Finance Without Morality, Is Only Ruin Of The People:
People like a good cliffhanger. It beats difficult analysis, any day. Will Greece be pushed out of the Euro? Everybody wants to know.
The answer is simple: no. Before I explain why, let me point out that Paul Krugman, over the years, said many silly things about the Euro. However, he is learning, and his last effort, “Europe’s Greek Test”, is pretty good.
“In the five years (!) that have passed since the euro crisis began, clear thinking has been in notably short supply. But that fuzziness must now end. Recent events in Greece pose a fundamental challenge for Europe: Can it get past the myths and the moralizing, and deal with reality in a way that respects the Continent’s core values? If not, the whole European project — the attempt to build peace and democracy through shared prosperity — will suffer a terrible, perhaps mortal blow.”
OK, Krugman should not call it the “euro crisis”. It’s not anymore a “euro crisis” than the related 2008 crash was a “dollar crisis”. And the point is not to get “past moralizing”, but to get, precisely, in the thick of true moralizing.
Krugman: “But doesn’t Greece have an obligation to pay the debts its own government chose to run up? That’s where the moralizing comes in.” And the moralizing is not just the way plutocrats and their parrots claim it to be. Krugman has finally discovered that only one side is submitted to beating until the masters’ mood improves:
“It’s true that Greece (or more precisely the center-right government that ruled the nation from 2004-9) voluntarily borrowed vast sums. It’s also true, however, that banks in Germany and elsewhere voluntarily lent Greece all that money. We would ordinarily expect both sides of that misjudgment to pay a price. But the private lenders have been largely bailed out (despite a “haircut” on their claims in 2012). Meanwhile, Greece is expected to keep on paying.”
Paying for what? Banksters! Krugman has finally come across the great truth of the so-called rescue of Greece:
“…to oversimplify things a bit, you can think of European policy as involving a bailout, not of Greece, but of creditor-country banks, with the Greek government simply acting as the middleman — and with the Greek public, which has seen a catastrophic fall in living standards, required to make further sacrifices so that it, too, can contribute funds to that bailout.
One way to think about the demands of the newly elected Greek government is that it wants a reduction in the size of that contribution.”
“Objectively, resolving this situation shouldn’t be hard. Although nobody knows it, Greece has actually made great progress in regaining competitiveness; wages and costs have fallen dramatically, so that, at this point, austerity is the main thing holding the economy back. So what’s needed is simple: Let Greece run smaller but still positive surpluses, which would relieve Greek suffering, and let the new government claim success, defusing the anti-democratic forces waiting in the wings. Meanwhile, the cost to creditor-nation taxpayers — who were never going to get the full value of the debt — would be minimal.
Doing the right thing would, however, require that other Europeans, Germans in particular, abandon self-serving myths and stop substituting moralizing for analysis.
Can they do it? We’ll soon see.”
The usual moralizing analysis that is done is not just completely wrong, but thoroughly superficial: the average Greek has been punished for a crime she and he did not commit. They are been punished with their lives. Meanwhile, the culprit bankers are not giving back their mansions.
So Germany is going to become reasonable about Greece. Why? Because it is co-responsible: the Drachma was converted into Euro at twice its real value. Germany agreed to this. That instant wealth for Greece was going to bring a lot of purchase of German luxury cars by wealthy Greeks, and it did. So the average Greek was set-up by wealthy and controlling Germans, whose influence made German economists consent to malversation.
Another point: Germany saw its debt cut down four times during the Twentieth Century, and the last time was in 1953. Basically Germany did not have to pay for Nazism and reconstruction.
If Germany did not have to pay for Nazism, why should Greece have to pay for German bankers? (Hmm… Wait. It actually makes sense…)
In particular Germany did not pay in any commensurate fashion for the Greeks it killed in World War Two. How many Greeks did Germany kill when it attacked Greece in Spring 1941, and for the next four years of brutal occupation, complete with sending tens of thousands of Greek civilians to extermination camps? Or killing them on the way?
So many Greeks were assassinated by the Nazis that one does not know how many died. Up to more than eleven percent of the population. Scaled up to the present population of the USA, that would be around 33 million dead.
33 million dead, and now you ask for more?
The sort of governments which has been in power throughout the West, has been serving the wealthy capital class, from the USA to Greece. It’s not just the Eurozone.
The British Royal Mail was evaluated by some financiers at 12 billion Euros. But the “Conservative” government sold it 4 billion. In a few hours of trading, the privatized company gained 60%, making a lots of instant wealth for investors.
Plots everywhere by the plutocrats, what could go wrong? A Great Bitter Ocean to drown in.
Some ponder the nature of man, the Dark Side French ex-justice minister Badinter spoke about.
Yet, that’s another mistake. One does not avoid cruelty by just becoming a vegetarian, or a vegan. Actually, it’s easy to argue that this is an immoral mood.
Instead, blame General Economics.
It has been thoroughly documented that, in national parks such as Amboceli, elephants kill goats and cattle, just because they don’t like them crowding around water holes.
MORALITY HAS TO REACH ACROSS CENTURIES:
Spain, now followed by Portugal, has decided to allow Sephardic Jews to return. Five centuries after throwing them out. This is worth pondering as a morality play. After 381, the Catholic Church became not just a terrorist organization burning libraries, but an officially sanctified one lethal one killing all groups it did not like, and, first of all “philosophers”. The Church came close to annihilating the Jews, but then the Franks took power and re-established the civil rights of non-Catholics. In the following centuries, many Catholics converted to Judaism: whereas the Pope and his goons always threatened to burn alive miscreants, Judaism was more relaxed.
However, for a number of reason, such as Saint Bernard, Saint Louis and the like, and the death struggle against the Islamists who occupied most of the Mediterranean, the Catholic Church and its Inquisition came back in force.
Millions of Jews were thrown out, or forced to convert to Catholicism, or terrified, tortured to death, burned alive. Even towards the end of the Eighteenth Century, Voltaire condemned the execution of a young Jewish girl, burned alive in Portugal, just because she was a Jew.
Well, last week, a ten year old Nigerian girl was covered with explosives, and detonated in a market place, by Boko Haram, an Islamophile terrorist organization.
That would have been unimaginable in Nigeria, sixty years ago (you know, under the dirty colonialists). But now, it’s happening, and it’s the leaders of the world who are culprit. Because that’s the world they organized. With their lies.
So let’s talk truly now, and start with Greece. When one of the world’s most despicable men, Jean-Claude Juncker, a tax evasion specialist serving plutocrats for decades, enabling trillions of dollars to be stolen from the people, say that Greece, the Greek people, should pay, we should retort.
Retort that it is his kind that should pay, so we can start to put an end to the systems of moods and lies they set in place.
Plutocrats and those who enable them, have been full of audacity, for decades. But, without audacity, you cannot save the Republic. Because the world, or at least the ecology, always moves on.
Ah, and of Greece and the Euro?
The Greek Central Bank can actually print all the Euros it needs. So the charade in Greece was made possible by the complicity of the ruling elite. Syriza can put an end to that.
And what of Germany forcing Greece? How? By bringing back the Schliefen plan, and swinging millions of robotic soldiers, through France, as in 1914? Hahaha. Sorry, I am obnoxious. Not likely, anyway, as 98% of the military muscle in Europe is held by France and Britain.
The Euro is the Greek currency. Germans can’t change that. It would be easier for them to adopt the rubble of the Rouble as new German currency instead.
Not that force should not be used. Banksters and their accomplices should be made to regurgitate the ill profits they made from Greece and other places they victimized.