We’ve lived so long under the spell of hierarchy—from god-kings to feudal lords to party bosses—that only recently have we awakened to see not only that “regular” citizens have the capacity for self-governance, but that without their engagement our huge global crises cannot be addressed. The changes needed for human society simply to survive, let alone thrive, are so profound that the only way we will move toward them is if we ourselves, regular citizens, feel meaningful ownership of solutions through direct engagement. Our problems are too big, interrelated, and pervasive to yield to directives from on high.
—Frances Moore LappĂ©, excerpt from Time for Progressives to Grow Up

Friday, September 16, 2011

In the eye of the storm: the debt crisis in the European Union: Part 1 of 7 - Greece

Click here to access article by Eric Toussaint from Committee for the Abolition of Third World Debt.
...Western European private banks used the money they received at very low rates from the ECB, the Bank of England, the US Federal Reserve and the US money market funds in order to increase their loans to countries such as Greece without taking risk into consideration. Private banks thus bear a heavy responsibility for the crushing debts of Greece. Greek private banks also loaned huge amounts to public authorities and to the private sector. They too have a significant responsibility in the present situation. Consequently the debts claimed from Greece by foreign and Greek banks as a result of their irresponsible policy should be considered illegitimate.
I don't know if you can follow all the financial tricks that European banks use to enrich themselves, but it is clear to me that the European Union and its institutions were designed for the welfare of the private banks and their owners, the capitalist ruling classes, and not for the benefit of the vast majority.

I will continue to run all seven parts of the author's articles to shed some light on the dire debt situation that the private banks have laid upon Europe's working people. It is a situation that is still developing, and many think that it will deteriorate into a much deeper crisis.