14/6/2011Greece
Greece is dead. The message coming out of the Bilderberg meeting is unmistakable. Greece’s troubles have not only exposed the structural flaws of the European Monetary Union, but have also exposed the structural problems in the global economy. Government officials around the world have responded to the debt problem by adding more debt. Unfortunately, piling debt on debt cannot solve the problem. This is what a Ponzi scheme, Las Vegas-like secret casino looks like. To keep the pyramid-like structure from acute economic collapse, more and more money is doled out by those wishing to keep the speculation going.
The crisis response has only exacerbated a dynamic that created the crisis to begin with: Easy credit means debt. Historically, financial crises typically lead to sovereign debt crisis. And sovereign debt crisis typically led to currency crisis and extremely difficult economic times ahead.
The sovereign debt crisis is still unfolding. Last year, Europe, trying desperation to solve the crisis of weak countries within the Euro zone, devalued the Euro and inflated away the debt in order to stop the downward spiraling. The problem is three fold. First of all, member states cannot devalue its currency to make its exports more competitive. Second of all, it cannot undertake an expansive monetary policy. Finally, it cannot mount an appropriately expansive fiscal policy because of the restrictions of the EU’s growth and stability pact. Thus, as European member states do not control their monetary policies, debt devaluation becomes the only option. EU is literally backed into a corner.
As Bilderberg admits behind closed doors, Greece can never pay back what it owes the markets. Never. And they are not the only ones. Former Dutch Finance Minister Willem Vermeend wrote in De Telegraaf that “Greece should leave the euro,’ given that it will never be able to pay back its debt.”And that´s something that Bilderberg elite know and understand very well. Real unemployment figures are around 19%. According to IMF Bilderberg attendee, 2012 projected unemployment figures for Greece will top 25%. Bilderberg can only pray this information never makes it onto the front pages of leading mainstream periodicals. At the 2011 meeting, Bilderberg was looking at ways to restructure Greece’s debt, not for the benefit of Greece, but rather for the benefit of the financial elite who stand to lose their shirt if Greece fails. On the other hand, a default would destabilise markets and lead eventually to rating downgrades of other weak euro zone states such as Spain, Italy, Ireland and Portugal. ECB officials have repeatedly cited the risk of market turmoil in explaining their opposition to a Greek debt restructuring.
One face-saving option being considered is a debt exchange. Holders of Greek bonds would exchange them for longer-dated bonds, giving Greece a few more years to pay back the 340 billion euro debt. However, for this option to work, private investors must be convinced to share the burden of rescuing Greece. If the option of private investors doesn´t work out, France was being considered as the backer of the debt exchange, according to sources at the Bilderberg conference.
At the same time, the European Union and IMF are preparing to announce a second bailout of Greece, thus acknowledging that the first 110 billion euro rescue which was launched in May 2010 has been a spectacular failure as Athens misses its fiscal reform targets by a mile.
But there is another problem with a voluntary debt exchange. How do you persuade investors who were burnt the first time to take part in it, again? In the end, if Bilderberg has their way, taxpayers will be burdened with a large part of the bailout of bad speculations and government debts. A second bailout will include unprecedented and draconian external supervision of Greece’s economy, both public and private spending. This worries Bilderberg, especially in light of 2010 massive national protests across the country.
The scenario of Greece’s exit from the Euro is now officially on the table, as are ways to do this. As in Iceland, the Greek austerity measures are to be put to a national referendum – with polls reporting that some 85 percent of Greeks reject the bank-bailout-austerity plan. Greece’s labor movement always has been strong, and the debt crisis is further radicalizing it. So, the question for the Bilderberg elite, is how to get rid of Greece, while appearing to be helping them come out of the depression.
Greece is dead. The message coming out of the Bilderberg meeting is unmistakable. Greece’s troubles have not only exposed the structural flaws of the European Monetary Union, but have also exposed the structural problems in the global economy. Government officials around the world have responded to the debt problem by adding more debt. Unfortunately, piling debt on debt cannot solve the problem. This is what a Ponzi scheme, Las Vegas-like secret casino looks like. To keep the pyramid-like structure from acute economic collapse, more and more money is doled out by those wishing to keep the speculation going.
