Profile cover photo
Profile photo
Jeff May
112 followers -
You've got mail!
You've got mail!

112 followers
About
Posts

Post has attachment

Why have the finance ministers of Germany and the "socialist" parties of Ireland and Spain banded together to push Greece out of the Euro?
Obama, the IMF, and almost everybody whose daily profession is economics policy (read not banking propagandists) are urging the Troika and finance ministers of Germany to avoid pushing Greece out of the Euro. The Syriza party has been clear that they cannot back down on the only reason they were elected. It is important for Americans to understand here that aside from staying in the Euro (which might not be feasible) or the Marxist policies on standby for the Syriza party, the only parties with an alternative economic plan for Greece are the fascist parties.
So why would the socialist parties of Spain and Ireland be more right-wing about this than the IMF?
They are afraid that if Syriza is right, and that you can have the banks pay each other back rather than squeeze it out of the public sector at an impossible rate, then their whole strategy would appear to be at fault for setting their countries back with unnecessary austerity policies. These parties would lose the election to any party with a backbone (probably either Marxist or fascist since liberal political parties obviously don't have any spine to stand up against the banks).
What would it mean for Greece to avoid austerity policy?
The banks would have to come up with a way to absorb those losses. This is not that radical. The banks have done this many times before for other players. Here is one idea. Europe has two huge problems: tax avoidance from the bankers and debt from the public sector. The banks and corporations that have plundered billions from the public sector by avoiding taxes (while everyone else pays them) would be on the hook to help bail out the euro by losing the money from those investments. This only makes sense given that these financial institutions are the very reason that the euro is in trouble. They were the ones that lent the money at absurd rates to Greece for decades. And now the Syriza party is calling their bluff.
The finance ministry will have to decide whether to push Greece out or not.
If they decide to push Greece out of the euro, they may acheive their goal of smashing the hope that the bankers be held responsible, but at the cost of pushing Greece to socialism and potentially losing other national economies to fascist and socialist policies as well as the euro unfolds the debt on to the poor and working class. The saddling of more debt on these nations would provide an engine for extremist politicians who can now say "look at our political elites, they would rather sell out our national prosperity than sell out their wealthy elite friends. They would rather cut your unemployment, health care, and food benefits to pay for Greece's debt than ask their banker friends to come up with a solution." It doesn't matter what you believe, if you don't have a job, food, or money to pay for shelter, you will be on the streets. If the socialists are unwilling to stand up for the citizenry, then the fascists will, and we all know how bad that can get.
If they listen to the IMF, World Bank, Obama, or even moderate economists, and just eat the loss of those risky investments, they may send a message to the tax payers of other European nations that they too could have avoided economic hardship of austerity policy and have their bankers and rich elite eat their own losses. These socialist parties that sold out their values to win favor with the financial elites will look like spineless fools who were suckered into paying for the failing policy austerity with the tax payers' money. This would prove to be an accurate assessment and they would lose future elections because of it.
The sad truth of this is: the banks will have to eat it either way. Austerity under these conditions has never worked and never will. The nations engaged in this dangerous game are racking up debt as the public sector suffers to keep people housed and under control. The banks are destabilizing democracy in order to squeeze money from the dirt. It will never work. Either the nations sadeled with bad banking debt will be unable to pay back the money for hundreds of years as their economies tank (unlikely) or they will elect different leaders that have the strength to stand up to the banks and wealthy tax dodgers as Syriza is doing now and demand that they bail themselves out.
At the end of the day, risk is the game of finance. The banks lost. We cannot, for moral and practical reasons, support the idea that financial institutions will always be paid back in full with interest for every loan no matter how risky it was to make that loan. To do so would ruin the foundation of the financial industry.
Add a comment...

Post has attachment
Obama plans to fast track the Trans-Pacific Partnership (TPP) after Presidents Day. If this were to pass, it would be the biggest trade deal to happen in history. Interesting thing about fast track is that it will not be talked about much. This is not how democracy functions. Let's make that clear.

This trade deal would allow multinational corporations sue governments for environmental regulations that cut into their profits. Not only that, but it would give authority to a governing body staffed by corporations to shut down websites that they determine are violating copyright and other slippery definitions.

This is a good educational video:
https://www.youtube.com/watch?v=vll18IXDV7k
Add a comment...

Post has attachment
Add a comment...

Post has attachment
Add a comment...

Post has attachment
Add a comment...

Post has attachment

Post has attachment
Github is reinventing Sublime Text: http://atom.io/
Add a comment...

Post has attachment
Just called my representative!

Remember back when we defeated PIPA and SOPA? Well, it was because the phone lines at congress were nearly melting. It takes less than 5 minutes and you can feel a part of a winning movement.

https://thedaywefightback.org/
Add a comment...
Wait while more posts are being loaded