Jun 162015
 
 June 16, 2015  Posted by at 10:32 pm Finance Tagged with: , , , , , ,  


Jack Delano Conductor picks up message from operator on the Atchison, Topeka & Santa Fe 1943

While I’m on the Greece topic again today, I can’t help but pointing out some of the changes in tone I’ve noticed in the press recently, shifting towards outright oftentimes vicious if not ridiculous antagonism vs Greece. Remember, there is an agenda, there are pre-cooked narratives galore, and these people are not your friends.

I won’t be able to cover all the things I would like to right now, let’s start with just the one. And I’m warning you: it might get philosophical.

This is from Marc Champion for Bloomberg yesterday:

Tsipras Isn’t on the Side of Democracy

Recently, I asked whether the Greek government actually wants to strike a deal on its debt, or if its increasingly erratic approach to negotiations might reflect a determination to ensure that Greeks blame their creditors, not their government, for a coming meltdown. [..] Here’s what Tsipras said in a statement about the abortive talks and current bailout:

“One can only suspect political motives behind the fact that the institutions insist on further pension cuts, despite five years of pillaging via the memoranda. The Greek government has been negotiating with a specific plan and documented proposals. We will wait patiently till the institutions adhere to realism.

Those who consider our sincere wish for a solution as well as our efforts to bridge the gap as a sign of weakness, should have in mind the following: We are not only carrying a historical past underlined with struggles. We are carrying our people’s dignity as well as the aspirations of all Europeans. We cannot ignore this responsibility. It is not a matter of ideological stubbornness. It has to do with democracy.”

Tsipras’s proposition that he’s championing the hope of downtrodden masses across Europe is nonsense. Germans may be wrong and unfair to prefer losing the loans they made Greece to taking a haircut, but they have a democratic right to believe they’re correct.

Really, Champion? Where do I start? How about “its increasingly erratic approach to negotiations”? At the very least, that doesn’t sound like a subjective view at all. It’s also completely off, but that’s another matter.

Syriza has stuck to what it said all along: negotiations are possible, but not about everything. Not about making a desperate people even more desperate. Not only is that useless and harmful to all parties involved in the talks, it’s also immoral. Granted, ‘immoral’ may be considered a subjective view too. Then again, it shouldn’t be.

But how sticking to your convictions qualifies as ‘erratic’, I simply don’t know. I presume that’s a subjective interpretation of what the author reads in the press. Maybe he never realized there were convictions in play, maybe he figured it was all just another political barter trade, two goats for a cow. It’s not.

Then, “championing the hope of downtrodden masses across Europe” is merely a frankly pretty stupid interpretation of Tsipras’ words. Who talks about “our people’s dignity” and “the aspirations of all Europeans”. Oh, and “democracy”. Why that needs to be translated as ‘downtrodden masses’ reveals a lot about who Champion is, but nothing about Tsipras. It’s just not what he says.

The last point is more interesting, and more cantankerous at the same time. Champion contends that Germans have the right to insist on Greek haircuts before they take losses on loans they made to Greece. And the right to “believe they’re correct” about whatever it is they believe.

Is that an attempt to turn democracy into a religion, or is it just me?

First off, Germans made no such loans to Greeks, not in the way they are consistently presented. Instead, their government insisted in 2010 on bailing out their own banks and have the Greek people pay for that bailout when it was crystal clear the Greeks wouldn’t be able to, let alone should.

If that is still not obvious, here’s the thing: it’s why we are where we are. If Merkel and Sarkozy had simply told their people what was really going on, we wouldn’t be in this mess. And they might have lost their office.

Bailouts of French banks were even more costly. Costly not to the French, but to the Greeks. And I’ll repeat myself again: that is and was a political decision, not an economic one. Which is the pivotal point in the entire Greek saga.

Thing is, this was never explained to the German or French people. Their media, and their politicians, have always persisted in maintaining the less-than-honest version. That is it was wasteful Greeks who were to blame, not German and French greedy well-connected bankers and their losing wagers.

Which leads to the question: if Germans have been consistently misled about the whole Greece issue, what exactly is the value of their “democratic right to believe they’re correct”? A phrase that sounds pretty absurd to begin with, mind you, if you read it more than once.

Is it that being lied to in and of itself is a ‘democratic right’, or is this about the right to draw -inevitably faulty- opinions based on those lies? How does that work? Honest, I don’t get it.

Do Bloomberg’s mostly American readers, after reading Champion’s obvious distortions of what Tsipras said, spiced with the author’s personal ‘opinions’, then also have a democratic right to judge Greece based on those words? I’m going to have to guess so.

But let’s get real: What does any of this have to do with democracy anymore? And, more importantly, where does it leave the democratic rights of the Greek people? Do they need to be fed lies too to participate in this game?

The Greek people have had no say in how Berlin and Paris presented the bailouts of their domestic banks to their respective homebase(s). All they have a say in is how Tsipras and Syriza stand up for them. That right there defines, and limits, their democratic rights. That’s all they got -left-. They have the right to elect a government that promises to take care of their interests, better than umpteen governments before them who didn’t.

How does that compare with the Germans’ alleged right to “believe they’re correct”? When all they’ve been fed is a greatly distorted version of what actually went down?

I couldn’t tell you if I wanted to.

I think what Champion says is that people have a democratic right to be wrong. But do they then also have the right to hurt others while exercising that ‘right’?

Doesn’t this put the onus on their governments and media? Do they have a democratic right to spread distorted information? If so, what is democracy, exactly? What is left of it if all that is valid?

I suggest you and I revisit this, and in the meantime I’m curious to see what you have to say about it. How do lies, distortions and subjective opinions relate to democracy? Is lying and distorting a democratic right, for politicians and journalists?