Andrew Gavin Marshall: It's All Greek to ME - The Great Global Debt Depression

Late Hune 2011, the Greek government passed another round of austerity measures, supposedly to get Greece "back on track" to economic progress, but in reality, to implement a systematic program of "social genocide", in the name of servicing an endless and illegitimate debt to foreign banks. Right on cue, protests and riots broke out in Athens against the draconian measures, and the state moved in, to do what it does best: Oppress the people with riot police, tear gas and batons, leaving roughly 300 people injured! Is Greece simply a case of a country full of lazy people, who spent beyond their means, and who are now paying for their own decadence? Or, is there something much larger at stake "and at play" here? Greece is, in fact, a microcosm of the global economy: Mired in excessive debt, economically ruined, increasingly politically repressive and socially explosive. This report takes a look at the case of the Greek debt crisis specifically, and places it within a wider global context: The conclusion is clear: What happens in Greece WILL happen here. With the global economic crisis rampaging throughout the world in 2008, Greece experienced major protests and riots at government reactions to the crisis. The unpopularity of the government led to an election in which a Socialist government came to power in October of 2009 under the premise of promising an injection of 3 billion euros in order to revive the Greek economy. When the government came to power, they inherited a debt that was double that which the previous government had disclosed. This prompted Greece's entry into a major debt crisis, since the debt was roughly 127% of Greece's GDP in 2009, and thus the costs of borrowing rose exponentially! In April of 2010, Greece had to seek a bailout by the EU and the IMF. Greece ultimately incurred a larger long-term debt, since the money from these institutions simply added to the overall debt, and thus actually increased eventual interest payments on that debt. Thus, we see the true nature of debt: A financial form of slavery. Debt is deliberately designed in a way, so that, like a fly trapped by a spider in his web, the more it struggles, the more he becomes entangled in the web, and the more it struggles to gain its freedom, the more it arouses the attention of the spider, who traps the fly in its silk net, and now has plenty of time to eat the fly alive! The nature of debt is that one is never meant to be able to escape it!