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Casper Drake
Attends University of Hull
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Casper Drake

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Here's a reminder on what this "Greek debt" thing really means.

A lot of people are talking about how terrible the Greeks must be to have all this "Greek debt" they can't pay off. As if they've been down the pub or buying massive televisions with no ability or intention to ever pay it off. It's the classic "kick the poor and demonise the workers as scroungers" Daily Mail tactic. It's simplistic, easy to understand, and WRONG.

Remember back 7 years? It's hard sometimes, especially when our corporate media want us to forget. Remember how the banksters had been creating a massive investment bubble by selling weird investment products to one another, packaging them up in mysterious and hard-to-understand "structured investment vehicles", until the whole Ponzi scheme blew up in 2007/8 when someone said "hang on, this stuff we banks are selling one another is all crap, isn't it?" At which point - bang! - the veil fell, and the banks lost confidence in their precious bubble, and Lehman went bankrupt, and the private banks teetered on the brink of collapse.

According to capitalism, at that point the stupid banks should have gone bankrupt. Result? Chaos for 6-12 months, nationalisation of the banks, recession, then rebuilding. That's what capitalism does.

In 2008, it wasn't allowed to happen. Instead, our governments were strong-armed to "bailout the banks". How were they persuaded? Well, by a combination of corruption, lobbying, graft, and threats by the banks to "blow up the world economy". Our governments were basically terrorised with threats of bank ATMs drying up - and the fact that huge numbers of banksters had been installed in our governments meant that they folded easily.

So what happened? Our governments paid off the bankster debts, that's what. Think about that: our governments used taxpayer money to pay off the banks' crazily overhyped bubble debts. Did they have the money to do that? Hell no! So where did they get it?

This is where it gets ludicrous. Our governments borrowed the money from... the banks.

Yes, read that again.

In order to pay off the gambling debts of the banks, our governments couldn't use taxpayers money, 'cos there wasn't enough. So they borrowed it - off the selfsame banks who had incurred the debts in the first place. 

But how could they? Those banks didn't have the money, right? Well, the banks are legally allowed to create money out of thin air. Yup, that's how our banking system works. 

So, the banksters magicked up trillions of dollars out of thin air, and lent it to the governments of various countries, which those governments used to pay off the bad debts of... the banksters.

Then those banks charged interest on the loans they'd made to the countries.

In technical terms, this is known as "transferring private debt into sovereign debt". In the case of Greece, the bad debts run up by private banks operating in Greece became the sovereign debts of the Greek government. Our corrupt corporate media call these debts "the debts of the Greek people".

And, because the Greek people can't possibly pay even the interest on these horrendously enormous private banking debts, the private banks who loaned them the money are now demanding the Greeks go without public services, pension, benefits, schools, healthcare, even public assets - and instead give all the fruits of their labour to the banks.

Now, the Greeks are a bit fed up of this. But we all should be; this is what the 2008 banking crisis was all about. The "sovereign debts" which all our countries are supposed to owe are exactly this - bad private banking debts from the investment bubble before 2008. Nothing to do with an individual citizen being a scrounger, or being unable to look after your finances, and all about corrupt government swindling the taxpayer into paying off the gambling debts of the banksters. 

And it's not an EU thing. It's global. The banksters and our corrupt media are presenting this as a systemic fault of the Eurozone; it's not. Many EU politicians vociferously oppose this - but over the past 7 years, since 2008, banksters have been put in charge of governments - the so-called "technocrats". Let's call them what they are: banksters installed to oversee the plundering of our collective national resources.

And, right now, their machinations are threatening to bring down the biggest social advance in Europe in the past 1000 years; our collective turning-our-backs on an era of almost constant war in Europe, and the creation of a peaceful pan-European democratic state. It's being hijacked by the banksters, and they're out to tear it apart, plunder its resources, and probably generate some business for their arms dealer friends into the bargain.
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Casper Drake

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Politics student, roleplayer, geek.
  • University of Hull
    Politics, 2010 - present
  • Penglais
    2004 - 2010
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September 6
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