Greece, Spain and Barbados – When a Government/Party Really Seeks to Represent Its People
Submitted by Pachamama
Prime Minister Stuart – when words mean nothing
It is impossible to understand the current cultural wasteland in the Caribbean unless it is properly located within its wider regional and international contexts. In Barbados, for example, only a Pyrrhic victory is possible by rightfully positioning the local political and economic elites at the centre of the circular firing squad which passes for public discourses. Our basic truth is that the future of the Caribbean, as has the past and present, is being decided elsewhere.
On the 25th January the people of Greece elected a near absolute majoritarian Syriza government. In an election pregnant with meanings for those who contend that no government anywhere truly represents its people’s interests, as a primary consideration. In opposition to the Troika’s colonial mandates, Syriza was serious about its promises to the people of Greece. Our reference to a circular ‘logic’ may even extend to the birthplace of western ‘civilization’ as this alleged ‘mother’ is now being raped by her children.
People power as represented by Syriza may indeed be the straw which will break the proverbial camel’s back. The consequences of the Greek people’s power may lead to the unravelling of the Eurozone for that power cannot coexist with external unjust demands, led by Germany, with Merkel as the banksters representative and cipher for the IMF/World Bank, the European Central Bank and the European Union. Mario Draghi has either taken a back seat or maybe otherwise engaged in printing trillions of Euros for a reckless new phase of ‘quantitative easing’.
This effective deployment of debtor’s power should have been the policy of Caribbean governments. Governments with a radical vision of the future. Governments which would not continue trying to fool the people that they understand what is happening. That things are getting better. That endless growth will return if only a few more tourists will head south. They are lying. We know that they are liars and we continue to let them abuse us with their baldfaced lies. Fruendel Stuart is not only a liar, he must also qualify as a consummate idiot to believe anybody, but ac, thinks that one word, any word, from his mouth is anything other than the opposite of any truth.
Surely, when compared to Syriza, this DLP administration has committed a level of practical and moral crimes against the people of Barbados that have set a new watermark. Crimes for which the whole regime must be held to account. The very existence of these parties should be part of the price for crimes against the people. They have missed every opportunity to tell any version of truth. And yet we are expected to respect them or their offices, using the twisted logic of a colonial conformity. We are to acknowledge the existence of libel and slander laws or the hideous Public Order Act of a nefarious Barrow.
Angela Merker has made the position of the German banks clear. And her position is not merely based in economy. It’s deeply ideological. German banks to which the national government of Greece owes a series of bail-outs….bail-ins to, are demanding continued privatization, further reductions in pensions, further reductions in wages. Greek finance minister, Yanis Varoufakis’s counter argument will be wrongly characterized as Obamaesque but it is properly located within the decades old social justice movements of the peoples of South & Central America. Obama’s plagiarism of ‘si se puede’ was catchy for American electioneering but its deeper meaning could never have a place in that political landscape.
He’s saying that the austerity policies of the previous Greek regime have been counter productive and harmful. That there is a need for public investment. That the people have been too impoverished by past policies. That the society is collapsing, not just the economy. That the Greek people are unprepared for the continued and increasing transfer of wealth to the wealthy, to the bankers. And are prepared to do whatever is necessary to develop a new world, if necessary. That the bankers have taken up to 90% of the proceeds of recent loans which the Greek government must now repay the very banks.
So in simple terms, we had the Troika lending Greece money. Paper money created out of thin air. But instead of helping the people, it was given to the banksters. And the people now have to be further impoverished to repay this dubious debt. The Syriza led government says NO! Barbados must say NO too!
They well know that these right positions challenge all that is. May represent a tipping point for the European project. Acceding to the demands of Greeks will mean that others will want the same, especially those in southern Europe. Countries like Spain, which is soon likely to elect Podemos, a new kind of political party which does not recognize the left-of-centre……right-of-centre social formations, as morphed into a muchness of a muchness. Other countries like Italy and Portugal will also be seeking concessions from the international banksters.
This will lead to the destruction of the austerity economy and a rise of generalized redistributive policies. The opposite of what is hidden by a perverse grab of national assets by economic elites. Did we hear some stupid Bajan talking about Communism again? These idiots are so anchored in this artificial left/right foolishness they would prefer to drag us back to 1917 than try to embrace any creative evolutionary spirit in the political culture.
So far we were writing about a transformation in Athenian ‘democracy’. The type of radical change, projects like Operation Gladio were supposed to prevent. But just like there will be global contagion if Greek demands are not met by creditors we can also anticipate the rising of larger population centre in Southern Europe against a politics of austerity.This tide must sweep again the DLP/BLP.
In Spain, a one year old political party, PODEMOS (We Can) has no commitment to the archaic left-right polity. With its roots firmly located in the global Indignados Movement or M15 (May 15) which gained increasing popularity out of the Occupy Movement of recent years, its popularity is starting to outstrip the established parties. Already opinion polls are showing that it is likely to get 20% of the vote in coming elections. Given the Spanish political landscape that would be enough, with some coalitions partners, to be asked to form the next government.
They will have to confront the three horsemen of the Apocalypse – deep inequality, growing unemployment and unsustainable national, corporate and personal debt. These have been created by the current and past governments as they faithfully followed the dictac of the Trioka. A Troika centered on the consolidation of wealth in the hands of the elites everywhere, with a concomitant destruction of the middle classes and the poor.
The Blackstone Group, for example, with bail-out/bail-in money has been buying up the foreclosed properties of evicted Spaniards. The banksters were able to get the Spanish Parliament to pass laws making it possible for mortgagors to be held liable for debt even after eviction. So we have hordes of homeless people liable for debt to properties foreclosed by leading banks. A revolution is coming. It will not however, be televised in the Caribbean.
All of this is happening when other grave events keep challenging our perceived right to exist. Enter! Putin’s Russia with an offer to finance Greek, and maybe Spanish, debt if the Troika continues to behave unreasonably. This is just the tip of the iceberg for a more seismic intervention by the Shanghai Cooperation Organization, the BRICS and others. This matter of another reserve currency system may soon see the almighty US dollars blowing in the wind.
We are in a fight for survival! The politics of austerity in Barbados, Greece and Spain have proved to be inconsistent with democracy. When we muster the confidence to be honest with ourselves we will known that we’ve never had a real democracy at anytime. We’ve always had other things pretending to be democracies. But not real democracy, with a small ‘d’.
We badly need deep cultural transformation. It must be long past the time when we are to be impressed with some mis-educated idiot trying to impress us with a regurgitation of ancient Greek literature, and the like. We are to be better served and serve ourselves by getting an accurate understanding about the political machinations of today’s Greeks. We must ask ourselves what is so special about this set of islands in the Mediterranean Sea that dares to lead us in history, in the present and the future as well? How come this set of islands, in the Caribbean Sea, can’t have a turn at leading humanity to the better world, we seek?
Barbados Underground 
Pingback: Greece, Spain and Barbados – When a Government/Party Really Seeks to Represent Its People
@Pacha
Please clarify the excerpt from your submission. BU’s research suggest the practice of Spaniards a slave to mortgage debt has been in place for over a century.
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David, that is an interesting concept you established there with Pacha’s writing. Research is a mere a figment of his convictions.
Littered throughout his pieces, certainly the last two, are absurd pronouncements that are cloaked in an otherwise excellent sounding presentation that parades itself as solid scholarship.
For the love of me I can’t understand how someone can be so blatantly hypocritical: they strongly criticize governments, people or processes and in so doing their own comments are often contrived mischaracterizations of the very things they condemn.
I presume that’s what makes blogging fun: the ability to be totally free and indiscriminate with your bullets even though you can be an otherwise excellent marksman.
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Isn’t a basic issue of the Greek problem the fact the citizens have subverted the tax regime for years with various schemes to underpay their obligations; that the corrupt gov’t has continually failed to assail this problem; that the people through borrowing have enjoyed work conditions and a style of life that are fundamentally out of line with the GDP and overall economic health.
