Tuesday, May 25, 2010

European Debt Crisis Deepens / Class War Accelerates


[ click on picture to enlarge ]

The European debt crisis is, in reality, a rapidly accelerating world wide class war and shell game where the rich and powerful want the people to repay their worthless debts as they did in the United States: Allen L Roland

Ever get the feeling that the International Debt crisis is a giant worldwide shell game and that Goldman Sachs is right in the middle of it ~ if not manipulating it through its derivative trading shemes.

Watch this must watch two minute video as John Clarke and Bryan Dawe calculate the cost of the European debt crisis and the ominous word BAILOUT surfaces ~ since all the principals are virtually broke as is the debt ridden United States. http://www.informationclearinghouse.info/article25521.htm

John Pilger gets a handle on the Greece situation and calls it a a microcosm of a modern class war whereas, as in America and England, ordinary people have been told they must repay the debts of the rich and powerful who incurred them.

Pilger blames Greece's financial meltdown on " The right-wing government of Kostas Karamanlis that preceded the present Pasok (Labour) government of George Papandreou was described by the sociologist Jean Ziegler as "a machine for systematically pillaging the country's resources".

( Just like the right wing Cheney/Bush administration which brought down our financial house ~ and with the same friends ).

Pilger elaborates ~ "The machine had infamous friends. The US Federal Reserve board is investigating the role of Goldman Sachs, which gambled on the bankruptcy of Greece as public assets were sold off and its tax-evading rich deposited €360bn in Swiss banks. This haemorrhaging of capital continues with the approval of Europe's central banks and governments... At 11 per cent, Greece's budget deficit is no higher than America's. However, when the Papandreou government tried to borrow on the international capital market, it was effectively blocked by the US corporate ratings agencies, which "downgraded" Greek debt to "junk". These same agencies gave triple-A ratings to billions of dollars in so-called sub-prime mortgage securities and so precipitated the economic collapse in 2008... In the US, the situation is even more remarkable. As the investigative journalist David DeGraw has reported, the principal Wall Street banks that "destroyed the economy pay zero in taxes and get $33bn in refunds".... In Greece, as in America and Britain, the ordinary people have been told they must repay the debts of the rich and powerful who incurred them. Jobs, pensions and public services are to be slashed and burned, with privateers put in charge."

As Ron Holland writes the Greek Tragedy Is Just a Sneak Preview of What's Coming to Washington ~ " We are now living through the violent end of the age of fiat paper money and thoughtless government debt ... Washington's debt load is far greater than the burden that is now crushing the governments of Greece and the other PIIGS countries. The dollar's current strength will prove transient. Eventually the sovereign debt crisis will also come to the U.K. And then to the U.S., with disastrous results. The tragedy in Greece today is just a glimpse of what will happen to the sovereign debt of the United States. It will come to America, and it will come on its own schedule, so be prepared. "

Don't think Wall Street is not aware of this ominous debt tsunami heading for our shores, along with BP's poisonous underwater Oil Gusher, which explains the latest volatile stock market performance. The big boy's are getting out while encouraging the little guys to go long.

Truthdig's Chris Hedges points out correctly how the Greek masses have responded to the banking elite austerity bailout for themselves ~ "They know what to do when they are told their pensions, benefits and jobs have to be cut to pay corporate banks, which screwed them in the first place. Call a general strike. Riot. Shut down the city centers. Toss the bastards out. Do not be afraid of the language of class warfare-the rich versus the poor, the oligarchs versus the citizens, the capitalists versus the proletariat. The Greeks, unlike most of us, get it."

Some guy's don't know when to quit spending and we'll soon join Greece on the bar room floor when the full extent of our world wide indebtedness becomes common knowledge.

Allen L Roland

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Freelance Alternative Press Online columnist and psychotherapist Allen L Roland is available for comments, interviews, speaking engagements and private consultations (
allen@allenroland.com )

Allen L Roland is a practicing psychotherapist, author and lecturer who also shares a daily political and social commentary on his
weblog and website allenroland.com He also guest hosts a monthly national radio show TRUTHTALK on www.conscioustalk.net


1 comment:

  1. With fewer jobs and less job security, less and less people can obtain mortgages. Living costs are constantly increasing, and it seems that our politicians haven't a clue how to deal with the many problems arising from the economic crisis. Maybe they need to turn to professional economic crisis specialists. For example, the Orlando Bisegna Index, specialists in the economic crisis, apart from measuring the intensity of the economic crisis in many countries, have improved the economic situation of lots of citizens, have helped various counties with debt problems, unemployment and business failures.