“Guerrilla Warfare” Against the EU-ECB-IMF Economic Hegemony: The Challenge and Promise of Greece. The Nationalization of the Banking System
By Ellen Brown
Global Research
July 10, 2015
Banks create money when they make loans. Greece could restore the liquidity desperately needed by its banks and its economy by nationalizing the banks and issuing digital loans backed by government guarantees to its ailing businesses. Greece could provide an inspiring model of sustainable prosperity for the world. But it is being strangled by a hegemonic power in a financial war that is being waged against us all.
On July 4, 2015, one day before the national vote on the austerity demands of Greece’s creditors, it was rumored in the Financial Times that Greek banks were preparing to “bail in” (or confiscate) depositor funds to replace the liquidity choked off by the European Central Bank.
The response of the Syriza government, to its credit, was “no way.” As reported in Zerohedge, the government was prepared to pursue three “nuclear options” to protect the deposits of the Greek people:
nationalize the banks,
launch a parallel currency in the form of electronic California-style IOUs, and
use the Greek central bank’s printing press to issue euros.
The Rest…HERE
