Message from the Usurer Mafia to the Greeks - pay us our protection money or we'll cut off your electricity

Greece’s electrical works (PPC) has a union (GENOP/DEH ) that has so far resisted all the bankers’ attempts to privatize the electrical works. The union also insists that it will not comply with this latest extortion scheme.

I hope they’re serious. In modern industrialized societies, electricity is as vital and food and water. However the Greek government could punish the union by cutting its members’ salaries. And already the Greek government collects municipal taxes and the fees of state broadcaster ERT through electricity bills. In Portugal a tax is added to electricity bills to pay for the TV and radio stations.

And remember, the Greek masses have been hit with a new tax, plus surcharges on the tax. In announcing the new property tax, finance minister Evangelos Venizelos said he would charge homeowners between 50 cents and 10 euros per square meter.  Four days later he said he would also charge homeowners extra surcharges of up to 16 euros per square meter. Greeks must pay this tax even if they are unemployed -- but hotels, some factories, and the Greek Church (which is wealthy, and owns a LOT of property) don’t have to pay.

The whole thing is a joke. The public power corporation, DEH, already has 909,000 accounts in arrears.  If a person has his electricity cut off, he will simply attach a new wire to utility poles. This is common in Mexico. Electrical cables are cut by day, and re-attached by night.

Overall, it is mathematically impossible for Greece to keep paying on these debts. Therefore Greece will inevitably leave the EU monetary union (or be kicked out of it). It might as well be now. 

Today (18 Sep 2011) Dominique Strauss Kahn said Greece will inevitably declare bankruptcy, and will default, meaning Greece will stop paying the bankers. “There is a loss and it must be taken by governments and banks. Governments haven't solved the problem, they just delayed it, and the snowball grows.”

(Strauss Kahn can afford to be honest, since he will not be running for the French presidency.)

DEBT AND MORE DEBT

Greece uses the euro, which is controlled by the European Central Bank. However the Greek government raises extra money by selling bonds to investors (which are mainly banks). Since Greece is a high risk, the government can only sell the bonds by rewarding bond purchasers with catastrophically high interest (up to 110 percent for one-year bonds), which further increases Greece’s debt. When the bonds mature, the Greek government has no money to pay bondholders. Therefore the central banks (e.g. IMF and ECB) buy the bonds from the investors, and exact blood from the Greek masses (i.e. “austerity”).  This is called a “rescue” or “bailout.” Every “rescue” increases the general poverty rate. It’s like being in a sinking rowboat and having someone “rescue” you by pointing a huge fire hose at your rowboat, filling it with water. In this case the water is debt.

Result: Greece sinks further into a Depression, requiring more and more “bailouts” that push Greece further still into a Depression. And remember, this latest tax is only to pay for the current round of bonds. In two months, Greece will have to come up with another $2.7 billion to pay the bankers. To extract this money, the Greek government may threaten to cut off people's water supply. 

Greece should leave the EU monetary union now. Such a prospect terrifies the bankers, since the entire EU monetary union could unravel, forcing the bankers to pay billions in insurance claims to investors. However it is inevitable.

When an investor buys a sovereign bond, the investor also buys insurance (i.e. derivatives, such as credit default swaps) to make sure he gets paid. Banks make billions by selling these derivatives. It’s a multi-quadrillion-dollar market. If banks have to pay out on the insurance, they will be destroyed. (An example was AIG.) And if Greece defaults (i.e., stops paying the bankers) then financial institutions who hold Greek debt in their loan portfolios will be hurt, including National Bank of Greece, Deutsche Bank, and ING to name a few. Therefore the bankers are desperate to keep the sham going. But collapse is inevitable. The EU monetary union is doomed. Like the Jew Strauss Kahn says, it’s a growing snowball.

Oh, and speaking of credit default swaps, the banks are now selling them as insurance for Greek debt at greater than 4,000 basis-points. In layman’s terms, this means the banks are 98 percent certain that Greece will default within five years or less.

Many people blame the Greek masses, saying Greeks have never paid their “fair share” of taxes. However the only reason why the current tax structure exists is that the central banks are privately owned. Taxes are paid to the government, which forwards the revenue to the private bankers.

The Greek government wants the IMF and ECB to dump another 8 billion euros in debt on the Greek masses by mid October, in order to keep the sham going a little while longer. But it is debt that created the bankruptcy conditions in the first place. More debt will speed the process.  When Greece declares bankruptcy, the government will not pay public sector wages and pensions. Then the masses will revolt, and Greece will leave the EU monetary union. This will happen soon.

When Greece defaults (stops paying the central bankers) the central bankers will cover their loss by imposing “austerity” on everyone outside Greece. Also, interest rates will rise for mortgages, car loans, credit cards, etc, further worsening the global Depression.

Of course, we could solve all this by having genuinely public central banks, so governments would not have to go into debt in order to function.

George Soros says that Greece, Portugal, and perhaps Ireland will default and leave the EU monetary zone. To prevent a subsequent meltdown, Soros says Europe should immediately create a European treasury with the power to tax. This would require a new treaty, transforming the European Financial Stability Facility (EFSF) into a full-fledged treasury.

How Jewish.

Create a financial disaster, and then use the disaster to gain absolute power. “Give me total control, and I will make sure you never starve.” And when we surrender control to the Jew, he starves us into slavery. It never changes.

Like most Jews, Soros longs for a one-world government, with Jews controlling that government by controlling the one-world bank. He would never consider alternatives such as genuinely public central banks.

http://www.project-syndicate.org/commentary/soros71/English