Greece suffers California’s future

May 1, 2012

By John Seiler

Greece is leading the way for California — off a cliff. The two polities are similar: beautiful mediterranean climate, creative people, massively powerful government-worker unions, busted budgets, impending bankruptcy. Greece is just a little ahead of California. The latest report: Greeks are abandoning the unworkable, corrupt two-party system:

MARATHON, Greece (Reuters) — Georgios Pasayannis was a Greek civil servant for 40 years, and the 73-year-old pensioner voted faithfully for New Democracy throughout, confident his future was safe in the hands of the conservative party.

Now he says he will never cast his ballot again for “those crooks” or their coalition partners, the centre-left PASOK party, since they cut his 1,500 euro per month pension by a third while pushing through tax increases.

Their mismanagement of Greece has turned the twilight of his life into a grinding struggle. Pasayannis, who worked for the defence ministry, says he plans to get revenge at the May 6 national elections.

“We pay and pay, but we have nothing for it,” said the man who had hoped for a carefree retirement in the seaside village of Marathon, 40 kilometres (25 miles) east of Athens. “They cheated us and lied to us for years. They’re a bunch of crooks.”

Greeks are in a fractious mood ahead of the election, and much of their anger is directed at the two parties that have long dominated the political landscape.

‘Decline to state’

In a similar way, Californians have been abandoing “those crooks” in the Democratic and Republican parties to re-register as “decline to state voters”:

According to a recent report:

California continues to witness a steady rise in the number of voters who choose not to affiliate with any political party. According to the most recent numbers released by the Secretary of State, 21.2% of California voters are now registered as having no party preference, a new high.

Back to Reuters on Greece:

At the other end of the spectrum, legions of young voters are also turning their back on the two parties that have taken turns ruling Greece for the last four decades. About 15 percent of the electorate — 1.4 million — is 18 to 29.

The unemployment rate for Greeks under the age of 25 tops 50 percent. Hordes of young Greeks who have seen their career hopes destroyed by the economic implosion are also expected to turn their backs on ND and PASOK, pollsters say.

Opinion polls show gains for small parties that oppose the steep wage and pension cuts imposed on Greece by the European Union and International Monetary Fund (IMF) in return for aid….

“Young people are suffering the most because of these clowns,” she said. “For young people in Greece now there is no job, no hope, no nothing.”

California youth nightmare

In California, young people also are restless. As has happened across the country, young people are rallying behind the only independent presidential candidate this year, Ron Paul:

Ron Paul attracted a peculiar 8,500-plus voters to the third of three town hall meetings he held in California this week, this time at UC-Berkeley. In drawing such a huge crowd to Berkeley, the 12-term Congressman from Texas shattered his unrivaled town hall meeting attendance record. The meeting took place at UC-Berkeley’s Memorial Glade, where he addressed the crowd from atop the steps of Doe Library in Berkeley, CA. Dr. Paul spoke about his platform of constitutionally-limited government, the enduring bonds between economic and civil liberties, and his fiscal blueprint that cuts Washington spending, shrinks the national debt, and reverses the federal government’s harmful growth and intrusiveness. Full video of the event posted at UStream, by msl209.

As in Greece, young folks know that there’s no future for them because of the immense debt piled up by their governments, and the inflation-low interest rate trap sprung by central banks. In Greece, the banks are the European Central Bank, which controls the inflationist Euro, and the IMF, mentioned above. In America, it’s the inflationist Federal Reserve Board that Ron Paul wants to get rid of.

Amercan kids also have it worse than Greek kids in one crucial way: American students owe an incredible $1 trillion in student-loan debt, which they’re finding impossible to pay back without decent jobs in the Bush-Obama-Greenspan-Bernanke-Republican-Democrat Great Recession-weak recovery.

Debt forgiveness 

The U.S. and California (and other states’) political regimes have strung this albatross of debt around youngsters’ necks at the time young folks should be building families and careers. The two politcal parties want to continue the status quo of the bank ripoffs. President Obama and Mitt Romney both have endorsed keeping interest rates low on the student debts. But how can that help when most of those holding the debts don’t have jobs, or have low-paying jobs?

What they should do is call for canceling the debts. Just as Greece’s government should simply cancel the country’s debts, much as Iceland did recently and Argentina did a decade ago. If bankers are stupid enough to loan trillions to bad risks, it’s the bankers who should suffer from their usurious greed, not the borrower-victims.

After Iceland dumped its loans, the economy recovered. The same thing happened in Argentina a decade ago.

Dumping student debt would benefit California’s kids, and America’s kids. But as in Greece, the politicians are beholden to the banks, not the people.

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  1. Beelzebub
    Beelzebub 1 May, 2012, 12:31

    The ECB and IMF keep feeding the greeks bailout money (to save the Euro Union) that continues to dissipate as fast as weak beer flatulence in a windstorm. None of them want to admit the truth. At this time I think the US is better described as a japanese person who only speaks greek – but a metamorphisis is likely to occur that will turn him into a full-blooded greek. Once this economic tsunami reaches the US there will be no IMF around to rescue us. All the funds will have been depleted. We will be the last ones in line holding the empty bag.

