Archive

Archive for the ‘PIIGS’ Category

ΤΑ ΓΟΥΡΟΥΝΑΚΙΑ ΣΤΕΝΑΖΟΥΝ ΚΑΤΩ ΑΠΟ ΤΗΝ ΜΠΟΤΑ ΤΗΣ ΜΕΡΚΕΛ…

February 18, 2011 Leave a comment
ολο και πιο κοντά…

Οι γουρουνο-οικονομίες στο απόσπασμα του τέταρτου ράιχ της παρέας της κας Μέρκελ.
Επόμενος κωδικός πρός εκτέλεση μετά την Ελλάδα η Πορτογαλία.
Και μετά Ισπανία, Ιταλία, Ιρλανδία, Αγγλία κλπ κλπ.
Προηγούμενες σχετικές δημοσιεύσεις

Portuguese Government Pleads for Help as Yields Soar to Record Level; Portugal Needs Bailout by April; Pressure Mounts for Haircuts    click link

Portuguese government debt yields hit fresh news highs today, prompting Portugal to beg for action from the ECB. Here are charts of 5- and 10-year yields.

Portugal 5-Year Government Bond Yields

Yields on Portuguese 5-year debt have soared nearly a full point in less than a month to an all time high of 7.13% closing at 7.04%.

Portugal 10-Year Government Bond Yields

Yields on 10-year Portuguese debt have soared all time high over 7.5% before closing just under that at 7.45%

Germany Pressures Portugal to Seek Bailout

Please consider Portuguese yields under pressure

The five-year Portuguese bond yield rose to a 7.126 percent high after the Jornal de Negocios reported, without citing sources, that Germany is pressuring Portugal to request an international bailout before the European rescue package is revised in March.

“We’ve stabilised at these wide levels now but Portugal trades more like an emerging market bond, it’s bit of a joke,” a trader said. “Five-year yields are above 7 percent, wave the white flag and surrender now.”

Rabobank strategist Richard McGuire compared the move to a rise in Irish yield spreads just before Dublin agreed to a bailout last November, but he said the European Central Bank was likely to purchase bonds to support Portuguese debt until March.

“Yields have now breached the self-imposed line in the sand of 7.0 percent. Further speculation over the possibility of imminent financing strains will see this continue with default risk seeing pressure move from the belly toward the front end of the curve as a near-term credit event is priced in,” he said.

The Portuguese government urged Europe to respond promptly to the year-long debt crisis on Thursday, warning further delays risked exacerbating the situation and put all EU member states at risk.

Portugal Pleads For Help

Please consider Portugal govt urges Europe to respond to crisis
Portugal is doing its bit to cut the budget deficit but any delay by Europe in coming up with a comprehensive response to the euro debt crisis will damage the euro and all EU member states, Cabinet Minister Pedro Silva Pereira said on Thursday.

“Any delay of an effective European response to confront this situation (debt market turbulence) damages all the countries and the euro itself,” Silva Pereira told reporters after a cabinet meeting. “That is why our message is that Portugal is doing its work. Europe also needs to do its part.”
Portugal Needs Bailout by April

The crisis in Portugal has finally reached a head as Portugal seen taking bailout by April.

European Union member states are increasingly concerned about Portugal’s ability to fund itself in financial markets and believe Lisbon will need to seek a bailout by April, a euro zone source said on Thursday.

The EU has discussed a rescue plan for Portugal, but it is dependent on Lisbon asking for the aid and making that request to both the EU and the International Monetary Fund. Portugal remains adamantly opposed to asking for assistance.

“Portugal is drowning, it’s not going to be able to hold on beyond the end of March,” the euro zone finance source said. “That’s already understood to be the case in financial markets, but now it’s also understood among (EU) finance ministers.”

Portuguese officials have said in recent days that it is up to Europe as a whole to resolve the debt crisis, sending the message that if the EU can agree a “comprehensive package” to tackle the crisis by a summit set for March 24/25, that will help Portugal weather the pressure from financial markets.

Cabinet Minister Pedro Silva Pereira repeated that line on Thursday, saying that Portugal was doing all it could to cut its budget deficit and that it was now up to the rest of the euro zone to do its bit and agree the “comprehensive package”.

Because Portugal is managing to fund itself in the markets currently, and does not suffer an acute refinancing crunch until April and then in June, sources said the immediate crisis point had not yet been reached but was drawing closer.

“We haven’t yet entered the peak phase of the crisis,” another EU source said.

Portuguese newspaper Journal de Negocios reported on Thursday that Germany was putting renewed pressure on Portugal to seek international help immediately.
Senior Bond Haircuts Needed and Will Come

The debt of Ireland, Greece, and Portugal cannot and will not be paid back in full and the markets know it. Yields would not be where they are if this debt was any good.

