Greek Bailout Deal A Water Pistol Or A CDO Squared

Watching the status quo is like watching a dysfunctional intimate relationship with someone unwilling to take responsibility for their own behavior.   Instead, they create endless drama as a result of their unwillingness to take personal responsibility for their behavior.  As a result, they project and outsource their  responsibility onto others in the form of unaccountable socialized losses.  And, then in the end, they refuse to actually embrace the change necessary to ensure their drama doesn’t repeat itself over and over again.  The status quo’s behavior is exactly like being in a dysfunctional relationship.  I think we could safely assume being in an actual relationship with any of these people would mirror the economic drama they create.     

Unfortunately, the person interviewed by Russia Today believes the answer is for Greece to leave the Eurozone and devalue their currency for comparative exchange-rate advantage.  This is part of the failed financial structure we have been under since the banksters and politicians ended up in bed together decades ago.  It is simply more dysfunctional neoliberalism of comparative exchange-rate advantage.   

As we have said over and over again,  Greece should kick out the international bankers, default on its illegitimate foreign debt and institute a monetary and banking system that serves democracy, human development and the quality of life of its citizens and not its monied elite, their politicians or for-profit banking criminals.    The people of Greece or Spain or Portugal or Italy do not need to borrow other people’s money ie borrow money from for-profit banks in order to have a functioning, capitalistic or merit-based economy.

This most recent EU bailout Ponzi scheme looks a lot like a levered CDO squared.  You remember that criminal scheme?  Worthless paper backed by more worthless paper.  Kaboom!