Just some bare-bones basics; there are indeed many high finance and economic concepts to palaver about
The people of Greece should have said NO years ago.
We citizens do not stand idly at the side and allow governments to borrow for us; we are complicit in that activity as we drive it with our outside consumption vis-a-vis our income. It is not sustainable for a household nor for a country.
Eventually our creditors come calling.
If we walk away from the debt to start afresh then so be it, but the consequences are clear. Sometimes we can regroup quickly but often we can’t.
We can blame others for our predicament but often it’s our avarice, ego and lack of control/discernment that has caused the problem.
The US economic downfall was on the back of exotic home mortgage financial shenanigans by banks and financiers. But were the mortgages sold to all idiots and gullible older folks or were there some savvy folks who were trying also to make a buck when they signed those papers.
Bottom like is that Syrizia can walk away from the Troika’s loan requirements and can exit the Euro Zone if it comes to that ; ‘hellenic’, they can go to bed with Putin if that works for them and they will deal with whatever are the consequences.
I don’t see them as any leaders in a new historical fight when the thing they are fighting (crippling economic sanctions) was brought about first and foremost by the Greeks themselves.
More power to them if they can eat their cake and their government gets them back into a newly relaid kitchen to start to bake another one, with little concern about cleaning up the mess from the first baking episode.
We all wish we could live and eat like that.
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@DeeWord
The substantive point stands though, debt follows the homeowner long after eviction.
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These intellectually and politically backward, bankrupt and discredited DLP and BLP disorganizations MUST HAVE GONE YESTERDAY, TODAY AND FOREVER in Barbados.
The PDC knows that at this juncture in the social and political existence of Barbados there are and will be able, disciplined, national developmentalist, socially progressivist, coalition-building and people centered parties that WILL properly, rightfully and duly replace these corrupt, decadent and disgraceful DLP and BLP factions in the Parliament of this country.
As a matter of fact, there has to be a revolutionary transformation in the social, political, material and financial sectors of Barbados, in order for the country to be placed on a long term solution based national sectoral growth and development trajectory.
PDC
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David
Several times during this crisis activist were trying to get the government to change the requirement. They contended that if banks were to be bailed out so too should the people. They contended that the government should not bail out banks, with money the the public had to pay back and also leave bank debtors liable. More to come!
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What is wrong with “debt following the homeowner long after eviction”?
If I borrow money from someone to buy a house, can’t keep up the payments and the borrower takes over the house and sells it, why should I not still be responsible for the debt, if there is one still remaining after selling the asset?
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@ DAVID
Let Pablo Iglesias, General Secretary of PODEMO, speak for us. We were not doing a history lesson, this time. Instead, we were trying to look at the current circumstances, trying to ferret out implications for Barbados and maybe the Caribbean. If we had to explain every detail we could not stop writing. Things are bad enough as they are.
Separately, not @ David
We often wonder why those who never write a damn thing as though an idea cannot be birthed until somebody else says something, could always find some perceived chink to deflect from the central point/s. Yes, we remember, Bajans hate writing. Even Bajan academics. That Bajan slave mentally, as Malcolm X said, is even afraid of letting his friend know what he’s/she’s thinking.
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David: “The substantive point stands though, debt follows the homeowner long after eviction.”
Valid. And that is something the Greeks would have to deal with. Meaning, that is a major political/societal issue and citizens & NGOs have to lobby to their representatives.
Hard to understand why the average Greek allowed that to be instituted far less remain on the books unless there was some situation that allowed it to be presented and then ENACTED in the first place.
For my education I will research this.
Now see that. A truly wonderful aspect of the BU blog. Provocative, political screeds do have a place to drive people to seek knowledge about things they would otherwise miss.
Kudos to Pacha.
Yesterday Pres Obama in his speech talked about extremist being induced by slick videos and sweet sounding words. He made the point that the best way to deal with that is to educate these disenfranchised youth so that they can properly discern what is truth and want is fiction.
I completely agree with the man. Ignorance is the most effective bomb to any society.
When intelligent, well-versed citizens contrive information to suit their particular positions they are lobbing bombs to the ignorant in society.
If we examine and critique the Stuarts and his acolytes and the Euro financiers and their henchmen it behooves us all to do the same to bloggers.
But, thankfully, the readers here are educated enough to make judgments on all comments; respectfully so I hope!
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@St.George’s Dragon
You have to apply context. Why should banks be bailed out and given low interest loans, debt forgiveness and the like why not ordinary people? Do you know since the financial fallout a lot has not changed concerning how banks are regulated?
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@DeeWord
To the last part of your comment : the wonder of freedom of expression. There was a time when race was a pillar issue for BU and many were drawn to the extreme comments instead of engaging those with bigoted mindsets with a view to create the opportunity for enlightenment. In fact we have a few Caucasians who have left the blog. It is the nature of the beast this thing we call freedom of expression.
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@DeeWord
Thanks for saving my time with your excellent response. Pacha has made some points BUT conveniently was somewhat unbalanced in his assessments.
The Greeks have been in Default/ Bankrupt more than any other European country for most of the last 100 years. Surely the problem is not purely external. These bastards want to NOT pay any Taxes and live a Champagne lifestyle on a Coca Cola Budget. The railway was costing 3+ Times the Revenue.
Admittedly the Banks were greedy and stupid as in the US with their Mortgage Crookery. The basis for all of this is VERY POOR Political LEADERSHIP in Europe and North America to say nothing about the also CORRUPT Cbean. The whole concept of the NANNY State is a Bankrupt concept that must DIE for the simple reason that the Math can NOT work, especially with the Demographic aging of the populace, the Phoenix like growth of China, India et al, and the cost among other pressures on Revenue brought about by Unemployment/ lower wages resulting from the adoption of Technological advancement in Robotics, AI etc.
Is it a shock that some of the richest Counties in the USA surround Washington DC where BIG Govt is? Are these types producing something? NO BLOODY WAY!
Government reforms are critically required. My own daughter recently was hired by Govt for 44% more than her Private Sector Global Professional Services firm. She would have moved for 15% more but there was no negotiation and they should have known what she was being paid, within a tight range, at age 25! If she becomes pregnant and goes on leave she receives 93% of salary for 32 weeks. TOTALLY RIDICULOUS! Governments are WORSE than an Army of occupation because such armies eventually tire and become homesick and leave.
Politicians will and have provided virtually NO LEADERSHIP in the Western World it is ALL about Elect/ Re-Elect Me so I can feather my nest, steal hardworking peoples $$$$$$$$$$$$$$$$$$$$$$$$$$$ to give to LAZYASSES who have no intention of improving themselves and are TAKERS.(with apologies to those who are victims of poor education, low IQ, Disability but who would try more than the Lazyasses.) Naturally the Lazyasses vote for who gives them the most for the least effort. Which Pols are coming out against the US Longshoremen, who are vastly overpaid already but insist on holding the country to ransom?
Political and Social REVOLUTION is coming when THE COLLAPSE arrives!
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@David
I am still here! Dont have enough time, but consider it my responsibility to ensure that divergent pov are considered.
Let’s be sure that bigots are NOT all White, besides in the opinion of Black bigots of course.
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DeeWord February 19, 2015 at 8:07 AM #
“Isn’t a basic issue of the Greek problem the fact the citizens have subverted the tax regime for years with various schemes to underpay their obligations; that the corrupt gov’t has continually failed to assail this problem; that the people through borrowing have enjoyed work conditions and a style of life that are fundamentally out of line with the GDP and overall economic health.”
You are absolutely correct, DeeWord.
During the 1990s, Greece was making preparations to adopt the Euro as its national currency, which saw a decrease in the cost of borrowing. To be eligible to join the Eurozone, counties had to meet the policy targets of the euro convergence criteria {Maastricht criteria}, WHICH INCLUDED MEMBER COUNTRIES HAVING TO ADHERE TO THE STABILITY AND GROWTH PACT (SGP) THAT LIMITED GOVERNMENT DEFICITS TO 3% OF GDP AND PUBLIC DEBT LEVELS TO 60% OF GDP.