Please see yesterday’s post European Sovereign Debt Crisis in Pictures; Nothing Solved Yet, Credit Stress Close to All Time Highs for a look at government bond yields in Spain, Ireland, Greece, Portugal, Germany, Belgium, and France.


So far, the ECB’s primary response has been to take more of the default risk on its own plate, buying government bonds, in clear violation of the Maastricht Treaty. How long can that continue?

ECB president Jean-Claude Trichet supports those sovereign debt purchases, while German central bank president Axel Weber does not. Weber was thought by most to be Trichet’s replacement, however, he resigned over the feud.

This debt cannot and will not be paid back.

The longer the ECB and IMF insist there will be no haircuts, the greater the market pressure will be to produce them. Worse yet, it’s only a matter of time before there are renewed concerns about Spain, Italy, and Belgium.

Trichet’s misguided approach, blessed by the rest of the ECB and also by the IMF, ensures that pressure will continue to mount until this whole mess blows sky high.

Mike “Mish” Shedlock
http://globaleconomicanalysis.blogspot.com

ORDO AB CHAO 5

November 21, 2010 Leave a comment

Διαβάσαμε και αναδημοσιεύουμε απο Σταυροβελονιά

… το ελληνο – ιρλανδικό “θαύμα” …

Νίκος Μπογιόπουλος

***

Ο “κέλτικος τίγρης της οικονομίας”

Τον θυμάστε τον «κέλτικο τίγρη της οικονομίας»; Ετσι αποκαλούσαν την Ιρλανδία στο ΠΑΣΟΚ επί εποχής Σημίτη.
*
Μετά ήρθε η ΝΔ. Ηταν τότε, το 2007, που ο υπουργός οικονομικών Γ. Αλογοσκούφης, μιλώντας στο Ελληνο-Αμερικανικό Επιμελητήριο, δήλωνε:
«Η Ελλάδα μπορεί να γίνει η Ιρλανδία της Νοτιοανατολικής Ευρώπης. Συχνά τίθεται το δίλημμα σχετικά με το ποιο οικονομικό μοντέλο είναι το πιο κατάλληλο: είναι εκείνο που προβλέπει υψηλή φορολογία και υψηλές δημόσιες δαπάνες ή είναι εκείνο που επιδιώκει μικρότερο κράτος με χαμηλότερη φορολογία; Πιστεύω ότι στην περίπτωση της χώρας μας πρέπει να ακολουθήσουμε τη δεύτερη κατεύθυνση», ήταν τα λόγια του κ. Αλογοσκούφη, ο οποίος σε άλλες δηλώσεις, αυτή τη φορά στο ΙΟΒΕ, δεν είχε αφήσει κανένα περιθώριο παρερμηνειών:
«Ενα μοντέλο που θεωρώ ότι είναι πολύ κατάλληλο για να το μελετήσει κάποιος στα ελληνικά πλαίσια, είναι αυτό της Ιρλανδίας», τόνιζε…
Ηδη δε επί διοίκησης της Τράπεζας της Ελλάδας από τον κ. Λουκά Παπαδήμο, τον σημερινό στενό συνεργάτη και σύμβουλο του πρωθυπουργού Παπανδρέου, οι τραπεζίτες είχαν δείξει τις προτιμήσεις τους.

