The German Siege Of Greece Begins (No, This Is Not A Repeat From 1941)

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Michael Snyder

(RINF) – Did you notice that Greece’s creditors are not rushing to offer the Greeks a new deal in the wake of the stunning referendum result on Sunday? In fact, it is being reported that the initial reaction to the “no” vote from top European politicians was “a thunderous silence“. Needless to say, the European elite were not pleased by how the Greek people voted, but they still have all of the leverage. In particular, it is the Germans that are holding all of the cards. If the Germans want to cave in and give the Greeks the kind of deal that they desire, everyone else would follow suit. And if the Germans want to maintain a hard line with Greece, they can block any deal from happening all by themselves. So in the final analysis, this is really an economic test of wills between Germany and Greece, and time is on Germany’s side. Germany doesn’t have to offer anything new. The Germans can just sit back and wait for the Greek government to default on their debts, for Greek banks to totally run out of cash and for civil unrest to erupt in Greek cities as the economy grinds to a standstill.

In ancient times, if a conquering army came up against a walled city that was quite formidable, often a decision would be made to conduct a siege. Instead of attacking a heavily defended city directly and taking heavy casualties, it was often much more cost effective to simply surround the city from a safe distance and starve the inhabitants into submission.

In a sense, that is exactly what the Germans appear to want to do to the Greeks. Without more cash, the Greek government cannot pay their bills. Without more cash, Greek banks are going to start collapsing left and right. Without more cash, the Greek economy is going to completely and utterly collapse.

So yes, the Greeks voted for change, but the Germans still hold the purse strings.

And right now the Germans do not sound like they are in any mood to compromise. The following comes from a Reuters report that was published on Monday…

German Chancellor Angela Merkel’s deputy said Athens had wrecked any hope of compromise with its euro zone partners by overwhelmingly rejecting further austerity.

Merkel and French President Francois Hollande conferred by telephone and will meet in Paris on Monday afternoon to seek a joint response. Responding to their call, European Council President Donald Tusk announced that euro zone leaders would meet in Brussels on Tuesday evening (1600 GMT).

German Vice-Chancellor Sigmar Gabriel, leader of Merkel’s centre-left Social Democratic junior coalition partner, said it was hard to conceive of fresh negotiations on lending more billions to Athens after Greeks voted against more austerity.

Leftist Prime Minister Alexis Tsipras had “torn down the last bridges on which Greece and Europe could have moved towards a compromise,” Gabriel told the Tagesspiegel daily.

In addition, Angela Merkel’s office released a statement on Monday that placed the onus on making a new proposal to end this crisis on the Greek government

It is up to Greece to make something of this. We are waiting to see which proposals the Greek government makes to its European partners,” the office of German Chancellor Angela Merkel, Europe’s leading austerity advocate, said in a statement.

Just because the Greek people want the Germans to give them a very favorable deal does not mean that the Germans will be inclined to do so. The Germans know that whatever they do with the Greeks will set a precedent for the rest of the financially-troubled nations all across Europe. If Greece gets a free lunch, then Italy, Spain, Portugal, Ireland and France will expect the same kind of treatment

Angelos Chryssogelos, an expert on Greek politics at the London-based think tank Chatham House, said the strength of Sunday’s mandate handed to Tsipras means it will be almost impossible for the prime minister’s leftist Syriza party to make a deal with European creditors.

“The Europeans made it pretty clear where they stand, and they have been consistent,” Chryssogelos said, adding that the creditors also are unlikely to back down. “Right now, voters across the eurozone largely support the tough stance taken by the eurozone.”

Chryssogelos said Greek voters may have underestimated the resolve of the creditors to reach an accord on their terms. “If someone is seen getting preferential treatment, then someone else will want that treatment,” he said, referring to other eurozone debtors such as Ireland and Portugal.

And remember, there is a very important Spanish election coming up in December.

If Syriza comes out as the big winner in this crisis, it will empower similar movements in Spain and all over the rest of the continent.