The Greek government took advantage of access to low interest loans, and after joining the Euro in 2001, they increased the level of borrowing and embarked upon a number of debt funded projects, including the over budgeted 2004 Athens Olympics. With debt levels rising and revenue decreasing [mainly due to tax evasion], the budget deficit spiraled out of control.
As a result the country had to conceal much of its borrowing, as successive administrations sought to meet the 3% of GDP deficit limit required by the SGP. This was achieved by falsifying the economic statistics.
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We had no interests in being as ‘unfair and unbalance’ as FOX News. Again this was not about the analysis of political and economic history. Regardless of however we got to this place, we are here currently. So history, in itself, cannot be as important as current circumstances, with the future, of most importance.
We would like to measure the extent to which current circumstances can ignite transformation in the Caribbean? Why we are never at the forefront of cultural movements? Was it not the GOB that recently went to Parliament to legislate money for Bizzy Williams in a not dissimilar fashion to what is happening elsewhere?
Yes! We have no particular interest in blaming the victims, the poor, the dispossessed. Even if some may think they are at fault or share blame for current circumstances.
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Words.of.the.prophet Stop.your.game.war
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Faint rumblings of a citizens revolt against the banksters sounding forth in Canada?
Between 1935 and 1974 the Bank of Canada effectively created new, interest free money to spend into the economy as it funded major federal and provincial government infrastructure projects. Canada appeared to prosper well under this system of money creation, and in creating this interest free money the BoC (Canada’s central bank) was functioning in the role assigned to it in its charter.
In 1974 this all changed as the Canadian government switched to borrowing money at interest (though bond sales through the BoC – mainly to the big Candian commercial banks and international lenders) to fund government infrastructure spending. This meant that any new money created by government spending had to be repaid to the banks with interest. (This is similiar to the way most governments and central banks today operate.)
A Canadian monetary and banking reform group, the Committee on Monetary and Economic Reform (COMER), recently won the right in court to sue the Bank of Canada to force it to return to the role envisioned for it in its charter, i.e. as a creator of interest free money for government to spend on supporting and enhancing Canada’s infrastructure. To the criticism by economists and politicians that this means of interest free money creation would be inflationary, COMER and its supporters argue that there was no undue inflation in the Canadian economy during the years 1935 – 1974 when the BoC was engaged in providing interest free money for government to spend on major projects (e.g. funding World War II, St. Lawrence Seaway project, Trans Canada Highway).
You can find out more about COMER and their proposed plans to bring the banksters to heel and reform the Canadian monetary system at comerDOTorg.
update COMER VS Bank of Canada Jan 2015
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re DeeWord February 19, 2015 at 7:23 AM #
David, that is an interesting concept you established there with Pacha’s writing. Research is a mere a figment of his convictions.
Littered throughout his pieces, certainly the last two, are absurd pronouncements that are cloaked in an otherwise excellent sounding presentation that parades itself as solid scholarship.
For the love of me I can’t understand how someone can be so blatantly hypocritical: they strongly criticize governments, people or processes and in so doing their own comments are often contrived mischaracterizations of the very things they condemn.
I presume that’s what makes blogging fun: the ability to be totally free and indiscriminate with your bullets even though you can be an otherwise excellent marksman.
DEEWORD YOU ARE AN EXCELLENT DIPLOMAT
YOU HAVE WITH GREAT EXCELLENCE AND FINESSE POINTED OUT CLEARLY, THAT AS USUAL PACHAMAMA HAS WRITTEN ANOTHER LONG LOAD OF SHITE
HE SHOULD RENAME HIMSELF DIARROEAL DIGESTIVE TRACT
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Is mañana a Greek word? For years they were living high on the hog- an Olympics they couldn’t afford, an airliner that every Greek and their brother flew on free as long as they were related to an employee, a system where “early retirement” was rife, tax avoidance by the upper and middle class was the norm and the average Greek kept saying mañana when it came to paying the bills.
A few years ago I passed through Athens and came away with the impression that people were either demonstrating or drinking Expresso and Ouzo at the outdoor cafes.
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Georgie Porgie February 19, 2015 at 12:02 PM #
“re DeeWord February 19, 2015 at 7:23 AM #: Littered throughout his pieces, certainly the last two, are absurd pronouncements that are cloaked in an otherwise excellent sounding presentation that parades itself as solid scholarship.”
“DEEWORD YOU ARE AN EXCELLENT DIPLOMAT”
I agree with you, Georgie. Deeword’s contributions are always well thought through, informative and adequately articulated by his literary skills, thereby making them enjoyable to read. Some contributors have unique writing styles that, more or less, characterize their individualistic views of various issues. Contributors such as Bushie, POTRYR, AWTY, and you Georgie, readily come to mind.
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@Pacha
I do tend to agree that the populace should be “protected” from Banking Predators BUT the Politicians want to buy votes not actually lead and plan for a better future. It was Carter who started the Mortgage Nonsense in the USA by pushing for”everyone should own their own home”. Conceptually yes BUT there are those who refuse to learn, earn, save, care and dont deserve a home via the marketplace but only via Govt Rent to Own Programmes.
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@GP
You do appreciate that Pacha will soon be DR Pacha right? You are being very harsh! lol.
It was totally predictable that when Bim imposed fees at UWI (which should NOT be conducted across the board) that the dropout rates would be highest in Pol Sci and Social “Sciences” and low in more meaningful pursuits like Medicine,Engineering et al. Even the students realise that it is not worth it once they have to pay!
I believe that Govt should let market requirements and individual student ability govern pricing in Uni education. Let’s say we need 300 Sociologists then the first 3-400 are provided free or low cost entrance but thereafter fees escalate.
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MoneyBrain February 19, 2015 at 2:01 PM #
@GP
You do appreciate that Pacha will soon be DR Pacha right? You are being very harsh! lol.
BRAIN PACHA FREQUENTLY BREACHES THE FIRST RULE……….HE MUST THUS BE DEALT WITH ACCORDINGLY
WE MUST NOT SUFFER FOOLS GLADLY
Artaxerxes February 19, 2015 at 1:33 PM #
Some contributors have unique writing styles that, more or less, characterize their individualistic views of various issues. Contributors such as Bushie, POTRYR, AWTY, and you Georgie, readily come to mind.
Artaxerxes
YOU ARE IN THE TOP DRAWER YOURSELF!
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We should remember one of BU’s enduring characteristics is the willingness to accommodate all comers.
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“He’s saying that the austerity policies of the previous Greek regime have been counterproductive and harmful. That there is a need for public investment. That the people have been too impoverished by past policies. That the society is collapsing, not just the economy. That the Greek people are unprepared for the continued and increasing transfer of wealth to the wealthy, to the bankers. “
The collapse of the Greek economy was a bit more complex than was previously analyzed. Greece always had problems with its public debt, and has spent more than half of its years in default, after gaining independence from the Ottoman Empire in 1832. It is also interesting to note that, in the early 1990s, the state controlled approximately 75% of the country’s business assets and implemented regulatory controls on other sectors of the economy.
When Greece was preparing to join the Euro, countries with booming economies at the time, such as France and Germany, met the convergence criteria to join the Eurozone. Hence, the fact that Greece also met these qualifying provisions and obligatory requirements, initiated an upsurge of investor confidence.
According to the OECD, in 2009 rising government expenditure, which accounted for 50% of GDP, was allocated to the increasing public sector wages and associated benefits.
This increase in public administration has been attributed to Greek politicians engaging in political patronage, [i.e. providing public sector jobs and benefits as an important way of granting favors to secure electoral support], which saw the excessive growth of the country’s civil service and the continuous increase of the public sector wage bill. Politically influenced public sector unions exploited these “arrangements” by consistently (and successfully) negotiating generous wage and pension agreements.
Sources such as the Economist Intelligence Unit and the IMF, have also indentified certain anomalies “deeply entrenched” in the Greek economy and society that prevented sustained economic growth, such as “pervasive state control of the economy, a large and inefficient public administration, endemic tax evasion, and widespread political clientelism (e.g. granting tax exemptions to certain professions and income brackets).
