My favourite part on Keynes:

“..he envisaged an IMF which would have the power not merely to impose conditionality on countries experiencing external deficits, but equally on those – like Germany and China today – running excessive external surpluses.

Underlying Europe’s private and public financial crisis is a balance of payments crisis. The market has failed to channel trade surpluses into capital flows to the periphery designed to raise their investment in export productivity – any more than it did in the 1920s and 1930s..”

What a wonderfully wholistic sense of balance. Nations running massive deficits should be called to book AND nations running massive surpluses need to be taken to task too! It’s an international interpretation of progressive taxation.

As an aside:
Why is there so much imbalance with everything skewed in one direction?
Nature is cyclical – but economic ‘growth’ is expected(nay must!) continue unchecked.
All things decay – but money must never lose value.
Resources are finite – but the market will always provide.
Everything is interdependent – but the rich are self made.

I think it comes from ignorance or forgetting the intrinsic membership/kinship with nature and society, the delusion whereby an individualistic separation exists outside an objective universe.

Mike

The sooner the better for many reasons not least the fact that one of the justifications for it was to ensure a peaceful Europe all together in one big happy family. I’m not sure where policies that have resulted in the resurgence of the far right in Greece fits in with this, especially as the country if it stays in the Troika’s clutches will then be forced into at least a 10 year period of conditions that would be similar to a kind of Weimar republic. Probably resulting in another type of contagion that would be likely to spread amongst Europe’s ever growing army of disenfranchised youth.

So much for the happy family, the Germans are nimbys.

Can you stop quoting panicky, out of date, badly translated or deliberately mis-representational quotes at me from opinion piece blogs please. These are not facts!

Here is an El Pais article from the day Rajoy was in the the Senate and did a legger on the journalists outside. The date is the 10th of April 2012. Not the Bloomberg date. There is no menton of a market shut-out for Spain.

http://politica.elpais.com/politica/2012/04/10/actualidad/1334072678_847823.html

He returned to the Senate and answered a few questions in front of a committee on his budget cuts during the week, with no dramatic announcements about the financial market –

http://www.periodistadigital.com/politica/gobierno/2012/05/08/rajoy-respondera-hoy-en-el-senado-sobre-el-incumplimiento-de-su-programa.shtml

This rubbish of what Rajoy puportedly did or said is circulating in the ANGLO-PHONE media just like a silly transfer rumour in the football taloids.

Rajoy said nothing such as you are quoting above in Spanish, that I can find at least. If you can find it in the original Spanish please post it and prove me wrong.

Bankia, and its bail-out, is a separate matter.

Sound macro economics, well explained.

“Why Europe’s Fiscal Compact is bound to fail” – George Irvin

http://www.guardian.co.uk/commentisfree/2012/may/11/europe-fiscal-compact-fail

Joe R – Here is the Bloomberg link for the above citation:

http://www.businessweek.com/news/2012-05-08/spain-says-treasury-is-only-entity-left-able-to-get-funding

Thanks.

http://www.rollingstone.com/politics/news/how-wall-street-killed-financial-reform-20120510

This would be eye opening to me anyways and maybe, just maybe, expose to the people what is actually happening to them behind closed doors between the bankers and their politicians. I tipped my hat to Tspirus for wanting to find out the truth for a change. Does this mean it is all bullcrap? Only time will tell.

Looks like the EU is prepping to drop Greece from the EU, or so the USA media is spinning it that way.

Why not! After all’s said and done it is they who created the debt, gambled on it and lived high on its speculation whether they gained or lost in the digital figures juggle.

Afford it concern and you give it substance – give it substance and you afford it coherence – from coherence it establishes legitimacy and through legitimacy tyranny.

Money has been distorted into a mythology and as such there is no sensible way to correct or modify a myth even in this – now you see it now you don’t – acceleration incorporated in this electronic age.

It now claims the omnipotence that was claimed by religions to belong solely to their gods along with the abstract nonsense of an inalienable right for its will to be done.

As in religion, the money game will never make sense as the prime mover or measure of civilisation or societies values.

Hello didihno,

In case you haven’t seen it you might be interested in a piece I wrote some time ago called “How to destroy the web of debt”. You can find it above under Featured posts.