Yesterday there was an election in Greece that has made waves around the world. It is being portrayed by the major media as a major anti-austerity victory. Major media presents the success of the leftist Syriza party and its leader, and new prime minister, 40 year old Alexis Tsipras, as a historic event. The question that comes immediately to mind is what is really going on behind the scenes? An almost barbaric austerity program has been implemented in Greece over the last 4-5 years that has crippled the economy and people. Banks are of course über alles, receiving as bail out the majority of new loans from the IMF, while households are burdened with more and more taxes. Unemployment, suicides, business closures, hungry students at schools are all on the increase. Under the circumstances, the win of the leftist Syriza yesterday is not surprising at all. Still, when major changes such as this happen through an election, bringing down overnight a country's decades old, corrupt political status quo, I suspect, they are allowed to happen. Someone has invested in Mr. Tsipras. What role might he play in the big geopolitical picture that includes the US and Russia, Turkey right across the see, the Middle East around the corner and major oil and natural gas fields? Any comments or insights? [and from another] The radical left, anti-austerity Syriza party has won Greece's vote.” [and from another] Greece elections: Voters send a defiant message to the EU. [and from another] Likely to empower Europe's fringe parties, including other anti-austerity movements across the region's economically-depressed south. [and from another] Heaven is where the police are British, the lovers French, the mechanics German, the chefs Italian, and it is all organized by the Swiss. Hell is where the police are German, the lovers Swiss, the mechanics French, the chefs British, and it is all organized by the Italians.

Countries go bankrupt for various reasons. In 1924 when Germany had funded their war by unhinging from the Gold standard and then was thrown into a devastating depression by their loss and the punishment imposed, the government reacted by printing more money until it was worthless, requiring a barrow of paper money to buy a load of bread. In this case it was government ambitions that caused the hyperinflation. In 2002 the Argentina peso was devalued after over a decade of runaway inflation. Here again, the government was trying to keep things running by spending money they did not have. 

When the European Union was on the upswing, forming, Europe had a relatively booming economy. They were importing workers. When matters changed, the more frugal northern countries took proper fiscal steps while the more relaxed Mediterranean countries went into debt to accommodate demands from their public. The poor came to the rich with their hands out and were given cash, but Greece did not recover during an enduring recession nor did the expectations of their people change. Europe was trying now to export workers. 

The pubic in Greece obviously expects more handouts, in the form of loans, so their social services can continue unabated. But this is not their money. Now what? Where all eyes are on Greece at the moment, this is not a Greek problem. It is a problem that will afflict many countries, in fact most, shortly. Governments are tasked with collecting taxes from economic activity and disbursing this to defense and social services. As the Earth changes destroy infrastructure and impact the economy, and destroy crops so that a meal costs more, demands on shrinking funds increases. This is not going to change. More and more countries are de facto bankrupt, including the US.  

This story could unfold in any number of directions, depending on choices made by man. Thus, unpredictable. Each country could be cut lose to allow their currency to hold its worth or not, depending upon the fiscal management of their central banks. The Swiss Franc unpegging from the Euro is an example. The European Union is likely to turn a deaf ear to Greece. A squalling demand from the poor to the rich impresses few, frankly. Greece does not hold winning cards, and is likely to find themselves kicked out of the EU instead. As money, in any currency, loses its value, the populace will increasingly turn to barter, which is all to the good as this is indeed the currency of the future.

Source: ZetaTalk Chat Q&A for January 31, 2015

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Comment by casey a on February 9, 2015 at 6:39pm

From the Swiss leaks from HSBC: .............................

What happened after France sent Greece the names of more than 2,000 Greek HSBC clients touched off a furor that now has Greece’s former finance minister facing trial.

Greece received the names in 2010, but nothing happened until October 2012, when a Greek magazine, Hot Doc, published the names and noted the lack of an investigation into whether rich Greeks were evading taxes while the country was undergoing austerity measures, including pay cuts and tax increases for those who paid.

In contrast to the reluctance with which they had gone after possible tax evasion, Greek authorities were quick to arrest Hot Doc editor Kostas Vaxevanis and charge him with violating privacy laws. He was quickly acquitted, and his trial provoked anger when two former heads of the financial police testified that neither the former finance minister Giorgos Papakonstantinou nor his successor had ordered an investigation into the list. Papakonstantinou said it had been lost.

Comment by Poli on February 9, 2015 at 5:25pm

German News:
Former US Federal Reserve Chairman Greenspan:
"Greek exit from the euro is inevitable" - His prediction:
"Although Greece just negotiated EU rescue packages and the terms of this rescue operation, no one is willing to give the Greeks more credits and so to support the country's economy.
"I think that the the crisis can not be solved, without Greece leaves the euro zone," Greenspan told "BBC".
I think that Greece will eventually leave. I do not think that this will help them or the rest of the euro zone - but it's only a matter of time before all men know that a separation, the best strategy is, "the US economist explained. "All cards are held by members of the euro zone."
And the German Federal Minister of Finance (Schaeuble) said: "The causes of the Greek crisis lie in Greece, not outside, and certainly not in Germany!" The country must face the unpleasant truths".
... The Euro Group meets on Wednesday for a special meeting about Greece in Brussels...

ZT said: ... Greece does not hold winning cards, and is likely to find themselves kicked out of the EU instead...

Comment by Gerard Zwaan on January 31, 2015 at 6:53pm

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