Dr. Jack Rasmus reviews prospects of Greek debt default as of June 12 events, plus explains the origins of Greece’s $300b debt and role of northern Europe banks and governments in creating that unsustainable debt.
Listen to the hour long ‘Alternative Visions’ show of June 12, 2015 on the subject on the Progressive Radio Network at:
http://prn.fm/alternative-visions-06-13-15/
or at:
http://www.alternativevisions.podbean.com
SHOW ANNOUNCEMENT:
“Dr. Jack Rasmus discusses the latest events of the past week in the Greek debt negotiations, with the IMF ‘walking out’ of negotiations and both sides, the Troika and Greece appearing to issue ultimatums as to what is unacceptable. Three choices remain as negotiations come down to a June 30 deadline: either Greece defaults (fails to make payments due on June 30 to the IMF when the current extension of the debt agreement expires; the Troika (IMF, ECB, European Commission (finance ministers) continue to insist on a ‘take it or leave it’ position, or both parties—Greece and Troika—agree to extend both the agreement and debt payments due for another 30-60 days and continue negotiating. Jack explains how the latter is most likely, but may not happen nonetheless. Consequences of a default for Greece, the Eurozone markets, and the global economy and banking system are considered. In the second half of the show, Jack explains in detail how Greek debt rose to its current $300 billion, unsustainable levels. The explanation is to be found in the US ‘twin deficits’ (trade and budget) policies introduced successfully by US capitalists and government in the early 1980s to resurrect the US economy and solidify its global hegemony once again after the crises of the 1970s. Twin deficits were a key element of US neoliberal policies that have worked since 1980 to ensure US dominance. With the creation of the Euro in 1999, northern European bankers and governments attempted to create a similar arrangement within the Eurozone. It worked until the 2008-09 crash, the second European recession of 2012, and the chronic slow growth ever since in Europe. Greek (and Euro periphery) debt rose ever higher with each event, to its unsustainable levels today. Why the Euro ‘twin deficits’ neoliberal strategy failed.”
Dr. Jack Rasmus @drjackrasmus
Jack Rasmus 
One can only imagine the extent cumulatively through history of nations’ debt that is indeed odious. Equally fascinating is imagining how much debt became realized through corrupt practices like bribery, kickbacks. Nations around the world would never have needed to borrow if tax percentages were higher/more progressive, the ongoing and decades-old tax haven/evasion industry were stopped from operating,and if the power to control the nations’ money supply was in the hands of the people instead of a small number of very wealthy private individuals – sovereign money. Greece, by going back to control its monetary affairs, establishing a public-utility central bank, printing the drachma, would start a global monetary revolution. TPP | TTIP probably contain legal provisions which prevent establishment of public banks, including complete transformation of nations’ monetary systems taking the power from corporate entities and placing it in public, owned-by-the-people financial institutions. Your prn.fm colleague Ms. Brown’s recent article speaks to this.