Beginners Guide To The Greek Debt Crisis

What we are witnessing in Greece since its entry into the Euro in 2000 is a carefully planned strategy whose purpose is to create huge profits for international banks by creating a new super borrower in the form of the EU Commission.

The first steps of this strategy were implemented in 2000 when Greece joined the Euro. The profiteering international banks assisted the Greek government in entering the Euro with false figures.

On the back of this false accounting the ECB proceeded to monetise Greek government debt. The false accounting gave enough the ECB enough cover so as to not draw unwanted attention from financial institutions and  media.

With the Greek government’s debt mountain growing to unsustainable levels the groundwork had been set for the crisis we are witnessing today.

When interest rates increased in 2008 the inevitable happened. The Greek government was no longer able to service its debt.

The Greek government required a bailout and this has been the subterfuge for all the tax increases and government cuts since 2008.

These tax increases and cuts in benefits and pensions have directly caused the crisis in Greece today.

A crisis which is seeing businesses close at record rates, which sees the real unemployment rate at over 30%, which sees the wealth of the middle class being wiped out and which sees the least wealthy in society being the hardest hit.

The purpose of the collapse is to create the political environment where it will seem the “moral” thing to do is to allow the European Commission to tax the population of the EU in order for surplus countries to subsidise deficit countries.

For more information on this “surplus recycling mechanism” see Yanis Varoufakis’s website here. He is one of the biggest cheerleaders for the surplus recycling mechanism and has written extensively on the subject.

The idea of a “European income tax” is unpalatable to most Europeans. The idea of the proceeds of this European income tax being managed by the unelected European Commission and the ECB, the party responsible for the disintegration of the Greek economy is a completely unacceptable notion to most.

For public opinion to change the situation in Greece will have to get much worse.

Europeans need a reason to pay a European income tax and the reason needs to be good.

The only reason I can imagine support for such a tax (and for a tax without representation of the people paying the tax) is either violent conflict or some sort of humanitarian crisis or both.

What we are witnessing in Greece is part of a larger power grab by the EU and by the international banks.

A new government entity with tax revenue from 500 million people will lead to massive profits to the money centre banks who will be lending money to this new entity.

The EU Commission desires tax revenues in order to propagate its political philosophies.

The international banks & the ECB want to see an EU Commission as it will mean a massive new customer for them. A customer larger and more profitable than any other customer they currently have.

As I mentioned earlier, the crisis in Greece is part of a larger strategy and the end game of this strategy is simply a power grab by politicians and a desire for increased profits by the large international banks.

The situation in Greece may well be the same as what is happening in Italy, Spain and Portugal but I do not know enough about the situation in these countries to comment, if you do, please feel free to leave your thoughts and opinions below.


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