United States of Denial
By James West
The suggestion that there is anything remotely approaching a recovery in the United States, or the world economy, is pure cow pie, as evidenced by the requirement for more borrowing, more easing, and more deterioration in employment and housing. But as the title suggests, its not just America. I’m referring to the heads of state around the world. Apparently too busy jetting back and forth from Washington, New York, Vienna, Athens, Berlin, London and Paris to have anything approaching a grip on reality, we’re delivered surreality by world leaders immersed in United States of Denial. Now the banks in Europe are carving up the assets of Greece as vig for continued lending.
How much do you think the Parthenon could bring at auction? Well okay, maybe not the Parthenon, but the fire sale, according to a CNN report on June 20, would include “airports, highways and state-owned companies, as well as banks, real estate and gaming licenses, to meet international lenders’ demands that it raise funds.”
And so the ‘why’ of the glaring inconsistency in this whole global debt mess, namely, throwing arguably good money after bad, was revealed. Just as the top layer of the financial food chain targets the assets of weaker former clients and partners in their quest to be the boys with the most toys, so the Eurobanks and their faceless shareholders target the assets of governments now that anything worth owning in private hands has been forced into those of the banks.