Reaction to Europe's Latest Efforts to Contain Its Debt Crisis
http://thedianerehmshow.org/shows/2011-10-27/reaction-europes-latest-efforts-contain-its-debt-crisis
Working well past midnight European leaders agreed to the broad outlines of a plan to deal with the European financial crisis. Private investors will be forced to take losses of up to 50 percent on Greek bonds, and bailout funds will be quadrupled. Investors are, so far, supportive. German Chancellor Angela Merkel said the crisis presents an opportunity to correct flaws made when Europe's economic and monetary union was originally built. Most agree implementing last night's plan remains a formidable challenge. Join us for an update on the European debt crisis and its implications for the U.S. and world economy.
Guests
Robert Kimmitt
senior international counsel, WilmerHale, former deputy secretary, U.S. Department of Treasury, and U.S. Ambassador to Germany, 1991-1993.
Mark Weisbrot
co-director of the Center for Economic and Policy Research.
Sudeep Reddy
economics reporter, The Wall Street Journal.
Comments
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A mathematically global study of the entire category of Multinational Corporations by the Swiss Federal Institute of Technology is suggesting that a very small number of owners control most of the world's commerce, and by implication wealth and political influence. I was reading about it in New Scientist yesterday (Wednesday) and thought I'd share the information while it was fresh in my mind. While these scientists are attempting to remain ideologically neutral the wider discussion is anything but cerebral. Researchers do observe that such narrowly based systems of control (in nature as well as technology and politics) have proven unstable and have resulted in catastrophic cascade collapses.
The 147 chartered entities that directly conduct 40% of business by monetary volume are interlocked in a myriad of ways and indirectly dominate as much as 80% of global commerce. This core is intensifying and has over time begun to dwarf the finances of even the largest nation states. A greater hazard lies in the ability and need of these same organizations (with same owners) to dominate politics and diplomacy (including warfare). So it is elementary reasoning that global corporations pre-determine any regulation of their own activities, what advantages and tributes they receive from citizeneries and their own presentation in media and education.
When discussing the usury undermining Greece, Italy and other European nations in the European Union it might be instructive to understand exactly who the creditors are and what role they play in structuring or writing down any repayment of these always ill-advised loans. We might find that Barclays and Goldman Sachs are the loan sharks and the IMF, World Bank, US military and the European Union itself are the collection muscle. Any sovereign state might be seen to retain the possibility of maintaining itself by delaying or refusing payment, or by issueing enough paper currency (inflationary?) to cover its bills. We can easily see that these are no longer sovereign states.
In fact Greece and Italy might accurately be understood as "Laboratories of Our Future" (title by Charles Bowden). If our media served our needs it would provide us great details of the tax levies, benefit cuts, human rights curtailments and ruthless business practices being employed to collect tribute for some of the world's largest financial concerns who have manufactured crises and then loan-sharked their victims. (Shock Doctrine-Naomi Klein)
The way I see it people were receiving retirement pensions, had living waged employment and job security, could mostly afford education and had possibility for upward mobility several years ago. But as a Global Oligarchy accrued most money value unto themselves these possibilities began withering away. Little changed as far as inherent assets, and productivity improved. Injustice and corruption are the only viable explanation. People in political charge were intimidated, corrupted and co-opted. Now the onus for correction is on the People and that is a dangerous thing. The Swiss study depicts how our vulnerability and potential demise came about. Now we will be working backwards to forensically untangle the crimes of powerful forces that will resist to their utmost the entire way. But it must be done.
The principal difference between central bankers, hedge fund managers, and terrorists is that terrorists have sympathizers - enough said!
F.A. Carroll, member of KUT Austin,TX
Why don't the Greeks & the Italian govts get their people to pay their taxes...wouldn't that help? It's been reported that most of the people there refuse to pay their taxes, coupled w/ that is the corruption/graft of their politicians & business people....so at least w/the EU settling w/the banks GET the people to pay their taxes...
Thank You,
FAC
"Pancake Rankin wrote:
When discussing the usury undermining Greece, Italy and other European nations in the European Union it might be instructive to understand exactly who the creditors are and what role they play in structuring or writing down any repayment of these always ill-advised loans. We might find that Barclays and Goldman Sachs are the loan sharks and the IMF, World Bank, US military and the European Union itself are the collection muscle. Any sovereign state might be seen to retain the possibility of maintaining itself by delaying or refusing payment, or by issueing enough paper currency (inflationary?) to cover its bills. We can easily see that these are no longer sovereign states.
October 26, 2011 - 3:09 pm"
During the IMF Exec Rape tumult, I took a look at the IMF during the Latin American crises, which was quite interesting. The NYC DA's Father was the enforcer for the IMF and really put them on the Rack. 14% for one bail.
They took dams, power plants even the drinking water supplies in the tiniest villages. Bush / Enron was right in the middle of it.
Monte Haun mchaun@hotmail.com
I live on a dairy farm in Northern New York. My question is: where is the food industry, specifically the dairy industry, in discussions of the current economic crisis? Dairy farms are going out of business daily. The dairy producer sector of the industry is being financially strangled by regulations that ensure profitability and power to the processing and retailing sectors. Imagine the possibilities of the boost to our economy if dairy producers could build buying power, thus increasing spending and investing in agri-business and beyond. The Darwinian principle of survival of the fittest, as it applies to economics discussed on today's show, is only a small part of this picture. I hope you will consider speaking about the workings of the US Dairy Industry and its negative effects on the American Dairy Farmer on a future Dianne Rehm Show.
Can one of the speakers explain why the euro stays strong against the US dollar?
How is mandatory monetary & fiscal union of EU member nations required for meeting the EU's initial main purposes: maintaining peace on the Continent, improving/fixing democratic structures & flawed justice systems as well as eliminating intolerance, inequitable social programmes & systemic persecution of minorities??
While cooperation between Europe's countries' is a laudable objective, the United Kingdom and countries of Europe 'can be united for good purposes' without becoming amalgamated into a unitary super-state...
Being united for good purposes* can be ably achieved by the alignment, to varying degrees & levels, of EU member nations' social, economic, finance and legal policies/laws...
France's voters had the good sense- via a referendum- to reject the EU Constitution treaty in 2005:
"French say firm 'No' to EU treaty", 30_05-2005:
http://news.bbc.co.uk/2/hi/europe/4592243.stm
"EU constitution: Where member states stand", 25_03-2007:
http://news.bbc.co.uk/2/hi/europe/3954327.stm
It's highly outrageous that the EU Constitution's hurriedly concocted mirror image replacement- the mis-named EU Reform Treaty (Lisbon Treaty)- was not put before France's and ALL other EU member nations' voters in referendums...
The not well publicized- but plainly highly prioritized- consequential development of an EU armed forces (navy, airforce and land forces) evidences how far from the EU/EEC's original purposes that some high-placed Brussels-based politicians and bureaucrats are willing to go (and where these persons' mind-sets are...)...
What does an "EU military", with its own navy, airforce and land forces- with bases, missions and extensive presence world-wide- have to do with the EEC/EU's initial main purposes: stopping wars, injustices and persecution of minorities on the Continent as well as improving individual countries' democratic structures??
Roderick V. Louis,
Vancouver, BC, Canada
The current debt & budget deficit problems afflicting many of the EU's member nations should not be allowed to be used as a false excuse for further illegitimate subsumation of member nations into what is for all intents and purposes, an undergoing construction super-state!!
Instead, the current debt & budget deficit problems ought to be responsibly used as a basis for the facilitation of multi-question referendums IN EVERY EU MEMBER COUNTRY asking voters (at the minimum):
1) are they for or against their country becoming, in effect, a 'province' of a unitary, fully-amalgamated, EU super-state?
2) are they for or against an EU in which the EU Parliament, EU (Council of Ministers) President, EU military, (planned) EU military bases world-wide, EU Foreign Minister & the new EU overseas 'embassies' were abolished??
==============
Would Sir Winston Churchill have approved of- let alone endorsed- such?
In the years immediately following the end of WWII's hostilities- when discussions were occurring among western Europe's + the UK's & US's leading politicians as to what sort of interlinking, cooperative structures ought to be established in order to maintain peace & to facilitate constructive relationships between western Europe's countries- how many of these discussions' participants said that they wanted ALL of the Continent's countries to eventually be subsumed into a unitary country- a super-state- which rivalled the United States in global roles and presence??
===============
Why are high-placed EU member-nation politicians & EU officials pushing for an EU military force, entirely separate from NATO with its own navy, airforce & land forces??
Why are Brussels bureaucrats pushing for an "EU military" with missions & presence world-wide??
Why are France's highest naval officials openly advocating "an EU navy", comparable in size & capabilities to the U.S.Navy's??:
http://www.meretmarine.com/article.cfm?id=114397
How dangerous would an EU Super-state, with a military the size of the Americans- and with leaders having egos three times as big- be on the world stages????
The UK Royal Navy's 2010 Strategic Defence and Security Review (SDSR)-ordered decimation: being done to intellectually dishonestly 'justify' the UK's subsumation into an EU 'Superstate'- starting with a merged UK/France naval force??
