The United States Of Euro, Part III: The Whirlwind Appears And Demands To Be Reaped.
If you've been following the collapse of the Greek economy for the last few years you may have come across some observations here on the subject of the common currency project and how it was a bad idea to begin with and how the whiter sections of the European project are finding the presence of darker people to be a pain in the financial arse and some folks wish they'd just go away already......where was I?
Oh. I remember.
It seems that when the common currency project became a reality, little enough thought was given to what might happen if a national debt crisis like Argentina's reared its ugly head. The project was put in place, but there were flaws, one of them being that the signatories were barred from restructuring or revaluing their currencies.
Some folks figured this out and avoided the euro, for obvious reasons; perhaps they realized it limited their abilities to determine their own financial futures. Some didn't like the idea of binding economic policy (for that's what it amounted to) being crafted in the banking houses of Germany and to a lesser degree France. One also might suspect that the voices of the melanzane, so to speak, would be given short shrift when it came to protecting the treasuries of their betters.
Well. That's exactly what happened. When the free spending economies from the other side of the European tracks came under pressure and they got turned away by the loan officers complete with snide references to "the PIGS countries" in the financial press, the Greeks got told "OK. Here's some money, but you're going on a diet."
Austerity, as it was called, constituted a second rape and debauch of the areas that suffered forced occupation by the wehrmacht. Hundreds of thousands of people died of starvation and rump trial executions. Jews were rounded up and sent to slaughter houses built for the purpose of wiping them off the face of the earth. Greek patriots were slaughtered in their thousands, as well as ordinary citizens for purposes of reprisal. The modest coffers of the Greek treasury were drained by forced "loans" and the country emptied of wheat and oil, to such an extent that food relief had to come from the Allies while the war was still raging.
The entire thing started because Hitler felt compelled to pull Mussolini's chestnuts out of the fire because of his star crossed cockup of an invasion of Greece and Albania. An argument can be made that the delay that this caused to Operation Barbarossa (some six to eight weeks) may have saved the USSR from conquest until winter came and stalled the invasion in its tracks at the gates of Moscow.
Germany, of course, has no interest in shelling out a single euro on its moral debt. Sigmar Gabriel, Angela Merkel's deputy says that "the probability is zero". You can read it here.
It now seems that "austerity" for which read unemployment and penury for the Greeks, is a failure and a peasant revolution is brewing in the countryside.
There is a story I heard once. A farmer had a horse, and he got to thinking "Why, this old bag of bones lounges around the barn all winter eating as if he was working. Perhaps I can teach him to work without eating." So the farmer stopped feeding the horse. The hourse was just starting to get used to the idea when he died.
Is this the story that will be told in the next few weeks that Greece, raped and bled white by the plutocrats of Deutschebank, will be kicked to the curb with the rest of the garbage while others will be compelled to clean up the mess? Stay tuned.