Comments on: ‘Cranky Extremists’ – The Bully-boy Chorus begins.

By: CArratiaM

CArratiaM — Thu, 24 May 2012 12:23:02 +0000

Great you saw it Stevie, I definitely agree that it’s a must see for creating awareness.

And thanks Golem for this post, I think it is extremely important to shed light on the origins of the state’s debt. The example of Ecuador on this is remarkable, it is nicely explained in the documentary ‘Debtocracy’, in the following link:

http://www.youtube.com/watch?v=mHDsgUnSzts

Go to around minute 50 for those who want to jump quickly into Ecuador’s master move on their debt.

By: Pat

Pat — Thu, 24 May 2012 08:19:45 +0000

In reply to DANIEL. Actually Jonathan Swift. The great satirist was suggesting that the starving Irish eat their own children. The extreme logical conclusion of austerity, I suppose.

By: OhOh

OhOh — Wed, 23 May 2012 23:02:48 +0000

“Greece’s national statistical service has taken a number of measures to improve the quality of the deficit and debt data reported to the Commission, and this has led to a significant reduction in discrepancies. As a result, Eurostat in October 2006 withdrew its reservation on the quality of the figures, and although unexplained discrepancies still remain, it is unlikely that any future revision would raise the 2006 deficit above the 3% threshold.”

The responsible EU department, ECOFIN, requested details of the Greek financial situation . They performed an audit and declared that Greece had a manageable problem. Either they, ECOFIN, saw a problem and hid, it or there was no problem.

ECOFIN is a committee of the EU is composed of the Economics and Finance Ministers of the Member States which meets once a month. They are tasked with, amongst some others, the economic surveillance, monitoring of Member States’ budgetary policy and public finances. To believe that this body of the EU has had no knowledge of the Greek situation all the time is somewhat unbelievable.

When will ECOFIN answer to the Greek people and the EU?

By: DANIEL

DANIEL — Wed, 23 May 2012 04:59:51 +0000

David,
I think your suggestion of politicising this blogosphere movement is a sensible idea. We can pontificate forever on these blogs and nothing will be done. Apart from educating people as to the technical reasons to our present failed financial state, these discussions can go on forever. We must become politically active.
There are many such sites out there and many movements, supporting the same idea, reform of the monetary system. Sites such as Positive Money, NatCan etc. We need to conjoin them in a single entity.
I like your headline, A Modest Proposal. If I recall ,it is title of a Pamphlet by the that underrated and unrecognised fighter for Human Rights, Tom Paine.
Good title for a political party. Rights of Man Party.

By: Nelson

Nelson — Wed, 23 May 2012 03:59:24 +0000

Thank you for shining a clear light at the dark corruption of our banksters.

By: James E

James E — Wed, 23 May 2012 02:08:10 +0000

Great article… The scare tactics will always be tried however alot of people are starting to say; look we are already just eating bread and olives so if the drahma comes then what
will be different… t

The difference is we no longer import food / buy bmw’s/peugots / allow seimens to try and take over the rail system for 800 million when its worth 16billion / get involved in Derivates… and this affects who?

The difference is we have rare earth material reserves / oil / gas, are kick starting our agriculture / trying to kick start the second largest port in EU again / … and this affects who?

The game is up…. we have had extra time and now are settling the score via a penalty shootout… the West is finished… capitalism is bust… NEXT!!!

By: Golem XIV

Golem XIV — Tue, 22 May 2012 21:21:46 +0000

In reply to JayD. I think the European powers are considering letting a Greek bank or two go down as a frightener. BUt they are NOT going to let teh ones they own go down. The biggest bank on the brink of collapse is French but no one in the MSM is mentioning it.

By: JayD

JayD — Tue, 22 May 2012 21:11:27 +0000

BANK RUN! BANK RUN! BANK RUN!……………does anybody remember when any mention of such was off limits.Yet in the last couple of days the MSM can’t get enough of it (confined to Europe of course!).Any ideas as to why this might be? If it’s to up the psychological warfare on the Greek electorate then it’s a pretty risky strategy…..or have the powers that be decided they are prepared enough to collapse the Euro as you can be sure that their money ran long,long ago!

By: richgb

richgb — Tue, 22 May 2012 19:10:15 +0000

A Debt Commission sounds like a really good idea, but whether they can judge the legality of debts whilst having limited access to the back-room deals and shenanigens that led to them in the first place seems doubtful. A detailed analysis in a time-frame that makes a real difference to the lives of the Greek people is not going to happen, and I suspect if such a panel was formed then much rough justice would be doled on the banks. Oh dear!

By: backwardsevolution

backwardsevolution — Tue, 22 May 2012 19:07:18 +0000

Here’s what Karl Denninger has to say about it:

“Here’s the truth:

It’s none of the rest of the world’s problem if and when your banks lend money to someone has no ability to pay. The lender has more information than the borrower as the lender has history across many borrowers; you have only yourself. Therefore, it’s the lender’s problem if he makes a foolish loan and he should lose his money.

This is especially true when the lender, and other lenders, actively conspire to mislead as to the borrower’s debt load and ability to pay. We know for a fact that this happened with hinky derivative deals that made deficits look smaller than they really were. This is an active fraud and if the lenders claim they were deceived on purpose and had no part in it then they should sue the parties involved — which are other bankers!

When, as a lender, you exploit a legal means to counterfeit, thereby lending money you don’t actually have (this would be criminal fraud for anyone else!) and get caught it is both your problem and your government’s, and nobody else’s.”

http://market-ticker.org/akcs-www?post=206295

Another great write-up, David. Thanks!