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Greece to probe US banks as global protests spread
18 May, 2010 — RT.com
With people the world rising up and striking over economic concerns, Greece has threatened to investigate the role US investment banks played in its debt crisis.
Economist Mike Norman believes the banks are indeed the root cause for the economic crisis and that the Greeks should be absolved of any responsibility.
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“We’ve seen a pattern of behavior on the part of investment banks, some of the big names like Goldman, who were actually very active in repackaging Greek debt and actually hiding that debt, and then using credit default swaps to bet against that,” said Norman.
“All the nations who have embraced the euro have given up currency sovereignty, they no longer issues their own currencies and they are under these very strict arbitrary fiscal constraints. They can’t allow their deficits to go above a certain amount and you know, running deficits is normal in times of economic recession or even depression,” said Norman.
As protests across the globe begin to evolve from financial complaints into social unrest rooted in the divide between the urban elite and the rural poor, Norman thinks the world should be prepared for revolution.
“We see trillions and trillions of dollars being raised to bailout banks and speculators at the expense of working people who now have to suffer wage cut backs, loss of income, loss of jobs, loss of services and even higher taxes and it’s manifesting in these demonstrations and protests in the streets. I for one am rooting for the Greek protestors,” Norman said.
MichaelKenny 15:22 on May 19, 2010 Permalink |
“The problem in Europe, according to Norman, is directly connected to the euro”. Yet another American economist peddling the classic Wall St party line! Even down to the “sovereignty” argument! And the use of the word “nation” in a way we don’t now use it in Europe! Just get rid of that dastardly euro, then all will be well and even the Icelandic volcano will stop disrupting air travel! And, of course, all of this is cynically dressed up in left-sounding jargon! The trick, of course, is to convince us that if we lie down under the US jackboot we will somehow be more “free” than if we stand together and defend ourselves. As my fellow Dubliner the Duke of Wellington once said, “if you’ll believe that, you’ll beleive anything”!