Dick Eastman comments on “Joseph Stiglitz: how I would vote in the Greek referendum”
Stiglitz on Greece Answered
Joseph Stiglitz: The rising crescendo of bickering and acrimony within Europe might seem to outsiders to be the inevitable result of the bitter endgame playing out between Greece and its creditors. In fact, European leaders are finally beginning to reveal the true nature of the ongoing debt dispute, and the answer is not pleasant: it is about power and democracy much more than money and economics.
Comment: Money is democracy and the Greeks have none. An economy where all money for transacting has to be borrowed from international lending institutions and speculators where repayment of principal and interest are required or else a transfer of assets – is a system of slavery. Stiglitz is pretending that power and democracy and its opposite are not exactly the monetary system that corrupt politicians forced on the nation with the EU, merely one more incarnation of the the same old Bank-of-England/Rothschild system.
Joseph Stiglitz: Of course, the economics behind the programme that the troika (the European Commission, the European Central Bank, and the International Monetary Fund) foisted on Greece five years ago has been abysmal, resulting in a 25% decline in the countrys GDP. I can think of no depression, ever, that has been so deliberate and had such catastrophic consequences: Greeces rate of youth unemployment, for example, now exceeds 60%.
Comment: Yes, and?
Joseph Stiglitz: It is startling that the troika has refused to accept responsibility for any of this or admit how bad its forecasts and models have been. But what is even more surprising is that Europes leaders have not even learned. The troika is still demanding that Greece achieve a primary budget surplus (excluding interest payments) of 3.5% of GDP by 2018.
Comment: Now we come to it. Did the models they were using fail? Was this outcome really a surprise? The real assets of Greece are going into the hands of the creditors. Entire Islands have been given to creditors. Public art treasures, land, public utilities, water rights, airports, businesses, residential units — all transferred to the creditors. I say this is an outcome most easily predictable. How could any real economist — not a brainwashed yes man teaching at American universities, but real economists who know the real nature of the debt-money system and its tendency to deflation, default and transfer of real assets to the lenders. And it worked exactly as Irving Fisher, or Keynes, or Samuelson would have known it must. When all the money is borrowed with obligations created to pay that amount back plus compound interest, the result must be deflationary depression and massive default. “Europe’s leaders” — Stiglitz does not tell you that it is the Rothschild interests, the allies and instruments — the IMF, the World Bank, Goldman-Sachs, the Bank of International Settlements, the EUB and the central bank of Greece — learned long ago that this is how to plunder a country. Stiglitz does not admit the possibility that this was the design — that in this day of developed science — be it weather, or genetics or even economics — there are no mistakes or miscalculations by those with money enough to pay to have the math done, say by hiring a Larry Summers who does it willingly or a Nash who provides the formuli semi-willingly after being certified as insane for claiming that his roommates were agents put there to pick his brain. And yes, the Rothschilds instruments — Goldman-Sachs for example — are winning every hand in this crisis — Greeks are bleeding but not the creditors — and they are secure enough in the power they hold over everybody — who is going to stop them? me? you?