So look for Greece’s creditors to tighten the screws over the coming days. In fact, we already saw a bit of screw tightening on Monday when the ECB announced that Greek banks would not be receiving additional emergency assistance

In a move sure to increase pressure on Greece’s flailing banks, the European Central Bank on Monday decided not to expand an emergency assistance program, raising fears that Greece could soon go completely bankrupt.

The move put a swift crimp on Greek leaders’ jubilation after winning a landslide endorsement from their citizens to reject Europe’s austerity demands and seek a new bailout bargain. Now they must seek a bargain before the money runs out within days, which would likely force them off the euro.

Basically we are watching a very high stakes game of chicken play out. And as the cash dwindles, economic activity in Greece is slowly grinding to a halt. The following comes from the Washington Post

The dwindling cash is sucking the life out of everything from coffee shops to taxis, as anxious Greeks economize amid fears for the future. Greek leaders also banned transfers of money abroad, meaning that very little can now be imported into the country.

Printing plants are warning that they may run out of paper to print newspapers by the end of the week. Butchers say that stocks of imported meat are dwindling.

Some are even projecting that we could see civil unrest erupt in Greece in about “48 hours” once the ATM machines run out of cash

Greek Prime Minister Alexis Tsipras probably has 48 hours to resolve a standoff with creditors before civil unrest breaks out and ATMs run out of cash, hedge fund Balyasny Asset Management said.

Yes, the Greek people exhibited great resolve in voting against the demands of the creditors on Sunday.

But how long can they endure this economic siege?

It is inevitable that a breaking point will come. Either the Greek government will give in, or the Greeks will leave the euro and start to transition back to the drachma.

If we do see a “Grexit”, and many analysts believe that one is coming, it could set off a chain of events that could cause immense financial pain all over the planet. There are tens of trillions of dollars of derivatives that are tied to European bond yields, European interest rates, etc. The following is an excerpt from a piece authored by Phoenix Capital Research that explains what kind of jeopardy we could potentially be facing…

The global derivatives market is roughly $700 trillion in size. That’s over TEN TIMES the world’s GDP. And sovereign bonds… including even bonds from bankrupt countries such as Greece… are one of, if not the primary collateral underlying all of these trades.

Greece is not the real issue for Europe. The entire Greek debt market is about €345 billion in size. So we’re not talking about a massive amount of collateral… though the turmoil this country has caused in the last three years gives a sense of the importance of the issue.

Spain, by comparison has over €1.0 trillion in debt outstanding… and Italy has €2.6 trillion. These bonds are backstopping tens of trillions of Euros’ worth of derivatives trades. A haircut on them would trigger systemic failure in Europe.

If Greece gets a “haircut” on their debt, other European nations would want the same and that would cause massive chaos in the derivatives markets.

But if Greece does not get a deal and ends up leaving the eurozone, that will cause bond yields to go crazy all over Europe and that would also cause tremendous chaos in the derivatives markets.

So much depends on keeping this system of legalized gambling that we call “derivatives trading” stable. We have allowed the global derivatives bubble to become many times larger than the GDP of the entire planet, and in the end we will pay a great price for this foolishness.

Every pyramid scheme eventually collapses, and this one will too.

But the difference with this pyramid scheme is that it is going to take the entire global financial system down with it.

  • Mintas Lanxor

    In the cacophony of voices defending “poor little Greece”, one important example of that country’s ruthlessness from recent history is never mentioned. During the Yugoslav Wars of 1991-95, the Greek government and public opinion were firmly on the side of the aggressors – Serbia and Bosnian Serbs – mainly because they, like the Greeks, belong to the Orthodox church. The Greek public opinion hasn’t changed much on the subject in spite of tens of thousands of Bosniak civilian deaths, rapes, displaced families and other casualties. The international community has recognized as genocide and culturecide the war activities started and performed by the aggressors. I do feel sorry for those minority Greeks that were not supporters of their government’s misguided and inhumane policy. As the saying goes, “What goes around comes around.”

