Capitalism and Government Debt at Odds in Greece
From The Real News channel – Published on 9 Jul 2015
“The European Central Bank and the IMF are not run by economists. They are run by lawyers. Christine Lagarde, the head of the IMF, was an anti-labour lawyer. They worked for firms to smash up labour. That’s the job of the IMF. It’s not to help countries how to balance a payments deficit. It’s to strip away their pensions, cut their wages, and make them more competitive under the pretence that any country can pay its debt if it only will reduce its wages and living standards by enough.
That’s an odious concept. That’s the right-wing concept, and its effect is its downright evil. And that’s what finally the Greeks are coming out and saying, that the way in which the financial system is structured now is anti-human, against human rights, against national sovereignty, and it’s pretty much what in the vernacular is called evil.”
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Michael Hudson says unlike personal and corporate debt, there is no legal framework for writing off government debt, so there is deliberate anarchy in place
Posted on July 11, 2015, in Articles in English, Hot, Videos and tagged democracy, EU, EURO, European Union, Fascism, Government, Greece, Human Rights, IMF, imperialism, odious debt, politics, The Real News. Bookmark the permalink. Leave a comment.