I'm not an economist or political expert but when I read about the proposed bail out for Greece, ING, big banks come to mind. ING was given billions of dollars to stay afloat and now they just reported billions in losses, banks were given bail outs such as bank of America and other high profiles banks, what I read now is BOFA trying to spike fees (good thing they backed down), other banks giving their already millionaire executives bonuses and trips with the bail out money.
Greece will get these billions of Euros, it will just give these banks and politicians more time to get their money secured probably in China or the Caribean before the inevitable happens which is an iminnent collapse, just a delay for the powerful to get away while the working class suffers more and more.
Italy, Spain, Portugal, Germany will go next and the US probably in that line as well and the great savior China will come along to rescue the world.
What a mess.
The bailouts are coming in if Greece cleans up its act and does something to contribute to its own recovery. Italy, Ireland, Portugal and more are also teetering on the edge. Italy is next, and it does not look good.
China has shown historically that it will not invest in dodgy business - and they are unlikely to invest in this matter. They may be bought with such things as better access to European markets, lifting of restrictions on certain exports to China etc, but like America, where they sold a large part of American debt to Japan just before this current crisis of economic mismanagement, they will invest where they can control the outcome. This is likely to be in supporting the Euro which in turn will have to support Greece.
The 'anti' demonstrations in Greece are about the same issues as the Occupy Wall Street movement. The talk is all about banks and the 1% and is unlikely to do anything for the mass of people. The 1% have stolen it all and now want to max out the countries credit to scrape the barrel before they yacht off to where they have their offshore wealth.
The Bailout is not about the people of Greece. It's about minimizing losses to the Banks who have loaned the money.
I've read so much this week about what is going on via the Internet and it's all about protecting the Banks.
It is not only for the banks, it is also for the people.
Certainly in a financially overfertilized world economy, banks are easy to pick on. However governments and their administrations created financial environments with ridiculous 0% or 1% money cost. So governmental decisions started the mess, not necessarily bankers greed.
The Greek debt crisis is a crisis of consolidated public and private debt. There is simply no money in the country.
But then there are lots of big Mercedes and Porsche around. Only 2 explainations and both are not favourable to the people involved.
1: people borrowed money to buy the Porsche and told the money lender they were solvent.
2: people could afford the big car, because the did not pay taxes, which made the administration insolvent.
I am fully aware that those statemente may offend many innocent, hardworking, taxpaying Greek citizens. It is more to illustrate the general situation.
Greece is not Japan, with Japan having a much higher public debt but when consolidated with private accumulated wealth, Japanese figures are solid.
1, A responsible lender would never rely on what an individual stated. They would want evidence. Lack of evidence= Negligence on the part of the lender.
2. Maybe they could afford the big car, because they were employed and did not envisage the situation changing, because they had no idea how irresponsible the financial sector were . Or, maybe they paid their taxes and wrongly assumed that others would do the same.
The bank redistribution and looting of national treasure started it all, but now it's hitting the masses who are having to tolerate austerity measures.
This is infuriating people who must suffer cuts in services and benefits hat they paid for, lose their jobs and face even more insult from excessive corruption combined with a stubborn refusal to do anything about the mess.
A business that pays its executives too much money will fail; it will collapse when it is no longer able to support the excessive executive pay. The banks did that and they were in the process of failing. If left to fail, a resolution trust would have come in and re-allocated the assets, and then life gets back to normal for the rest of us. But many Banksters, about 400 people, would have gone to Club Fed for a dime (10 years) or two.
But no, the Gub’met stepped in and bailed out the Banksters. But still the Banksters collect grotesque amounts of compensation. And still the banks are failing and still the Gub’ment wants to bail out the banks.
Call me crazy, but it seems to me that America’s unprecedented prosperity in the late 80s/ early 90s came right after the “thrift savings and loan” collapse was resolved. And it wasn’t resolved through bailouts.
We know what isn't working,is Max Keiser right?
http://dailybail.com/home/must-see-max- … bring.html
"I almost forgot: Lloyd Blankfein’s merry little band of brothers, Goldman Sachs, were the Greek government’s financial advisors. They showed the descendants of Pericles, Leonidas, and Alexander how to cook the books when the European Union’s financial examiners checked them. Goldman Sachs made hundreds of millions by showing the Greeks how to cheat, yet now it is the pensions of the poor which are being cut in order for Greece to show that they can get their house in order."
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