    • Patrick_uk

      You seem to be in serious need of medical help. Don’t postpone until it is really too late…

      • Mintas Lanxor

        Well, I tried, but the shrink I went to said that a world-wide doctors’ consilium examining YOUR particular case of numbskullery would be busy doing that for the next six months. He also mentioned that they’d try to wean you from a particularly baneful habit Internet trolls have developed – that of questioning someone’s mental health whenever they disagree with, or can’t find good arguments to rebut, a commenter.

        • Patrick_uk

          That is a great honour you are making me Mintas. I certainly don’t deserve the attention of so many therapists. It is very unfair to those who really need help.
          Now I admit that might have been unfair to you. It is possible that believing in the existence of something called the International Community or that Serbia was the aggressor in Bosnia are not signs of dementia but merely of brainwashed naivity.

          • Mintas Lanxor

            I’m assuming you’re a nationalist Serb since only that particular lamentable sub-species of humanity and a few of their supporters would entertain opinions like yours. The prevailing historiography since 1995 has proven through documents, media reporting, witness interviews in court and court decisions that Serbia was the main culprit in the forceful disintegration of Yugoslavia, the main perpetrator of war crimes (but not the only one), and the only perpetrator of genocide. Tellingly, the only opposing views come from nationalist Serbs, Russians, Greeks (ergo, those towing the Christian Orthodox line), and a few ideology-crazed stragglers who confused socialism with the name of Milosevic’s party, such as Chomsky, Handke, and Pinter.

            Potrazi sebe u ovim redovima Danila Kisa, koji je, naravno, mislio na sve nacionaliste, a ne samo srpske:

            “Nacionalista je, po definiciji, ignorant. Nacionalizam je, dakle, linija manjeg otpora, komocija. Nacionalisti je lako, on zna, ili misli da zna, svoje vrednosti, svoje, Å¡to će reći nacionalne, Å¡to će reći vrednosti nacije kojoj pripada, etičke i političke, a za ostale se ne interesuje, ne interesuju ga, pakao to su drugi (druge nacije, drugo pleme). Njih ne treba ni proveravati. Nacionalista u drugima vidi isključivo sebe – nacionaliste. Pozicija, rekosmo li, komotna. Strah i zavist. Opredeljenje, angažovanje koje ne iziskuje truda. Ne samo – pakao to su drugi, u okviru nacionalnog ključa, naravno, nego i: sve Å¡to nije moje (srpsko, hrvatsko, francusko…) to mi je strano. Nacionalizam je ideologija banalnosti. Nacionalizam je, dakle, totalitarna ideologija.”

            Or in this article about Ur-fascism by Umberto Ecco:

            http://www.themodernword.com/eco/eco_blackshirt.html

            Everyone has the right to form his own opinions but not to create his own facts. The incontrovertible historical facts are:

            1.The Serbian Acadamy of Arts and Sciences Declaration of 1986 as a theoretical basis and incitement for the war preparations of the Serbian politicians, generals, and nationalist intelligentsia.

            2. Milosevic’s statement during a speech in Kosovo as a foreshadowing of the Serbian leadership’s future plans: “If we don’t know how to work, at least we know how to fight.

            3. The war crimes perpetrated by the Serb military and paramilitary forces in Vukovar, Srebrenica, Dubrovnik;
            over one-thousand days of the siege of Sarajevo with brutal, indiscriminate bombardments and sniping of civilians;
            genocide (ethnic cleansing), culturecide, mass rape, concentration camps across BiH;
            refrigeration trucks with corpses of Kosovar civilians transported to Serbia and dumped in mass graves there;
            the exile of almost entire Kosovar population across the border until Serbia received what it deserved in the form of NATO intervention.

            This is what Wikipedia (an instrument of the International Community’s mainstream interpretation of reality as opposed to that of history’s losers, such as Nazis, cetniks, ustasas, islamofascists etc) says about the war in Bosnia:

            https://en.wikipedia.org/wiki/Bosnian_War#Casualties

          • Patrick_uk

            Dear old Mintas. Thank you so much for all the trouble in trying to find evidence to back up your understanding of things. I unfortunately have no time to answer you in detail.
            Your passionate support for thugs, crooks and our enemies surely comes from very deep personal prejudices, especially against orthodox Christianity it would seem. You are the only one who can deal with those.
            I hope you do, otherwise you will die stupid and in chains. Do not forget that it is truth that makes you free.

