Sunday, July 17, 2011

The Great Global Debt Depression: It's All Greek To Me

By: Andrew_G_Marshall

n late June of 2011, the Greek government passed another round of austerity measures, ostensibly aimed at getting Greece “back on track” to economic progress, but in reality, implementing a systematic program of ‘social genocide’ in the name of servicing an endless and illegitimate debt to foreign banks. Right on cue, protests and riots broke out in Athens against the draconian measures, and the state moved in to do what states do best: oppress the people with riot police, tear gas and bashing batons, leaving roughly 300 people injured.

Is Greece simply a case of a country full of lazy people who spent beyond their means and are now paying for their own decadence? Or, is there something much larger at stake – and at play – here? Greece is, in fact, a microcosm of the global economy: mired in excessive debt, economically ruined, increasingly politically repressive and socially explosive. This report takes a look at the case of the Greek debt crisis specifically, and places it within a wider global context. The conclusion is clear: what happens in Greece will happen here.

More Here..


  1. Clinton: US backs tough Greek austerity measures
    ATHENS, Greece (AP) — U.S. Secretary of State Hillary Rodham Clinton voiced strong American support Sunday for financially troubled Greece's economic recovery plans and urged the nation to forge ahead with painful reforms that have sparked unrest.

    During and after meetings with senior Greek officials, Clinton underscored Washington's backing for their deficit and debt reduction programs that have hit the country hard, even as the Obama administration grapples with a similar issue at home. She acknowledged the reforms were "strong medicine" that are difficult to swallow, but said the United States had complete confidence in them.

  2. What does she know? She don't know shit. She can't wait til things get bad here to so she can live life as queen. And she can say "let them eat cake."

  3. Well, every country has fiat money and high debt.

    So the Chinese are "financing" everyone's debt?

    Too abstract for me.

  4. "Well, every country has fiat money and high debt."

    That would not be the case if it were not for our Empire lashing out in desperation to protect the dollar. Libya was establishing their own gold-backed currency and HAD no Redshield central bank.

    Big mistake. We bomb any country that doesn't comply with our banker masters.

  5. course they support it, profits and protection of senior bondholders and banks...who's running the show lol


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