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Deeword
Georgie
I support your pachamaniac sentiments 100%. As a matter of fact I ‘eye pass'(love that Guyanese term)Pacha,Hanson and PDC with equal vigour.A waste ‘o space.
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Clearly we have some entrenched behaviours/attitudes at play in Greece, we can criticize the country, justly so, Merkel can flex with the muscles a strong German economy gives her in the Eurozone BUT a generation of Greeks will have the last say.
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Why do people want to make teams favourites for point pushing sucking up boot lickers
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The prime minister of barbados and his croonies including the chief justice and the low life lawyers are no different from the slave owners whose only intention is to keep who they think are ordinary people “beneath” them. But history has shown that this could only go on for so long without some kind of backlash
. Now that they are being exposed slowly but surely, changes could be around the corner and I hope sooner that later.
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I could be wrong, but, from reading Pachamama’s post, I’m getting the impression that the writer is essentially comparing the similarities in the management of Barbados’ and Greece’s economies, and not necessarily how the economic recession affected both countries.
If were to examine the Greek and Barbadian situations, we will identify that:
1) both countries’ economies are small;
2) they consistently ran high fiscal deficits;
3) took advantage of low interest loans to finance economic and social development;
4) in 2004 Greece borrowed to finance the over budgeted 2004 Athens Olympics, while Barbados sought loan financing for an over budgeted 2007 Cricket World Cup;
5) Both countries have endemic cases of tax evasion;
6) Political patronage is practiced by both countries;
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UK Guardian, Bank of England: ‘Banks create money as debt.’ Translation: debt-free money, at-cost credit create instant prosperity
The UK Guardian is Earth’s third most-read on-line newspaper. In a revealing article, The truth is out: money is just an IOU, and the banks are rolling it in, the author explains what the Bank of England and US Federal Reserve admit:
What we use for money is created as debt by private banks.
This system is like adding negative numbers forever. The aggregate debt only gets larger, and will never be repaid because this is what we use for money, and as we see today the interest and debt total becomes so tragic-comic we can’t get close to affording to pay.
snip
What we have:
US “leaders” psychopathically pretend to care about American labor while lying about a real unemployment rate of close to 25% (the so-called “official” rate excludes under-employed and discouraged workers). Along with unemployment, Americans receive policy enabling oligarchs to “legally” hide $20 to $30 trillion in offshore tax havens in a rigged-casino economy designed for “peak inequality.” For comparison, $1 to $3 trillion ends global poverty forever, saving a million children’s lives every month from slow and gruesome death (here, here).
We have escalating and unpayable national debt, a real-inflation rate more than double the stated rate, and because private banks and their admitted privately-owned pinnacle bank, the Fed, create credit/debt for what we use as money, this becomes the literal mother of all conflicts of interest. If the Fed were to deliver its three stated goals of “maximize employment, stable prices, and moderate long-term interest rates,” we have a stunning observation:an honest Fed would at least ask for independent professional cost-benefit analyses to determine if government-created debt-free money and public credit would do better than their ever-increasing and unpayable aggregate debt.
More:
http://www.washingtonsblog.com/2015/02/uk-guardian-bank-england-banks-create-money-debt-translation-debt-free-money-cost-credit-creates-instant-prosperity.html
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@Artax
You forgot the important #7- a people intoxicated by conspicuous consumption.
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Less we forget the Federal Reserve is Private and NOT a Government Organisation.
Every President that has attempted to rectify this situation of Banking Consortium holding everyone to ransom has been shot at or assassinated eg Lincoln, Andrew Jackson (was missed and his re-election slogan was “Vote for Jackson and NOT the “Bank”), Kennedy was taking the banks on too. Banking mafia does NOT play around they have been FINED for MANIPULATION in several markets ie LIBOR, Gold/ Silver, Mortgages, Forex etc and have paid US$ Billions but NEVER admitted guilt!
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@PDC
Give up or change the record player. Jesus Christ!!
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Gentlemen all (GP, Artax et al), thanks for the remarks.
We appreciate each other here on BU; we all have a story to tell, even the ACs and Dompey.
EasySqueeze, be chilled, BRO. Why must it be about “… favourites for point pushing sucking up boot ”
Bloggers criticize each other here and too give praise where due. We don’t know each other so why would someone be sucking up.
It’s unfortunate that the simple courtesies you learned as a yute are so alien to you now in your current incarnation of Mr. Easy.
You obviously have forgotten that people actually used to say ‘well done’ or ‘I appreciate what you did’, or ‘thanks’ for no other reason that it was OK to do it.
Tomorrow, I could disagree with GP, Artax and all others but that doesn’t make their contributions any less insightful and ‘must clickable’
Relax, don’t let pervasive hate speech on blogs blind you to simple gestures of courtesy.
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@ DeeWord February 19, 2015 at 8:04 PM #
“Relax, don’t let pervasive hate speech on blogs blind you to simple gestures of courtesy.”
I agree DeeWord……….. whether we agree with each other today and disagree tomorrow, it does not “make their contributions any less insightful and ‘must clickable’…”
However, in our haste to give credit to fellow contributors or be critical of them, we must not forget to give kudos to the blog master David BU, who has not failed as yet to present interesting topics for discussion and for providing the forum [which is noticeably absent in the traditional media] for all of us to express our opinions.
We must encourage David BU to keep up the good work.
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“The politics of austerity in Barbados, Greece and Spain have proved to be inconsistent with democracy. When we muster the confidence to be honest with ourselves we will known (sic) that we’ve never had a real democracy at anytime (sic).”
You can debate whether we have democracy or not; what you can’t debate is that we have been living on borrowed money for years. We made the choice to continue paying public sector workers when we did not have the tax income to Do it without borrowing money.
I don’t run with the philosophy that because the banks were bailed out, we should be too. If we borrowed money, we should pay it back. If the interest on our debts Is higher than we would like, we have only ourselves to blame for ignoring and pouring scorn on the credit agencies’ downgrades.
In the end, we have to take responsibility for our own economic affairs.
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@ Green Monkey …US “leaders” psychopathically pretend to care about American labor”==================
Remarkably apropos post to this news item today: “Wal-Mart’s CEO Came to Support a $1 Billion Wage Hike”
Now that is a big deal because for years now there has been anger that many full time Walmart employees were still dependent on government assistance because they were not receiving a living wage to sustain them in a family environment.
But that wage increase was not the ‘REAL’ news to me.
What caught my attention was: “The announcement sent the shares down 3.2 percent to $83.52, the biggest one-day decline in four months.”
Although Walmart can afford this up-charge the financial markets have shown its displeasure because corporate giants are expected to grow profits on the backs on the lowest level employees and not improve employee well-being.
That remarkable corporate mindset that the profit growth and dividend payments is the end all and be all of a company’s purpose in life is pervasive and the need to enjoy a reasonable existence by the average Tom and Mary employee is considered irrelevant.
Consider that Walmart has reported figures of Gross Rev of $483.79B; Gross Profit $118.22B and NET INCOME $15.44B -last year of review. (Those figures change but not markedly if their subsidiary co. is removed)
Of course, this store is the largest discount retailer in the US and the world basically and also one of the largest (if not the largest) supermarket chain in US.
Walmart is also the largest US employer (>1.5M) and alone they account for 15% – 18% of the US $450+B China import bill.
This is the favorite company Americans love to hate but shop there in droves religiously.
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WALMART
Retailer to increase associates’ hourly pay to $9 in April, and $10 next year
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@ Easy squeeze (make no riot) February 19, 2015 at 3:18 PM #
“Why do people want to make teams favourites for point pushing sucking up boot lickers”
Your comments are apt. BU is not suppose to be a gentleman’s club, a golf club or an old boy’s network where time is spent back-slapping one other, networking and or detaching themselves from the common man.
Even the legendary Bush Tea man appears happy to elect a parliament from the BU family in place of those dunces who represent us in parliament.
