Gregory Krasovsky's commentary on Russia, Ukraine, the United States of America, including politics, economics, culture, religion and human rights.
Showing posts with label Debt. Show all posts
Showing posts with label Debt. Show all posts
Tuesday, November 8, 2016
The Empire Files: Abby Martin Exposes John Podesta.
Greg Krasovsky: When you see the level of corruption and pay-to-play that Wikileaks exposed by publishing DNC, Clinton and Podesta emails, it's no wonder that the Clinton camp and its allies in mass media have tried to shift the blame from their exposed corrupt misconduct by blaming the messenger as "Russian State Actors" working with Russian Hackers!
Don't fall for this blame game using Russia as the boogeyman.
This type of reaction is well-known and typical of exposed white-collar criminals - they immediately try to discredit the victims, witnesses and whistle-blowers as being criminals themselves.
Even the FBI has refused to confirm allegations that Russian Hackers or security services are responsible for obtaining these Clinton/DNC/Podesta emails and forwarding them to WikiLeaks.
What's more important is the type, depth and pervasiveness of corruption that these emails have exposed in the Clinton camp.
Do we want these people in The White House? This may be worse for America that electing President Frank Underwood from "House of Cards" Netflix series! Talk about life being scarier than fiction!
Should anyone be surprised why the Clinton campaign has been demonizing Donald Trump in every possible way?
This is simply a part of the rigged two-party "We have to vote for the lesser of two evils!" charade.
Unless Donald Trump is the Devil incarnate, how would any rational, intelligent and honest American vote for Hillary Clinton after all that Wikileaks have exposed?
This presidential election has confirmed the need for Americans to stop falling for corporate main-stream media propaganda paid for by special interests (who often own major media outlets).
Given the 20 Trillion dollar federal debt and similarly disturbing debts and ongoing budget deficits on state, county and municipal levels, Americans cannot afford to keep the pay-to-play politicians that are bankrupting our country for the sake of special interests that fund their election campaigns and also bribe them through jobs and other sweetheart deals for the politicians and their families.
Especially when these corrupt politicians are supported and paid (i.e. owned) by the military-industrial complex which makes billions from our defense & intelligence budgets that are justified by never-ending military & political interventions abroad.
These interventions and undeclared wars -- always conducted in the name of spreading freedom & democracy and ensuring security -- not only create terrorists who will kill American citizens but also kill, injure and ruin the lives of millions of innocent civilians abroad (women, children and senior citizens who we conveniently call collateral damage).
So when you go to the voting booth today, please think about whether your still want to be a hostage viewer in the current American political puppet theater.
Not only have the producers and puppet-masters of this show have gotten you to buy the tickets to this truly "Greatest Show on Earth", but they also expect you to leave the theater satisfied with the performance that the actors, directors and producers have put on just to keep you a satisfied, obedient and docile voter, tax-payer and consumer.
As a result, many Americans will grudgingly pay for this show about 40% of their income in taxes (federal, state & municipal income, property and sales taxes), will continue to tolerate poor-quality public education, expensive higher education, high medical costs (even with insurance) and some true patriots will lose their lives trying to protect our country in foreign wars primarily waged to protect economic interests of major US corporations and financial-industrial groups.
Is this what we want? Is this what honest, hard-working and patriotic Americans deserve?
The only way out of this political circus is to boycott the existing major parties (both Democratic and Republican) as hopelessly corrupted and to support honest, competent and independent candidates for elected positions in our three branches of government (executive, legislative and judiciary) on all levels - municipal/county, state and federal.
Any other suggestions?
See https://www.facebook.com/URA.Observer/posts/1513454918668642
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The Empire Files: Abby Martin Exposes John Podesta.
"With the Wikileaks release of thousands of emails belonging to John Podesta, very little is known in US society about Podesta himself.
While he’s maintained a low profile, John Podesta is actually considered one of Washington’s biggest players, and one of the most powerful corporate lobbyists in the world.
