As the scotch tape tears around the latest efforts to hold Greece within the Euro this morning, this 2013 BBC documentary reminds us of how the debt cancer came to consume Greece and why the disease has continued to spread throughout the world. Two years later, it is clear that the math has become even less sustainable. What excessive debt gave’th, it is now taking away. Here is a direct video link.
One of the most aggravating features of the EU monetary union was that it has sacrificed self-determinism, accountability and democracy in order to concentrate power into the hands of leverage-obsessed international banks and corporations. The result has been that a few made off like bandits, while leaving worthless iou’s in the public coffers.
It is time to swap debt for equity. Turning lenders into long term investors in struggling countries, companies, even students with massive student loans, is an effective way to delete impossible debt payments while focusing all parties on a common goal of rebuilding economic strength and jobs in the real economy. Time for ‘investment’ bankers to put their money where their mouth is and become ‘long term investors’ themselves, rather than just reckless risk-sellers and equity extractors.
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