          • Mintas Lanxor

            If you had valid arguments, you’d find the time. The best critics of the Serbian Orthodox Church are progressive Serbs themselves, who hate living in a clerical-fascist country. Orthodox priests have always been the most retrograde force in their own countries, especially during WW II and during the Yugoslav wars, when they placed narrow tribal
            allegiances over the universal Christian message of love and humanity by being personally involved in the slaughter and ethnic cleansing of non-Serb civilians. Of course, that’s the old ailment of all the Balkan people, but in this last war, the Serbs used Orthodox Christianity more than anyone else as a rallying cry for nationalist politics. If you can read Serbo-Croatian, you need to read progressive Serb magazines to realize how mistaken and misguided YOU are.

  • Moniker

    The following Truthful News Articles on the Veterans Today Website, which is a Website of American War Veterans and is an Impartial Source of Information, and they have a Search Function for Articles, and I typed Srebrenica into the Veterans Today Website and I found these Honest Articles which are Titled: Srebrenica: Truth and Lies at http://www.veteranstoday.com/2011/11/16/srebrenica-truth-and-lies/ , and More Myth than Massacre at Srebrenica at http://www.veteranstoday.com/2011/05/28/more-myth-than-massacre-at-srebrenica/ , and NATO Tied to Muslim Slaughter at Srebrenica at http://www.veteranstoday.com/2012/07/02/nato-tied-to-muslim-slaughter-at-srebrenica/ .

    The Leading Euro-American Politicians are Evil Nazi Criminals who are a Danger to the Entire World, and People are being Deceived by Nazi Euro-America.

    These Euro-American Nazis have been Encouraged to Confess to these things so that they may abandon the Evil Scheme set up by their Predecessors in the Leading Euro-American Governments to Kill All Humans in WW 3, but they Persist in their Madness, and they Persist in their Treason Against All Humanity.

    Anglo-America built the Massive Camp Bondsteel in Kosovo for WW 3 at https://en.wikipedia.org/wiki/Camp_Bondsteel , and we can look at Independent and Honest Sources of Information at the American Veterans Today Website, where News Articles are Titled: Kosovo – America’s Nazi Colony at http://www.veteranstoday.com/2012/08/27/kosovo-americas-nazi-colony/ , and Titled: Kosovo Massacre Fraud by Former German Minister Scharping Revealed at http://www.veteranstoday.com/2012/04/24/kosovo-massacre-fraud-by-former-german-minister-scharping-revealed/ .

    There are Many Europeans who think that Nazi America should leave Eastern Europe, and Nazi America should be content with their Nazi Allies and Grovelling Puppets in Western Europe, because Nazi America does not have any Legitimate Business in Eastern Europe, and because Nazi America does not have any Good Intentions for Eastern Europe or for the rest of the World.

    The Answer to that Question is that the European Union knows the Information contained in the following Facts, and so if they are Non Nazis, then they would be Confessing to their Past Nazism, and because they are not doing that, then they are Nazis.

    All European Governments know that Slobodan Milosevic was Innocent, and that he was Maliciously Slandered, and they have Not as Yet Set the Record Straight, because they are Crooked in All their Ways, and they Know that Vojislav Seselj, Ratko Mladic, and Radovan Karadzic are also Innocent as is Proven by the Unbiased Video Titled: Srebrenica a town betrayed at http://www.youtube.com/watch?v=FvqHWS_4AuM .

    The European Union is an Evil and Nazi Organization, and this is even after they Corruptly Purchased a Nobel Peace Prize from their Puppets in Nazi Norway.

    Wikipedia says: The 2012 Nobel Peace Prize was awarded to the European Union “for over six decades of having contributed to the advancement of peace and reconciliation, democracy and human rights in Europe” and this was said by a unanimous decision of the Nazi Norwegian Nobel Committee at http://en.wikipedia.org/wiki/2012_Nobel_Peace_Prize .

