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Greece Rejects Central Banksters
Greece has voted to reject the “troika’s” bailout terms. The people of Greece said “no” to the central banksters who encourage sovereigns to enslave themselves under mountains of debt.
The Greeks showed remarkable courage and resiliency, and their example could disrupt the entire international banking system. Tyler Durden at Zero Hedge:
The Greek people have spoken and they said “OXI”! So congratulations Greece: for the first time you had the chance to tell the Troika, the unelected eurocrats, and the entire status quo establishment, not to mention all the banks, how you really felt and based on the most recent results, some 61% of you told it to go fuck itself.
At a minimum, the Greferendum has destroyed the dream of the Euro. Via Fox Business:
If confirmed, the result would also deliver a hammer blow to the European Union’s grand single currency project. Intended to be permanent and unbreakable when it was created 15 years ago, the euro zone could now be on the point of losing its first member with the risk of further unraveling to come.
Indeed. But the implications of the Greek referendum will reverberate much farther than the Mediterrean or the Eurozone.
** China’s sham stock markets, already having fallen 30 pecent in three weeks, could crash another 50 percent this week. ** Spain, Italy, and Ireland will likely demand restructuring of their debt. ** In the US, sensible people who’ve been warning of the dangers of trying to borrow our way to prosperity have new leverage and a bold example in demanding an end to government-by-credit-card. ** The Golden Age of the Central Bankster will come to crashing close
And, as former Reagan economist David Stockman put it:
None of the governments which foisted these obligations on Greece will survive a blanket default. The more likely scenario is that the successor governments—–almost certain to be anti-EU—- will disavow the guarantees undertaken by the EFSF and demand haircuts from the underlying bank and bond holder claimants. Stated differently, a Greek default on its $150 billion of EFSF funding would trigger a domino effect back to the status quo ante.
The coming weeks will change the world. Greece will suffer in the short run but it will lead the world into the post-Bankster future. Call it “redemptive suffering.” The last nation to dive into the abyss will suffer the most and lose the most. The best economics writer alive, Ben Hunt, put it this way:
If Greece votes to reject the proposal, then either the game resolves itself within the stable Nash equilibrium of a shamed Euro status quo and a triumphant Greece (if the ECB and EU decide to cave to some form of the original Greek proposal), or we enter the death spiral phase of a game of Chicken, as all parties start to talk about how they “have no choice” but to crash their cars. That latter course is the far more likely path, I think, given how the various Euro Powers That Be are already positioning themselves. It’s all so very 1914-ish. Draghi’s cap on bank-supporting Emergency Liquidity Assistance (ELA) is the modern day equivalent of Czar Nicholas II’s troop mobilization. Good luck walking that back.
Congratulations and thanks to the Greek people. The rest of us better buckle our seatbelts.