Friday, December 18, 2015

Thomas Jefferson was right again as Germany takes over Greek infrastructure because of debt

Founding Father Thomas Jefferson once said, “If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered.”  And in a sad but interesting 21st century version of this prediction over in Europe, Germany has used Greece’s odious debt to take over several Greek airports.
Most of Greece’s nearly $300 billion in debts owed to the ECB, IMF, and foreign sovereign banks like Germany came from defaulted bonds that were originally purchased by private institutions, who then used the central bank to force Greece to cover the debt by borrowing from them.  And since the Credit Crisis and Great Recession made it impossible for Greece to even remotely pay off these loans, the end result is now Greece having to sell the rights to their own infrastructure, and to the very debtors who refused to negotiate a settlement earlier this year.


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