There are a number of articles by several economists, explaining why our debt
is not as much of a problem as we've been led to believe. Since my mathematic
abilities are so poor that I can barely add 2 and 2, I certainly don't
understand all of the reasoning behind what they are writing. So I'm beginning
to take everything I read and hear, with a grain of salt.
Miriam
-----Original Message-----
From: blind-democracy-bounce@xxxxxxxxxxxxx
[mailto:blind-democracy-bounce@xxxxxxxxxxxxx] On Behalf Of Carl Jarvis
Sent: Saturday, July 29, 2017 11:22 AM
To: blind-democracy@xxxxxxxxxxxxx
Cc: Bob Hachey <bhachey@xxxxxxxxxxx>
Subject: [blind-democracy] Re: [blind-democracy] EU rulers force ‘new normal’
of crisis conditions on Greek workers
"And everywhere — as in Greece — the price of dog-eat-dog capitalist
competition is foisted on working people."
The United States of America is not going to escape the economic rape and
plundering going on in Greece and, closer to home, Puerto Rico.
Currently each and every American would need to cough up over $300 thousand to
pay off our debt. When our debt bubble bursts will the Working Class simply
roll over and begin struggling to enrich the already bloated Oligarchies? Or
will we rise up and set a People's Government in place, and "allow" the
"Favored Few" to share their plunder all around?
Carl Jarvis
On 7/29/17, Roger Loran Bailey <dmarc-noreply@xxxxxxxxxxxxx> wrote:
http://themilitant.com/2017/8128/812806.html
The Militant (logo)
Vol. 81/No. 28 July 31, 2017
(front page)
EU rulers force ‘new normal’ of crisis conditions on Greek workers
BY JIM BRADLEY
Working people in Greece face a “new normal” of rising mortality
rates, worse jobs — if you’re lucky enough to have one — with lower
pay, slashed social benefits and a lower quality of life. This is the
result of a decade of government assaults amid world capitalism’s
deepest crisis in decades.
This crisis is also the product of the underlying realities of the
European Union’s “ever greater union.” It was purportedly set up to
benefit all, but is in fact a marriage of unequal competing capitalist
regimes that assures continued profits for Berlin’s bosses and other
northern rulers at the expense of the peoples of Greece, Italy, Spain
and other weaker economies in southern Europe.
This inequality, exacerbated by the world capitalist crisis, pushed
the Greek rulers’ swollen national debt to the point of disaster. The
government’s insolvency, deepened by relentless pressure for payment
on Greek bonds in the hands of banks and private profiteers,
threatened to shatter the EU.
The EU, European Central Bank and International Monetary Fund provided
aid, but demanded the Greek rulers carry out ceaseless attacks against
the workers and farmers to make them pay for the crisis.
EU officials approved another $9.7 billion in financial assistance to
the Greek government July 7, once again postponing a looming debt
default crisis that could have threatened the survival of the
28-member European Union.
The action, taken by the board of directors of the European Stability
Mechanism, unmasks the myth promoted by liberal capitalist politicians
that the EU is a stable, “progressive” counterweight on the world
stage to protectionist Washington under the administration of
President Donald Trump.
The emergency financial assistance permitted the Greek government of
Prime Minister Alexis Tsipras’ Coalition of the Radical Left to
immediately turn around and pay $7.9 billion due to the IMF and the
European Central Bank, which hold most of its almost $367 billion debt.
On its knees, the Tsipras government pleads that “we expect our
partners to respect the sacrifices of the Greek people” by permitting
Greece to sell bonds on the EU bond market. Speaking for German
bondholders, Chancellor Angela Merkel is opposed to any concessions.
Tensions between Berlin and Athens are rising.
“The government and people of Greece,” said ESM Managing Director
Klaus Regling, “should continue on its path to rebuild a competitive
economy and regain investors’ trust.”
Millions of Greek workers and farmers know from their own bitter
experience that Regling’s bureaucratic doublespeak translates into an
order to the Tsipras government to intensify its “austerity” drive
that has devastated the lives of Greek workers and farmers.
Over a seven-year period the Greek economy has shrunk by one-fifth.
Official unemployment stands at slightly less than 25 percent, but the
fact is half the working population has been driven out of the labor
market. Over 45 percent of young people are unemployed, forced to live
with their parents, unable to be independent, marry or buy a home.
The percentage of involuntary part- time jobs has risen from 45 to 72
percent over the last 10 years. Pensions have been slashed, schools
and hospitals closed, the public health system is in shambles. From
2009 through 2015, average wages dropped by 20 percent.
One price of the latest bailout was government assurance of further
pension cuts in 2019.
EU’s fatal contradictions
Despite the hype, the establishment of the European Union was never
about initiating an era of European postwar “peace and prosperity.” In
the aftermath of World War II, as U.S. capital expanded rapidly with
little competition, French and German capitalists and others began
discussion of establishing a joint protectionist bloc to gain a
stronger competitive position in world markets, leading to the
establishment of the EU in 1993.
But the EU was born with a fatal built-in destabilizing contradiction.
The capitalist rulers of each member nation protect their profits and
privileges, including against their EU partners.
The sharply different levels of economic and social development
between industrial powerhouses like Germany and France and
lesser-developed countries like Portugal, Italy, Greece and others push the
union apart.
Berlin is dominant, with the most productive and developed industrial
base and consequently the economic and political clout to dominate the
economies of the lesser-developed countries in the EU. German
capitalists sell. Greeks buy, and go into debt to pay.
All these contradictions have come to the fore under the pressure of
the economic crisis, threatening to unravel the EU. Talks began June
19 between Brussels and London on the withdrawal of the U.K. from the
EU, a result of last year’s Brexit vote.
And everywhere — as in Greece — the price of dog-eat-dog capitalist
competition is foisted on working people.
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