However we should remember that some of these contributors have been on this blog for years.
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@ Pachamama,
The Germans are hypocrites who suffer from selective memory syndrome or amnesia.
How could a country like Germany with their history forget the Treaty of Versailles, a savage treaty which brought humiliation to their nation? This treaty was extraordinary and explains why Germany would exact revenge on those nations who decided that it was a bright idea to bring them (Germany) to her knees.
It looks like Germany is prepared to humiliate Greece and drive them to Russia. Given their history one would expect more from a country that experienced decades of humiliation post world war one.
It is clear that Barbados risks going down the same path if we continue to be governed by Tweedle Dee and Tweedle Dum.
Pachamama, your article is extremely profound. The ramifications are clear. We risk becoming a nation whose assets are stripped and removed from us whilst we remain impotent standing and looking.
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@ Pachamama,
You are in good company. It is difficult to open up the conservative mindset.
http://www.theguardian.com/world/2015/feb/19/jacob-zuma-investigation-hate-speech
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“We risk becoming a nation whose assets are stripped and removed from us whilst we remain impotent standing and looking.”
Whatever happens is as a result of us borrowing more money than we should have.
Spend money on your credit card when you can’t afford to pay it back? It comes back and bites you on the arse.
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@ Exclaimer
We can always depend on you to forthrightly state a pertinent view, though we don’t always agree. This time we unreservedly agree.
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Oh Jesus Christ now! Pressure mounts on the Greeks. Unconfirmed reports of bending, compromising ideals. Betrayal is the DNA of government!
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How does the German press view the Greek crisis?
http://www.bbc.co.uk/news/world-europe-31551795
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The Global Stakes of the Ukraine Crisis. The Failure of Western Civilization
by Proof. John McMurtry
The IMF enforces the global money-sequence cancer system by its defining policy commands on debt-impoverished countries to open them up to foreign feeding on their domestic markets and fire-sale enterprises, drastically reduced workers’ wages and benefits, stripped public pensions, healthcare and education, sell-off of historic infrastructures to pay ever more bank-created debts, and – in general- multiplying transnational money demand and profit invading their life functions at all levels. The IMF and Wall Street have been cumulatively hollowing out Africa, Latin America, South-East Asia, South Europe and the US itself in these ways over 35 years. Now it is the turn of the once social democratic Europe, state by state, beginning with the most indebted and helpless. Ukraine on the outskirts of Europe next to Russia is where the military option has been required to strip it and its former Slavic economic union with Russia. This historic relationship has been the last line of life defence in the way, a conservative but sharing ethos of resource-rich societies with Putin as a superior leader facing the US-EU’s many-times more powerful economic levers and lethal arms to bully him and Russia into submission.
To take the naturally rich Ukraine for transnational bank and corporate looting, the public must be sold the story of Putin as the villain. Only then can debt screws be applied and the country opened to long-term and full-spectrum financial, foreign and oligarch control beneath the people’s notice. The IMF is already in motion to ensure that the Kiev coup state provides all of this. Few observe the underlying fact that the crushing bank debt eating societies alive across the world is all debt money created by big private banks with no legal tender to back 97% of it. Ukraine is the latest nation to fall into the deadly trap without a sound. Here public money for public need is ended, although it created the US itself. As Ben Franklin has testified, to regain public money issue was the prime reason for the American Revolution. Public banking was also what made modern Canada from 1938 to 1974 by public investment money without private debt-servicing loaned by the public Bank of Canada for construction of Canada’s material and social infrastructures from the St Lawrence Seaway to public pensions and universal healthcare.
The same is true of almost every society that has economically succeeded in the modern world. The Depression and the War especially taught the world’s real leaders something about public banking as the only thing that works for real social development. Germany in peace, China, India, Japan in their most prosperous periods have all relied on public investment banking in some form. But the Wall Street counter-revolution happened invisibly in 1974 by Bank of International Settlements policy to stop governments from lending their own money for their public investments – the BIS being a coterie of bank heads meeting in Switzerland led by Wall Street bankers and with no accountability to any public interest or body.
http://www.globalresearch.ca/the-global-stakes-of-the-ukraine-crisis-the-failure-of-western-civilization/5432144
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The Germans were stupid to lend so much to all these Southern Europeans who are known historically to be incompetent Fiscal and Financial managers. Indeed, they are DAMAGERS and CORRUPT ones too.
However, the Germans are acutely aware that allowing Greece to avoid austerity in and of itself is NOT the major danger it is the other appropriately designated PIGS ie Portugal, Italy and Spain, that a large enough to take Germany down with them.
Best that the Greeks take their exit from the Euro, restart the Drachma which would likely drop in half and give them a massive competitive advantage so that growth and employment/ JOBS would follow.
Why should any Govt, people or person be permitted to run up their credit card and then NOT pay the price? Oh yes the Nanny State, the average citizen is too stupid to understand that paying 18%+ rates is a recipe for financial disaster. Business people are crooks and just want to sell to the Public goods that they dont want and are not greedily pursuing. Right?
Far too many Greeks are Lazy, Corrupt bastards and should be left to wallow in their own cesspool. The Germans are hardworking. pay their taxes and are generally very well organised.
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@Pacha
BETRAYAL is a HUMAN frailty!
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@Green Monkey
The Bankers are corrupt criminals BUT the so called Political “leaders” are of the same genre. The Nanny, Socialist give, give everything to everybody WASTE “system” is DYING before our eyes. It is time for DISCIPLINED Socialised Capitalism where WASTE is minimised.
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Regardless of the circumstances this battle has to be engaged, sooner or later. Let the struggle continue. ‘Bankster’ oligarchy must end!
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When a government or a party really seeks to represent its people international and national vested interests will move heaven and earth to put such a government back into the establishment’s way of thinking, misrepresenting the people.
These forces make it almost impossible for any electorate anywhere to make determinations inconsistent with those of interests.
We have seen these pressures before. Very few can resist them. After all we are up against the devil, himself.
Countries like Iran and Cuba have, to varying degrees, been able to resist even after 36 and 50 years, respectively.
When elected officials see the level of anger they are exposed to it is understandable why most have wilted, but this is also unacceptable. Why pretend there is anything called a nation state, 1638.
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@Pacha
Looks like Greece maybe looking at a boot?
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David
They are located on death ground! And that is were they need be. At least they are not fight shadows. The fight, as Bushie would say, is against ……. and principalities.
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@ Pacha
When a government or a party really seeks to represent its people international and national vested interests will move heaven and earth to put such a government back into the establishment’s way of thinking, misrepresenting the people.
+++++++++++++++++++++++++++++++++++
it is a complex situation.
The problem, as Money B correctly surmises, is that BOTH the bankers AND the politicians (and he left out … “AND the people”) are a bunch of bowls. Those Greeks are some of the laziest so-and-so’s outside of modern Bajans. They were happy to exploit conditions and live WAY beyond their levels of productivity for as long as it was allowed to last…
Their chickens have come home to roost….
The problem is that “when a government or party really seeks to represent its people” it is often undertaking policies that have been conceived in ignorance and greed.
Here is a BASIC rule of thumb:
BY THE SWEAT OF A MAN’S BROW HE SHOULD EAT AND PROSPER.
People SHOULD prosper and be wealthy….PROVIDED that they are prepared to be productive, creative and dilligent.
BUT….
There is no natural rule or law that guarantees a bunch of lazy French Connectors (UK) a life of luxury while lounging around doing squat….. NONE!! …whether they are Greek, Bajan or Bushmen.
So a government that seeks to ‘represent its people’ by supporting or encouraging such ….is an exercise in futility.
So while you are correct about the “wicked bankers” and other high level schemers …who are now in the process of squeezing Greek balls, this is a case of brass bowls foolishly offering up their balls to be assaulted.
The REALLY scary thing about the Greek situation is the uncanny similarity with our own local plight….and that if these international bankers are willing to squeeze white Greek balls ….
