cages and travel them around the country. At each stop, tell the spectators what these misfits have done. Then give the spectators large quantities of ripe fruit, to do with as they choose.
I wouldn't be surprised to see the spectators feed the fruit to the pot offenders. They may feed it to the serial rapists too ... but in massive quantities (i.e. smother them).
Cut off all welfare to rich assholes, their fascist so-called corporations, and dismantle their police state. Remove all government, especially those "services" that people do not want provided to them at the point of a gun.
Government is a disease of the small minded.
Cut off all welfare to rich assholes,
A properly managed Medium of Exchange (MOE) does this automatically. Corporations and governments can't get big because their food supply is cut off early on ... they reveal themselves to be truly irresponsible traders that don't play well with others ... they are shunned by the marketplace way before they can become a problem.