Στην έκθεση της ΤτΕ για την ανταγωνιστικότητα, το 1999, η Ιρλανδία (μαζί με τη Σουηδία) καταγραφόταν ως «παράδειγμα χώρας».
Τελικά, τα κατάφεραν: Εκαναν την Ελλάδα σαν την Ιρλανδία (ή μήπως το αντίστροφο;)..
***
Το «πάθος», πάντως, με την Ιρλανδία, αποδεικνύεται διαρκείας. Πριν μια δεκαετία μάς την εμφάνιζαν εδώ στην Ελλάδα ως υπόδειγμα χώρας για το πώς θα …ευημερήσουμε. Τώρα, μέχρι πριν λίγους μήνες, μας την εμφάνιζαν πάλι ως υπόδειγμα χώρας, αλλά αυτή τη φορά για το πώς θα… σωθούμε.
*
«Το παράδειγμα της Ιρλανδίας πρέπει να εφαρμόσει η ελληνική κυβέρνηση», δήλωνε ο φύλακας άγγελος της χώρας μας, ο επικεφαλής της ΕΚΤ κ. Τρισέ, στις 7/12/2009 σε ομιλία του στο Ευρωκοινοβούλιο.
Λίγες μέρες αργότερα, ο φιλοκυβερνητικός Τύπος είχε αναλάβει να διακινήσει πιο εύγλωττα τη συνταγή του ευρωτραπεζίτη για τη «σωτηρία» της Ελλάδας : «Τρισέ: Βήματα ανάλογα της Ιρλανδίας» («Εθνος», 25/1/2010).
*
Οπως, μάλιστα, διαβεβαίωνε ο καλός αυτός άνθρωπος, αν η Ελλάδα έπρεπε να μιμηθεί ένα μοντέλο για την αντιμετώπιση των δημοσιονομικών της προβλημάτων αυτό ήταν το μοντέλο της Ιρλανδίας, αφού – κατά τον Τρισέ πάντα – οι επιλογές της Ιρλανδίας αναγνωρίζονταν από όλους τους εταίρους.
Είναι οι ίδιοι εταίροι που τώρα οδηγούν και την Ιρλανδία, η οποία ακολούθησε τις συνταγές τους, στο ΔΝΤ…
*
Ποιο, όμως, είναι το «θαύμα» της Ιρλανδίας, τόσο την περίοδο των «παχέων αγελάδων» όσο και την τρέχουσα περίοδο της κατάρρευσης; Πώς από κέλτικος τίγρης μετατράπηκε σε «τιγράκι του τσίρκου», για να ασελγούν πάνω της οι «θηριοδαμαστές» του κεφαλαίου, όπως προσφυώς έχει γραφτεί;

Το «θαύμα» της Ιρλανδίας στηρίχτηκε στη μετατροπή της χώρας σε ένα φορολογικό παράδεισο για τις πολυεθνικές που εξασφάλισαν φορολογικό συντελεστή επί των κερδών τους με όριο το 12,5% (αυτό δεν είναι το αίτημα του ΣΕΒ;)…
Το «θαύμα» συνίστατο στην πλήρη απορρύθμιση των εργασιακών σχέσεων, στην πλήρη αποδόμηση των κοινωνικών κατακτήσεων, στην κατάλυση κάθε έννοιας κοινωνικής προστασίας, στη μετατροπή της χώρας σε ένα Ελ Ντοράντο για το διεθνές κεφάλαιο.
Ετσι προέκυψε η «ανάπτυξη».
Μόνο που δίπλα στους αριθμούς που ευημερούσαν, ο λαός της Ιρλανδίας είχε, ήδη, περιπέσει σε κατάσταση φτώχειας και μαζικής ανέχειας, ανασφάλειας και τραγικής υποβάθμισης της ζωής του
Τώρα, η Ιρλανδία βιώνει την άλλη όψη του νομίσματος του ίδιου «θαύματος».

Αφού οι πολυεθνικές τη ρήμαξαν, η «φούσκα» έσκασε, τα δημοσιονομικά εκτροχιάστηκαν και μετά από μπόλικες δόσεις τρομοκρατίας περί χρεοκοπίας (σας θυμίζει κάτι;)
ο ιρλανδικός λαός βλέπει τα παιδιά του να παίρνουν μαζικά το δρόμο της μετανάστευσης (υπολογίζονται σε πάνω από 40.000 ετησίως), το μισθό του να μειώνεται έως και 30%, το βασικό συντελεστή του ΦΠΑ να εκτινάσσεται στο 21,5%, τις ασφαλιστικές εισφορές να αυξάνονται κατά 7,5% εις βάρος του βασικού μισθού, τα επιδόματα ανεργίας να περικόπτονται, το ΑΕΠ να κατρακυλά κατά 7%, οι κρατικές δαπάνες να συρρικνώνονται στο 36% του ΑΕΠ.

Οι κοινές πορείες Ιρλανδίας – Ελλάδας δε σταματάνε εδώ.
Οι Ιρλανδοί εργαζόμενοι μπορούν να «επαίρονται» ότι και εκεί ο κρατικομονοπωλιακός τους καπιταλισμός δουλεύει ρολόι.
Ετσι, στο όνομα της σωτηρίας των τραπεζών στην Ιρλανδία, τα πακέτα των 70 δισ. ευρώ που δόθηκαν στους τραπεζίτες (σας θυμίζει κάτι;)
είχαν ως αποτέλεσμα το έλλειμμα από 14% να έχει εκτιναχτεί στο 32% και το χρέος που το 2007 ήταν στο 28% του ΑΕΠ να εκτιμάται ότι το 2014 θα έχει φτάσει στο 135% του ΑΕΠ.
Κι όλα αυτά έγιναν για να αποφύγει η Ιρλανδία την… πτώχευση!
*
Με άλλα λόγια:
Η Ιρλανδία πήρε όλα εκείνα τα μέτρα που υποτίθεται δε θα την πτώχευαν, και τελικά πτώχευσε (σας θυμίζει κάτι;)…