…what will they do to black, Bajan, brass bowl balls boss…?
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Greece Reaches Deal With Creditors
ASSOCIATED PRESS
By Jan Strupczewski and Renee Maltezou
BRUSSELS, Feb 20 (Reuters) – Euro zone finance ministers reached an agreement on Friday to extend heavily indebted Greece’s financial rescue by four months, officials on both sides said.
"It’s done. For four months," one said.
An agreement removes the immediate risk of Greece running out of money next month and possibly being forced out of the single currency area. It provides a breathing space for the new leftist-led Athens government to try to negotiate longer-term debt relief with its official creditors.
European Union paymaster Germany, Greece’s biggest creditor, had demanded "significant improvements" in reform commitments by Athens before it would accept an extension of euro zone funding.
Euro zone officials said the accord required Greece to submit by Monday a letter to the Eurogroup listing all the policy measures it planned to take during the remainder of the bailout period, to ensure they complied with conditions.
Officials said an outline deal was reached in preparatory talks involving the Greek and German finance ministers, as well as the managing director of the IMF. It was then agreed by the full 19-member Eurogroup, ending weeks of uncertainty.
With the 240 billion euro EU/IMF bailout program due to expire in little more than a week, Prime Minister Alexis Tsipras voiced confidence of an agreement despite the objections to the request made in a letter to Dijsselbloem.
"I feel certain that the Greek letter for a six-month extension of the loan agreement with the conditionalities that accompany it will be accepted," Tsipras said in a statement to Reuters before the crucial Brussels meeting. Officials said Greece’s partners requested the shorter period.
Read the whole story
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seems like people don’t know what they are talking about
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But Bushie
You have to be careful when you join the bandwagon of people talking about living beyond one’s means. It’s like blaming the victims. What about the country that can print ‘paper’ and use its military to tell the rest of us that we must accept it as legal tender, fight wars to maintain that ‘right’ etc. To our minds that is taking living beyond one’s means to levels unknown to man or mammon, previously.
Or the countries that for centuries raped the resources of the South and elsewhere to sustain a lifestyle hitherto-fore impossible. Be careful!
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But Bushie
Western finance-industrial capital is no longer based on that work ethic, if it ever were. If you had 100MM we could point you in a direction where you could make that same amount in less than 30 days. It’s about money literally making more money not ‘productivity’ as you termed it. Those days are long gone, brother! That kind of capitalism does not exist in any western capital. Instead it is generally outsourced to the colonies, Bangladesh etc………….
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All correct Pacha
….and those countries’ chickens will come home to roost too …. only REALLY big time….and soon.
But because those scoundrels have been doing shiite does not mean that we must follow. Those fellows are driven by and committed to their god of materialism.
Our role is not to outdo them in nonsense, but to show that we are different and certainly not slaves to materialism.
The ultimate challenge in life is to understand our purpose and destiny. It must be clear to all thinking people by now that the drive to amass material goods is NOT that purpose and destiny…
Why envy the misguided?
Let the dead bury their dead….
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Agree 100% Bush Tee. There was a time when Barbados was regarded as a model small island state.
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But Bushie
We agree, generally. However, we will never blame poor people, and more than 90% of the people are essentially poor because others, in order to develop markets, create needs (wants) to drag the poor away from their moral leanings. We always will blame the elites, regardless of the circumstances.
For us that ‘camel’ will never get through that needle’s eye (sic).
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@ David
There was a time when Barbados was regarded as a model small island state.
+++++++++++++++++++++++++++
True David.
That was back in the days of ‘hardships’ when the average Bajan was too poor to be concerned about buying the latest shiite consumer products from Japan, China, UK and the USA. We therefore spent our time supporting extended family, sharing in the community, minding each others business, and COLLECTIVELY building a sound society….
We managed to get our own bank, Communications utility, Power utility, water works ….and they actually WORKED well……
We focused on education, social development and health….
shiite man David, we have NO IDEA what we were on to…..
….then along comes a bunch of white people from the world bank and IMF with ‘grants’, soft loans, bribes, …and all kinda shiite offers to encourage us to become materialistic…
Where did it get us?
lotta old rusty Japanese cars littering the place, burning expensive Trini gas…
lotta unhealthy lazy people
lotta foreigners running thing here…
and…
No bank
No utilities
No education
No say
….and soon, NO damn money either…..
We dropped the bone in pursuit of the damn shadow.
@ Pacha
what we need is not access to those damn people’s money or loans….but a total review of what is important in life….
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Well Bushie we have dug the hole and our attitudes and mindset say we have to borrow our way out of the mess and NOT adjust our taste for things.
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LOL @ David
Everyone except confirmed brass bowls know that the VERY first action needed when you have dug yourself into a hole is to STOP DIGGING.
..attempts to solve a problem initially caused by borrowing beyond our capacity ….by borrowing more now with our DIMINISHED capacity sounds like digging to Bushie…
…somewhat like the Greeks 4 months….
….but listening to AC and watching Froon and StinkL ….that is no doubt exactly what we will do…
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@ Bushie
We must suggest that this is a logical fallacy. Your are not wrong but It’s tooooo simple a logic to be applied to highly complicated situations.
We would prefer to suggest that the debt crisis is more akin to a drug addict, a national, global, addiction. While Bushie would insist on a cold turkey approach we would prefer methadone clinics at the same time as a ruthless focus on manufacturing/planting, at source, and distribution networks.
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decriminalization etc
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@Bushie….then along comes a bunch of white people from the world bank and IMF with ‘grants’, soft loans, bribes, …and all kinda shiite offers to encourage us to become materialistic…
Bushie—you know better than that. Classic example from 50yrs ago before your contention stated above. Excellent black bajan businessman comes to my father and introduces his brother in order for my father to support his brother’s new business via credit. Know ing that Mr Blacky is top notch and certainly NOT wanting to offend and excellent client he advance credit. A year or so later my father has lost $100K WHY? Mr Blacky Brother is a MATERIALISTIC lout who believes that very early on in a businees venture one goes out and Buys a bigass car and adds at least 3 women to one’s sexual escapades. Come on fellas this is NOT one sided.
I have Credit CardS with at least $100,000 total limit, I have had CCs for 34 years and I have NEVER paid a CENT of interest rate cost (even when I had nothing and was little better than a paycheck from disaster), CCs are for Convenience and accounting purposes ONLY! Now most Nth Americans have massive Credit balance and they are Stupidass White people for the most part!
Black people in charge dont change shyte!
Did Kofi stop the Rwandan GENOCIDE?????????????
Has BO changed the lot of Black Americans?????????? Maybe by his own success and high profile but——-??????
ALL HUMANS are very similar, simple dat!
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Pacha
We would prefer to suggest that the debt crisis is more akin to a drug addict, a national, global, addiction. While Bushie would insist on a cold turkey approach we would prefer methadone clinics at the same time as a ruthless focus on manufacturing/planting, at source, and distribution networks.
Good analogy P, either way the insistence on DISCIPLINE and massive reduction in WASTE is what the end result has to be.
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@ Money B
LOL …Skippa…you very sensitive, you got clothes hang out an looking fuh rain or wuh…? ….Are you saying that the World bank and IMF folks were NOT white…??
…cause that is ALL that Bushie said.
You remember when they lent us money to build schools on condition we introduced co-education ….to french connect (UK) up our males….
….or when they tried to make us embrace bulling?
LOL ….except for ‘Living in Barbados’ (who we had to sort out here on BU,) those people were mostly white….
The fellow who robbed your father was merely extracting advanced reparations….LOL probably knew better than waiting on Sir Cave… 🙂
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@Bushie
It is that very attitude of “advance reparations’ that justifies why some white people stay very clear of darker peeps. What all should appreciate is that episode hurt the next hundreds of prospects who wanted/ needed CREDIT as my father decided “NOT to advance any further reparations.” Hence the rule of probability strongly points to at least a few darker peeps that had to drink shitty water as a result! Situations like this might well have caused the Banks to be far more careful since they are NOT in the “reparation redemption” business.