    Those who know the Facts, know that the Language of Montenegro and Serbia are Identical, and they they also Know that the majority Ethnicity in Montenegro and Serbia are in fact both Serbian, and that for centuries before the Balkan wars of the 1990s, that the majority Race in Montenegro used to say that they were the True Serbs, even as the majority Race in Bosnia Herzegovina speak the Identical Language spoken by Montenegro and Serbia, because they are also Ethnic Serbs, and Nazi Euro-America lead by Vice President Bill Clinton and President Hillary Clinton in the 1990s was able to create a Civil War among the Serbs in Bosnia Herzegovina.

    The Nazis of Euro-America Conveniently did not mention the Most Obvious Genocide against Serbia and Serbs, which they Schemed and Planned and for which they have Not as yet Confessed to up till this day, and the Knowledgeable are acquainted with these Facts, and the Ignorant should remain silent until they know the Facts, while the Nazi Apologists will continue to Lie and Slander the Innocent in order to cover up for the Guilty Nazis of Europe.

    We know that because of Nazi Euro-America that the Montenegrin People were told not to consider themselves to be Serbs in the name of Ethnic Harmony and European Values (Nazi Values) and the Nazis of Euro-America said that Serbs should Racially Discriminate against Serbs, and this has been going on for some time and continues to this day, and the News Article is Titled: Serbs face discrimination in Montenegro, party leader claims at http://www.b92.net/eng/news/region.php?yyyy=2012&mm=11&dd=18&nav_id=83222 .

    I will leave the Evidence for that after I present the Evidence for what the Nazi European Union did to Ukraine, keeping in mind that it is Falsely said that for over six decades, the European Union contributed to the advancement of peace and reconciliation, democracy and human rights in Europe.

    We know how the Nazi Eurozone has acted towards Libya, and so that is just another Evidence of the Evil and Nazi Organization, which is called the European Union.

    This is with reference to how the Nazis of Europe Schemed the Coup against a Democratic Elected European Government and its subsequent Civil War, using Malicious Slander and other Lies to perpetrate this Crime against Humanity, which in this case is European Humanity at http://www.globalresearch.ca/search?q=Ukraine .

    The brief History of Ukraine and Russia is that modern day Ukrainians are Russians who began Russia, and who had their Original Capital in Kyiv which is the Capital of today’s Ukraine, but that Capital was then moved to Moscow, and the languages of Ukrainian and Russian did change, because even modern Russian is different from old Russian, even as modern English is different from old English, but there are great similarities between the Ukrainian language and the Russian language, with much of Ukrainian and Russian begin Identical, because at one time those languages were the one Identical Language.

    The large land area, and the lack of modern communication, education, and printing contributed to this border region of the Russian People in having a slightly different language.

    Wikipedia says: “Prior to Ukraine’s independence from the USSR, the country was generally called “the Ukraine” (with the definite article appended before the name) in English, but this usage is on the wane and officially deprecated by the Ukrainian Government and many English language media publications”, and I think that this is because Nazi Anglo-America were Scheming this Evil since that time.

    Wikipedia says: “Since the Declaration of Independence of Ukraine the English speaking world has changed its usage from “the Ukraine” to “Ukraine”.”

    Wikipedia says: “The traditional theory which was widely supported by historians and linguists in the 19th and 20th centuries, is that the modern name of the country is derived from the term “ukraina” in the sense of meaning borderland, and frontier region, and these meanings are derived from the Proto Slavic noun, meaning edge or border.”

    I wonder if People can see the Racial Differences between these 2 Generals in this photograph, and where one of them is Ukrainian and the other is Russian, and Most People could not see the ‘Different’ Races, unless the photo was explained at http://www.kyivpost.com/content/ukraine/ukrainian-defense-ministry-says-osce-inflating-fighting-figures-387535.html .

    The Nazi European Union have Found and Funded Nazis in Ukraine known as the Right Sector, which has the meaning of Correct Sector or Just Sector, to say that they are different Racially to Russians, and this is why Ukrainian Nazis should murder Russian Speaking Citizens in Ukraine at http://www.globalresearch.ca/search?q=Right+Sector .