In this episode of The Empire Files, Abby Martin explores John Podesta’s political rise, his vast network of corporate connections and his think tank "Center for American Progress."
Learn why the Podestas and the Clintons are a match made in ruling class heaven."
See https://www.youtube.com/watch?v=9fat63bqvG8
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Secret World of US Election: Julian Assange talks to John Pilger (FULL INTERVIEW)
Whistleblower Julian Assange has given one of his most incendiary interviews ever in a John Pilger Special, courtesy of Dartmouth Films, in which he summarizes what can be gleaned from the tens of thousands of Clinton emails released by WikiLeaks this year.
See https://www.youtube.com/watch?v=_sbT3_9dJY4
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The Podesta Emails.
"WikiLeaks series on deals involving Hillary Clinton campaign Chairman John Podesta.
Mr Podesta is a long-term associate of the Clintons and was President Bill Clinton's Chief of Staff from 1998 until 2001.
Mr Podesta also owns the Podesta Group with his brother Tony, a major lobbying firm and is the Chair of the Center for American Progress (CAP), a Washington DC-based think tank."
See https://wikileaks.org/podesta-emails/
Labels:
Assange,
Clinton,
corruption,
Debt,
deficit,
Democratic,
DNC,
Frank Underwood,
hackers,
House of Cards,
pay-to-play,
Podesta,
Republican,
Russia,
Trump,
White House
Monday, July 6, 2015
Public debt, Greeks bearing gifts and Trojan horses from your international "friends"
Here are Greg Krasovsky's comments on
"The IMF Has Made €2.5 Billion Profit Out of Greece Loans."
Tim Jones, economist at the Jubilee Debt Campaign, said:
“The IMF’s loans to Greece have not only bailed out
banks which lent recklessly in the first place, they have actively taken even
more money out of the country. This usurious interest adds to the unjust debt
forced on the people of Greece .”
This story isn’t just about Greece
and its creditors, but very relevant today for pre-default Ukraine and debt laden United States ($18
trillion dollars of federal debt).
There is a good reason why charging of interest on loans -
usury - was prohibited in the Old Testament (The Hebrew Bible, The Torah) and the
Koran.
Making money on other people's misery and temporary weakness
-- by charging interest on loans made to
people, companies and governments who are in financial trouble (temporary or
permanent) -- is just wrong, especially
when perpetrated by an international financial institution that's supposed to
help countries not for the profit motive, The International Monetary Fund
As a former investment banker, I believe that Greece
accumulated its large debt thanks in part to
1. Greedy investment bankers who were more interested in
getting bonuses for making loans and underwriting Greek government bonds than
in the country's future ability to repay -- bankers, unlike destitute debtors,
don't pay back their bonuses -- and the consequences for the country's
population, including its financially vulnerable segments.
2. Greedy and corrupt politicians (and so called civil
"servants") who irresponsibly organized, received and distributed
loans.
Although I am a staunch believer in the principle of
innocent until proven guilty, I don't deny the occasional accuracy of
"where's smoke, there's fire."
So when it comes to bankers, politicians, civil servants and
public debt finance, especially in the developing world, one always need to be
on the lookout for
a. Bankers who ply politicians with favors (i.e. bribes) to
accept financing, sometimes on unfavorable or non-competitive terms.
b. Politicians and civil servants who take bribes from
bankers to burden their government and electorate with loans.
As you probably know, these bribes range from cash in
envelopes, anonymous bank accounts, subsidized real estate, written-off loans,
jobs (for the politician and/or his family in the present or future),
subsidized stock offerings and generous (often through anonymous and illegal)
campaign contributions.
c. Politicians and civil servants who then spend borrowed
money on pet projects and affiliated government contractors, where overspending
and non-competitive bids can be the norm to the detriment of the constituents.
This is where we see overpriced public works projects,
excessive military spending (always justified by a hyped-up military threat)
and no meaningful measures to curb government spending so that you could have
budget proficits (instead of permanent deficits) to start paying down massive
debt.