Bushie white people are not all stupid, just like they were NOT all Slave owners. I through off the shackles of Tom’s Tax Slavery of 70% marginal rates! Pity was, I liked Tom, respected his family(Lady A taught me at HC and his son was a young Kolijian) but how does an otherwise brilliant Oxford grad convince themselves to charge Slave Taxes? Thanks to Tom I migrated North and probably accumulated greater wealth, received better education for my kids etc. In cases like mine BIM LOSS!
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MoneyBrain February 22, 2015 at 10:41 ……..
Your comments got me a bit kerfuffled. They are based on racial tones but could have easily been based on national or political themes just as easily. But then again, I presume you would have maintained the same perspectives.
So, if the long time business associate of your old-man had been…let’s say Syrian and had introduced his Syrian brother who then defrauded your Dad would your Dad have also stopped all credit transactions or would he have realized that maybe he could have implemented better controls with this particular fellow’s credit at the business to avoid such a hit.
So did you old man stop ALL CREDIT or just credit to Syrians (the black peeps really)?
When Tom enacted his tax regime…as let’s say the Democrats in US did to balance what he may have perceived as an out-of-whack social base, can one presume that you would have changed to Republican at that moment and forever be one after that type of betrayal, where this a US type issue?
In many countries that type of social engineering was carried out by very well educated folks from some of the best universities and became a significant plank of their country/party’s social agenda.
More of a profound political matter intertwined with race rather than some foreboding slave induced threat against the white folks that you seem to be suggesting.
You have done well in your adopted country based on your skills and knowledge and no doubt would have succeeded if you remained in Barbados.
But just as you allude to “some white people stay very clear of darker peeps” the type of very prejudiced comments you have laid out above boils the blood of many black people who are otherwise quite equanimous on race matters.
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@DeeWord
You are obviously clever so dont go out of your way not to appreciate context. Bushie’s illustration reflects an attitude of too many black Bajans which is taking/ stealing from any whitey is totally justified, examples being
1 the crazy but clever fella (forget his name but he was finally shot by the ex-policeman in Horse Hill) that murdered old white people, stole etc was a BLOODY FOLK HERO for many, ah lie?
2 chap thief serious $$$ from a Bank was a hero.
I am confident that most Black Bajans understand that stealing and murder are wrong and that when Whitey is a victim the racial aspect changes nothing. My purpose here is to clarify that Bim has lost much talent as a result of this attitude. No doubt some here will one minute say it is good that Whites leave Bim and shortly thereafter condemn such leaving.
My father was not dumb so he realised that inevitably he could only be successful by encouraging Black business, which he did, for example, he worked with NE Wilson and indeed attended his wedding and this was over 50 years ago. All I was illustrating is that negative episodes / attitudes stunt progress as a result. Indeed small businesses were placed on a cash basis to start and then credit advanced on performance. Our firm had situations where Shops would send in a large order but although the goods had been sold they did not want to pay, some were even indignant that pay was required. We wont talk about those that went to jail for receiving stolen containers of goods.
Now let’s address White foreign Crooks who sometimes infest Bim. My father had to be careful with some foreign owned hoteliers who could run up credit and if things did not work out hit the airport with a briefcase full of US$ cash.
From my perspective it is a matter of clarifying what causes racial tension and insisting on more balanced views. White is always wrong, is just as pointless as White is always correct. Yes there are miscreants of all races, we have some serious White teefs here in TO!
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Blacks had the Perfect System
A ninety year old aboriginal elder sat in his humpy eyeing two government ‘Welfare’ officials sent to interview him.
One official said to him: “You have observed the white man for 90 years. You have seen his wars and his technological advances.
You have seen his progress and the damage he has done.” The elder nodded in agreement.
The official continued: “Considering all these events, in your opinion, where did the whitefella go wrong?”
The elder stared at the two government officials for over a minute and then he calmly replied:
“When whitefella found the land, blackfellas were running it. No taxes, No debt, Plenty kangaroo, Plenty fish,
Women did all the work,Medicine man free, Aboriginal man spent all day hunting and fishing, All night having sex.”
Then the elder leaned back and smiled: “Only whitefella bloody stupid enough to think he could improve a system like that.”
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@ DeeWord
Boss man… you are blogging at such a high level that yuh got Bushie stumped…
WELL SAID above…
….and the “old elder” was Bushie in case you are wondering…
LOL Ha Ha Ha
Think about it…. perhaps then we should have enjoined Money B to take all the rest of his whitefella pals with him when he incurred that “great loss” on Barbados after Tom’s 70% tax…
…well all except Bushie’s boy Lowdown Hoad that is….
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@MoneyBrain February 22, 2015 at 12:15 …1 the crazy but clever fella (forget his name but he was finally shot by the ex-policeman in Horse Hill) that murdered old white people, stole etc was a BLOODY FOLK HERO for many, ah lie?================
Presume you are talking about Winston Hall.
Well when you appear to be some type of Houdini that can almost vanish into thin air when surrounded by an army of police, or when you can slip outa BIM and live wid a nice, loving woman down the islands for a few years and when they say your father is a big-time MP you do engender the type of folk-lore; you know that type of Jesse James mystic.
And just as you have large numbers of stupid white peeps folklorizing Jesse, Billy the Kid, Bonnie & Clyde and so on, so too a bunch Bajans did for Hall.
I mean, how many simple vagabonds do you know of that had a popular song written about them by one of Barbados best calypsonians? Do tell!! LOL.
The point being that Winston Hall was a murderer and crook and not a hero by any account for the many thousands of law-abiding, practical bajans.
He certainly appeared to be a talented young man who could have been a raging success had he not fallen into a life or crime.
So let’s be clear that there is no folk-lore beauty in killing someone in their home during a burglary and the average Bajan did NOT ‘heroize’ Hall on that crime.
I think we all understand how his notoriety developed and as you said the context of the situation is important.
But we agree: Yes there are miscreants of all races,
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@Bushie
If all Whiteys had left Bim then (or now), it would NOT have lead to a better life for the average Bajan as the educated clowns Manley in Jamaica and Burnham in Guyana so brilliantly proved by racing way whitey et al.
Government’s job is to create an atmosphere for success to attract business people from all corners of the Earth. This is what places like Singapore do so well and why they have a negative unemployment rate ie they actually import plenty labour, construction workers, bus drivers etc. Bim has migrant workers too (from Guyana) because there are too many Bajans that have no intention of working (block boys). Such fellas should be grabbed early and placed in the”military” to learn DISCIPLINE and at least a trade. Singapore conscripts all young men regardless of race, creed or economic level for 2 years typically before they go to Uni ? tertiary education.
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White flight is not unique to the Caribbean.
In all the ‘inter cities’ of the grand ole US of A white flight is as American as apple pie – in 2015
To assume that people of colour need white people to legitimate their existence qualifies as the height of a racist acili.
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@Pacha
Why NOT stop Tourism, Off shore and any white activity in Bim then and let us see if Mother Africa and / or Black Bros in USA or Europe come to replace them in droves. Tek de risk nuh!
I was not being racist just REALISTIC!
Why is Haiti the poorest country in the Western Hemisphere? They must have clever people and the black people been in charge since 1802!
Indeed, met an attractive and clever Haitian lady with a black Bermudian husband a few years ago, she is a Lawyer for a big Wall St firm, they dont hire average people for such roles.
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@ Dee Word
You made a comment earlier which I disagree with radically
You said that you agree with President Obama’s fallacy and sound bite
I re quote your quote “Yesterday Pres Obama in his speech talked about extremist being induced by slick videos and sweet sounding words. He made the point that the best way to deal with that is to educate these disenfranchised youth so that they can properly discern what is truth and want is fiction.”
16,808,538
I wonder if a Boolean search on the internet’s search engine would give a big data match for what is the number of gun applications received nationally for handguns in the United States of America, called by some the great Babylon and purveyor of souls.