    We know that Wikipedia says: “The 2012 Nobel Peace Prize was awarded to the European Union “for over six decades of having contributed to the advancement of peace and reconciliation, democracy and human rights in Europe”, and this was said by a unanimous decision of the Norwegian Nobel Committee.

    Those who know History know that Serbia was against Hitler, and that despite all of the Slanders from the Malicious Slanderers and the Ignorant, the Facts Prove that Serbia is Innocent, as an Honest British Journalist said that Every Malicious Slander against Slobodan Milosevic and Serbia are untrue, and his News Articles says the following.

    “How much do you know about Slobodan Milosevic, the recently deceased former president of Yugoslavia? Here’s 10 statements that we’ve all heard many times in the western media these last seven days. But which of them are true and which are false? 1 Milosevic was a dictator. 2 He was a Serb nationalist. 3 He was responsible for the break-up of Yugoslavia. 4 His 1989 speech at Kosovo Polje was a nationalist rant that inflamed ancient ethnic hatreds. 5 He started four wars. 6 He was responsible for the massacre at Srebrenica 7 He ordered a systematic programme of ethnic cleansing in Kosovo. 8 He was toppled by a “democratic revolution” in 2000. 9 The trial at The Hague had produced evidence of his guilt. 10 He will be mourned by “only a few”. How many do you think are true? Seven, eight- all of them? The answer is zero. Every single statement is untrue.”

    That News Article is Titled: Milosevic: true or false, and Non Nazi People do Not Slander People, and the rest of that News Article can be read at http://www.theguardian.com/commentisfree/2006/mar/21/tenquestionsonslobodanmilo , and Euro-America has used the Sham Court to cover up their Nazism and the Article is Titled: The Milosevic trial is a travesty at http://www.theguardian.com/world/2004/feb/12/warcrimes.comment .

    There is much more Evidence of the Evil Nazi Nature and Evil Activities of the European Union, and this is why they are Puppets of Nazi America.

    • Tedx

      Moniker,
      Unfortunately, Chief Editor Gordon Duff has admitted on a Internet radio broadcast that 40 percent of what he reports is not true. He claims he would be killed if he didn’t mix the truth with lies. Consequently, VT is not a credible source of into.

    • Comment

      There are people who might want more than just a statement from someone who may be deliberately slandering or be mistaken as to the character of the Chief Editor of Veterans Today. If that claim was true, then at least 60 % of what he says are Facts, and the comment by Moniker is based only on verifiable facts by other independent sources. If a person of integrity is accused of lying to that extent, then this is why people know that the Western Main Stream Media constantly lies to people.

  • hvaiallverden

    ANYONE whom is beliving the narrative pimped hard thrue all the Balkanisation of former Yugoslavia and claims the “consentration/extermination” camp, or Genocide of Musilms is a fool.
    Period.
    Their strategie, whom is and was used then upon the releasing of the latest trapp, the Arab spring.
    And so on, and to the present.

    In the tribunal in Hauge, there is comedforth NOTHING.
    Killings, rapes, slaughterings of civilians yes, but bye whom.
    huh

    Tsk, tsk, and why dont we talk about the famous image from the war, the consentration camp image, whom is stil in my retina, was 100% fake.
    But hey, we are just serbianmuslimputinlovinglefitesandtreehuggers and conspiracy nutts, or something like that.
    And of course snow is a thing of the past.

    peace

  • Tedx

    No. That’s not what happened.
    Germany resolved to “write off” their losses to Greece. Merkel was leaving the negotiations, as was the Greek leader at about 6 a.m. when Merkel’s boss from the EU ordered them to sit back down.

  • BellsNwhistles

    Greece bought tanks, jet fighters, submarines and tons of military junk from the same nations that now want the pound of flesh. Pay the bill with a tank or jet and call it even…no enemy’s but all the killing machines the people could want.