Σημ.: την επιμέλεια της εικονογράφησης είχε η stavrovelonia

Σχετικές δημοσιεύσεις για την ζώνη των “γουρουνοοικονομιών” εδω και εδω
ORDO AB CHAO σειρά δημοσιεύσεων εδω

ΠΙΟ ΜΑΛΑΚΑ ΠΙΟ ΜΑΛΑΚΑ ΤΑ ΩΑ

August 19, 2010 Leave a comment

“Austerity is just another word for international banks bleeding a country dry until there’s nothing left to steal and leaving a shattered, ruined wreck behind to pick up the pieces. It’s like rape except with more victims.”

Την κότα που κάνει τα χρυσά αυγά δεν την σφάζουμε να την κάνουμε σούπα γιατί τότε τελειώνει το πάρτυ. Ή μήπως μερικοί πονηρίδηδες εντολοδόχοι οικονομισάριοι πιστεύουν οτι τότε ξεκινάει;
Βασιλικότεροι του Βασιλέως οι ντόπιοι μάγοι της οικονομίας οδηγούν την χώρα σε εγγυημένο καταποντισμό εφαρμόζοντας απλά περικοπές όπου βρούν κι όσο γουστάρουν, και μία στεγνή φοροεπιδρομή τύπου όλοι εναντίον όλων κι όποιον πάρει ο χάρος.
Μόνο πού ο χάρος βγήκε παγανιά και σε λίγο δεν θα έχει μείνει εταιρία στην χώρα της φορολογικής παράνοιας και κόλασης.
Μαλακά, πιό μαλακά βρυκόλακες, πρέπει να υπάρχουν κι αύριο φορολογούμενοι.
Με ενα εκατομμύριο άνεργους κι άφραγκους στους δρόμους οσονούπω, ο τσάρος της οικονομίας  θα πρέπει να χάσει τον ύπνο του χθές
Με λύπη παρατηρούμε  την επιχειρησιακή ανικανότητα ( ή μη τι άλλο) ενός ακόμα  οικονομικού επιτελείου του κράτους ( θυμηθείτε υπουργούς-θρύλους, Τσοβόλας “ο δώστα όλα”, Αρσένης “ο μορφωμένος με βαρύ ακαδημαικό επίπεδο”, Παπαντωνίου ο “6000 μονάδες φουσκωτός με το χαμόγελο” , Αλογοσκούφης  “ο Λονδρέζος το Καρφί”, Παπακωνσταντίνου “ο  παφέρ (πήγαινε-φέρε-ρέ) του ΔΝΤ”,) να οδηγήση την χώρα με σχέδιο σοβαρό στην ανάκαμψη και στην ανάπτυξη.
Το μόνο που κατάφεραν μέχρι σήμερα είναι να σφάξουν την κότα… 

Διαβάσαμε εδω

Fund Greek bankers drunk on debt &  Greece enters death spiral
Spiegel Online International reports Tensions Rise in Greece as Austerity Measures Backfire

The austerity measures that were supposed to fix Greece’s problems are dragging down the country’s economy. Stores are closing, tax revenues are falling and unemployment has hit an unbelievable 70 percent in some places. Frustrated workers are threatening to strike back. This dire prognosis comes even despite Athens’ massive efforts to sort out the country’s finances. The government’s draconian austerity measures have managed to reduce the country’s budget deficit by an almost unbelievable 39.7 percent, after previous governments had squandered tax money and falsified statistics for years. The measures have reduced government spending by a total of 10 percent, 4.5 percent more than the EU and International Monetary Fund (IMF) had required. The problem is that the austerity measures have in the meantime affected every aspect of the country’s economy. Purchasing power is dropping, consumption is taking a nosedive and the number of bankruptcies and unemployed are on the rise. The country’s gross domestic product shrank by 1.5 percent in the second quarter of this year. Tax revenue, desperately needed in order to consolidate the national finances, has dropped off. A mixture of fear, hopelessness and anger is brewing in Greek society.

Unemployment Rates of up to 70 Percent.

 Unemployment in the city [the shipbuilding district of Perama] hovers between 60 and 70 percent, according to a study conducted by the University of Piraeus. While 77 percent of Greek shipping companies indicate they are satisfied with the quality of work done in Perama, nearly 50 percent still send their ships to be repaired in Turkey, Korea or China. Costs are too high in Greece, they say. The country, they argue, has too much bureaucracy and too many strikes, with labor disputes often delaying delivery times. Barely any of the country’s industries can keep up with international competition in terms of productivity, and experts expect the country’s gross domestic product to fall by 4 percent over the course of the entire year. Germany, by way of comparison, is hoping for growth of up to 3 percent.