    Listen closely to this man: Nigel Farage – a member of the UK Independence Party. He is my favorite euro politician. He speaks the truth and does not hold back. The other majority party members hate him with a passion on account of it. If only we had ONE American politician who owned a brass pair like Nigel Farage!

    Reply this comment
  2. Beelzebub
    Beelzebub 1 May, 2012, 14:05

    “Amercan kids also have it worse than Greek kids in one crucial way: American students owe an incredible $1 trillion in student-loan debt, which they’re finding impossible to pay back without decent jobs in the Bush-Obama-Greenspan-Bernanke-Republican-Democrat Great Recession-weak recovery”

    The kids are starting to wake up. 27% of the student loan payments are 30 days or more late. heh. Do the math. That’s $270B worth. The American taxpayer will end up holding the bag, just like we did with the TBTF banks. Naturally, if you follow the money trail you would clearly see that the TBTF’s are the culprits behind the student debtload too. What a shocker, eh?? Why do you think they sell these loans to bad credit risks without batting an eyelash? Maybe because they know that they don’t have to eat the loss, eh??? Connect the dots. It’s easy if you put your mind to it!!!

    Reply this comment
  3. Rogue Elephant
    Rogue Elephant 1 May, 2012, 14:42

    B,
    You well know that TBTF is rooted in the central role banks play in the monetary system. The central purpose of the Federal Reserve (principal regulator of US banks) is to finance deficit spending by debasing the currency. (Alexander Hamilton wanted a strong central bank for this very reason, his model being the Bank of England.)

    The Fed uses the TBTF’s to inflate credit bubbles. The same is true of central banking around the globe. How do you propose to fix that?

    BTW, one of the provisions of Obamacare made student loans the sole province of the federal government.

    Reply this comment
  4. Beelzebub
    Beelzebub 1 May, 2012, 15:43

    “The Fed uses the TBTF’s to inflate credit bubbles. The same is true of central banking around the globe. How do you propose to fix that?”

    You are oversimplifying the problem. It’s very complicated. We are being destroyed by a corrupted system and it’s not just the Fed. Some people like to point their fingers at the Fed and place exclusive blame on them. Under the Constitution Congress is actually supposed to oversee the Fed’s money creation. In fact, Congress has the power to dissolve the Fed’s charter with a floor vote. But they won’t because their sugar daddies (the financial oligarchs) who control everything would come down on them like a ton of bricks. So Congress allows the Fed to do the dirty work (debasing the currency) without taking the blame as elected officials. We have a theft in progress. You are placing exclusive blame on the guy who runs into the home and comes out with a bag of jewelry. You are giving a complete pass to the lookout standing below the window and the driver of the get-a-way car.

    “BTW, one of the provisions of Obamacare made student loans the sole province of the federal government”

    There ya go again, Rogue. Omitting blame on the responsible party. The banks sell, process, underwrite and profit off the student loans. They offer the loans to BAD CREDIT RISKS and when the loanee defaults the banks do not have to eat the loss. Stop trying to make them out to be innocent bystanders. You are as bad as those who place exclusive blame on the banks without acknowledging the complicit actions of the government.

    Until all of us recognize and speak the truth the problem will continue on perpetually until it can’t anymore and the entire system collapses.

    Let’s all act like big boys and acknowledge from where the real problem originates. Then we can seek solutions.

    Reply this comment
  5. Bob
    Bob 1 May, 2012, 17:40

    You must understand that government is a criminal enterprise.

    And this isn’t just about or Obammie or Brownie or the other DemoNcrats. Yes they are criminals but BOTH political parties are completely corrupt and only care about power.

    Your politicians are nothing but liars and thieves. They are criminals and the Amerikan government is a government of the criminals, by the criminals, for the criminals and is the greatest criminal enterprise the world has ever known.

    You must understand that your politicians and your government don’t give a rat’s @ass about you. To them you are nothing but a farm animal to be harvested.

    Once you understand that you have no excuses to be suprised by anything they do.

    Please see the following:

    Reply this comment
  6. Bob
    Bob 1 May, 2012, 17:41

    You can’t post more than 1 link without the post being rejected:

    Reply this comment
  7. Bob
    Bob 1 May, 2012, 17:41

    Reply this comment
  8. Beelzebub
    Beelzebub 1 May, 2012, 21:22

    Bob, that guy’s pretty darn intense. I don’t think I could spend much time with him in a room together. Is he a brit? He speaks with an accent.

    I don’t really go along with the livestock theory. We seem to be moving in that direction but we aren’t there quite yet. The fact that the narrator can produce a video and say those things without getting executed proves that we do still have some freedoms. But I fully agree that they are being eroded and diminished at an alarming rate. The government is only as good as it’s ability to tax. With our gigantic debtload sooner or later they will be forced to up the ante and raise the taxes much higher – to the point that people will have to relinquish their basic needs to afford to pay their taxes. Once that happens, watch out. There will be pushback and the government will be forced to bring in the big guns. The problem is that we have a 2nd amendment and I don’t think the people will just roll over. That’s when it becomes a little scary and that old livestock theory make rear it’s ugly head. I hope that I am long gone by that time.

    Reply this comment
  9. queeg
    queeg 4 May, 2012, 15:16

    The conspiracy site..

    Doom and gloom and cammies for all!!!

    Reply this comment

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