Jun 18

It makes no sense to try to fill the sinking ship of Greek finance. Yet Merkel has accepted the banks will not take any losses. So Germany will try to fill in the hole with money. Since Greece is conservatively owes 200 Bn more than it has what’s the point? 

Free Heroin in massive uncontrolled supplies does not stop or control Heroin addicts. So free money for a Greek populace in denial and a banking sector who has every mistake underwritten and best of all charged to the hard working taxpayers of every major country in the world. Work, pay taxes and end up working for Bankers to live well.

The bailout is not good for Greece either. Like with African countries they will effectively find an IMF style stealing of their assets and utilities. Their chance of a decent life ruined by a currency they cannot afford. Charged all they earn in new and increasing taxes and utilities charges (worse than even Britain who voluntarily sold off utilities but has some say through it’s own regulation and being richer than Greece, for now at least).

It’s surely clear to Blind, Deaf and Stupid Pugh that the bailouts and especially the continuing bailouts are a huge blunder. For all the anti bank rhetoric our politicians with their bail outs and low interest rates are really just tools of the banking industry.  £200 Bn won’t fill the Greek hole then what will it take when Italy, Spain, Ireland and Portugal  ‘fess up about their economies? £2 Trillion?

To be xenophobic Britain should not fund this desperate clownery by Sarkozy and Merkel – not xenophobic as Germany and France should not support this foolishness either. This is the price of entering a common currency and allowing people to lie.  The continuing use of the Euro in Greece is not worth the price being paid now. Send the Greek liars to prison for fraud but take my advice and send them no money.

If not filling this hole kills our banks then so be it. Nationalise protect depositors and the rich be damned – rather than the banker friendly payouts of Balls and Brown. The next time a politician complains about bankers bonuses remember who paid them!

No one benefits from bailouts but lousy and reckless bankers.

BTW The richest 1% now have nigh on 25% of the world’s wealth – up from 9% 30 years ago. That is dead money and probably explains sluggish growth as much as ridiculous politicians bailing out bank owners and bankers.  Capitalism cannot work when the Capital is stored in stasis.

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