Greece At the Crossroads: Debt Jubilee or Business As Usual?

02/15/20159 Comments

In this week’s subscriber newsletter, James outlines the debt conundrum facing the Greek people–and the people of the world–as we stand at the brink of another economic precipice. Also, don’t miss this week’s recommended reading, articles and videos.

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  1. bladtheimpailer says:

    While James may be and probably is correct in his assessment of what Syriza can accomplish by staying on good terms with the banking matrix I won’t right them off just yet. They have yet to fully feel their way with their new found control on the levers of state power and I will cut them some slack during this probationary period. Syriza party brass must also know that they are treading on the thin ice of history according to the powers of the universe, and not wanting to re commit the errors of “Z”, may well be pacing the introduction of more radical measures as the best part of valour.

    Those not familiar with the Greek “Z” revolt against the then NATO imposed military junta might be able to find a copy of the film of the same title, produced I believe back in the early 7Os or there about as one way of discovering what that movement was about, and what Syriza must avoid replicating.

    • Corbett says:

      Thanks for the feedback as always, bladtheimpailer. For what it’s worth, I hope you’re right and Syriza really are political saviours in disguise descended from heaven to save Europe from the clutches of the banksters. But then again a lot of people hoped that about Obama and look where that got us. Personally I’m done waiting for political saviours or believing that any politician who is playing the game or “pacing the introduction of more radical measures as the best part of valour” will ever change anything. Change starts and ends with the people, period.

  2. Al Saleh says:

    Hi James

    The plan you are basing your entire understanding upon was for 2012 elections and was redacted after that election, not after 2015 election. Zero Hedge copied this plan from a source that translated it from Italian, not from Greek. so by all counts, this is not a Syriza plan!!

    To avoid being mislead, I hope you will always verify your data from official sources, without basing anything on some “you quote me, I quote you” site.

    in 2015, Syriza came up with a more realistic plan focusing on the humanitarian crisis. I would love to read your comments about the real 2015 plan:

    Disclaimer to the community: I have nothing to do with Syriza. I am Syrian, not Syrizian. I don’t support Syriza and I don’t have any expectations from them. However, I think that they are under heavy media attacks using tons of misinformation like the one James is depending on. Being a Syrian, I know how that feels.

  3. derickson says:

    If we follow our Creators instructions, we all could have life and have it more abundantly, for He has knowledge of the father of all lies.

  4. angie.wright1 says:

    I hear they have pledged never to ratify TTIP, which sounds good. I hope also that the Greek people will have some power to hold them to account.

  5. candideschmyles says:

    Something you may wish to edit: “corridors of Dumfries” ? I don’t get that. The Scottish parliament is in Edinburgh and is referred to as “Holyrood” Dumfries is a small town in southwest Scotland close to the border. So it should read “corridors of Holyrood”

    Other than that I am appreciative of the lesson on the history of the real meaning of jubilee. And of course support the principle you are getting at is one of the few real measures that could appeal to ordinary citizens the world over as an uncomplicated fix to the dire straits the 99% find themselves in.

    I am also in agreement with the two previous comments. Syriza is new and requires a period of consolidation of its hold on the reigns of power. It is too soon to write them off.

    • Corbett says:

      Thanks for the reply. You are correct. I just wrote “Dumfries” in the first draft because I couldn’t remember Holyrood, and then I forgot to amend it in editing. It’s changed now.

  6. Simon says:

    Interesting article on Zero Hedge;

    How Greece Folded To Germany: The Complete Breakdown

    As ever on Zero Hedge the comments are good.


  7. stevekelly911 says:

    Great points you make James.

    Thanks for bringing up the Jubilee periods from the ancient cultures. It is important for us all to recognize that our forebears had all experienced the structural problems caused by ‘odious debt’ all these millennia ago. Some things change, but human greed is baked into the cake – there is nothing new under the Sun. I think sometimes we overlook how socially and economically sophisticated our forebears were.

    The Jewish Jubilee was every 7 x 7 = 49 years, when even strangers and sojourners in Israel had their debts wiped clean, but every 7 years was a Shmita (which means ‘release’; appropriate). This 7 year period was only for the people of Israel themselves, and was the same as a Jubilee but not for everyone. Thus; Shmita = Domestic; Jubilee = Foreign & Domestic; from an Israeli perspective anyway.

    This process is so simple, and would allow money to be the handmaiden of productivity, to serve the social good, and not for productivity to be the handmaiden of money: which is of course why it is every vampiric fiat bankers worst nightmare. Financialization of entire economies would be impossible where this mechanism operates, because speculation is checked with a cyclical timer.

    I also heard that George Soros has been historically and is currently still funding Syriza. I believe this is to use Greece as a choke point to fluctuate the foreign exchange market (which is his profession), so that Soros and Co can siphon billions off of the fluctuations caused when he gets his Greek sock puppets to threaten to leave the EU … then to stay … then to leave … rinse and repeat, but he controls the timing on these announcements giving his forex and derivatives contacts the insider foreknowledge.

    Basically, Soros can use Greece to suck any remaining goodness from the German economy using this mechanism. Then the entire EU becomes putty in the hands of the ‘Club of the Isles’ (The tax haven sharks, which is where Soros and Co store all their loot. They’re simply pirates, and Soros is their current Captain).

    Wayne Madsen published an article on this (not that I agree entirely with Madsen): ‘A Soros Trojan Horse Inside The New Greek Government?’
    … Varoufakis and Jaresko reek of being ‘Club of the Isles’ inserts.

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