Archive for The Credit Crunch

Greece in Chapter 11

The only way to bring a country or corporation back from the dead is to halt all payments to creditors – the Greek Government is spending only slightly more than it earns (3% of GDP) if interest and loan repayments are ignored and with military spending at over 3% (double the NATO average) this is easy to address.

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Why tax the masses?

The simple answer is because the Government can!

Since the beginning of time, taxing income or spending has been easy. Taxing wealth or corporations is tricky, the two are linked, both have vast resources that they bring to bear behind their lobbying and both pay huge amounts to tax accountants to reduce their tax bills and hide their wealth.

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Where have all the “questioning” journalists gone?

This morning on BBC Radio 4 we were treated to the roving reporter (I can’t call him a journalist – sorry), John Humpreys was interviewing some Greek youth. One mentioned that Greece has the largest army in Europe and this warranted no comment from Mr Humphreys. What is true is that Greece has consistently pent almost double the EU average on defence in the last 20 years. Read the rest of this entry »

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Over half Greek debt due to large arms deals!

Greece has spent 3% of gdp more than they should have done on defence for the last 24 years at least. In that period, since 1988, Greek GDP has grown from $80bn to $300bn and still spending has kept pace!

See here Greek spending as a % of GDP since 1988 –graph

See here Greek GDP growth since 1988 – graph

If Greek spending on defence had been 3% lower then well over 50% of Greek debt would not exist.

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Update on financial crisis

Growth in an economy is measured as the rate of increase of private and government spending. If government spending increases then the economy will grow.

We have today a situation where the only thing driving growth is increased government expenditure due to unemployment pushing up benefit costs and at the same time reducing government tax receipts.

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Rise up O men of Greece!

I will not rest in my pleas to the Greek people to refuse categorically the pernicious austerity measures being implemented by their Government. Do not allow them to destroy generations of Greeks to save the bankers.

Some figures:

Greece joined the EU in 1981 and has spent at least $250 billion in defence spending since then. There debt is around $450bn. Remember that the German and French armament industry have done very well out of this as have their bankers who have lent Greece the money to gorge itself on missiles and such like. Greece is number 23 in the defence spending league!

I urge you to default on this debt! Say no to your Government now and make the Governments and bankers of the EU, the UK and the US face up to the consequences of their greed. Let’s cleanse ourselves and them in the process!

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Go Greece Go!

My complete support for the Greeks! Do not allow your elected leaders to inflict further pain on you! When bankers offer loans and the borrower can’t pay then the bankers lose money.

The Guardian reckons in this article that if you lend 10m to Greece for 5 years then yo can insure it for 2m – if that’s so then the market doesn’t really believe that there is going to be a default.

Please do the world a favour and rise up to defeat the people that want you to suffer for others’ greed!

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