The stock markets recovered some of Monday and Tuesday’s losses today as President Obama made his way to France for a G-20 meeting. All the talk at the meeting will be about Greece. The International Monetary Fund (IMF) that serves as the stalking horse for predatory capitalism is not happy with Greece and is withholding 7 billion in aid over the Greek decision to revert to democracy. The Greek PM is actually going to consult the peasants on whether they will accept the yoke of servitude to the international bankers or (gasp) not.
The Greeks deny that the vote will be about staying in the EU or on the Euro, but only over the bailout terms which call for practically all of Greece to simply be handed over to corporations for pennies on the euro to raise money to pay creditors. If they do reject servitude, they will have no choice but to drop out of the Euro, and in fact this is the only rational course of action. Once on their own currency they can negotiate for terms, this won’t set well with the disaster capitalists who stood to make a metaphorical killing, so we may see real killing instead.
Back in the States, the Federal Reserve has revised downward its estimate of the strength of the economy over the next two years and is predicting unemployment to stay the same. They did say that the Fed won’t be printing any new money, at least for awhile. Given the vast sums they’ve turned out in the past few years, if it were actually paper money instead of digital accounting entries it would fuel the job recovery by itself. Unfortunately all it does is keep the zombie banks going and does nothing for the economy except for keeping deflation at bay.
Still that is a good thing, at least until the 99% movement can get enough people engaged so that real reform can become possible without an unreasoning fear and panic gripping the country. As FDR said in his first Inaugural speech “…the only thing we have to fear. . .is fear itself. . . nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance.” At the same time, Adolf Hitler who was backed by money from Prescott Bush was consolidating power in Germany.
The Greeks are going to vote on accepting servitude or not. Here the corporations count the ballots. It will take more than voting. You will become a serf only by choice, doing nothing is a choice. Choose to fight back instead.