The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage. NEW YORK ( TheStreet) -- For many years, a widely circulated cliché in the West was that in China's predominant dialect, the symbol/word for "crisis" represented both "danger" and "opportunity." While it is now generally agreed by linguists that this is a fallacious interpretation, that does not detract in any way from the obvious wisdom inherent in the myth. It is one of our collective vices as human beings that we can often only be motivated into (re)action when threatened with some sort of crisis. In this respect, it becomes obvious that while a crisis confronts us with "danger" in one form or another that it is also a "window of opportunity" for some positive action in dealing with one or more serious problems.
With it now being patently obvious to everyone that Greece's "debt crisis" must end in default (and that such default is imminent), this has now solely become an exercise in finding and extracting the best "opportunities" which present themselves. In this case that opportunity is patently obvious: our chance to completely rid ourselves of the parasitic Big Banks. Here we must first back up a little to make our case for "banker-cide." It won't take long. First of all, it has been many decades since our largest financial institutions have made any positive contribution to the global economy. By and large, these oligopolies have abused their positions of trust and power by devoting all of their energies to two endeavors (excluding the $100's of billions of illegal money-laundering in which they engage each year): they finance "M&A activity" and they make enormous bets on any and every aspect of the global economy in their private casino, the derivatives market. Regarding the first half of their activities, multinational banks have been the primary facilitators for turning our entire world into a collection of oligopolies and monopolies. It is one of the most elementary principles of capitalist theory that all monopolies and oligopolies are unmitigated "evils" in economic terms. They are wholly parasitic, grossly inefficient, and (by definition) stifle if not eradicate all competition in the marketplace. In other words, in a world totally dominated by oligopolies it is an obvious oxymoron to even use the phrase "free markets." Global markets have never been less free in all of human history. And now we have the opportunity to rid ourselves of the worst of these Oligarchs: the banksters.
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?
The obvious answer to that question is why would anyone in their right mind want to "save" some of the world's worst Vampires? The Big Banks contribute nothing. And yet not only do these career criminals perpetually rig and destabilize our markets, but they have been demanding that "the little people" cover $trillions in losses on the banksters' own bad bets. What kind of idiocy could possibly motivate the politicians of near bankrupt nations to fork over $trillions to cover the gambling losses of these compulsive gamblers/career criminals? In one single movement, the governments of Europe could repudiate $trillions in (fraudulent) bond debts and permanently rid themselves of their own vampire-banks. For those quibbling about the "justice" of allowing Wall Street's (even more rapacious) Vampires to live on, while those in Europe are exterminated, relax. Wall Street has already dug its own grave. Follow the "legal action" in the business news these days and one will see $billions in new litigation being launched against Wall Street on a weekly basis -- and this is still just the tip of the iceberg. In an example of true, Karmic justice, the Wall Street bankers are about to be "introduced" to the American lawyer (and the U.S.'s "Wild West" litigation law). Picture a boat-load of vampires being dumped into a river overflowing with piranha, and you begin to get a glimpse of the future Wall Street has created for itself. Even more than with other addictions (and for obvious reasons), gambling addicts inevitably self-destruct financially. It is a foregone conclusion. What remains in doubt is whether the peoples of the (so-called) Western democracies are going to allow their corrupt and servile politicians to let the banksters drag everyone else down with them.