  • Parakletos

    The more people using the Euro, the more value it acquires as a currency through the ‘network effect’. And likewise, the fewer people using it, the less value it will have as a currency. Greece was required to hand over her sovereign right to her own internal currency — the same right that the USA enjoys — in order to adopt the Euro. So it is NOT true that Germany holds all the cards here. Germany should prefer that Greece stay with the Euro, and Germany should be willing to offer Greece a deal in order to persuade her to stay with the Euro. Germany is refusing to acknowledge this aspect, and Greece should have held firm until Germany offered a package that was far less ruinous for Greece.

    • Allen Victor Cox

      DEBT Ä°S NOT THE ANSWER THÄ°S WHOLE PONZÄ° SCHEME Ä°S HEADÄ°NG FOR A MAJOR COLLAPSE AS Ä°S THE GREEN BACK!
      BERNÄ°E MADDOFF Ä°S JAÄ°LED FOR LÄ°FE FOR CONDUCTÄ°NG THE SAME PONZÄ° SCHEME? WHERE ARE OUR LAWS ICELAND ONLY COUNTRY WÄ°TH THE GUTS TO STOP THÄ°S NONSENSE!

      • Parakletos

        Is it really necessary to post in all caps?

        There are problems with any currency — whether it be fiat or not. The Federal Reserve was created to provide lending when banks wouldn’t or couldn’t themselves. If banks and the elites are permitted to suck up all the currency, they can trickle it out such that their billions go much farther than it otherwise would. So ‘printing’ money solves that problem by giving the holders of cash a reason to let loose with it — namely to protect against the devaluation that happens to every fiat currency over time. In other words, if you cannot handle losing about 2% or so buying power year after year, end over end, then you shouldn’t be ‘liquid’. That then frees up the currency to flow as a current flows — which is why it’s called that in the first place….as opposed to ‘money’.

        • Allen Victor Cox

          Tell it too the Cypriots! CYPRUS WAS LOOTED HELLO! Just as they are doing to GREECE
          1% Profited? LOT OF PEOPLE OUT THEÄ°R STARVÄ°NG? Now their pensions under threat!
          Iceland only country to stand up too these Banksters

          • Parakletos

            The problem in Greece is that Greece gave up its sovereign right to control its internal currency in order to adopt the Euro.

          • Allen Victor Cox

            The problem with GREECE Ä°s its been
            sold out!
            TSÄ°PRAS WENT AGAÄ°NST THE REFERENDUM?
            A country that held a shipping magnet 2nd to none now “CHÄ°NA TRÄ°ES TO BUY IT UP” And where will this money end up? In the 1% pockets! RUSSÄ°A OFFERED A LÄ°FE LÄ°NE? USA Told Greece To DROP THE OFFER?
            And then USA make their own offer? Yet for years they took a back seat on what was being done to GREECE

          • Parakletos

            I agree with you! Greece should have played hard-ball and had every reason to go back to their OWN sovereign fiat currency again. And it should have been on Germany and the other Euro countries to persuade Greece to stay through debt cancellation and other carrots. The problem is that Greece no longer has control over her own sovereign internal currency!

          • Allen Victor Cox

            this ıs just the beginning of the unravelling of EU SPAÄ°N ITALY POTUGAL IRELAND ARE ALL Ä°N BÄ°G TROUBLE’
            Time the 1% realise the writing is on the wall!
            I do not see the Greek people accepting this PROPOSAL? RÄ°OTS have already started!
            Wonder how Germans would feel about scavenging for food from DUMPSTERS OR BEGGÄ°NG ON THE STREETS?
            ıt ıs not the people on the streets that have benefited from all this debt chase the ones who have?

  • masscoruption

    LONDON — There are so many Jews at the top of Britain’s Conservative party, Prime Minister David Cameron once quipped, that it should be known as the Talmud party rather than the Tory party.

    With the announcement last Wednesday that Ian Livingston was selected as trade and investment minister and elevated to the House of Lords, Cameron has appointed to the government possibly its most committed Jew yet, and certainly its most outspoken supporter of Israel — which Livingston has called “the most amazing state in the world.”i guess its the same all over Europe,strange?