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Posted by on Nov 3, 2011 in At TMV, Business, Economy, International, Law, Places, Politics, Society | 6 comments


For several years now, Greece has been presenting on a global stage, a never-ending “Waiting For Godot” comic-tragedy in which there is constant worldwide audience participation despite a complete lack of plot, or any ideas on how to end this story. A Greek default on its international debts may not bring down the global financial system, but it regularly paralyzes governments, bondholders, and stock markets around the world.

There are just over 11 million people living in Greece. Their government and banks have issued an unusually large amount of debt instruments to many other European Banks who have numerous financial entanglements with all the American “TBTF” banks including those perpetually dangerous unregulated credit default swaps. Of course the globally interconnected financial system of highly questionable loans, credits, reserves, hidden cash, unknown assets and liabilities; long history of blatant fraud and deception; and Gordian knots of zombie legal fictions also include the banks and governments in the Middle East, Far East and the rest of “East of Eden.” That explains why such a relatively minor nation can freak out global financial organizations, stock markets, bankers and investors so easily.

The European Union, along with the political leaders of France, Germany, the executives of the European Central Bank, and all the other large moneyed interests in Europe were upset that Greece will not accept the latest bailout offer of its unsustainable debt. The Greek Prime Minister decided that the Greek people deserve to have a plebiscite on the matter of its future financial, economic and political life. It is quite possible that given the chance, the majority of the Greek electorate will vote to not pay their massive public debts to outside bankers and just dump the undemocratic Union and the unsustainable European monetary system.

The 1% global oligarchy (AKA plutocracy and kleptocracy) that effectively controls banks, financial systems, economics and governments around the globe really don’t want any human beings questioning their business, goals, objectives, policies and rule. Democracy in the form of public elections that decide anything more than what foolish politicians will serve the oligarchy’s best interests are simply verboten. Why they could actually unsettle the status quo and change those people who get to determine national and global public policy.

Many human beings around the globe, in Europe, in Greece, and even in the U.S., are slowly coming to the realization that we haven’t had any meaningful democracy in our so-called “democracies” for decades. Many people are no longer willing to follow the short-sighted, self-centered, excessively-greedy psychopaths and sociopaths who appear to control most of the important aspects of our individual lives, public institutions, private enterprises and overall economies.

Governments and banks around the world cannot continue collecting interest and principle upon old debts by issuing new debts at even higher levels. Man does not exist by debt alone. Lenders and creditors must realize that debtors and the impoverished cannot repay – ever. The 1% oligarchy is still in denial of the massive mess they created around the globe with all their worthless financial “innovations.” One cannot squeeze water from a rock – though one can sometimes use pressurized water to “frack” oil from deeply buried shale rocks. Even if mankind agrees to reinstitute slavery and serfdom on a global basis, most personal, corporate and public debts cannot be paid even under the most optimistic and delusional scenarios.

Media commentators and various experts from all political and economic perspectives have leveled a variety of claims and charges against the Greek people and their government. However no one who extended credit to this small nation with a limited economy based upon tourism, a few crops and fishing, performed even a modicum of due diligence on its society, people and natural resources; nor was there any meaningful independent audits performed on its wacky political, financial, banking and economic systems, to justify the acquisition of so many worthless Greek Bonds.

There are many fine, honest and hard-working Greek people and many other lazy and greedy ones. The Greek government is notoriously corrupt, inefficient and wasteful. As with any nation, Greece a mixed bag with a particular history and mindset. The financial and banking systems of the world cannot expect it to be just another nation that can be exploited by perpetually extracting as much interest and rents off the top of its rather modest economy and limited number of people.

The many protests in Greece over the past year have effectively shut down Greece is an indication that shoving down an unfair and excessive outside solution without public acquiescence will not be tolerated. When people have nothing left to lose, they will take to the streets and forcefully oppose internal and external oppression. A government that loses its legitimacy to represent and protecty its people will eventually collapse.

We can debate for years the relative moral and ethical issues presented by all the characters and entities involved. However, the simple financial fact stares everyone in the face but no one has yet to acknowledge it: illegal contracts and unsustainable debts cannot and will not be honored and/or paid.

The widely respected and frequently cited Jesse’s Café Américain (one of my favorite blogs that can be found here: was the source of a very prescient and overarching anonymous quote that applies to all types of secured and unsecured debt in every nation.

“The world will soon wake up to the reality that everyone is broke and can collect nothing from the bankrupt, who are owed unlimited amounts by the insolvent, who are attempting to make late payments on a bank holiday in the wrong country, with an unacceptable currency, against defaulted collateral, of which nobody is sure who holds title.”

I wrote of the need for universal debt forgiveness on January 6, 2011 in the TMV post titled “God May Have an Excellent Answer to our Financial Mess: Start Over With a Clean Slate.” Such an approach is fully justified by the Torah and The New Testament. Eventually the majority of creditors and debtors will realize that it is the only ethical, moral, rationale and practical policy left for humanity to extricate itself from the suffocating global web of debt in which we are trapped.

Until reality sets in, enjoy the tasty Baklava pastry and fine Retsina wine during this Greek theater. Within the decade, the U.S. will probably follow up this play with its own spectacular, unique and exceptional final act of Gotterdammerung. Fortunately, as the late comedian and latter-day prophet George Carlin remarked, Americans will have front row seats to humanity’s implosion.

Submitted on November 3, 2011 by Marc Pascal happily ranting from Phoenix, AZ and taking emails at [email protected]

Jesse’s Café Américain recently published the following quote: “The result is an oligarchy of private capital, the enormous power of which cannot be effectively checked even by a democratically organized political society. This is true since the members of legislative bodies are selected by political parties, largely financed or otherwise influenced by private capitalists who, for all practical purposes, separate the electorate from the legislature…and control, directly or indirectly, the main sources of information.” Albert Einstein, 1949. (Uncle Al was way ahead of his time – yet again.)

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