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 Lappé, excerpt from Time for Progressives to Grow Up

Friday, May 29, 2015

The Reoccurring Financial Woes of Greece

Click here if you wish to access the transcript of the interview with economics professor Michael Hudson, posted on Real News Networks.

It appears to me that European capitalist leaders are narrowly focused on repayment of Greek odious debts to the bondholders who, of course, they represent. Whereas, the American ruling class leaders have very mixed feelings because of a larger agenda--their new cold war against Russia/China. Although US banks apparently have already placed big bets that the Greek government will repay these debts, if the Greek government refuses to squeeze any more money out of their workers or refuse to sell off Greek assets, then they might very well look to Russia or China for help. Then what else might happen? Other countries like Spain, Portugal, and Italy might very well pursue the same course. This would be catastrophic for the Empire's new cold war. With this game of chicken rapidly coming to a head, it looks to me like the mixed feelings of the American Empire directors are now calling for concessions to Greece on the part of their European capitalist friends.
Jack Lew, the US Treasury secretary, has urged Athens and its international creditors to agree a deal as soon as possible, saying putting off a decision was heightening the threat of “an accident” that could force Greece out of the eurozone.
Furthermore, the article goes on to report that the IMF has already agreed that Greece doesn't have to meet the June 5th deadline, instead they can pay at the end of the month. Clearly the transatlantic directors of the Empire are caught in a real conundrum. Meanwhile, mainstream media keeps trying to keep the lid on this developing crisis by issuing calming statements to reassure investors and the stock market to prevent the Empire's capitalist house of debt cards from completely falling down.