May 9, 2010
Monument Securities Chief Economist Stephen Lewis says the chaos in Greece could lead to collapse of the European Union, bringing down with it the dangerous assumption that structures of global governance provide stability in times of financial peril, but the World Bank and IMF vultures will be waiting as ever to feed on the remains of a dying country.
Striking Greek workers and civil servants have violently protested their government’s acceptance of the terms of an EU-IMF bailout, which sacrifices their future prosperity in a trade off for an attempt at stabilizing the Euro zone as a whole, a damning indictment of how global governance, which was introduced under the justification of maintaining financial stability, has had the exact opposite effect, with the virulence of the contagion from Greece threatening to spread to Portugal, Spain and Italy.
“There can be little wonder that the bailout finds little favor with Greek popular opinion,” Lewis said. “It must be obvious to Greek citizens that its terms pay scant regard to their future prosperity, which is being sacrificed in an increasingly forlorn hope of preserving a stable currency for the use of citizens in other member-states.”
Europe’s debt crisis has seen the Euro single currency plunge against the U.S. dollar, while riots were also a contributing factor to yesterday’s alarming U.S. stock market plunge, which at one stage saw the Dow Jones shed almost 1000 points.
BNP Paribas are now predicting that the Euro will hit parity against the U.S. dollar within 12 months, a level not seen for eight years.
“While we have had one of the most bearish forecasts in the market, these previous projections now appear too moderate given the current developments,” states the BNP report.
Economist Lewis firmly lays the blame for the chaos on internationalists who conned European nations into surrendering their sovereignty to the European project under the delusion that the architecture they were trading for their national self-determination would protect their country from precisely the kind of strife now unfolding.
“The guilty men are the eurocrats who stubbornly refuse to recognise that their fanciful construction is collapsing like a Tower of Babel,” Lewis told CNBC.
Lewis also forecasts that the riots and the violence show no signs of abating, so long as the globalists insist on forcing Greece into bondage by implementing the draconian terms of the EU-IMF loan which has now been passed by Parliament.
“Since most Greeks appear to think their government’s debts were incurred in the first place as a result of the nefarious activities of a ruling elite, the chances of their settling down to fulfil the terms of the bailout seem remote at best,” he said.
As was first documented by investigative reporter Greg Palast, what is happening in Greece is a familiar blueprint for how the IMF and World Bank habitually pillage and take over national countries and their economies.
Palast uncovered World Bank documents explaining how the IMF and World Bank deliberately fan the flames of violence and social unrest by raising prices on food, oil and the cost of living, causing riots which then lead to a virtual collapse of society which they then swoop in to exploit.
“The IMF riot is painfully predictable,” Palast quotes former World Bank chief Joe Stiglitz. When a nation is, “down and out, [the IMF] takes advantage and squeezes the last pound of blood out of them. They turn up the heat until, finally, the whole cauldron blows up,” as when the IMF eliminated food and fuel subsidies for the poor in Indonesia in 1998.
Palast uncovered how the riots were “written into the plan” by the IMF and World Bank and that “social unrest” was required to cause a financial panic, allowing for global corporations to then be able to buy up infrastructure on the cheap.
“The IMF riots (and by riots I mean peaceful demonstrations dispersed by bullets, tanks and teargas) cause new panicked flights of capital and government bankruptcies,” writes Palast. “This economic arson has it’s bright side – for foreign corporations, who can then pick off remaining assets, such as the odd mining concession or port, at fire sale prices.”
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