"Aircraft Carriers: (France Defence Minister) Herve Morin calls for cooperation with the British", 27_10-2010:
http://www.meretmarine.com/article.cfm?id=114397 (requires translation):
"With the approach of the Franco-British summit ..., (France's) defense minister called for a strengthening of cooperation between UK and France naval battle groups...
"... The head of France's Navy goes even further by introducing (France's planned PA2) aircraft carrier as the tool par excellence of political and military power.
"'If we want the EU to exist, it must have as many aircraft carriers as the Americans...
"'It should therefore be a dozen, as against only one (CDG) today...'"
----------------
->> The wording at the top of this EU web site unequivocally makes plain what Brussels-based officials are attempting- and being enabled by the recently ratified Lisbon Treaty (EU Constitution by another name!!):
http://consilium.europa.eu/eeas/security-defence/csdp-structures-and-ins... -
"European Union: EXTERNAL ACTION
"Providing Military Capabilities To The EU..."
->> The linked-to pamphlet on the above page:
http://consilium.europa.eu/media/1255855/eums%20september%202011.pdf
... contains a table cross-referencing "EU military force"/presence with world regions such as Asia, Africa, Middle East...
From pamphlet:
"(the) EU is conducting its seventh military operation/ mission..."
The truth is that there will always be a significant percentage of the populations of the Continent's 'countries-which-previously-had-colonial-empires' that wish to use the EU as a vehicle to advance and facilitate improper geopolitical agendas...
... Improper geopolitical agendas that their own countries, by themselves, could not be used for due to being too small and without adequate resources...
------------------------
The current debt and budget deficit problems afflicting many of the EU's member nations should not be allowed to be used as a false excuse for further illegitimate subsumation of member nations into what is for all intents and purposes, an undergoing construction super-state!!
Instead, the current debt and budget deficit problems ought to be responsibly used as impetus for the facilitation of multi-question referendums IN EVERY EU MEMBER COUNTRY asking voters (at the minimum):
1) are they for or against their country becoming, in effect, a 'province' of a unitary, fully-amalgamated, EU super-state?
2) are they for or against an EU in which the EU Parliament, EU (Council of Ministers) President, EU military, (planned) EU military bases world-wide, EU Foreign Minister and the new EU overseas 'embassies' were abolished??
________________
Roderick V. Louis,
Vancouver, BC, Canada
Today's discussion focuses on the struggle between the social service users and the financial managers of Western Europe, either of which class is the lazy fat-cat depending on your standpoint in the opposite camp. But even here, as the conversation continues, some canards are being dispensed with. The goals and processes of social planning come under examination. As the Greek caller and the mention of some German events implied, the shape and dynamics of society matter--this is not sheer arithmetic.
My question, then, is, what would the EU/US look like economically if the Global War On Terror was suspended by Israel adopting a majoritarian constitution? The Jewish state "prices" the utility of its racist genocide (the slightest legal manifestation of the Palestinian "race" being deemed a refutation of--"existential threat" to--the Jewish state's legitimacy, and then, by "mission drift", similarly viewed is every Arab, every Iranian, every Afghan, every Pakistani, every Somali) against the disadvantages of that racist genocide for the physical and cultural security of Jews.
The larger community "prices" its embrace of that state. What part of the EU/US economic crisis consists of benefits and costs of this racist genocide? I think it's fifty to seventy percent. E.g., the housing bubble was created by the US government to co-opt the social class it needed to underwrite the GWOT both financially and politically, and the GWOT itself was the response to the 9-11 attackers' global "putting of the question" of the Jewish state as a racist genocidal institution of the EU/US.
Greek Referendum and Papandreou is GRAZY LIKE A FOX
Having the referendum is the best thing ever. It should wake up the Greek citizens on what to do. Why take the money if there is an inevitable default?
Maybe the Greek Citizens realize the need of the austerity and stop complaining and striking, and warm them on the measures. Other countries cannot do Austerity measures like the ones in Greece; Can the Great USA do that? No because it would hurt an all ready fragile world economy. Austerities means no economic expansion and that would be devastation for Greece.
The referendum would also teach the European Nations of "making fun" of the Greeks. They always called them "lazy" and "they should pay their bills". Far from the truth. Greece has its pride and it is saying to them "take the money and stuff it"
It is also not a Greek problem but an international one because of the fake Economy that was concocted post WWII by IMF and going away from the Gold standard. An economy fabricated on credit and promissory notes. Even the might American Dollar is a promissory note. Do you think USA would ever pay off their Debt? No they would have to make a deal to pay half of it. That is the way of business. You first overinflate the price because you are hoping to receive 50% of the sticker price. Any store owner knows that.
Maybe a fresh start is a good thing too. I think it is likely to pass.
I think Papandreou is crazy like a Fox