Europe needs to learn this lesson: ECB/IMF/EU are Vultures

[Kirkland Laing]

Minutes of an IMF meeting were leaked to the Wall Street Journal last year. They show that when Greece was forced into the 2010 bailout it was to protect the Euro from collapse and to bail out eurobanks who had all lent huge sums to Greece.

IMF Document Excerpts: Disagreements Revealed - Real Time Economics - WSJ

Everybody knew at the time that Greece needed debt restructuring and that they'd never be able to pay the debt they were being loaded up with. And it's amazing to read that privately governments all agree that austerity damages economies while publicly they claim the opposite. Austerity is obviously just a tool to slash the welfare state and worker protections and benefits, to turn Europe into Asia as far as big business is concerned. Actually it's not amazing at all, is it.

Probably what happens now :

They come up with some sort of last minute compromise extension agreement to kick the can down the road for another two/four/six months until they can negotiate something better. More when I have the time.

Here is my tradesman style take on it all.
Call it a gut feeling.

Greeces mega rich could all put in and pull them up out of anything easily with the right plan and implementations. They will not do that. Instead they will keep their cash and reserves abroad and safe instead.

I recon with Russia China Brazil India and South Africa now working together to create their own fair trade new world order and new banking system:

Countries who have been taken to the cleaners by the Anglo American alliance will also eventually take their business there.

The Anglo American so called 'Christian' World order that has reigned supreme, will do what its always done and go for the control panel via military means and take control or mess up others lines of what it can in the middle east and other spots of friction.

Australia would do well to cut ties and go with the Chinese plan for Eurasia. If we dont we will have Indonesia to deal with, maybe in the same way the States deals with problems outside of itself, not the way the Chinese do,which is so much smarter.

You're right about the first point.

There aren't going to be any new banking or trade systems of note anytime soon.

The western alliance is on the way out but it'll take decades to happen. And the people running the show in the west are all just gradually investing in the east anyway. It's a global system we're moving to.

[Kirkland Laing]

Eventually whatever the current deal is between Greece and its creditors is will fall apart. It may take a few months or a few years but their debt load is unsustainable, they can't pay it back.

People keep ringing me on the fucking phone so I have to come back to this.

[Kirkland Laing]

So, Greece. They're insolvent but the alternative to admitting this is a return to the drachma and horrific Depression-era conditions in Greece, widespread hunger and misery and so on, but an eventual recovery. So they have a good reason to keep playing extend and pretend with the EU.

The EU should in a previous world restructure the debt which is a fancy way of saying write a chunk of it off. In this case about half would be a good idea. But they can't do that because Portugal, Spain (who have an election later this year), Italy and possibly Ireland are all future Greece-like problems on the horizon. If the EU does the right thing for Greece it has to do it for the others and then the whole thing blows up. Which will happen at some point anyway no matter what they do with Greece.

[Gandalf]

The EU will have to break up whatever happens. It's just a matter of time. Greece has decided to delay it, but meanwhile anti-EU parties are growing all around Europe. If it isn't Greece, it will be somewhere else and a good thing too in the long run for the people of those countries.

[brocktonblockbust]

The EU will have to break up whatever happens. It's just a matter of time. Greece has decided to delay it, but meanwhile anti-EU parties are growing all around Europe. If it isn't Greece, it will be somewhere else and a good thing too in the long run for the people of those countries.

How poignantly executed there Miles. The better to break up and go through the pains of transformation, than to fake their way through troika horse manure in solidarity of a Failed Policy.

Jake Bugg sucks. Here is the proof: