And, oh boy, are many countries now on the verge of sovereign debt default, i.e. the inability to pay national debt, whether it to be foreign creditors, pay for social programs at home, raise sufficient capital through treasury bonds issuance, etc. The effect on local economies, not to mention the global economy, if countries start to default on their own national debt, could be quite catastrophic.
Greece is first up.
Greece is on the verge of defaulting on its debt payments. The European Union is freaking out. The Eurozone is freaking out. I mean, countries in Europe don't default on their payments, do they? That's something the likes of Brazil and Argentina and Nigeria did back in the 1980s. Not an EU and euro-based country. Right? Well...no. Greece is on the verge of default. That is fact.
The Greek Prime Minister, George Papandreou, has blamed his country's economic crisis on international speculators (i.e. the likes of Goldman Sachs and their fellow blood-sucking brethren in the international financial world) with their buying up of Greek treasury bonds and, now, dumping of them. Some pooh-pooh that notion (always international financiers or Wall Street apologists, by the way), but don't get analysts like my man, Max Keiser, started on that notion. For him, and many others, the imminent collapse of Greece is entirely the fault of international speculators that are playing havoc with entire national economies.
I, for one, totally believe what Papandreou accuses Wall Street of doing to Greece.
And there are others too who may almost be on the verge of national debt default...
Spain
Ireland
Italy - beautiful land of my ancestors...
Portugal - the other land of my ancestors and a beautiful country I know so well...what a shame...
And don't let's forget about a country that has already defaulted on it's so-called 'debt'...
Yes, Iceland
The land of geysers and volcanoes, the fabled Blue Lagoon, green energy - and, now, the highest debt per capita load on the planet...
Poor Iceland. A canary in the coalmine of what is fundamentally sick - nay, perverted and twisted - about the current global uber-capitalist model.
Sovereign debt is a scam because how can national treasuries be in control of their economies when they are at the mercy of international financial and currency speculators? There's nothing sovereign about this debt any more, hence the total and utter scam thereof.
It's a farce and just the latest chapter, writ HUGE, that demonstrates just how fundamentally flawed, corrupt and outrageously amoral the current neo-liberal, profit-at-all-costs, unregulated financial markets a la Milton Friedman and the Chicago Boys that is world capitalism. It's sick to the core. Adam Smith and Maynard Keynes must be turning in their graves with just how sick the system has become.
Yet, national governments in Europe must also take the blame (not to mention that of the United States, now in debt to the tune of 14 TRILLION dollars, although that endless warmongering is hardly cheap, now is it?). This is what you get when you bail out banks and financial institutions that were reckless and perverse in how they played the stock markets and economies of the world.
Using public money (i.e. the money of citizens) to bail out, to the tune of billions and billions of dollars and euros, the very crooks and scheisters that got us into the mess, was not only madness, but MORALLY BANKRUPT of all those politicians who allowed this to happen. You bloody bastards, all of you.
So what would I like to see? I would like to see the likes of Greece, Spain, Portgal and Ireland DEFAULT on their so-called sovereign debts. And, better still, give the IMF the biggest middle finger ever seen in financial history by saying 'NO! We will not take your loans!' Because these countries should know these IMF 'loans' will come laden with Friedmanite and Chicagoesque preconditions to 'liberalize' economies, slash public spending, 'open up markets even more', and all the other Friedmanite bullshit that got us into this horrific and amoral mess in the first place.
But, of course, I have better chances of seeing pink elephants having a full-scale Grand Prix in the sky than I do of those countries having the courage and the foresight to do just that.
THIS is the perfect time for a complete review and even overhaul of capitalism as we know it. It has never been more perfect - or more needed. I'm certainly not advocating communism or any other 'ism' for that matter. What I am advocating is that we stop this madness where 0.01% of the richest people in the richest economies can hold entire countries to ransom. And, in the process, destroy the very fabric and social and human rights within those countries. I don't want to see European countries like Greece, Ireland and Spain collapse or relegated to economic basketcase status. I'm funny that way.
Stop this obsession with Friedmanite uber-capitalism and the 'Stock Market is King' economic mentality, like some demented mantra. It is NOT working.
Enough is enough. Basta!
Do you get my point?
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