Even if the electorate is astute enough to be on the
lookout, bankers and financial institutions love lending money to governments
-- after all, there's no better collateral than public wealth as well as, if
necessary, the ability to raise taxes and reduce social spending &
benefits.
Moreover, there's no better negotiating partner when it
comes accepting and repaying loans than a politician or a civil servant. These
folks bear no personal responsibility and can be influenced to do the bankers'
bidding through all sorts of corrupt incentive schemes.
All of this results in towns, cities, counties, states
and/or countries owing a lot of money with relatively steep interest rates and
very little, if any, ability to repay both the principal and the interest out
often declining or permanently depressed tax revenues.
Now, I'm not saying that any or all of this took place in Greece , but I'm
inclined to suspect that probably a lot of what I've listed above happened.
So when a country like Greece can no longer afford to pay
what you could call sophisticated and fully legalized loan-sharks -- because
paying means cutting pensions, unemployment benefits, public medical care and
education sometimes by more that 20% to people who can barely survive on what
they're receiving now -- I'm not going to be rooting for the wealthy banks and
financial institutions.
The prudent way out of this public debt quagmire -- and not
just for Greece , but for any
country laden with unsustainable levels of public debt, including the United States
-- is for
A. The financial hit to be taken by the party that can
handle it the most, the institutional creditors.
After all, even if these creditors wrote off 50% of the debt
and had to accept a 10-20 year repayment plan on the rest after a several year
moratorium on debt payments, I'm sure no one (on their Boards of Directors or
among their wealthy shareholders) is going to be putting up for sale their
summer homes in Southern France, yachts, private jets or golf/country club
memberships.
But if these creditors and the politicians & political
regimes that advocate and defend their interests, have their way, then poor
Greeks may have to forfeit souvlaki and feta cheese for cheap pasta and
potatoes for a while, not to mention health care, education and acceptable
levels of public services.
This way, in the future, creditors will not be inclined to
offer additional financing at immoral rates or irresponsible terms, knowing
that they can lose not just their expected profits (interest) but principal as
well.
B. Prosecution, firing and kicking out of office corrupt and
reckless politicians and civil servants who created this mess, including
confiscation of all ill-gotten gains.
C. Enactment of laws, creation of independent, competent
government agencies with broad regulatory powers and permanent public oversight
of public finance and public spending to prevent the future accumulation of
public debt on bad terms or at irresponsible levels.
But the first step is the toughest -- an ultimatum for debt
restructuring (that's made, if necessary, by default in payments) through a
public refusal to abide by the draconian terms imposed by the international
public finance vampires and their government cronies.
If you think that I'm sounding too socialist and
anti-capitalist/globalist, then please read John Perkins' "Confessions of
an Economic Hit Man" for comparison
The second step, is as tough on the population as a heroin
addict's withdrawal symptoms the first week -- having to live within a government
budget that may not be augmented by additional public finance for a while.
Yes, it's hard to have an economic recovery without extra
government spending fueled by additional government debt, but sometimes there
is no other choice.
But you’re always better off suffering through painful withdrawal
than agreeing to the drug dealer’s terms for another dose at the expense of selling
your children and homestead.
You just have to make sure that the drug dealer is put in
his place and doesn’t take your home while you’re on your knees in withdrawal.
So here we need to put another spin on “Beware of Greeks
bearing gifts” – Greece, Ukraine and anyone else, beware of the IMF, The World
Bank, other international organizations and bank & creditor cartels/consortia
that bring you a “Trojan” horse – in the form of emergency loans (“bailout” packages)
– to “rescue” you from debt that they helped you accumulate in the first place.
Are there any other options?
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Labels:
Bonds,
corruption,
creditors,
Debt,
default,
Democracy,
European Union,
Globalization,
Greece,
International Monetary Fund,
Public Finance,
referendum,
Ukraine,
United States of America
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