The crisis response has only exacerbated a dynamic that created the crisis to begin with: Easy credit means debt. Historically, financial crises typically lead to sovereign debt crisis. And sovereign debt crisis typically led to currency crisis and extremely difficult economic times ahead.
The sovereign debt crisis is still unfolding. Last year, Europe, trying desperation to solve the crisis of weak countries within the Euro zone, devalued the Euro and inflated away the debt in order to stop the downward spiraling. The problem is three fold. First of all, member states cannot devalue its currency to make its exports more competitive. Second of all, it cannot undertake an expansive monetary policy. Finally, it cannot mount an appropriately expansive fiscal policy because of the restrictions of the EU’s growth and stability pact. Thus, as European member states do not control their monetary policies, debt devaluation becomes the only option. EU is literally backed into a corner.
As Bilderberg admits behind closed doors, Greece can never pay back what it owes the markets. Never. And they are not the only ones. Former Dutch Finance Minister Willem Vermeend wrote in De Telegraaf that “Greece should leave the euro,’ given that it will never be able to pay back its debt.”And that´s something that Bilderberg elite know and understand very well. Real unemployment figures are around 19%. According to IMF Bilderberg attendee, 2012 projected unemployment figures for Greece will top 25%. Bilderberg can only pray this information never makes it onto the front pages of leading mainstream periodicals. At the 2011 meeting, Bilderberg was looking at ways to restructure Greece’s debt, not for the benefit of Greece, but rather for the benefit of the financial elite who stand to lose their shirt if Greece fails. On the other hand, a default would destabilise markets and lead eventually to rating downgrades of other weak euro zone states such as Spain, Italy, Ireland and Portugal. ECB officials have repeatedly cited the risk of market turmoil in explaining their opposition to a Greek debt restructuring.
One face-saving option being considered is a debt exchange. Holders of Greek bonds would exchange them for longer-dated bonds, giving Greece a few more years to pay back the 340 billion euro debt. However, for this option to work, private investors must be convinced to share the burden of rescuing Greece. If the option of private investors doesn´t work out, France was being considered as the backer of the debt exchange, according to sources at the Bilderberg conference.
At the same time, the European Union and IMF are preparing to announce a second bailout of Greece, thus acknowledging that the first 110 billion euro rescue which was launched in May 2010 has been a spectacular failure as Athens misses its fiscal reform targets by a mile.
But there is another problem with a voluntary debt exchange. How do you persuade investors who were burnt the first time to take part in it, again? In the end, if Bilderberg has their way, taxpayers will be burdened with a large part of the bailout of bad speculations and government debts. A second bailout will include unprecedented and draconian external supervision of Greece’s economy, both public and private spending. This worries Bilderberg, especially in light of 2010 massive national protests across the country.
The scenario of Greece’s exit from the Euro is now officially on the table, as are ways to do this. As in Iceland, the Greek austerity measures are to be put to a national referendum – with polls reporting that some 85 percent of Greeks reject the bank-bailout-austerity plan. Greece’s labor movement always has been strong, and the debt crisis is further radicalizing it. So, the question for the Bilderberg elite, is how to get rid of Greece, while appearing to be helping them come out of the depression.
Ισπανός ερευνητής αποκαλύπτει το περιεχόμενο της φετεινής σύσκεψης με κάποιες αναδρομές στην περυσινή. Διαβάστε το κείμενο που αφορά την Ελλάδα και κρίνετε εάν ο κύριος Παπακωνσταντίνου μπορεί να κάτσει έστω και μία ημέρα στον υπουργικό θώκο!
By threatening to withdraw support for banks in countries such as Greece if they restructure their debts, the ECB is practically inciting runs on banks and forcing the member country out of the union. In Greece, more than 85% of Greek citizens are against the proposed reforms.
Διαβάστε όλες τις πληροφορίες για το περιεχόμενο των συζητήσεων ΕΔΩ.
