Another Word For It Patrick Durusau on Topic Maps and Semantic Diversity

July 13, 2015

Democracy or Bankocracy? (+ Offsetting Greek Debt)

Filed under: Government,Politics — Patrick Durusau @ 2:15 pm

If you are topic mapping the Greek debt crisis, have you considered what form of government Greece will have in the event that a recent agreement is approved by the Greek legislature?.

The agreement, hammered out in what would be considered a coercive environment for criminal confessions, makes it clear that Greece is no longer a democracy.

Webster’s defines a democracy as:

a government in which the supreme power is vested in the people and exercised by them directly or indirectly through a system of representation usually involving periodically held free elections

Now read the statement from the Euro Summit.

Although the entire document is offensive to any notion of sovereignty and democracy, on page 4 you will find:

On top of that, the Greek authorities shall take the following actions:

  • to develop a significantly scaled up privatisation programme with improved governance; valuable Greek assets will be transferred to an independent fund that will monetize the assets through privatisations and other means. The monetization of the assets will be one source to make the scheduled repayment of the new loan of ESM and generate over the life of the new loan a targeted total of EUR 50bn of which EUR 25bn will be used for the repayment of recapitalization of banks and other assets and 50% of every remaining euro (i.e. 50% of EUR 25bn) will be used for decreasing the debt to GDP ration and the remaining 50% will be used for investments.

    This fund would be established in Greece and managed by the Greek authorities under the supervision of relevant European Institutions. In agreement with Institutions and building on best international practices, a legislative framework should be adopted to ensure transparent procedures and adequate asset sale pricing, according to OECD principles and standards on the management of State Owned Enterprises (SOEs);

So a “democratic” government is being forced to submit to supervision of its debt repayment, by sales which will undoubtedly benefit investors of the states doing the forcing?

The agreement contains other provisions that make it clear the Greek government will be operation under the supervision of its creditors.

If the term bankocracy is unfamiliar, it is a form of government where banks and creditors dictate to citizens of a country government “reform,” legislation, social policy, etc.

Disagreement by the public (the sovereign in democracies) is followed by smothering the public’s economy with financial measures. People get to vote but creditors have the only votes that count.

Creditors strive for that position vis-a-vis debtors in the United States and to no small degree have turned bankruptcy courts into their collection agencies.

Should Greece “accept” this agreement, it will mean Greece is no longer a democracy but in fact a bankocracy, surviving only at the indulgence of its creditors.

Offsetting Greek Debt

For all of the discussion about Greek “debt,” there is an unmentioned solution that would resolve the Greek debt and leave Greece with a positive cash flow.

The EU nations and others, can repay Greece and/or cancel debts owed by Greece, to the equivalent to the current value (plus accrued interest), on items looted from Greece.

Since “trust” is a legendary issue with the rest of the EU, they should take immediate steps to purge themselves of their status of being thieves.

One advantage of my proposal is that its likely popularity with the Greek people will mean that passing the necessary legislation will not be difficult.

Another advantage of my suggestion is Greece would be spared the transition from democracy to bankocracy.

The “trust” I would offer Greece’s creditors is the promise that democracy will not become a bankocracy, not at the birth place of democratic thought.

Greece’s creditors are desperate to avoid any people realizing their scribbling has no value without the self-enslavement of people and their governments. Greece should denounce the current “indebtedness” as a control mechanism, meant to benefit the few at the expense of the many. Part of the price of freedom is the courage to believe yourself to be free.

Radically slashing the principal and interest on Greek debt, so as to enable a comfortable repayment plan, as authorized by the Greek people, is more than enough to offer EU usurers in exchange for honoring their fiction.

EU creditors are trying to conquer Greece without the use of military force. That could be considered an act of war and Greece may start looking for allies to resist EU aggression. There are less pleasant alternatives than EU usurers being unhappy as a result of this “crisis.”

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