The People of Greece Are Fighting for the Whole of Europe

"The riots in Greece have erupted because labor understands what most journalistic reporting shies away from confronting. Growth in real wages has slowed (and has stopped cold in the US since about 1979).

"Homeownership has been achieved at the cost of new buyers taking on a lifetime of mortgage debt."

For decades government has been shifting the tax burden from unearned income of price gains from real estate, stocks, and bonds onto the backs of labor and small businesses.

"Financial lobbyists in the US are using the Greek crisis as an object lesson to warn about the need to cut back public spending on Social Security and Medicare.

"This is the opposite of what Greek demostrators are demanding: to reverse the global tax shift off property and finance onto labor, and to give labor's financial claims for retirement pensions priority over claims by the banks to get fully paid on hundreds of billions of dollars of recklessly bad loans recently reduced to junk status."

Michael Hudson: The People or the Bankers
 
Hi Tin:

The People of Greece Are Fighting for the Whole of Europe

We disagree. Handing Greece a Trillion Dollars :)cuckoo:) is only giving Greece a Trillion Dollars more in DEBT!!!! This is only kicking the can down the road and making the situation far worse! Greece is downing in a sea of Socialism Debt and they are looking to take the rest of Europe down with them. The question is "Who will be next?" Spain (story and story), Portugal (story), Italy (story)? The plot thickens ...

GL,

Terral
 
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It's only "socialism" for the rich.

If it's true that out of a total US debt burden of $102 trillion including all "unfunded liabilities" financial sector debt ($17 trillion) is the largest single component, then it's the massive leveraging of private capital that's most responsible for Greece's condition.

The question seems to be whether to fund workers' pensions or the bad bets of investment bankers?
 

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