Lending money to a hopelessly insolvent economy could not be construed as a "bailout" by even the most warped mind of a Keynesian zealot. As I have observed in the past, it is the most literal example of possible of the metaphor of "putting out the fire with gasoline." Again, this is all just simple arithmetic. The only way in which lending money to a heavily indebted economy could make things "better" is if that economy is immediately able to balance its budget, and thus use those bail-out dollars for constructive economic growth.
What we see instead are the Financial Oligarchs lending money to hopelessly insolvent economies for the sole purpose of temporarily being able to continue making interest payments . . . to those same Financial Oligarchs. It has transformed all of Europe's economies into actual Ponzi-schemes, where only exponential infusions of new debt can delay immediate implosion.
The goal is as obvious as it is evil. The Financial Oligarchs know that their own mismanagement (i.e. plundering) of the West's economies has made "debt jubilee" inevitable. Thus the entire smokescreen of "rescuing" these economies is to squeeze as much total wealth as possible out of these economies -- in the form of "interest payments" -- before that inevitable default takes place.
The betrayal by Europe's Traitor Governments is equally obvious and equally despicable. The whole reason why Western economies have devised intricate systems of bankruptcy law is because of a financial truth that long ago became self-evident. Any time any entity has reached the point-of-no-return with respect to insolvency, it is always best to immediately declare bankruptcy -- and restructure that entity on a fiscally sound financial footing.
Why are these Traitor Governments insisting on destroying their own economies, as opposed to immediately defaulting on debts which can obviously never be repaid? The answer to that question is to ask another question. Who are the only "losers" (other than the Financial Oligarchs) to some mass-default across Europe?
The answer to
question is the politicians of these Traitor Governments themselves. While declaring bankruptcy is the only path toward healing for these economies, quite obviously (most of) the politicians at the helm when bankruptcy occurs can expect to lose their jobs -- for finally, belatedly, acknowledging their own gross incompetence/negligence.
Now we can see the mass, economic rape of Europe for what it truly is. A handful of Financial Oligarchs are systematically destroying these economies in order to (at best) maintain control over their financial empires, or (at worst) delay the implosion of those paper-empires as long as possible. Their accessories to this financial holocaust are a few thousand Traitor Politicians, willingly participating in the destruction of their entire nations -- simply to try to cling to their own jobs.
It begs the need in the English language for two, new words: one that goes beyond "greed" and one that goes beyond "betrayal". And once the Financial Oligarchs are finished with Europe, guess what's coming to North America?
This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.