John
Maynard Keynes made the point years ago that to force austerity on a
nation which can not repay its loans only propels the nation to greater
austerity and untold misery.
The misery in Auschwitz was clearly a crime against humanity. The famine created by the ideological programs in the USSR during the Stalin era, was a crime against humanity.
What sets these crimes against the current enforced pauperisation of a nation by the Banking fraternity of another, is that it is not done by the jackboot but by the sleek procedures of expensively suited executives who turn off the tap which they had so recently left on. If it were plumbing you would have a claim.
Even if you have been encouraged to run up debt by the financial practices of the time, clearly you are to blame for accepting the offer of a loan when you couldn't afford the repayments. But perhaps your financial situation has changed, perhaps the interest rates go up and the repayment agreement no longer covers the cost of servicing the loan. If you are an individual you can renegotiate the repayment schedule or declare yourself bankrupt which implies a complete secession of further loans and you are forced to live out of earnings.
These are the options for the Greeks but the Troika, but mainly the Germans, are demanding full repayment with no extension of the loan repayment period even though the Greeks are simply digging a deeper hole as their indebtedness rises because they have to borrow more to cover the repayment terms. As their debt increases the 'interest' increases in line with the risk.
One has to ask what is behind the trenchant actions of Wolfgang Schauble in his denial of any softening of the repayment schedule. Clearly the German Bankers are the most exposed to the indebtedness of Greece and others but in the history of the Common Market, now the European Union, German industry has benefited to the tune of trillions of Euros in trade. It was this trading market that initiated Germany and France to embark on the project.
If now a tiny economy has caught financial pneumonia, then to with hold penicillin is a crime for which, historically Germany can ill afford to practice !
The misery in Auschwitz was clearly a crime against humanity. The famine created by the ideological programs in the USSR during the Stalin era, was a crime against humanity.
What sets these crimes against the current enforced pauperisation of a nation by the Banking fraternity of another, is that it is not done by the jackboot but by the sleek procedures of expensively suited executives who turn off the tap which they had so recently left on. If it were plumbing you would have a claim.
Even if you have been encouraged to run up debt by the financial practices of the time, clearly you are to blame for accepting the offer of a loan when you couldn't afford the repayments. But perhaps your financial situation has changed, perhaps the interest rates go up and the repayment agreement no longer covers the cost of servicing the loan. If you are an individual you can renegotiate the repayment schedule or declare yourself bankrupt which implies a complete secession of further loans and you are forced to live out of earnings.
These are the options for the Greeks but the Troika, but mainly the Germans, are demanding full repayment with no extension of the loan repayment period even though the Greeks are simply digging a deeper hole as their indebtedness rises because they have to borrow more to cover the repayment terms. As their debt increases the 'interest' increases in line with the risk.
One has to ask what is behind the trenchant actions of Wolfgang Schauble in his denial of any softening of the repayment schedule. Clearly the German Bankers are the most exposed to the indebtedness of Greece and others but in the history of the Common Market, now the European Union, German industry has benefited to the tune of trillions of Euros in trade. It was this trading market that initiated Germany and France to embark on the project.
If now a tiny economy has caught financial pneumonia, then to with hold penicillin is a crime for which, historically Germany can ill afford to practice !
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