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I'm thinking back on twenty years of rhetoric on the right in which the phrase "the public square" figured largely. So, it turns out that when actual public squares become politicized, it's the left that does it. The latest, Syntagma Square in Athens, in an essential post from Yves.

Looks like a three-handed game, with the EU flavor of international bankster seeking to reduce the Greeks to debt peonage, the local oligarchies privatizing public assets for a one-time payment that won't stave off anything, but will enrich them, and the people revolted by the whole process.

NOTE One thing we can be sure of is that no matter what happens, those same banksters and our own local oligarchies, aided by our famously free press, will try to impose the same regime on us, using the news from Greece as the latest pretext (although of course it could be something else).

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Submitted by jm on

Michael Hudson posted an article last week on the dynamics of the Euro debt crisis. In it, he clearly explains that the proposed "bailouts" do little more than provide intellectual cover for outright looting by the financial oligarchy.

Pretending to make subject economies more “competitive,” the aim is more short-run: to squeeze out enough payments so that bondholders (and indeed, voters) will not be obliged to confront the reality that many debts are unpayable except at the price of making the economy too debt-ridden, too regressively tax-ridden and too burdened with rising privatized infrastructure charges to be competitive. Spending cutbacks and a regressive tax shift dry up capital investment and productivity [in] the long run.

Which means that the economy will eventually default anyway.

The problem is that privatization and regressive tax shifts raise the cost of living and doing business. This makes economies less competitive, and hence even less able to pay debts that are accruing interest, leading toward a larger ultimate default.

The banksters know this, so what's to be done? Lie, of course.

Language is adapting itself to reflect the economic and political transformation (surrender?) now underway. Central bank “independence” was euphemized as the “hallmark of democracy,” not the victory of financial oligarchy. The task of rhetoric is to divert attention from the fact that the financial sector aims not to “free” markets, but to place control in the hands of financial managers – whose logic is to subject economies to austerity and even depression, sell off public land and enterprises, suffer emigration and reduce living standards in the face of a sharply increasing concentration of wealth at the top of the economic pyramid.

I would have said specific agents--the thieves at the top, their lapdogs in government and the stink tanks, and the stenographers in the media--are propagandizing with a specific goal in mind.

Such economies are run like companies taken over by debt-leveraged raiders on credit, who downsize and outsource their labor force so as to squeeze out enough revenue to pay their own creditors – who take what they can and run.

Hudson sums up the situation nicely.

I suppose that all that really is needed is for people to understand just what dynamics are at work that make these attempts to pay in vain. The creditors know that the game is up. All they can do is take as much as they can, as long as they can, pay themselves bonuses that are “free” from recapture by public prosecutors, and run to their offshore banking centers.

Fortunately, people do understand, at least intuitively, and are fighting back.