<div dir="ltr"><br><div class="gmail_quote">---------- Forwarded message ----------<br>From: <b class="gmail_sendername">Timothy Wilken, MD</b> <span dir="ltr"><<a href="mailto:timothy.wilken@gmail.com">timothy.wilken@gmail.com</a>></span><br>Date: Fri, Jul 17, 2015 at 9:23 PM<br>Subject: Grexit or Jubilee? How Greek Debt Can Be Annulled<br>To: <br><br><br><div dir="ltr"><div><span style="font-weight:normal"><i><font size="2">This is my friend Ellen's latest article. Very interesting, especially the two quotes at the bottom of the excerpt. --Timothy</font></i></span><br><div class="gmail_quote"><div dir="ltr">
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<br><div style="margin-left:40px">Posted on <span>July 14, 2015</span> by Ellen Brown
</div></div><p style="margin-left:40px"><i>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.</i></p><div style="margin-left:40px">
</div><p style="margin-left:40px">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 <a href="http://www.theguardian.com/business/2015/jul/14/imf-report-greece-needs-more-debt-relief" target="_blank">the IMF has warned</a> that the current debt is unsustainable.</p><div style="margin-left:40px">
</div><p style="margin-left:40px">Former Greek finance minister <a href="http://www.zerohedge.com/news/2015-07-14/varoufakis-greek-deal-coup-turns-greece-vassal-state-and-deals-decisive-blow-europea" target="_blank">Yanis Varoufakis calls the deal</a> “a new Versailles Treaty” and “the politics of humiliation.” <a href="http://www.bbc.com/news/world-europe-33517252" target="_blank">Greek defense minister Panos Kammenos calls it</a> a “coup d’état” done by “blackmailing the Greek prime minister with collapse of the banks and a complete haircut on deposits.”<span></span></p><div style="margin-left:40px">
</div><p style="margin-left:40px">“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 <a href="http://ellenbrown.com/2015/07/09/guerrilla-warfare-against-a-hegemonic-power-the-challenge-and-promise-of-greece/" target="_blank">here</a>.
All banks are technically insolvent, lending money they don’t have.
They don’t lend their deposits but create deposits when they make loans,
<a href="http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q102.pdf" target="_blank">as the Bank of England recently confirmed</a>.
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.</p><div style="margin-left:40px">
</div><p style="margin-left:40px">What did Greece do to deserve this coup d’état? <a href="http://www.globalresearch.ca/greece-risk-of-false-flagging-greece-into-submission-and-chaos/5460323?print=1" target="_blank">According to former World Bank economist Peter Koenig</a>:</p><div style="margin-left:40px">
</div><blockquote style="margin-left:80px"><p>[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.</p></blockquote><div style="margin-left:40px">
</div><p style="margin-left:40px">According to a July 5<sup>th</sup> article titled “<a href="http://www.globalresearch.ca/greece-the-one-biggest-lie-you-are-being-told-by-the-media/5460508" target="_blank">Greece – The One Biggest Lie You’re Being Told By The Media</a>,” the country did not fail on its own. It was made to fail:</p><div style="margin-left:40px">
</div><blockquote style="margin-left:80px"><p>[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.</p></blockquote><p style="margin-left:40px"><b><a href="http://ellenbrown.com/2015/07/14/grexit-or-jubilee-how-greek-debt-could-be-annulled/" target="_blank">Read the full Article ...</a></b><br></p></div>
</div><br></div>A picture is worth a 1000 words ...<br><br><img alt="Inline image 1" src="cid:ii_14e9c61deb2f0b12" height="485" width="326"><br></div>
</div><br><br clear="all"><div><br></div>-- <br><div class="gmail_signature"><div dir="ltr"><div><div dir="ltr"><div>Check out the Commons Transition Plan here at: <a href="http://commonstransition.org" target="_blank">http://commonstransition.org</a> </div><div><br></div>P2P Foundation: <a href="http://p2pfoundation.net" target="_blank">http://p2pfoundation.net</a> - <a href="http://blog.p2pfoundation.net" target="_blank">http://blog.p2pfoundation.net</a> <br><br><a href="http://lists.ourproject.org/cgi-bin/mailman/listinfo/p2p-foundation" target="_blank"></a>Updates: <a href="http://twitter.com/mbauwens" target="_blank">http://twitter.com/mbauwens</a>; <a href="http://www.facebook.com/mbauwens" target="_blank">http://www.facebook.com/mbauwens</a><br><br>#82 on the (En)Rich list: <a href="http://enrichlist.org/the-complete-list/" target="_blank">http://enrichlist.org/the-complete-list/</a> <br></div></div></div></div>
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