Saturday, June 2, 2012

The Truth About Debt: A Close Look at Ireland and Greece by J Iddhis Bing

I was there for orthodox Easter when the story broke about finding gold ingots in the family home of Akis Tsochadzopoulis, the former PASOK defense minister. PASOK (Center Socialist) was still in power. Tsochadzopoulis was arrested and charged with receiving an €8m bribe from Ferrostaal, the German defense company who sold four Class 214 submarines to the Greek navy 12 years ago. The Greek government still owes a billion Euros on those submarines! It's part of their bloated national debt which just keeps growing and infecting other "peripheral" nations like my own (Ireland).

I call the contagion the Ouzo effect. It shares some similarities with the South American contagion of the 1990s, which economists call the Tequila Effect. The Tequila Effect began in Mexico and culminated in the Argentine collapse. The Ouzo effect is, obviously, still developing.

Since the election there is some hope of change: the markets are not happy, they know that you can't squeeze blood from a stone. Greece may need one more election to realize the change it needs - and that may involve a hard default.

[ ... ]

Maybe it is time to get some more democracy into public finances? The European Central Bank is not a private bank, the Euro is a public currency owned by the Greeks and the Irish, too. The time has come to run the ECB and the Euro in the interest of the public that own them!

More...

See also:

How to underdevelop a nation: IMF-EU prescription for Greece

It is now obvious even to the most casual observer that the IMF-EU austerity measures have reduced Greece from a semi-developed to an underdeveloped country, given that under austerity in the past two years GDP declined by an astonishing 13%, and it is expected to drop an additional 5-8% in 2012, for a combined three-year total of more than 20%.

[ ... ]

The above 13 points illustrate how the IMF and EU have underdeveloped Greece, depriving it of capital to develop its natural resources and take advantage of its highly-educated human labor resources.

[ ... ]

The lessons learned here are not whether Greece remains or leaves the eurozone, for that is not significant, as is the reality that capital has been drained by the domestic and foreign capitalists, leaving the country roughly at the same underdeveloped status as it was in the 1960s.

No comments:

