Friday, February 10, 2012
Would be nice to see a four-digit decline; a '1' or '2' in front of that '135' but still, considering the Dow has been going up for all of 2012 without any rationale or reason beyond empty optimism and the Hunger to profit, we'll celebrate any triple digit down days.
Yesterday we demonstrated once again how deeply uninformed Americans are to the realities going on in Greece. But as much as blame could be placed on the average person for not caring about anything or anyone outside of the immediate sphere of 'self', it is also the fault of American media for intentionally doing a piss-poor job to accurately reporting on how troublesome the economic rots of the Eurozone are.
I guess media is incapable of serving corporate master and Truth equally.
Ultimately the economic and political demise of Greece will affect us all, so people better start paying attention to it as if it was local news or your favorite sports team, and not some profit-making nuisance or distant problem far, far away somewhere in the Mediterranean.
-- Greek Bailout "unagreed" 24 hrs after it was agreed upon. The leader of the rightwing Popular Orthodox Rally (LAOS), Georgios Karatzaferis woke up to reality that the cuts would destroy what's left of Greece and pulled back support. The Euro's value vs the Dollar plunges... Their political party does not have enough votes in Parliament to derail the 25% reduction in minimum wage, 15,000 job cuts and other austerity sacrifices outright but let's just say their point of view is becoming more and more prevailing, especially as there's April elections to consider.
-- Greek Prime Minister Lucas Papademos has pledged to do "everything necessary" to rescue the €130bn bail-out package for Greece, and said that any senior members of Government who opposed him would be ousted. Since at least 3 members of the coalition have resigned in protest, maybe ousters aren't necessary.
Isn't democracy just Wonderful? Anyone who disagrees with your leadership or policy decisions, you simply 'oust'. Of course Pamademos is a technocrat and wasn't elected by the people (he's simply a banker working for the EU and financial interests to ensure they get their money by all means necessary)
Papademos also said if Greece defaulted, there'd be 'uncontrolled chaos'. Seems he forgot to finish the sentence... 'for the financial sector'. And if there is chaos in Greece and the rest of the world, it will be due in large measure because the powers that be refused to make contingencies. To the stubborn bastards who control global finance there never is nor was an Option B, so any chaos will be intentionally created to scare future debtors from defaulting.
There will come a point when the police stop fighting the protesters and join the struggle- then all bets are off, even across the Atlantic. Hope you have some cash in a sock or something because your local bank will be on government-imposed 'holiday' for a few days to prevent a panic run.
The Greek situation also reminds me of the situation in Wisconsin last February involving that coward Governor Walker, who is in the pocket of the Tea Party controlled Koch Brothers. He wanted to destroy the unions by making it illegal to collective bargain, so he targeted teachers, firefighters, everyday workers, etc.. The one union that was exempt from the law-- the police union. That's what all third-world and third-rate leaders do- essentially bribe the police because without them, the leaders are powerless and emasculate.
Well now you're caught up to speed...
Due to globalization and banking interdependence, all the nations of the world are economically intertwined, like lights on a string. When one bulb blows, it will affect all others, no matter how seemingly far away it appears on the string.