[P2P-F] {Filename?} Fwd: Grexit or Jubilee? How Greek Debt Can Be Annulled

Michel Bauwens michel at p2pfoundation.net
Tue Jul 21 14:54:30 CEST 2015

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---------- Forwarded message ----------
From: Timothy Wilken, MD <timothy.wilken at gmail.com>
Date: Fri, Jul 17, 2015 at 9:23 PM
Subject: Grexit or Jubilee? How Greek Debt Can Be Annulled

*This is my friend Ellen's latest article. Very interesting, especially the
two quotes at the bottom of the excerpt. --Timothy*

Posted on July 14, 2015 by Ellen Brown

*The crushing Greek debt could be canceled the way it was made – by sleight
of hand. But saving the Greek people and their economy is evidently not in
the game plan of the Eurocrats.*

Greece’s creditors have finally brought the country to its knees, forcing
President Alexis Tsipras to agree to austerity and privatization measures
more severe than those overwhelmingly rejected by popular vote a week
earlier. No write-down of Greece’s debt was included in the deal, although the
IMF has warned
that the current debt is unsustainable.

Former Greek finance minister Yanis Varoufakis calls the deal
“a new Versailles Treaty” and “the politics of humiliation.” Greek defense
minister Panos Kammenos calls it
<http://www.bbc.com/news/world-europe-33517252> a “coup d’état” done by
“blackmailing the Greek prime minister with collapse of the banks and a
complete haircut on deposits.”

“Blackmail” is not too strong a word. The European Central Bank has turned
off its liquidity tap for Greece’s banks, something all banks need, as
explained earlier here
All banks are technically insolvent, lending money they don’t have. They
don’t lend their deposits but create deposits when they make loans, as the
Bank of England recently confirmed
When the depositors and borrowers come for their money at the same time,
the bank must borrow from other banks; and if that liquidity runs dry, the
bank turns to the central bank, the lender of last resort empowered to
create money at will. Without the central bank’s backstop, banks must steal
from their depositors with “haircuts” or they will collapse.

What did Greece do to deserve this coup d’état? According to former World
Bank economist Peter Koenig

[T]he Greek people, the citizens of a sovereign country . . . have had the
audacity to democratically elect a socialist government. Now they have to
suffer. They do not conform to the self-imposed rules of the neoliberal
empire of unrestricted globalized privatization of public services and
public properties from which the elite is maximizing profits – for
themselves, of course. It is outright theft of public property.

According to a July 5th article titled “Greece – The One Biggest Lie You’re
Being Told By The Media
the country did not fail on its own. It was made to fail:

[T]he banks wrecked the Greek government, and then deliberately pushed it
into unsustainable debt . . . while revenue-generating public assets were
sold off to oligarchs and international corporations.

*Read the full Article ...

A picture is worth a 1000 words ...

[image: Inline image 1]

Check out the Commons Transition Plan here at: http://commonstransition.org

P2P Foundation: http://p2pfoundation.net  - http://blog.p2pfoundation.net

http://twitter.com/mbauwens; http://www.facebook.com/mbauwens

#82 on the (En)Rich list: http://enrichlist.org/the-complete-list/
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