Google
 

image from http://www.spitting-image.net

Favorite Links

~325~ ~9-11...Who Really Did It~ ~10:10~ ~10 Zen Monkeys~ ~911 Truth~ ~13 Indigenous Grandmothers~ ~15O~ ~15th October~ ~Activist Post~ ~ACT UP~ ~Adbusters~ ~Aerogaz (greek)~ ~Afinity Project~ ~Aging Hipsters~ ~Alecto's Ophelia~ ~Al-Jazeera~ ~Alex Constantine's Blacklist~ ~Alliance for Human Research Protection~ ~All Things Cynthia McKinney~ ~All Things Pakistan~ ~Alternative Insight~ ~Alternative Press Review~ ~Alternet~ ~American Friends Service Committee~ ~American Street~ ~Anarkismo~ ~Andy Worthington~ ~Anglican Pacifist Fellowship~ ~Anomaly News Syndicate~ ~Another Day In The Empire~ ~AntiWar~ ~Antiwar League~ ~Anxiety Culture~ ~Appeal For Redress From The War In Iraq~ ~A Poetic Justice~ ~Artists Without Frontiers~ ~Art of Europe~ ~Arts And Letters Daily~ ~Attack the System~ ~Athens IMC~ ~Ballardian~ ~Bilderberg.org~ ~Black Box Voting~ ~BlackListed News~ ~Black Vault~ ~Blog Bioethics net~ ~Blog of the Unknown Writer~ ~Blondsense~ ~Boiling Frog~ ~Boiling Frogs Post~ ~BoingBoing~ ~Book Ninja~ ~Bookslut~ ~Bradley Manning Support Network~ ~Brand New Law~ ~Brainsturbator~ ~Bring Them Home Now~ ~Bruce Eisner's Vision Thing~ ~Buckminster Fuller Institute~ ~Bulletin of the Atomic Scientists~ ~Bureau of Public Secrets~ ~Business & Human Rights Resource Centre~ ~Buzzflash~ ~Campaign For Real Farming~ ~Catapult the Propaganda~ ~Campus Antiwar Network~ ~Cargo Culte~ ~Castan Centre for Human Rights Law~ ~Catch of the Day~ ~Censorship Paradise~ ~Center for Media and Democracy~ ~Centre for Conflict and Peace Studies, Afghanistan~ ~Centre for Research and Action for Peace~ ~Center on Law and Security~ ~Chapati Mystery~ ~Choike~ ~Chomsky.info~ ~Chronicle of Higher Education~ ~Church of the FSM~ ~CIA & Drugs~ ~Citizens for Legitimate Government~ ~Citizens for Tax Justice~ ~Clandestina~ ~CODEPINK~ ~Coilhouse mag~ ~Collateral Murder~ ~Common Dreams~ ~Complete 9/11 Timeline~ ~Concerned Africa Scholars~ ~Connexions~ ~Conspiracy Archive~ ~Contra Info~ ~Corrente~ ~COTO Report~ ~Coup d'Etat in America~ ~Countercurrents~ ~Crapaganda~ ~Create Real Democracy~ ~Creative-i~ ~Crimes of the State~ ~CrimethInc~ ~Crisis Group~ ~Critical Legal Thinking~ ~Cronache da Mileto (Italian)~ ~Crooks and Liars~ ~Crowd Modelling~ ~Cryptoforestry~ ~Cryptome~ ~Cyclos~ ~Culture Change~ ~Cutting Through The Matrix~ ~Cyrano's Journal~ ~Daily What~ ~Damn Interesting~ ~Dangerous Minds~ ~Deliberative Democracy Consortium~ ~Democracy Center~ ~Democracy Journal~ ~Democracy Now~ ~Democratic Underground~ ~Detournement~ ~Digital Rights [greek lang.]~ ~Diplomacy Lessons~ ~Direct Power!~ ~Discoveries-Researchings-Visions-Understandings-Enlightenments~ ~Disinformation~ ~DistributorCap NY~ ~Dr Hugo Heyrman-Motions of the Mind~ ~Dylanology~ ~EAGAINST~ ~Earthnocentric~ ~Eco Tort~ ~Ectoplasmosis!~ ~Educate Yourself~ ~E-Flux~ ~Electronic Frontier Foundation~ ~Electronic Intifada~ ~Eliminate War Forever~ ~End Evil~ ~Energy Bulletin~ ~Eradicating Ecocide~ ~EROCx1 Blog~
