Friday, May 27, 2011

Michael Hudson on Greece's dilemma

How much parasitism can the Grecian host take?

--"“Saving the euro” is a euphemism for governments saving the financial class – and with it a debt dynamic that is nearing its end regardless of what they do. The aim is for euro-debts to Germany, the Netherlands, France and financial institutions (now joined by vulture funds) are to preserve their value. (No haircuts for them). The price is to be paid by labor and industry".


googleheim said...

Saving the euro ?

If Greece defaults out of the Euro into the Drachma now BEFORE having to sell it's ports, water municipalities, highways ( to tollways owned by Spanish ), electrical grid, gas lines ... THEN it will keep these things.

Greece will forgo itself as Argentina, and Greece will keep it's assets !

However, if they stay the course of austerity then they will go the
way of Argentina by first selling out the assets as an attempt to placate the neoliberals ( like Argentina with Menem in 90's ), and then default anyway with a swift boot to the rear by the Euro financial elitists who will say " thank you "

It's like the old sage says " if Russia takes Turkey from behind, would Greece help ?"

Tom Hickey said...

The good thing about countries selling assets is that they can always nationalize them later. :)

googleheim said...

the problem with nationalization in Greece is that it takes the form of extremist -