posted July 06, 2015 09:45 PM            

Hungary kicked out the IMF by paying their debt down..ahead of schedule and are making their own currency. .they also showed Monsanto the door but that's another story...

Meanwhile a new alliance between China, Russia, Brazil and India is getting in shape to challenge the global economic system. Interesting times.

Greece ..What You are not Being Told by the Media

Jeffrey Phillips| Jul 6, 2015 |Headline News, World News

(Nationofchange)Every single mainstream media has the following narrative for the economic crisis in Greece: the government spent too much money and went broke; the generous banks gave them money, but Greece still can't pay the bills because it mismanaged the money that was given. It sounds quite reasonable, right?

Except that it is a big fat lie not only about Greece, but about other European countries such as Spain, Portugal, Italy and Ireland who are all experiencing various degrees of austerity. It was also the same big, fat lie that was used by banks and corporations to exploit many Latin American, Asian and African countries for many decades.

Greece did not fail on its own. It was made to fail.
http://wearechange.org/greece-what-you-are-not-being-told-by-the-media/

What exactly does it mean for a big Wall Street bank to plead guilty to a serious crime? Right now, practically nothing.

But it will if California's Santa Cruz County has any say.

posted July 07, 2015 10:52 AM            

The problem with Socialism is that eventually, they run out of "other people's money".

posted July 08, 2015 04:03 PM            

I never advocated for bailing out nations...or banks which were too damned stupid to manage their countries or businesses.

In fact, I advocated for GM and Chrysler to go bankrupt and then reorganize. It was your little Marxist Messiah who insisted on bailing out GM and Chrysler...WHICH THEN FILLED FOR BANKRUPTCY ANYWAY...after blowing through 30-40 BILLION of O'Bomber bail out money...at taxpayer expense.

posted July 08, 2015 06:48 PM            

It was Bush, remember, who agreed to bail out our own "too big to failers". But when it came to spending the taxpayers money on helping the taxpayer who had been bilked, the Republicans balked , stalled, and voted for cuts and defunding.

posted July 08, 2015 07:43 PM            

"There's no profit for banks to be made when they loan to governments which go bankrupt and bankruptcy courts write their debts off the books."

posted July 09, 2015 08:33 PM            

From Robert Reich
People seem to forget that the Greek debt crisis -- which is becoming a European and even possibly a world economic crisis – grew out of a deal with Goldman Sachs, engineered by Goldman’s Lloyd Blankfein. Several years ago, Blankfein and his Goldman team helped Greece hide the true extent of its debt -- and in the process almost doubled it. When the first debt deal was struck in 2001, Greece owed about 600 million euros ($793 million) more than the 2.8 billion euros it had borrowed. Goldman then cooked up an off-the-books derivative for Greece that disguised the shortfall but increased the government’s losses to 5.1 billion euros. In 2005, the deal was restructured and the 5.1 billion euro debt was locked in. After that, Goldman and the rest of Wall Street pulled the global economy to its knees – whacking Greece even harder.

Undoubtedly, Greece suffers from years of corruption and tax avoidance by its wealthy. But Goldman Sachs isn't exactly innocent. It padded its profits by catastrophically leveraging up the global economy with secret, off-balance-sheet debt deals. Did any of its executives ever go to jail? Of course not. They all got fat bonuses and promotions. Blankfein, now CEO, raked in $24 million in 2014 alone. Meanwhile, the people of Greece struggle to buy medicine and food.

Doesn't seem right, does it?

posted July 09, 2015 11:02 PM            

Horshshiiite!

Wall Street didn't collapse the US economy. Idiot leftist policies of forcing banks to make home loans to people who couldn't make the mortgage payments did that.

In the middle of all this was Fannie Mae and Freddy Mac buying up that worthless mortgage paper, packaging it with good mortgage paper and selling it in blocks to banks. At the head of Fannie Mae and Freddy Mac were demoscats...Harold Raines, Jamie Goerlich and Tim Johnson who ripped off the US for about $50-60 MILLION in bonus money by cooking the books, ENRON style and publishing lying reports. When those worthless loans began defaulting and then defaulting loans snowballed massively, home prices plummeted because there were suddenly a lot more homes for sale and in foreclosure sales than there were buyers. The loss of about 1/6th of the US economy...Housing, crippled the US economy.

Further, there was that far left moron group, ACORN..O'Bomber's as$hole buddies, writing mortgage loan business for home buyers who they knew couldn't even begin to make the mortgage payments by cooking the loan applications...and taking broker fees for doing so, then selling the worthless mortgage paper to Fannie Mae and Freddie Mac.

You always manage to find idiots to quote. Robert Reich is no exception to that rule.

posted July 10, 2015 09:39 AM            

First, they let demoscat morons meddle in their business by relaxing their mortgage lending guidelines under pressure by demoscats.

Second, they listened to Timothy Geithner..another demoscat, who was head of the New York Fed. Geithner wrote the equation for valuing the derivatives on the packaged mortgage paper banks sold all over the world. Obviously, that equation only worked if...housing prices continued to rise AND..mortgage defaults remained low. Neither of which actually happened.

O'Bomber rewarded Timothy Geithner by making him Secretary of the Treasury of the United States.

O'Bomber also rewarded the fraudster trio of Raines, Goerlich and Johnson...demoscats...by hiring them to be his "Housing Advisors" for his political campaign...after they looted Fannie Mae and Freddie Mac!

There are people just as stupid and corrupt working all over the O'Bomber Administration.

posted July 15, 2015 03:40 PM            

Manipulating interest rates on Libor adjustable interest rate loans DID NOT collapse the US economy...or the world economy either.

That said, I have absolutely no problem with putting bankers in prison for breaking the law...NONE whatsoever.

posted July 15, 2015 04:58 PM            

My reference to Socialism was to Woodrow Wilson..the Socialist Progressive.

Let's see now, what was it Hillary said?

posted July 20, 2015 09:54 AM            

But thanks for reminding us of the communist viewpoint...that profit is evil. Of course, these same communist idiots value their work...in units of money...profit from selling their own labor. These same communist idiot do value their labor; in fact, most of the problems in the Greek communist economy arise from the fact their communist government geeks value their own labor/work to be worth more than workers in the private sector Greek economy. They've bankrupted Greece with their labor rates and benefits...including pensions. Now, they want private enterprise to bail them out of the mess of their own creation.

Until you get it that money is a unit/measure of value produced by making something of value, you'll keep spouting your Marxist Communist drivel.

Yes, by all means, let's donate our money to Greek communists interest free, with no hope of ever being repaid. Communist idiots never learn a thing. They have no intentions of changing a thing.

Don't give them a cent!