politics for the 99%

Published on American Thinker, by Michael Booth, March 14, 2015.

… The answer has several parts; political, economic, ideological and perhaps — given Greece’s history — even philosophic, all blended together into an acrid, ruinous stew.

Greece is routinely painted in the Western MSM as the feckless child, and over the decades there’s truth in this. The Greeks are the author of their current situation. But that history of economic fantasy changed in the last Greek election, with the empowerment of a reality-based coalition.  

The new government wants to recognize the obvious. They want to declare Greece bankrupt and default on 50% of their massive sovereign debt… which is rational given that the country is not only bankrupt but completely illiquid and totally insolvent. (Their debt should be 100% defaulted IMHO but whatever).

The rest of the EU, led by Germany, wants to pretend all is well, have the Greeks borrow yet more money to pay interest on the mountain of existing debt thus adding to it, and extend maturities for the principle payments coming due into the far, dark, distant future. This is known in reality-based circles as “extend and pretend”. Younger readers might think of it as the “Voldemort Strategy”: never saying what must not be spoken of … //

… We should care about Greece as an object lesson. All Western democracies, without exception and including our own, are traveling down the same road Greece has traversed, headed sooner or later into the same financial box canyon in which Greece now finds itself.

The choice, no matter how long delayed, finally becomes confiscation or default. “Extend and pretend” is not a valid, long-term solution. Pretending bankrupt nations are healthy is always, ultimately delusional and self-destructive. Such attempts to prolong the inevitable are not signs of political wisdom but sure signs of political exhaustion … //

… (full text).

Greece related Links:

• Michael Hudson on the IMF’s Tender Ministrations in Ukraine and Greece [including VIDEO on RT, 27.51 min, starting at 13.45 min], on naked capitalism, by Yves Smith, March 14, 2015,
• Europe Has A Modest Proposal For Greece: Don’t Pay Wages For One Or Two Months, on Zero Hedge, by Tyler Durden, March 13, 2015;
• Politics, not economics, will decide whether Greece leaves the EU, on The Globe And Mail, by Eric Reguli, March 13, 2015;
• Endgame: Power Struggle in Brussels and Berlin over Fate of Greece, on Spiegel Online International, by Staff, March 13, 2015 (Photo Gallery): European Commission President Juncker wants to keep Greece in the euro zone, no matter what the price. Member states, though, are beginning to lose their patience. Who will ultimately have the final say?
• Interview wih French EU Commissioner Moscovici: A Grexit Would Be a Catastrophe, on Spiegel Online International, by René Pfister and Gregor Peter Schmitz, March 13, 2015: In an interview, EU currency commissioner Pierre Moscovici, 57, discusses efforts in Brussels to ensure that Greece remains in the euro zone and why he believes a Greek exit would be a disaster for Europe …;
• Interview with International law professor Frank Schorkopf: Strong Moralizing – A Legal Look at Greek Reparations Demands, on Spiegel Online International, by Dietmar Hipp, March 13, 2015: Athens has demanded that Germany pay Greece billions in World War II reparations. Berlin, though, has ignored the requests. International law professor Frank Schorkopf says that Germany has already fulfilled its obligations through wealth transfers;
• Most Germans are now in favor of Grexit – survey, on Russia Today RT, March 13, 2015 (including short Ruptly video out of Belgium: There is no Greek problem, there is a European problem – Tsipras, 1.37 min) – also on YouTube … with other videos in autoplay
• Greece debt talks are too slow - EC chief Juncker, on BBCnews, March 13, 2015;
• Germans Furious After Varoufakis/Tsipras Admit: Greece Will Never Repay Its Debts, on Zero Hedge, by Tyler Durden, March 12, 2015;
• Why 1.05 Is Far More Important To The EURUSD Than Parity, on Zero Hedge, by Tyler Durden, March 12, 2015;
• Greece Doesn’t Need Next Aid Tranche to Meet Its Obligations, Tsipras Says, on WSJ, by William Horobin, March 12, 2015: Greek prime minister says the country will fulfill its financial responsibilities;
• Will debt negotiations force Greece into Russia’s orbit? on Fortune, by Chris Matthews, March 9, 2015: Former U.S. Ambassador to Greece Daniel Speckhard argues that European finance ministers are missing the forest for the trees when it comes to the Greek debt crisis;
• For a new policy towards Greece and Russia, on Current Concern, by Karl Müller, Feb 22, 2015;

Other Links:

Vanuatu a scene of destruction after cyclone Pam rips across south Pacific, on The Guardian, March 14, 2015: President calls for ‘helping hand’ from the world as aid workers tell of fierce impact and Australia and New Zealand prepare to mount relief efforts;

Possibility of Escape, on Zcommentaries (first on Mr Zine), by Kathy Kelly, March 13, 2015; see also: THE LIZZARD CAGE, on Karen Connelly, not dated;

Gaius Publius: Astroturf “Progressive” Support for the TPP – Meet “270 Solutions”, on naked capitalism, by Yves Smith, March 13, 2015;

Big Data’s Radical Potential, on JacobinMag, by Pankaj Mehta, March 12, 2015;

Combating the Islamic State – The Real Options, on Toward Freedom, by Immanuel Wallerstein, MArch 11, 2015;

Waiting for a solution, on Al-Ahram weekly online, by Jeremy Salt, March 11, 2015; The Middle East is littered with destroyed countries and the bodies of thousands. Will anyone take the lead in cleaning it up;

Boko Haram opens Africa to Islamic State, on Al-Ahram weekly online, by Ahmed Eleiba, March 11, 2015: With its declaration of allegiance to the Islamic State, Boko Haram has extended the reach of the jihadist group into West Africa;

NATIONAL WOMEN AND GIRLS HIV/AIDS AWARENESS DAY, on NAACP, by Bernadette Onyenaka, M.S., March 10, 2015;

New Zealand Witnesses Protests Against Trans Pacific Pact: Critics Allege TPP Is Harmful To Common Man, on International Business Times, by Kalyan Kumar, March 9, 2015;

Over 20 Trans Pacific Partnership protests in action, on New Zealand Herald.co.nz, March 7, 2015;

People, Planet, Profit – The Rise of Triple-Bottom-Line Businesses, on WorldWatch Institute, March 3, 2015;

Announcing ZSchool; ZSchool Welcomes Visitors, Students, and Faculty, on Zcomm.org, March 2015; ZSchool is a project of ZCommunications. It has four two month sessions a year. Current courses appear below. Clicking the little i to the right of each will display a description. View, as well, the box labelled Main Menu in the upper left. Click on ZSchool Curriculum and other information pages linked from there. Each course has diverse components and there are also components for the whole school – a chat, forum system, and a wiki for all students in any course also to use anytime. Those are linked immediately below. ZSchool blogs, again for all students are linked on the right side, below. Please make use of these powerful site-wide tools, as well as diverse tools specific to each course … (plus many links);

… and this:

• This is Taliban Country, 24.00 min, uploaded by Al Jazeera English, May 11, 2014;

… und noch dies:

• Der Philosoph Bazon Brock zu Putin, Politik und uns, 7.31 min, von Deutschland+Russland am 1. März 2015 hochgeladen: Der Philosoph Bazon Brock in der 3sat-Sendung “Kulturzeit” über das Bild von Russland und Wladimir Putin in deutschen Medien. 2014.