Dollar Ponzi

Debt Fraud: Greece Actually Owes Nothing!

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“The Greek debt, as such, is mostly not Greek debt. The debt which Germany and other nations are demanding that they pay for, is money that the Greeks never got! So the Greeks don’t owe that money. This was a swindle, because the Greeks didn’t incur that debt.”

from LaRouche PAC:

What Americans need to know about Greece and “its debt,” is that the new Greek government is asking the European Union to shut down a huge Wall Street-London bank swindle and make economic growth possible again in Europe.

If that doesn’t happen, the worsening bankruptcy of the whole trans-Atlantic banking system will continue to generate desperate confrontations with major powers Russia and China, with the threat of world war.

The rest of Europe, so far, is refusing to shut that Wall Street swindle down, and today Obama’s Treasury Secretary Jack Lew backed up that refusal, including by a threatening phone call to the Greek finance minister.

What Obama, Merkel, et al. are demanding Greece do, instead of shutting down this Europe-wide swindle by the banks, is run a budget surplus of 4.5% of its annual economy, exclusively to pay the “Greek debt.” In U.S. terms? That would mean the United States running a government tax surplus of $750 billion a year, in order to pay down debt. You won’t hear Obama or Lew volunteering to try it; it is impossible.

The “Greek debt” swindle is the same one as the TARP bailout here, and the Federal Reserve’s printing of $4 trillion in new money to cover Wall Street’s debts; and its perpetrators are the same huge banks.

In the United States, the big banks took millions of subprime, unrepayable mortgages sold by their captive mortgage companies, and made them into toxic securities which blew up the financial system and the whole economy in 2008; the government bailed them out, while our living standards plunged.

In Europe, the banks bought the mortgage securities from the U.S. banks. At the same time they made millions of unrepayable subprime loans of their own — not only to homeowners, but also to governments without the means to repay them, like those of Greece, Ireland, Portugal, Hungary, and others. Big Wall Street banks were involved, particularly Goldman Sachs, which created “magic” derivatives: Take a bank loan to Greece, make it look like a mere “currency swap” rather than a debt — but turn it into a much bigger debt ten years later.

All this European subprime debt blew up on the big banks in 2009, a year after the U.S. subprime debt blew up on them. Then the European governments all superindebted themselves, to create a $1 trillion “European TARP” called by the initials EFSF. They bailed the megabanks out, with the IMF pitching in, using “only” about $600 billion to pay the unpayable “subprime government debt” part of it. $275 billion paid “Greek debt.”

This immense bank bailout got passed through the Greek, Irish, etc. governments, which passed it immediately on to the banks which had been their “subprime lenders.”

Read More @ LaRouche PAC.com

 

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