Searches for the number of handguns manufactured and the amount of bullets sold are less likely to yield results other than tangential information as to the percentage of lead made that ends up in bullets 80%
You may not have any idea as to the replenishments associated with armouries with respect to weapons and the half life of an unfired bullet but I would put it to you that your admiration of this president who the system has assimilated like the Borg, is sadly misplaced.
His quote missed out one critical element, as do THEY all, “…..is to educate these disenfranchised American youth….”
You and others are misguided to believe that their is some global enfranchisement embodied in this sexy pronouncement for there is no politics of inclusion intended by these purveyors of death when the replenishment of ammunition means revenues for American gun/bullet manufacturers for the gun sales in Africa, Chad or Barbados for that matter where, contrary to your imputed belief, America does not give one flying leap if your youth with 8 CXCs are educated or not, as long as we keep buying their commodities in support of the American economy
Nice flowery speeches for the natives, full of hot air and signifying nothing…
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@ Pieces, absolutely no substantive fight with your main point that , “America does not give one flying leap … as long as we keep buying … in support of the American economy”
Any disagreement with you are on the margins only on that point; not significant enough to raise nuh lotta words basically.
However, please don’t misunderstand my ‘admiration’ for Obama’s words as some disciple drinking from his cup of nectar.
I do believe that the fight against extremist in any flavor is education. Of course its a two edged sword: you can be cut badly with either swing.
That is, acolytes who are ‘ignorant’ are easily swayed by the leaders to kill and maim , and the acolytes who are ‘educated’ may be impossible to sway away.
So you can be screwed either way.
BUT many of that educated group will also discern when things are absolutely not as their leaders are saying and take a stand. Whatever that may be. The ‘ignorant’ are less likely to do that.
And as assimilated as the Pres may be; he is a black man who speaks a language that aligns to the struggles of the black man on many occasions. Do not mistake his REQUIRED Borg assimilation to the Military-Corporate Construct to be complete obedience.
It would be impossible and insanely fatal for him to adopt an aggressive stance.
To go with the analogy, remember that Capt. Jean-Luc was assimilated but was able to retain a strong semblance of independence to such a degree that he broke the shackles but more importantly learned well how to work the system from within.
That sir is a Sun Tzu moment: “Conform to the enemy’s tactics until a favorable opportunity offers; then come forth and engage in a battle that shall prove decisive.”
Not suggesting for one moment that Pres Obama is there to topple the US establishment, but I am saying that being assimilated to the perceived enemy is not always a bad thing.
His ascension to the Presidency put the fear of God into the hearts and minds of the US permanent government.
On your side don’t dismiss that or the man so glibly.
Oh, the USA gun thing is what it is, sir. Like the real estate mantra of location…, its really all about Money, Money, Money. That second amendment argument is good copy but the financial underpinnings of the industry is now the purpose of its life.
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Dee
maybe lack of commenting following your last comment is due to general disagreement bigging up America and Obama.
General attitude is President is a white Job role like Oscars are for white actors
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Greece bailout: Government unveils reform summary
http://www.bbc.co.uk/news/world-europe-31597181
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One Greek commenter said the PM will face major problems with his party colleagues and electorate because ‘he over-promised and under-delivered’.
Though it is true that he will face difficulties now that he and his finance minister have gotten some semblance of a deal but not the one they originally intended; it is also true that they have shown excellent leadership to accept a compromise situation.
If they had remained defiant and taken their country into uncharted waters of a possible withdrawal from the Euro Zone, runs on the banks and so on their citizens would not have benefited either.
That could still happen but it seems that the PM and his advisers are being prudent in the face of serious challenges.
They now need their parliamentary colleagues to embrace that thinking.
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There was some rioting in Greece last night. There is general unhappiness that the government have ceded too much ground in their efforts to solve the country’s debt crises.
Meanwhile in Germany…………..”German MPs vote on Greek bailout extension”.
http://www.theguardian.com/business/live/2015/feb/27/greek-bailout-german-mps-vote-bailout-extension-live-updates
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Between the deep sea and the edge of a cliff. Only wise action can lead to safety.
If they give the masses what they want the country goes into an economic free fall with riots and serious unrest; make a workable deal with the Euro creditors and the masses riot because you have reneged on promises.
They were elected to lead, so then lead wisely and the chips will fall where they may.
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The moral of the Greek story is that if you make a shiite bed you must know that you will have to lie in it and smell the shit…
You can’t expect to spend YEARS in laziness and mendicancy living of other people’s productivity and not at some point have to pay the piper… Not all pipers are content with the “bend over and smile” payments…
Current and future Greek governments can say what they want, but the bed has been made.
…..now replace all “Greek” above with “Bajan” and wait a few months…
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Worth discussing.
http://www.theglobeandmail.com/report-on-business/rob-magazine/perils-of-the-caribbean/article23199267/
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“The credit adjudication of RBTT left a lot to be desired,” says Richard Young, the former head of Scotiabank Trinidad, who retired in 2012. “I used to compete with them, so I knew the type of stuff they were doing.” If, for example, a client had a good relationship with a branch manager, he or she could simply call up and get extra credit, regardless of their banking profile. “The customers loved it.”
Banks were lending easy? Bloggers on this MB have been saying they DONT LEND????? How come they have $BILLIONS in Loan LOSSES??????
The Canadian way of doing business is also at odds with Caribbean culture. Terrence Farrell is fluent in both worlds. A native Trinidadian who served as deputy governor of the country’s central bank, he completed his PhD at the University of Toronto. Many West Indians, he says, will claim “God is a Trini” or “God is a Bajan”—the slang names for Trinidadians and Barbadians. The meaning: “We are fortunate; things will always work out for the best.” In Farrell’s view, too many people think, “we don’t need to make any effort, we don’t need to plan, to harness our resources, to work hard.”
NEVER TRUER WORDS ARTICULATED Mr Farrell—-is he just a member of the PETITE BOURGEOISIE ? Consorted with the enemy?
To make matters worse, the Caribbean is an inefficient market. In Trinidad, people joke about waiting years to receive a tax refund. Roads are so bad that getting around a capital like Port of Spain takes a major chunk out of the workday.
Any financial imbecile knows that the key to progress for any small Nation is proper INFRASTRUCTURE–(-roads, utilities, Ports—Sea /Air,) Govt making sensible business decisions, law and order, instilling a sense of hard work. Tdad is blessed with OIL and yet they have NOT accomplished the obvious, WHY?
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Bushie wrote
The moral of the Greek story is that if you make a shiite bed you must know that you will have to lie in it and smell the shit…
No way Bushie! lol Hard Working people just love supporting LazyAsses the world over! Encourage the Lazy nuh! Let’s take the money from workers and every 25 years divide up among the Lazy and Indolent. Take MB $10MN and divide up in Bim to the 100,000 most poor—-oh only a GRANTLEY for each—wont last one w/e and then they back in SHIIITE. OR leave MB to create another 50 jobs for 25 yrs?
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@Hants
Imagine a snow ball rolling down a snow hill. The time has come.
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David; re your 10:44 am post
I agree with Hants. That article deserves a “blog” or thread of its own. NB Sinckler’s comments on the article are headlined in the frontpage of today’s nation.
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But they still making huge profits.
http://business.financialpost.com/2015/02/26/toronto-dominion-cibc-boost-payouts-as-canadas-big-banks-defy-bleak-predictions/
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Looks like its only the Caribbean that is a “problem” for Canadian banks.
http://www.bnn.ca/News/2015/2/26/RBC-reclaims-top-spot-as-Canadas-Biggest-Bank-Ousting-TD.aspx
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Hants noted
Looks like its only the Caribbean that is a “problem” for Canadian banks.
Nothing to the excrement they will be in if Energy stays low or when rates rise and the massive Mortgage exposure in Canada comes home to roost.
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Money
Your insightfulness puts all others to shame!
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@ Pachamama,
It’s starting to get ugly in Europe. The Greeks have upset the Germans – LOL.
http://www.theguardian.com/world/2015/mar/12/german-anger-over-greek-demand-for-war-reparations
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