Greece finally does the right thing by kicking out the debt pushers. They also used a democratic process by using a referendum to let the people decide their fate, instead of unelected bureaucrats or pretend Representatives that have been bought off by donors. Yet, all one hears from the financial media and so-called freedom lovers on FOX is how Greece is full of a bunch of lazy tax cheats.
Those critical of Greece either don’t understand the flawed structure of the euro, are hypocritically talking their book, or failed miserably in history class. First of all, countries that had a currency weaker than Germany prior to the creation of the euro, immediately had their debt increased when it was converted to euros. For Greece and the Drachma, it resulted in Greece’s debt doubling due to a currency event as the value of the euro increased.
Then you have hypocrites like IMF Director, Christine Lagarge, who thinks it is perfectly acceptable to crank up the taxes on Greeks to pay back a debt that is mathematically impossible to pay back, and who’s own organization admitted that the Troika’s actions were killing the Greek economy, yet she is personally exempt from income taxes at the IMF. Of course, the financial “presstitutes” and their clients, whose accounts could suffer by the Greek decision, are condemning the democratic decision, and will likely do the same when it’s our turn. If one thinks it’s imprudent to lend to Greece, why support the poor decision making of the lenders, like Germany? The reason the war mongers are denigrating the Greek’s decision is because it could weaken NATO, especially if others follow suit. If the EU decides to play hardball with the Greeks, look for Russia to lend aid, and for shipping cost for EU goods to rise.
Finally, Europeans, like most of us, fail to learn from their own history. German reparations after WWI, which was just like austerity for Greece, resulted in the economic devastation that produced Hitler. After WWII, it was the London Debt Agreement in 1953, which forgave a large part of Germany’s debt and enabled it to rise from the ashes.
Greece took the necessary first steps by admitting it had a debt problem and rejecting the debt pushers in Brussels. Now the hard part begins. The withdrawal symptoms from the debt detoxification will be painful, and so will the restructuring of their govt to live within their means – but it has been made much easier by eliminating the debt payments. The elimination of Federal borrowing is an absolute necessity if the Greeks want to remain free and prosper in the future. Instead of condemning the Greeks, we should be going to school for their economic lesson that applies to all countries hooked on debt.
If Greece runs as fast as possible from the unelected Troika and reintroduces the Drachma, it will demonstrate it knows the correct path to follow. If it tries to negotiate with fraudsters that protect the banksters and desire to rule Europe, it will be playing a loosing game.