Opinion – Bad Faith. Why Real Debt Relief Is Not On The Table For Greece » James K Galbraith – Social Europe – John Gelmini

International Monetary Fund

International Monetary Fund (Photo credit: Wikipedia)

Whilst I understand this narrative from Dr Alf and James K Galbraith, of malevolent French and German banks and people at the IMF being the culprits, I cannot simply absolve Greece and its Government of culpability.

The UK and America and every country in Europe bailed out the banks and those who controlled them 3 times, yet in the UK not a single banker went to prison and none of the money laundered through hedge funds and secreted in up to 40 different tax havens has been recovered. America is still trillions of dollars in debt, yet not one penny of the $400 billion which disappeared when Lehman Brothers collapsed has been recovered.

The world’s super rich doubled their money before the LIBOR rate rigging scandal, during the period between it and the original banking crisis but everyone else took a substantial and painful “haircut” as a direct result of this “controlled demolition” of the world financial system perpetrated by criminals at the upper end of the “food chain”.

The rest of us could engage in the blame game, riots and civil commotion, just like the Greeks, but we take our medicine with a sense of weary resignation and profound irritation with the authorities, the banks and now the Greeks must do the same.

The criminals are still in position, seemingly untouchable and able to do what they like and short of divine intervention and the actions of an Icelandic style super-bailiff aided by forensic accounts, computer hackers, international lawyers and recovery experts, our money is permanently stolen.

John Gelmini

Opinion – Gazprom gets highest investment grade from China’s biggest ratings agency — RT Business – John Gelmini

The Chinese characters for "Hong Kong".

The Chinese characters for “Hong Kong”. (Photo credit: Wikipedia)

Dr Alf raises an interesting point about credit rating agencies vis a vis China and Russia.

From where I sit, the Chinese who now have as much gold as the Vatican and who control large amounts of US debt are relentlessly focused on surpassing the West in every field of endeavor and of assisting their allies.

Credit rating agencies serve as a tool of the West in determining the value of economies and companies, so it it natural for China which is going, via Hong Kong, to become the leading financial center in the world by 2016, with Singapore taking the number 2 slot ahead of New York and the City of London, which will be relegated to 4th position, to enter this arena as well.

Once again our Western leaders and their complacent civil servants are behind the curve and becoming followers of events.

John Gelmini