Sales Figures Dropping Everywhere.


Prime Minister George Papandreou’s austerity package has seriously shaken the Greek economy. The package included reducing civil servants’ salaries by up to 20 percent and slashing retirement benefits, while raising numerous taxes. The result is that Greeks have less and less money to spend and sales figures everywhere are dropping, spelling catastrophe for a country where 70 percent of economic output is based on private consumption.

A short jaunt through Athens’ shopping streets reveals the scale of the decline. Fully a quarter of the store windows on Stadiou Street bear red signs reading “Enoikiazetai” — for rent.
The National Confederation of Hellenic Commerce (ESEE) calculates that 17 percent of all shops in Athens have had to file for bankruptcy.
Things aren’t any better in the smaller towns. Chalkidona was, until just a few years ago, a hub for trucking traffic in the area around Thessaloniki. Two main streets, lined with fast food restaurants and stores catering to truckers, intersect in the small, dismal town. Maria Lialiambidou’s house sits directly on the main trucking route. Rent from a pastry shop on the ground floor of the building used to provide her with €350 per month, an amount that helped considerably in supplementing her widow’s pension of €320.
These days, though, Kostas, the man who ran the pastry shop, who people used to call a “penny-pincher,” can no longer afford the rent. Here too, a huge “Enoikiazetai” banner stretches across the shopfront. No one wants to rent the store. Neither are there any takers for an empty butcher’s shop a few meters further on.
A sign on the other side of the street advertises “Sakis’ Restaurant.” The owner, Sakis, is still hanging on, with customers filling one or two of the restaurant’s tables now and then. “There’s really no work for me here anymore,” says one Albanian employee, who goes by the name Eleni in Greece. “Many others have already gone back to Albania, where it’s not any worse than here. We’ll see when I have to go too.”

No Way Out .

The entire country is in the grip of a depression. Everything seems to be going downhill. The spiral is continuing unabated, and there is no clear way out. The worse part, however, is the fact that hardly anyone still hopes that things will improve one day.

The country’s unemployment rate makes this trend particularly clear. In 2009, it was 9.5 percent. This year it may rise to 12.1 percent and economists expect it to reach 14.3 percent in 2011. Those, though, are only the official numbers, which were provided by Angel Gurría, secretary general of the Organisation for Economic Co-operation and Development (OECD). The Greek trade union association GSEE considers those numbers far too optimistic. It considers 20 percent to be a more likely figure for 2011. This would put the unemployment rate as high as it was in 1960, when hundreds of thousands of Greeks were forced to emigrate. Meanwhile, purchasing power has fallen to its 1984 level, according to the GSEE.

‘Things Are Starting to Simmer’ .

Menelaos Givalos, a professor of political science at Athens University, has appeared on television, warning viewers that the worst times are still to come. He predicts a large wave of layoffs starting in September, with “extreme social consequences.” “Everything is getting more expensive, I’m hardly earning any money, and then I’m supposed to pay more taxes to help save the country? How is that supposed to work?” asks Nikos Meletis, the shipbuilder. His friends, gathered in a small cafeteria on the pier in Perama, are gradually growing more vocal. They are all unemployed, desperate and angry at the politicians who got them into this mess. There is no sympathy here for any of the political parties and no longer any for the unions either.

“They only organize strikes to serve their own interests!” shouts one man, whose name is Panayiotis Peretridis. “The only thing that interests me anymore is my daily wage. A loaf of bread is my political party. I want to help my country — give me work and I’ll pay taxes! But our honor as first-class skilled workers, as heads of families, as Greeks, is being dragged through the dirt!”

“If you take away my family’s bread, I’ll take you down — the government needs to know that,” Meletis says. “And don’t call us anarchists if that happens! We’re heads of our families and we’re desperate.”

He predicts the situation will only become more heated. “Things are starting to simmer here,” he says. “And at some point they’re going to explode.”

How Long Can Greece Hold On?

Inquiring minds just might be asking “How long can Greece hold on?”
I do not have the answer to that, besides it’s not the important question. A far more worrisome question is “When does similar strife spread to Spain, Portugal, and perhaps even Italy?”
Part of the blame for this goes to the bailout plan itself. France and to a lesser extent Germany would not take haircuts on Greek debt. Aid to Greece by the IMF and European banks simply threw good money after bad.
The problem did not go away. Instead, terms of the bailout made the situation worse.

