Greek Default And A World Without Big Banks
For many years, a widely circulated cliché in the West was that in China's predominant dialect the symbol/word for “crisis” represented both “danger” and “opportunity”. While it is now generally agreed by linguists that this is a fallacious interpretation, that does not detract in any way from the obvious wisdom inherent in the myth.
It is one of our collective vices as human beings that we can often only be motivated into (re)action when threatened with some sort of crisis. In this respect, it becomes obvious that while a crisis confronts us with “danger” in one form or another that it is also a “window of opportunity” for some positive action in dealing with one or more serious problems.
With it now being patently obvious to everyone that Greece's “debt crisis” must end in default (and that such default is imminent), this has now solely become an exercise in finding and extracting the best “opportunities” which present themselves. In this case that opportunity is patently obvious: our chance to completely rid ourselves of the parasitic Big Banks.
Here we must first back up a little to make our case for “banker-cide”. It won't take long. First of all, it has been many decades since our largest financial institutions have made any positive contribution to the global economy. By and large, these oligopolies have abused their positions of trust and power by devoting all of their energies to two endeavours (excluding the $100's of billions of illegal money-laundering in which they engage each year): they finance “M&A activity” and they make enormous bets on any and every aspect of the global economy in their private casino, the derivatives market.
Regarding the first half of their activities, multinational banks have been the primary facilitators for turning our entire world into a collection of oligopolies and monopolies. It is one of the most elementary principles of capitalist theory that all monopolies and oligopolies are unmitigated “evils” in economic terms.
They are wholly parasitic, grossly inefficient, and (by definition) stifle if not eradicate all competition in the marketplace. In other words, in a world totally dominated by oligopolies it is an obvious oxymoron to even use the phrase “free markets”. Global markets have never been less-free in all of human history. And now we have the opportunity to rid ourselves of the worst of these Oligarchs: the banksters.
This brings us to the second half of their “activities”: gambling on every aspect of the $60 trillion global economy in their $1.5 quadrillion private casino, the derivatives market. If we want to know part of the reason why the global economy has been destabilized to an unprecedented degree, we need only refer to the fact that the banksters have placed bets amounting to twenty-five times the size of the entire global economy. And did I mention that this was a rigged casino?
As I have written on many occasions, the current “Euro debt crisis” was an entirely artifical event, precipitated by the economic terrorism perpetrated by Wall Street bankers in the “credit default swap market” – one of the banksters favorite gambling-games. The reason why it is one of their favorites is because it has been the easiest to rig and it produces the largest pay-outs (for those on the winning side of the bets).
