Tuesday, November 27, 2012

Latest EU-Greece Deal–Status Quo Is Slowly Losing Its Grip

The Greek crisis, just as is here is driven by the economic slavery of deregulated corporate capitalism.  The crisis has been manufactured by economic criminals as I noted on here some years ago in a post about the Greek crisis.  Seemingly right on time after my last post where I ranted for the umpteenth time that debt is a myth, Greece and the EU bureaucrats come to a deal that proves debt is a myth.  They pushed the terms of Greece loans out by as much as 45 years and absolves them of interest payments.  This is all but forgiving Greece of its debts without officially losing face by doing so.  And, both the IMF and Germany have stated that future debt relief for Greece is likely.   Under the current system of tyranny that exists in Europe, Greece isn’t ever going to repay anything.

Does this solve anything?  Of course not.  Greece still has 25% unemployment and has lost its democratic and economic sovereignty.  This is simply the best worst solution for fascist Europe to maintain its grip on Greece and keep the system from unwinding.  For now.

Since this crisis has started I have been writing that this very dynamic is more than likely coming to the United States.  Most likely because some crisis will force this event.  But, instead of external creditors holding sway over the U.S. as they do in Greece, the Federal Reserve can simply make our debt disappear with the stroke of a pen.  Or, in modern terms with the touch of a computer key.  We are half way there.  The U.S. is funding its operations with short term Treasuries whose interest rates are essentially zero.  The U.S. is already absolving itself of interest payments on its debt by using this approach.  For the U.S. to pay $800 billion a year in interest to Wall Street criminals to finance its existing debt load is preposterous.   Over ten years that amount would $8 trillion at about 5% long-term Treasury yields.  And, Brown University’s Cost of War web site, highlighted on here before, tallies U.S. wars since 2001 at $4 trillion and counting with upwards of 905,000 people dead and countless more wounded.

What would the U.S. do with that $12 trillion?  Let’s add in an estimated $15 trillion (more than likely way too low) over the last 30 years (in 2012 dollars) from fascist corporate welfare started under the trickle-down political dunce and father of neofeudalism, Ronald Reagan – corporate tax receipts as a percentage of total tax receipts had dropped 75% by Reagan’s mid term re-election from what they were 30 years before.  It’s even worse now as noted on here many times.  So, if we didn’t have to pay Wall Street criminals for destroying our economy, if corporations paid their taxes and if the military-industrial complex profit-driven war state was dismantled, that would be an estimated savings of $27 trillion dollars or nearly 200% of GDP that our nation would have benefited from or will benefit from in today’s dollars. 

What could democracy do with $27 trillion dollars?  First off, abolish property taxes on our homes that enslave us to a renter’s existence to our corporate masters.  Secondly, abolish the income tax.  Thirdly, pay for health care for every American who is willing to be responsible for their share.  Fourth, provide a college degree to anyone who wants one and is willing to work for it.  Fifth, finally fix the shambled primary educational system that has been primarily destroyed not by teachers, but by politicians and self-interested bureaucrats who toy with our children’s lives and perpetuate poverty, racism and bigotry.  Sixth, provide a minimum level of property ownership at no-cost to every citizen so that we may all have a roof over our head that we are personally-responsible for; something I have noted countless times that Thomas Jefferson wished the government to do for all Americans free of charge.   And on and on and on. 

The world is only this way because we let it be this way.  If you can dream it, it most certainly is possible. 

The status quo is losing its grip even as I type this.

Latest EU-Greece deal here.

posted by TimingLogic at 12:25 PM

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