Ενδιαφέρουσες δημοσιεύσεις για

  • την τρέχουσα κατάσταση στην ζώνη των PIIGS  εδω 
  • και για τους  λόγους κατασκευής της κρίσης εδω

ΠΑΡΩΝ ΚΑΙ ΜΕΛΛΟΝ

May 7, 2010 Leave a comment


Παρών ψήφισαν οι δυό λεβέντες του ΠΑΣΟΚ, Οικονόμου και Δημαράς, καθώς και η χρυσή αθλήτρια Σακοράφα. Ο κομματικός πέλεκυς έπεσε άμεσα και καρατόμησε τους “παρόντες” με την μορφή λακωνικής δήλωσης-τελεσιγράφου του κ.πρωθυπουργού που διάβασε στο κοινοβούλιο ο πρόεδρος κ.Πετσάλνικος. Τον πέλεκύ της, η Νέα Δημοκρατία, τον χρησιμοποίησε για την καρατόμηση της κόρης του επίτιμου προέδρου της κ.Μητσοτάκη, την κα Θεοδώρα Μπακογιάννη που ψήφισε ανίθετα με την κομματική οδηγία. Ενα apriori προαναγγελθέν διαζύγιο. Ετσι, με αυτές τις ανακοινώσεις πολιτικών καρατομήσεων αλά σοβιέτ, μιά πολιτική ηθική και πρακτική που μας θύμισε τα αλήστου μνήμης “όποιο προβατάκι φεύγει απ’το μαντρί το τρώει ο λύκος” του Αβέρωφ, και το “έθεσε εαυτόν εκτός κινήματος” του Ανδρέα Παπανδρέου, έληξε η σεμνή τελετή εκχωρήσεων τμημάτων της εθνικής κυριαρχίας . Την πολυτάραχη ιστορία των Παπανδρέου μας την θύμισε ο ίδιος ο κος πρωθυπουργός, όταν έμπλεος οργής, λόγω σχολίων περί της αδυναμίας του στον καλό χειρισμό της Ελληνικής γλώσσας, αναφέρθηκε στο γεγονός οτι για πολλά χρόνια διετέλεσε Ελληνας της διασποράς λόγω των ανηλεών και μακρυχρόνιων διωγμών και εξοριών που υπέστη αυτός, ο πατέρας του, και ο παππούς του. Η αναδρομή αυτή σε τρεις γενιές Παπανδρέου την συγκεκριμένη στιγμή, με χιλιάδες λαού να αποδοκιμάζει έξω απο την αίθουσα μαζικά την “παράδοση στους οικονομισάριους”, μιά αναδρομή που πέρα απο την όποια ανθρώπινη πλευρά της προσπαθεί έμμεσα να δικαιολογήσει την συγκεκριμένη αδυναμία, ξυπνά τις μνήμες του τί περάσαμε με την πάντα έντονη παρουσία των τριών γενεών της οικογενείας Παπανδρέου στο προσκήνιο της πάντα ταραχώδους και περιπετειώδους πολιτικής ζωής τα τελευταία 70 χρόνια και πώς φτάσαμε σ’αυτήν την κατάντια …

Για τους λάτρεις του είδους…

Αυτό ήταν το χθές κύριε Καραμανλή…
Αυτό ήταν το χθές κύριε Παπανδρέου.

Το μέλλον έξω απο τους τοίχους των Παλαιών ανακτόρων έχει ήδη ξεκινήσει …not a happy end.

GOLDMAN SUCKS

March 7, 2010 Leave a comment

ORDO AB CHAO 2

March 7, 2010 Leave a comment

This time Max Keiser and co-host, Stacy Herbert, look at the scandals behind: ‘the owner of Great Britain’ bouncing a $54 million check for a pile of dirt in the Persian Gulf; a currency speculator in Monaco moving currency markets with an ‘accidental Jim Rogers press release’ while Colonel Gaddafi calls for jihad against Switzerland and receives zero market impact; and Alan Greenspan wins major award for causing up global financial markets to explode.

Keiser also talks to David DeGraw about his new book, “The Economic Elite versus
the People of the United States of America.”



The Economic Elite Vs. The People of the United States of America – Part I

By David DeGraw

-I: Casualties of Economic Terrorism, Surveying the Damage——-II: The Rise of the Economic Elite
——-III: Exposing Our Enemy: Meet the Economic Elite
——-IV: The Financial Coup d’Etat
——-V: Overcoming the Divide and Conquer Strategy
——-VI: How to Fight Back and Win: Common Ground Issues That Must Be Won

“The American oligarchy spares no pains in promoting the belief that it does not exist, but the success of its disappearing act depends on equally strenuous efforts on the part of an American public anxious to believe in egalitarian fictions and unwilling to see what is hidden in plain sight.” — Michael Lind, To Have and to Have Not

It’s time for 99% of Americans to mobilize and aggressively move on common sense political reforms.