~Europeanrevolution~ ~European Revolution~ ~Eurozine~ ~Exposing the Truth~ ~Extinction Protocol: 2012 and beyond~ ~Families of the Fallen for Change~ ~Fellowship of Reconciliation~ ~Financial Armageddon~ ~FKN Newz~ ~Food For Your Eyes~ ~Forward the Revolution~ ~Franchot's Band~ ~Free Bloggers in Greece~ ~Free Expression Network~ ~Free Press International~ ~Freethinking for Dummies~ ~Free Thought Manifesto~ ~From the Wilderness~ ~F-t-W's Peak Oil Blog~ ~G1000~ ~Ghostdancing in Venice~ ~GIMP~ ~Gilles Duley~ ~Global Guerillas~ ~Global Integrity~ ~Global Policy Forum~ ~Global Revolution~ ~Global Security Institute~ ~Global Voices Online~ ~Gold Star Families for Peace~ ~Government Dirt~ ~Greek Alert [greek lang.]~ ~Greek Assembly in London~ ~Green Left Weekly~ ~Groklaw~ ~Hack Democracy~ ~Hakim Bey and Ontological Anarchy~ ~Hiroshima Peace Institute~ ~History Is A Weapon Blog~ ~How Appealing~ ~How To Vanish~ ~Human Rights Law Review~ ~I Can't Believe It's Not a Democracy!~ ~Idler~ ~Impropaganda~ ~Independent Media Center~ ~INIREF~ ~Institute for Media Peace and Security~ ~International Action Center~ ~International ANSWER (Act Now to Stop War and End Racism)~ ~In These Times~ ~Information Clearing House~ ~Information Liberation~ ~Infoshop~ ~Institute for Policy Studies~ ~Institute for War and Peace Reporting~ ~Insurgent American~ ~Intel Hub~ ~International Labor Rights Forum~ ~Intrinsic Impact~ ~Invisible History~ ~Iraq Citizens Against the War~ ~Iraq Freedom Congress~ ~Iraq Veterans Against the War~ ~Irish Peace Institute~ ~Issues and Alibis~ ~James Howard Kunstler~ ~Jesus Radicals~ ~John Zerzan~ ~Jorgen Schäfer's Homepage~ ~JUST~ ~Just For The Love Of It~ ~Justice Not Vengeance~ ~Kasama Project~ ~Keep Talking Greece~ ~Kia Mistilis~ ~Kill Me If You Can by Bob Miller~ ~Killer Coke~ ~Labor Rights~ ~Labor Rights Now~ ~Labour Start~ ~Lava Cocktail~ ~Lemon Gloria~ ~Lemony Snicket~ ~L'ennui mélodieux~ ~Lessig~ ~Liberation Theology~ ~Libertarians for Peace~ ~Life After the Oil Crash~ ~Life & Peace Institute~ ~Lunch Street Party~ ~Lycaeum~ ~Links by George~ ~Literary Kicks~ ~Lubinproductions~ ~MacNN~ ~Mad Cow Morning News~ ~Manageable Ants~ ~Mario Profaca's Cyberspace Station~ ~Maro Kouri~ ~Maud Newton~ ~May it Please the Court~ ~McSpotlight~ ~Medical Foundation for the Care of Victims of Torture~ ~Metta Center for Nonviolence~ ~Metanoia~ ~Michael Moore - Must Read~ ~Mind Control~ ~Military Families Speak Out~ ~Mind in Peace (greek)~ ~Miss Welby~ ~MK Gandhi Institute for Nonviolence~ ~Molly's Blog~ ~Mother Jones~ ~MungBeing Magazine~ ~MyAntiwar.org~ ~n +1 mag~ ~National War Tax Resistance Coordinating Committee~ ~Natural Farming~ ~Neatorama~ ~Neuromarketing~ ~Neurosecurity~ ~New Internationalist~ ~News Dissector~ ~News Frames~ ~News Making News~ ~News Now~ ~New Tactics in Human Rights~ ~New World Dawning~ ~NEXUS~ ~NFAK~ ~Nomadic Academy Of Fools~ ~Non Fides~ ~Noor Images~ ~Not In Our Name~ ~Not Stupid~ ~Nuclear Resister~ ~NUTOPIA2~ ~[Occupy] 2012 Scenario~ ~Occupy America Social Network~ ~OCCUPY Cafe~ ~Occupy Istanbul~ ~Occupy Together~ ~Occupy Together Field Manual~ ~OWS~ ~Occupy Writers~ ~October 2011~ ~Odious Debts~ ~ODYS~ ~Olmaz~ ~On the Path to 2012~ ~Op Ed News~ ~Open Letters to George W. Bush from his ardent admirer,Belacqua Jones~ ~Open Revolt!~ ~Open Source Ecology~ ~Orthodox Peace Fellowship~ ~Orwell Today~ ~Outlaw Journalism~ ~OWNI~ ~Patriots Question 9/11~ ~Peace in Mind (greek)~ ~PeaceJam~ ~Peace Now~ ~Peaceful Tomorrows~ ~Peak Moment~ ~People's Assemblies Network~ ~Peter Frase~ ~Photography is Not a Crime~ ~Picture the Homeless~ ~Pieman~ ~Places the U.S. has bombed~ ~Pogo Was Right - privacy news~ ~Political Reform.ie~ ~Post Carbon Institute~ ~Praxis Peace Institute~ ~Primate Poetics~ ~Prisoner Solidarity~ ~Professors question 9/11~ ~Project Camelot~ ~Project Censored~ ~Project for the Old American Century~ ~Project on Corporations, Law and Democracy~ ~Psyche, Science and Society~ ~Psychogeography~ ~Public Employees for Environmental Responsibility~ ~Radical Anthropology~ ~Rainbow Family~ ~RawStory~ ~Reality Sandwich~ ~Real Democacy GR~ ~Real Democracy Now.net~ ~Rebel Dog~ ~Reflections on a Revolution~ ~Reporters Without Borders~ ~Re-public~ ~Resistance Studies Magazine~ ~Resource Based Economy Foundation~ ~Re-volt Radio~ ~Richard Heinberg's Museletter~ ~Rockefeller's War on Drugs~ ~Ruckus Society~ ~Sacred Texts~ ~Salon~ ~Save Orphan Works~ ~Scholars and Rogues~ ~Scoop~ ~SCOTUS Blog~ ~Secrecy News~ ~Service Academy Graduates Against the War~ ~Shadow Government Statistics~ ~Signs of the Times News~ ~Slovenia Peace Institute~ ~Smirking Chimp~ ~smygo~ ~SNU Project~ ~Soil And Health Library~ ~SourceWatch~ ~Speaking Truth to Power~ ~Spirit Horse Foundation~ ~Spunk~ ~Squattastic~ ~Starhawk~ ~Stockholm International Peace Research Institute~ ~StopCartel TV-GR~ ~Stop The Arms Fair~ ~Stop the Spying.org~ ~Strangers in a Tangled Wilderness~ ~Students Against War~ ~Survival Acres~ ~Survival International~ ~Swan's Commentary~ ~Take The Square~ ~Tangible Information~ ~Tax Justice Network~ ~Tax Research UK~ ~Theatre of the Oppressed~ ~The Black Commentator~ ~The Black Vault~ ~The Borowitz Report~ ~The Carpetbagger Report~ ~The Center for Public Integrity~ ~The Daily Reckoning~ ~The Dark Age Blog~ ~The Digger Archives~ ~The End of Being~ ~The Guardian~ ~The Hidden Evil~ ~The Huffington Post~ ~The Intelligence Daily~ ~The Lazy Man's Guide To Enlightenment~ ~The Mountain Sentinel~ ~The Nation~ ~The National Security Archive~ ~The New Z-Land Project~ ~The Other Israel~ ~The Pathology Guy~ ~The Progress Report~ ~The Progressive Magazine~ ~The Real News~ ~The Situation Room~ ~The Truth Seeker~ ~ The Watcher Files~ ~Think Progress~ ~Third World Traveller~ ~This Land Is Ours~ ~This Modern World~ ~TomDispatch~ ~Total Collapse~ ~Total Dick-Head~ ~Transform!~ ~Transnational Institute~ ~Transnational Foundation for Peace and Future Research~ ~True Democracy~ ~Troops Out Now~ ~True Democracy Party~ ~Truthdig~ ~Truth News~ ~Truthout~ ~TW3 and fotografia la dolce vita~ ~Uncommon Thought~ ~United for Peace & Justice~ ~United States Institute of Peace~ ~Unknown News~ ~UNPA Campaign~ ~Urbanibalism~ ~US Labor Against the War~ ~VBS TV~ ~Veterans Against the Iraq War~ ~Veterans for Peace and Justice~ ~Video Rebel's Blog~ ~Vietnam Veterans Against the War~ ~Virusmyth - Rethinking AIDS~ ~visionOntv~ ~Voices for Creative Non-Violence~ ~Void Network~ ~Voice Memo~ ~Voters for Peace~ ~Waging Nonviolence~ ~Waking the Midnight Sun~ ~Want To Know~ ~War Costs~ ~War Crimes and Military Improprieties~ ~War Criminals Watch~ ~War on Society~ ~War is Illegal~ ~War Resisters International~ ~War Resisters League~ ~Was Jack Kerouac a Punjabi?~ ~Watergate Exposed~ ~West Point Graduates Against The War~ ~What Really Happened~ ~What’s On My Food?~ ~Why Work? Creating Livable Alternatives to Wage Slavery~ ~Wikileaks~ ~WikiLeaks Central~ ~Wild Wild Left~ ~willyloman~ ~Winning Cancer~ ~Win Without War~ ~Women's International League for Peace and Freedom (WILPF)~ ~Wonkette~ ~World Prout Assembly~ ~Worldwide Hippies~ ~Yes Lab~ ~Yippie Museum~ ~Young Protester~ ~Youth Against War and Racism (YAWR)~ ~Zapatistas~ ~Zine Library~ ~Zippy Elder-at-Large~ ~ZMag~
~ Thank you for visiting Circle of 13 ~

FAIR USE NOTICE

This blog may contain videos with copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in an effort to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.