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Peter Koenig – Greece: Has The New Government Already Sold-Out Before New Elections on 20 September?

The Delphi Initiative of Greece issued yesterday the following statement under the title Tsipras – Kammenos Surrender Greece: The Greek Left is a political force, the supporters of which gave heroic struggles in the past to defend democracy and national independence of Greece, thousands and thousands of them dying, sent into prison and exile or tortured. It is the first …

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Sean Guillory – Ukraine is ripe for the shock doctrine

Like many states in crisis before it, Ukraine serves as a perfect opportunity for neoliberal transformation. While a crisis of faith, of sorts, has resounded in western discourse on the economic effectiveness of austerity, this scepticism, rather ironically, dissipates when you cross over into the remnants of the Iron Curtain. Neoliberalism’s flagellants reside east of the Elbe. There, ideological purity …

Austerity Has Failed: An Open Letter From Thomas Piketty to Angela Merkel By Thomas Piketty, Jeffrey Sachs, Heiner Flassbeck, Dani Rodrik and Simon Wren-Lewis

The never-ending austerity that Europe is force-feeding the Greek people is simply not working. Now Greece has loudly said no more. As most of the world knew it would, the financial demands made by Europe have crushed the Greek economy, led to mass unemployment, a collapse of the banking system, made the external debt crisis far worse, with the debt …

Greece and the Euro: Towards Financial Implosion By Prof Rodrigue Tremblay

In sowing the seeds of the Greek crisis, European politicians have made the same mistakes as American politicians before the financial and banking crisis of 2008-09, that is to say encourage excessive indebtedness of some economically weak countries with loan guarantees. What really created the conditions for a major financial and banking crisis in the U.S., starting in 1999 when …

Greece – Risk of False-flagging Greece into Submission and Chaos? By Peter Koenig

As we move closer to the 5 July referendum, it becomes clearer every day – Brussels, Washington and Berlin are waging an open “class war” against Greece, because the Greek people, the citizens of a sovereign country – the first democracy in Europe, the country that gave Europe her name – these people have had the audacity to democratically elect …

Behind the Greek Crisis By William R. Polk

Focusing exclusively on the monetary aspects of the Greek crisis the media misses much of what disturbs the Greeks and also what might make a solution possible. For over half a century, Greeks have lived in perilous times. In the 1930s, they lived under a brutal dictatorship that modeled itself on Nazi Germany, employing Gestapo-like secret police and sending critics …

The Birthplace (Greece) vs. the Farce (the United States) of Democracy by PAUL STREET

Democracy is among other things the rule of majority public opinion. Plutocracy is the rule of the wealthy few over and against the popular majority. To understand the different meanings of these two terms, you can consult a dictionary. You can also look at the very different decision-making processes on display regarding major political-economic policies in Greece (the ancient homeland …

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The Greek Debt Crisis and Crashing Markets by MICHAEL HUDSON

Back in January upon coming into office, Syriza probably could not have won a referendum on whether to pay or not to pay. It didn’t have a full parliamentary majority, and had to rely on a nationalist party for Tsipras to become prime minister. (That party balked at cutting back Greek military spending, which was 3% of GDP, and which …

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Greek Democracy Is Failing – Paul Craig Roberts

The Greek debt is unpayable. It is simply too large to be repaid. The austerity that the EU and IMF have imposed on Greece has worsened the problem by driving down the Greek economy, thus making the burden of the debt even heavier. Despite the obvious fact that the EU’s austerity policy is a failure and cannot succeed, the Greek …

Is The 505 Trillion Dollar Interest Rate Derivatives Bubble In Imminent Jeopardy? – Michael Snyder

All over the planet, large banks are massively overexposed to derivatives contracts.  Interest rate derivatives account for the biggest chunk of these derivatives contracts.  According to the Bank for International Settlements, the notional value of all interest rate derivatives contracts outstanding around the globe is a staggering 505 trillion dollars.  Considering the fact that the U.S. national debt is only 18 trillion …