Yes, of course, we all have very strong differences of opinion on many issues. However, like our Founding Fathers before us, we must put aside our differences and unite to fight a common enemy.

It has now become evident to a critical mass that the Republican and Democratic parties, along with all three branches of our government, have been bought off by a well-organized Economic Elite who are tactically destroying our way of life. The harsh truth is that 99% of the US population no longer has political representation. The US economy, government and tax system is now blatantly rigged against us.

Current statistical societal indicators clearly demonstrate that a strategic attack has been launched and an analysis of current governmental policies prove that conditions for 99% of Americans will continue to deteriorate. The Economic Elite have engineered a financial coup and have brought war to our doorstep. . . and make no mistake, they have launched a war to eliminate the US middle class.
To those who feel I am using extreme rhetoric, I ask you to please take a few minutes of your time to hear me out and research the evidence put forth. The facts are there for the unprejudiced, rational and reasoned mind to absorb. It is the unfortunate reality of our current crisis.

Unless we all unite and organize on common ground, our very way of life and the ideals that our country was founded upon will continue to unravel.

Before exposing exactly who the Economic Elite are, and discussing common sense ways in which we can defeat them, let’s take a look at how much damage they have already caused.

I: Casualties of Economic Terrorism, Surveying the Damage
The devastating numbers across-the-board on the economic front are staggering. I’ll go through some of them here, many we have already become all too familiar with. We hear some of these numbers all the time, so much so that it appears as if we have already begun “to normalize the unthinkable.” You may be sick of hearing them, but behind each number is an enormous amount of individual suffering, American lives and families who are struggling worse than they ever have.
America is the richest nation in history, yet we now have the highest poverty rate in the industrialized world with an unprecedented number of Americans living in dire straits and over 50 million citizens already living in poverty.
The government has come up with clever ways to downplay all of these numbers, but we have over 50 million people who need to use food stamps to eat, and a stunning 50% of US children will use a food stamp to eat at some point in their childhood. Approximately 20,000 people are added to this total every day. In 2009, one out of five US households didn’t have enough money to buy food. In households with children, this number rose to 24%, as the hunger rate among US citizens has now reached an all time high.
We also currently have over 50 million US citizens without healthcare.
1.4 million Americans filed for bankruptcy in 2009, a 32% increase from 2008.
As bankruptcies continue to skyrocket, medical bankruptcies are responsible for over 60% of them, and over 75% of the medical bankruptcies filed are from people who have healthcare insurance. We have the most expensive healthcare system in the world, we are forced to pay twice as much as other countries and the overall care we get in return ranks 37th in the world.

In total, Americans have lost $5 trillion from their pensions and savings since the economic crisis began and $13 trillion in the value of their homes. During the first full year of the crisis, workers between the age of 55 – 60, who have worked for 20 – 29 years, have lost an average of 25% off their 401k. “Personal debt has risen from 65% of income in 1980 to 125% today.” Over five million US families have already lost their homes, in total 13 million US families are expected to lose their home by 2014, with 25% of current mortgages underwater. Deutsche Bank has an even grimmer prediction: “The percentage of ‘underwater’ loans may rise to 48 percent, or 25 million homes.” Every day 10,000 US homes enter foreclosure. Statistics show that an increasing number of these people are not finding shelter elsewhere, there are now over 3 million homeless Americans, the fastest growing segment of the homeless population is single parents with children.

One place more and more Americans are finding a home is in prison. With a prison population of 2.3 million people, we now have more people incarcerated than any other nation in the world – the per capita statistics are 700 per 100,000 citizens. In comparison, China has 110 per 100,000, France has 80 per 100,000, Saudi Arabia has 45 per 100,000. The prison industry is thriving and expecting major growth over the next few years. A recent report from the Hartford Advocate titled “Incarceration Nation” revealed that “a new prison opens every week somewhere in America.”
Mass Unemployment
The government unemployment rate is deceptive on several levels. It doesn’t count people who are “involuntary part-time workers,” meaning workers who are working part-time but want to find full-time work. It also doesn’t count “discouraged workers,” meaning long-term unemployed people who lost hope and don’t consistently look for work. As time goes by, more and more people stop consistently looking for work and are discounted from the unemployment figure. For instance, in January, 1.1 million workers were eliminated from the unemployment total because they were “officially” labeled “discouraged workers.” So instead of the number rising, we will hear deceptive reports about unemployment leveling off.

