Greece Sends A Shockwave Through The Oligarchy!

By Mick Dumdell


Serfs No More?

The Oligarchs said, “Never on a Sunday!”, but they were wrong! This Sunday, the People of Greece threw off the bonds of Goldman Sachs, Morgan Chase, Deutsche Bank, and the rest of the Oligarchy to become the Cradle of Progressivism!

This was called six months ago in a blog post at Zerohedge. Here are a few excerpts:

Once one oligarchy falls, it will threaten to topple a long line of oligarch dominoes.

A great many narratives invoking Greece are being tossed around, but only one really encapsulates the unvarnished truth: the Oligarchs blew it. The oligarchs in both Greece and the European Union/ECB had the opportunity a few years ago to trade some of their outsized wealth and political power for stability and sustainable expansion.

Instead, they chose to not just cling to every shred of their outsized wealth and power but to actively increase it. Their greed and hubris has now put their entire system of parasitic wealth extraction at risk of collapse. Their political stranglehold on power has been weakened, and there’s no going back: they blew it, and now it’s too late. The debt-serfs have finally had enough.

“Greece has failed to address (rising wealth/income inequality) because the country’s elites have a vested interest in keeping things as they are. Since the early 1990s, a handful of wealthy families — an oligarchy in all but name — has dominated Greek politics. These elites have preserved their positions through control of the media and through old-fashioned favoritism, sharing the spoils of power with the country’s politicians. Greek legislators, in turn, have held on to power by rewarding a small number of professional associations and public-sector unions that support the status quo. Even as European lenders have put the country’s finances under a microscope, this arrangement has held.”

The vested interests have obscured the cold reality of rising inequality by focusing obsessively on “growth” as the fix-all to inequality.

But this is exactly backward. As Eleftheriadis observes:

“The fundamental problem facing Greece is not slow economic growth but political inequality. To the benefit of a favored few, cumbersome regulations and dysfunctional institutions remain largely unchanged, even as the country’s infrastructure crumbles, poverty increases, and corruption persists. Greek society also faces new dangers. Overall unemployment stands at 27 percent, and youth unemployment exceeds 50 percent, providing an ideal recruiting ground for extremist groups on both the left and the right. Meanwhile, the oligarchs are still profiting at the expense of the country — and the rest of Europe.”

All the blather about “growth” is just propaganda to misdirect our attention from the real problem: the total domination of governance and finance by a class of vested interests and mega-wealthy cartels/oligarchies.

The solution is straightforward: default on all debt by no longer making interest payments. There is no way Greece can pay back the $240 billion of current debt, and sooner the delusion that this can be renegotiated to preserve the oligarchy is smashed, the better.

As for the big threat of kicking Greece out of the euro currency–since most Greeks are already impoverished, how can they get any poorer? The reality is poor countries prosper by making their goods and services cheaper via currency devaluations, and by paying a healthy rate of interest on capital so capital is attracted and invested productively, as high interest rates make speculative, marginal gambles soberingly risky.

As the old saying has it, you can’t get blood from a turnip.

We have to remember that the lenders who entrusted capital to marginal borrowers took the risk and therefore have to absorb the losses. In this case, the irresponsible lenders include sovereign nations that acted to protect their own oligarchies.

Why? Once one oligarchy falls, it will threaten to topple a long line of oligarch dominoes.

I predict this wave of  Debt Freedom will soon sweep the civilized World! Let America ride the same big, fun wave! We could start by cancelling all student loans. These can really hurt people. Say, hypothetically, that a man owes $800 per month on his student loan for his Race Studies degree. This keeps him from buying a new car, and he is stuck in an old 1990 Toyota Tercel, which is hardly a chick magnet.

Plus, he has to rely upon the kindness of older women to help him pay his bills and get along in life. This has a tendency to cause certain sexual dysfunctions due to both lack of arousal because of his partner’s advanced age, and guilt over the reality that he is just a gigolo. She will pick out his clothes for him, which will all be polyester, and she will expect him home each night to go to bed by 10:00 PM. And the thermostat is like always on 80 degrees, because she gets cold easily. And then she puts her false teeth in a cup of Efferdent,  which totally grosses him out, and the little bubbles are like the constant drip-drip-drip of a Chinese Water-Torture faucet. Hypothetically speaking, of course.

All this could go away if student loans were just cancelled. So, Go Greece!

Yours very truly,

Mick “Spin” Dumdell

Blog Administrator’s BFF’s Note:

Here is the song Shockwave by the 60’s surf group, Zorba and the Greeks! Their picture is above. This all ties in, somehow.


About Penelope Dreadful

An attorney, with a rye sense of humor.
This entry was posted in Economics, Mick Dumdell Posts and tagged , , , , , , , , , , . Bookmark the permalink.

2 Responses to Greece Sends A Shockwave Through The Oligarchy!

  1. Paul C. Schulte says:

    This would be the time to offer the Greeks a token amount to settle the Elgin Marbles problem. 🙂


    • Hello Mr. Schulte! Nice to see you here, again. I don’t think Greece needs to get their lost marbles back just yet. Some creditor might grab them. Then again, maybe a creditor will garnish the Brits?


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