Fleecing the lambs once more: the Greek debt "haircut"

By Donald Hank

The site linked to below (The Economic Collapse) had predicted just a day or two ago that the "haircut" on Greek debt would increase the chances of recovery of the PIIGS. It didn't take long for that prophecy to be realized, as they report today.

Here are my 2 cents, incl a prediction of my own. I hope it turns out to be wrong:

According to the Greek language online newspaper "Express," the European "leaders" met with the bankers before this "haircut" edict was handed down. They had originally spoken of a 21% hiarcut, but they were faking. They knew it would be 50% but they had to soften up the bankers.

It is my humble opinion that they made these bankers a deal they couldn't refuse. First they TOLD them the haircut would be 50%, at variance with what they had said (they had lied, to put it nicely).

According to this Greek article, the rip-off to the European banks amounted to 67.5 billion euros, or 20$ less that the Greek government would have to pay.

My prediction (I truly hope I am wrong):

The European powers (remember, this is the group that exported "democracy" the the Arabs, but they won't give their own people democracy. THEY make all the decisions) will eventually get around to utilizing one of their many financial tentacles — e.g., the ECB, the EFSF (European Financial Stability Facility) or other, perhaps one to be created — either to BUY PIIGS bonds outright or to financially assist private buyers to buy them (using both European and US public funds — see last link below!), in order to circumvent the market. This is because no private person or entity will eventually touch a Greek bond, for ex, with a 3 meter pole, unless enticed with promises of public money.

I say this because I know:

1 — the past behavior of the European elites

2 — their Marxist philosophy underlying that behavior.

The real raîson d'être of the European Empire (European union) and its tentacle agencies has always been to redistribute wealth. Unlike the Soviet Union, they no longer can do that — for political reasons — openly, from one group to another. But by pretending to "stabilize" Europe, they can distribute the wealth from northern countries with a sound work ethic to southern countries with no palpable work ethic at all. [Footnote: this is analogous to the way the US government orchestrated our current financial crisis by first forcing the banks to lend to the insolvent under the infamous CRA, another wealth redistribution scheme].

By allowing the fiscally irresponsible Greece to join the Euro Zone, they knew they would ultimately be able to transfer billions of euros of wealth to that country under the pretext of "stabilization." They won't quit even now that they have literally destabilized the whole continent by their so-called "stabilization measures."

They have all the power and they will continue to rob the citizens of each member country until they — and we — are dirt poor or until the people rise up and throw off their yoke.

It will be a true European Spring and the elites will not be in charge this time.

© Donald Hank