Saturday, September 24, 2011


One hour ago, at 10 pm EST US September 24, 2011: All the government finance ministers, the European Central Bank and the IMF met over Greek default and worker demands that have pressured government finance ministers into finding other ways to turn one euro into five euros in the next trillion euro dollar bonanza bail out.

They will collect 21% of a rescue fund of 2 trillion from bond holders spread over time through government monthly payments starting in November. The (banks)were willing to accept the losses in lieu of the losses being paid through cutting pensions, wages, hours, salaries, and services. The big group of three financial institutions included Treasury Chief Geithner, basically they gathered to hash out another way to cover the loan in part because the debt default threatens the capitalist system through 'contagion' and in part because the workers forced them to come up with another plan. Greece is a testing ground for how much European workers are willing to sacrifice for the crude compromise offered.

Finance ministers will not drop their push for cuts in government spending. Their jobs under pressure from banks to find ways to cut spending in the workers' incomes is as on going as their terms in office remain in effect. This fight is not over. Not by any stretch of the imagination.

In a revealing sentence Greek Finance Minister Evangelos Venizelos said, "In return, it has pledged deep austerity measures but negotiators are frustrated at what they say is Greece's slow reform pace." In other words, the workers are putting up a real good fight! The banks and finance ministers having second thoughts about where the money is coming from! They can not get workers to submit to the deal the banks want.

The 'slow reform pace' refers to the riots and strikes Greece's workers have staged in recent months. The unifying rally cry is no sacrifice from the banks as the chief cause of the default crisis of the 2007-8 themselves is false blame. The banks who stand to lose the entire loan from a default have been trying their best to get government ministers to get workers to pay for the losses and loans up front is a lesson the American worker has to learn, and quick. If workers take it sitting down cuts in their hard earned savings in pensions, cuts in wages and salaries, hours and new austere conditions at work, medicare and even cutting social security if Perry gets into office will be a painful unjustified reality.

Unless workers take action and the type of action needed is massive opposition to cuts is the only pressure a diametrically opposed Congress would respond to. Americans need to get Congress to charge the banks, the rich and wealthy corporations for the cost of a Jobs Bill. The same ethical reasons for this are present as they are in the 'Euro zone' that the financial institutions originated this crisis has damaged and altered the economy from shocks to the system cannot recover. Shocks which threatens to become a full scale depression but more importantly reveal the contradictory extremes in the whole society . It is not hard to see anyone of our candidates taking a sharp turn to the right under republican pressure to shift the cost of the Obama Jobs Bill on workers incomes if passed while he remains in office. I can see Obama taking a sharp turn to the right if it means saving the 'Free World' from the contagion of default collapse is how in the center he stands on all issues economic.

The US is in the same situation and the same crude compromise is voiced through Ryan's plan for social security and getting their hands on those funds is a popular theme on the Republican side of the aisle. Cutting people off from the funds in social security, services cuts, medicare cuts, wage, salaries and pension losses. If this isn't class war then I do not know what class war is! American workers have not pressured Congress to enforce strong independent so called 'pro-consumer regulations' on Chase, Wells Fargo, Mellon et al. None of the financial stock houses and their CEO's under which credit default swaps, traded from Wall Street from 1993 forward led to the collapse of the housing market and still presents a mortgage foreclosure crisis dragging the economy downward and many more millions into poverty and homelessness.




  1. i am not educated yet i am 1/2 of what you say i this to wordy i like your take.thanks

  2. Will sharpen my point of view and format it's an everyday chore, thanks and revolutionary greetings.