On top of this, the Bureau of Labor Statistics recently discovered that 824,000 job losses were never accounted for due to a “modeling error” in their data. Even in their initial January data there appears to be a huge understating, with the newest report saying the economy lost 20,000 jobs. TrimTabs employment analysis, which has consistently provided more accurate data, “estimated that the U.S. economy shed 104,000 jobs in January.”

When you factor in all these uncounted workers — “involuntary part-time” and “discouraged workers” — the unemployment rate rises from 9.7% to over 20%. In total, we now have over 30 million US citizens who are unemployed or underemployed. The rarely cited “employment-participation” rate, which reveals the percentage of the population that is currently in the workforce, has now fallen to 64%.

Even based on the “official” unemployment rate, just to get back to the unemployment level of 4.6% that we had in 2007, we need to create over 10 million new jobs, and most every serious economist will tell you that these jobs are not coming back. In fact, we are still consistently shedding jobs, on just one day, January 27th, several companies announced new cuts of more than 60,000 jobs.

Due to the length of this crisis already, millions of Americans are reaching a point where the unemployment benefits that they have been surviving off of are coming to an end. More workers have already been out of work longer than at any point since statistics have been recorded, with over six million now unemployed for over six months. A record 20 million Americans qualified for unemployment insurance benefits last year, causing 27 states to run out of funds, with seven more also expected to go into the red within the next few months. In total, 40 state programs are expected to go broke.

Most economists believe that the unemployment rate will remain high for the foreseeable future. What will happen when we have millions of laid-off workers without any unemployment benefits to save them?

Working More for Less

The millions struggling to find work are just part of the story. Due to the fact that we now have a record high six people for every one job opening, companies have been able to further increase the workload on their remaining employees. They have been able to increase the amount of hours Americans are working, reduce wages and drastically cut back on benefits. Even though Americans were already the most productive workers in the world before the economic crisis, in the third quarter of 2009, average worker productivity increased by an annualized rate of 9.5%, at the same time unit labor cost decreased by 5.2%. This has led to record profits for many companies. Of the 220 companies in the S&P 500 who have reported fourth-quarter results thus far, 78% of them had “better-than-expected profits” with earnings 17% above expectations, “the highest for any quarter since Thomson Reuters began tracking data.”

According to the Bureau of Labor Statistics, the national median wage was only $32,390 per year in 2008, and median household income fell by 3.6% while the unemployment rate was 5.8%. With the unemployment rate now at 10%, median income has been falling at a 5% rate and is expected to continue its decline. Not surprisingly, Americans’ job satisfaction level is now at an all time low.

There are also a growing number of employed people who, despite having a job, are still living in poverty. There are at least 15 million workers who now fall into this rapidly growing category. $32,390 a year is not going to get you far in today’s economy, and half of the country is making less than that. This is why many Americans are now forced to work two jobs to provide for their family to hopefully make ends meet.

A Crime Against Humanity

The mainstream news media will numb us to this horrifying reality by endlessly talking about the latest numbers, but they never piece them together to show you the whole devastating picture, and they rarely show you all the immense individual suffering behind them. This is how they “normalize the unthinkable” and make us become passive in the face of such a high casualty count.

Behind each of these numbers, is a tremendous amount of misery, the physical toll is only outdone by the severe psychological toll. Anyone who has had to put off medical care, or who couldn’t get medical care for one of their family members due to financial circumstances, can tell you about the psychological toll that is on top of the physical suffering. Anyone who has felt the stress of wondering how they were going to get their child’s next meal or their own, or the stress of not knowing how you are going to pay the mortgage, rent, electricity or heat bill, let alone the car payment, gas, phone, cable or internet bill.

There are now well over 150 million Americans who feel stress over these things on a consistent basis. Over 60% of Americans now live paycheck to paycheck.These are all basic things that every person should be able to easily afford in a technologically advanced society such as ours. The reason why we struggle with these things is because the Economic Elite have robbed us all. This amount of suffering in the United States of America is literally a crime against humanity.

This report was originally published on Amped Status . It is the first part of a six-part series. Part two will be posted on Wednesday. To be notified via email, subscribe to the Amped Status newsletter.

Part II: “The Rise of the Economic Elite” will be posted on Wednesday.

David DeGraw is the founder and editor of AmpedStatus.com and director of MediaChannel.org. You can reach him at David@AmpedStatus.com.

παρουσίαση απο εδω
για το βιβλίο, κάντε κλικ
εδω

WEEKEND TV REPORT : AL JAZEERA. MAX KEISER@GREECE

March 7, 2010 Leave a comment