Europe's Latest Swiss Cheese Bailout Package
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Thanks Ash. Good summary. Didn’t have the patience to study the current farce prior to your article.
Its now obvious and in the open!
CHANGE THE RULES AND THE LAWS IF THEY ARE AN IMPEDIMENT TO KEEPING THE BANKING SYSTEM FUNCTIONING.
Individuals are disposable if they oppose the new world order.
Inflation and deflation do not follow the previous rules.
>> Further favourable treatment for the ECB: ECB and national central banks avoid taking losses on their holdings of Greek bonds but promise to redistribute ‘profits’ from these holdings so that they can be used in Greece.
Woa – sounds like a kickback to me. I guess an unscrupulous Greek politician could be convinced to vote for this package if they are promised some of the “redistributed” funds.
@draego45…appreciate your comment about kickbacks. It just gets darker and darker. I can’t keep up:)
And who will the trackers be of the ” profits ” from the bailout?
Maybe Tony Blair ( snarc on )Ethical considerations won’t get in his way…While I am grateful for the clear presentation of the obstacles to this deal taking place, it seems that little to no attention is given to first principles. Stoneleigh has introduced the idea of the “trust horizon” and it is clear that the trust horizon in Greece is shrinking to that of immediate family and friends and no further. Government requires the trust of its people. Oh sure, you can have a totalitarian regime like East Germany in the 80s and keep everyone under control with surveillance and terror. But a modern society with open borders and at least the appearance of open, democratic elections cannot be ruled without the consent of the governed.
This agreement seems well designed to actively destroy the trust of the people and to produce a facsimile of “consent of the people.” If no one believes what you say, if no one follows through on their promises, if everything is faked: income, prices, fees, taxes etc. then there is literally nothing to leverage or develop. When a debt becomes unpayable, surprise! it can NOT be paid.
So, as it has been pointed out, this is not about the Greeks getting back on their feet and bcoming a prosperous country. This is only about preserving the private banks which lent the Greek government money and now stand to lose their investment. Private capital gains for me, public and shared losses for you.
I don’t see how this can last much longer. People will get increasingly creative in exchanging value outside of the current system.So why can’t the Greek bondholders insert a retroactive clause into their bond purchase agreements to preemptively nullify any retroactive collective action clauses inserted by the borrowers. For that matter why can’t I insert a retroactive clause into my employment contract giving myself a big bonus every year. The possibilities are endless. Also how can a default not be a default? Someone needs to explain to me in words of one syllable how contract law is going to work in this period of such creative “innovation”.
The group Anonymous just hacked Ministry of Justice in Greece and threatens to pull a big Robin Hood moment!!!: https://www.zerohedge.com/news/anonymous-hacks-greek-ministry-website-demands-imf-withdrawal-threatens-it-will-wipe-away-all-c
MayAllBWell post=482 wrote: The group Anonymous just hacked Ministry of Justice in Greece and threatens to pull a big Robin Hood moment!!!: https://www.zerohedge.com/news/anonymous-hacks-greek-ministry-website-demands-imf-withdrawal-threatens-it-will-wipe-away-all-c
Makes for a good scene from Fight Club the movie, but I have a feeling it’s not going to happen. What’s to stop the banksters from transferring all the debts to a thumb drive?? I don’t know, threats like these without ability to follow through don’t seem to make the ever-growing security state timid.
You’re right, Ash, about the follow through, at least so far. I just did search and it looks like Anonymous hacked in Feb 3 and made a threat (viz the Greek mainstream media) and didn’t follow through, so who knows what will happen with this.
Will admit I felt exhilaration at the possibility of a Robin Hood “for the people” balance against tyranny moment.
Someone correct me if I’m wrong, but “Inland Revenue” is Greece’s version of the IRS. That would be interesting to see happen. i.e. If the government is illegitimate, then the tax debts owed said government are also illegitimate. And the assumption is that said debts are just being transferred to the bankers.
As to Anonymous erasing peoples bank debts, “Good Luck!” I am a former banker and based on my experience, any major European bank that isn’t dumber than a rock will have their account/loan data backed up in multiple places, not connected to the internet, probably underground, and even possibly on different continents. Then there’s the original loan documents themselves, they wouldn’t destroy them would they? Oh that’s right MERS here in the States!
Punxsutawney/Ash – one thing to consider . . . a “successful” hack that threatened the entire financial system – an attack by terrorist hackers – could be a good excuse for MUCH more totalitarian control being pushed on the peoples of the world.
It would be a neat trick.
Greetings folks. Finally managed to fight my way through the new site, and get here. (Partly my growing aversion to all electronic “improvements”, I admit. I will kill the next person who “improves” my software again.)
Anyway. About this Greece stuff. Geez, you guys are so out in left field! Fareed Zarkarooney explains “How The Eurozone Was Saved”, right here: https://tinyurl.com/8a9g6nk
Actually; its worth a read. Spectacular double-think and double-speak; done by a double-obliviot. The entire cheerleading piece can be boiled down, by a 5th grader, to: “The banks were broke; so the Central banks just printed more money for them; and now they’re fine! Aren’t we smart and lucky!”
I kid you not. He’s staring at the massive dilution of the currency, and cheering it on. Hey, the experts say this is good; therefore, it’s good. Nothing easier, and you can sleep.
Glad you made it, Greenpa!
(Telegraph) 11.17 Meanwhile, Dutch finance minister Jan Kees de Jager, who this week declared that he favoured a “permanent Troika presence” in Athens to make sure Greece holds up its end of the bargain, has said that he has doubts over its ability to implement its new bailout programme. He told French paper le Monde (translation by Reuters):
To be honest, I have doubts, but it’s the best we could do.
Apparently, up-front honesty and acceptance of the situation is not something they “could do”.
NZSanctuary,
I agree. Certainly the infrastructure and systems that carry out electronic commerce are vulnerable to hacking, and certainly there are elements within our government here that would love nothing better than to restrict access to or increase the surveillance of the masses with regard to online activities.
I have an acquaintance at BofA, (pour soul) and this person has told me that they are really tightening employee security, i.e. what they can do at work, email etc. and that the bank’s systems are under constant attack.
p.s. Really enjoyed my trip there back in ’08. Lots of inexpensive food and great beer, not to mention NZ’s natural beauty of course.
NZSanctuary post=490 wrote: a “successful” hack that threatened the entire financial system – an attack by terrorist hackers – could be a good excuse for MUCH more totalitarian control being pushed on the peoples of the world.
Yes I agree too, and that was my primary concern with its methods. I’m not sure if there’s much reason to suspect that Anonymous is a CIA/NSA established entity at this point, but, regardless, the security/intelligence complex can certainly use these threats to their advantage. Just another “terrorist” threat to deal with through brute control/oppression of millions of people who have no affiliation with Anonymous.
“But a modern society with open borders and at least the appearance of open, democratic elections cannot be ruled without the consent of the governed.
This agreement seems well designed to actively destroy the trust of the people and to produce a facsimile of “consent of the people.”————————–
Which is why USA Inc. is converting to a Stasi state ASAP. They know this. One interesting problem, other than the awakening process of the blogosphere itself, but connected, is that polls indicate that 70% of the US military favor Ron Paul. The rank and file military is a very major factor in financing his campaign. The top management is trying to sort them out through testing, and keep the 70% as overseas cannon fodder and bring the 30% thugs back into NORTHCOM.
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