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TheStreet Open House

Greek Default and a World Without Big Banks

This brings us to the second half of their activities: gambling on every aspect of the $60 trillion global economy in their $1.5 quadrillion private casino, the derivatives market. If we want to know part of the reason why the global economy has been destabilized to an unprecedented degree, we need only refer to the fact that the banksters have placed bets amounting to twenty-five times the size of the entire global economy. And did I mention that this was a rigged casino?

As I have written on many occasions, the current "Euro debt crisis" was an entirely artifical event, precipitated by the economic terrorism perpetrated by Wall Street bankers in the "credit default swap market" -- one of the banksters' favorite gambling games. The reason why it is one of their favorites is because it has been the easiest to rig and it produces the largest payouts (for those on the winning side of the bets).

The "losers" in the banksters' extreme, compulsive gambling have been the peoples of Europe, who have seen their national debt markets literally blown up by these economic terrorists -- in order to line their pockets with ill-gotten gains. This brings us to the imminent default of Greece on its national debt.

There are two reasons why such default has always been inevitable. First of all, the "Friedman austerity" imposed on many of these economies (and most extremely in Greece) has been an exercise in economic suicide in any and every nation foolish enough to engage in this economic fascism. Secondly, every time that Greece secured more "bailout funding" the Wall Street terrorists simply drove up the interest rates on Greece's debts that much further -- effectively turning each and every bailout dollar into simply larger interest payments for the bond-parasites.

Now the Vampires have sucked Greece dry. And now we have the opportunity to allow those same rapacious Vampires to die by essentially allowing them to starve to death -- having killed off (or nearly killed off) every carcass on which they have been allowed to "feed."

When the servile politicians first began to confront reality (i.e. Greek default), the initial discussions involved "haircuts" for the bond parasites in the order of 25%. Now as default gets closer and closer that figure has ballooned to 50%. With the Greek government having just imposed yet more suicidal austerity, that number may soon rise to 75% or 90%. But now the talk has also turned to: How do we save Europe's Big Banks?

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