
Μετά το γνωστό εξώφυλλο του Focus αποφάσισα να επιστρέψω εφέτος στην Γερμανία για διακοπές
btw πολύ καλά τα λένε οι Γερμανοί
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As Greece’s financial condition has worsened, undermining the euro, the role of Goldman Sachs and other major banks in masking the true extent of the country’s problems has drawn criticism from European leaders. But even before that issue became apparent, a little-known company backed by Goldman, JP Morgan Chase and about a dozen other banks had created an index that enabled market players to bet on whether Greece and other European nations would go bust.
Last September, the company, the Markit Group of London, introduced the iTraxx SovX Western Europe index, which is based on such swaps and let traders gamble on Greece shortly before the crisis. Such derivatives have assumed an outsize role in Europe’s debt crisis, as traders focus on their daily gyrations.
A result, some traders say, is a vicious circle.2010/02/17 - “What is this Goldman Sachs and why has it caused us so much grief?” is a question they must be asking in even the most remote of Greek villages, as they are throughout much of this economically troubled world.
At the heart of the worldwide banking meltdown are those mysterious unregulated derivatives that Goldman and JPMorgan led the way in selling. But Greece’s case did not involve the usual questionable mortgages packaged into derivatives with credit default swaps backing them up, but rather expected revenue on airport fees and other potential sources of the cashed-strapped government’s future income.
As The New York Times headlined it: “Wall St. Helped to Mask Debt Fueling Europe’s Crisis.” The story described the scam succinctly: “As in the American subprime crisis and the implosion of American International Group, financial derivatives played a role in the run-up of Greek debt. Instruments developed by Goldman Sachs, JPMorgan Chase and a wide range of other banks enabled politicians to mask additional borrowing in Greece, Italy and possibly elsewhere. ... Critics say that such deals, because they are not recorded as loans, mislead investors and regulators about the depth of a country’s liabilities.”
As a result of such shenanigans back in 2001, Greece was allowed to join the European Union while running up enormous debt that went undetected. Greece’s neighbors will now be forced to bail it out, much as U.S. taxpayers have done for banks as a result of the scams Goldman and other financial houses pulled off in this country. The common denominator is that the packagers of the collateralized debt securities, be they based on subprime mortgages or government airport fees, have no real interest in the integrity of the packages, for they will balance them out with credit default swaps that pay off when the assets prove toxic. And they will make their lucrative commissions coming and going, no matter what goes wrong. Even after all the trouble in Greece, Goldman President Gary D. Cohn was back in that country last November with a new derivative scam based on potential revenue from Greece’s health care system.
But I’ve been troubled by reporting that focuses almost exclusively on European debts and deficits, conveying the impression that it’s all about government profligacy — and feeding into the narrative of our own deficit hawks, who want to slash spending even in the face of mass unemployment, and hold Greece up as an object lesson of what will happen if we don’t.
For the truth is that lack of fiscal discipline isn’t the whole, or even the main, source of Europe’s troubles — not even in Greece, whose government was indeed irresponsible (and hid its irresponsibility with creative accounting).
No, the real story behind the euromess lies not in the profligacy of politicians but in the arrogance of elites — specifically, the policy elites who pushed Europe into adopting a single currency well before the continent was ready for such an experiment.
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Agreement has been reached in Europe on a “rescue” package for Greece. But it’s no cause for celebration. It’s the kind of “rescue” sensation one experiences after paying out what’s left in one’s wallet when confronted with a robber with a gun. The insanity of imposed budgetary constraints --harsh cuts, tax increases -- will be manifest to all soon enough. Economists and the EU bureaucrats who advocate a slavish adherence to arbitrary compliance numbers fail to comprehend the basis of government spending. In imposing these voluntary financial constraints on government activity, they deny essential government services and the opportunity for full employment to their citizenry.
Score another one, then, for the high priests of fiscal rectitude. Harsh cuts, tax increases — this is by no means a recovery policy. The capital markets have got their pound of flesh. But Greece is no more able to reduce its deficit under these circumstances than it is possible to get blood out of a stone. Politically, it means ceding control of EU macro policy to an external consortium dominated by France and Germany. Greece becomes a colony.
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Στο Γιώργο Παπά
Να ζείς στην ίδια πολιτεία παντοτινά
και να 'χεις των αναχωρήσεων τη μανία,
μα φεύγοντας απ' το γραφείο τα βραδινά
να κάνεις οφθαλμοπορνεία στα καφενεία.
Αλλοτες είχαμε τα πλοία κρυφό σκοπό,
μα ο κόσμος έγινε σαν αδειανή φυλλάδα,
είναι τι ίδιο πιά να μένεις στην Ελλάδα
με το να ταξιδεύεις στο Fernando Po.
Τα φορτηγά είναι κακοτάξιδα κι αργούν,
μες στα ποστάλια πλήττεις βλέποντας τουρίστες,
το να φορτώνεις μήνες ρύζια στο Ραγκούν
είν' ένα πράγμα που σκοτώνει τους αρτίστες.
Οι πόλοι γίνανε σε μας πολύ γνωστοί,
θαυμάσαμε πολλές φορές το Βόρειο Σέλας
κι έχουν οι πάγοι χρόνια τώρα σκεπαστεί
από αδειανά κουτιά σπανιόλικης σαρδέλλας.
Στην Ταϊτή έζησε μήνες κι ο Λοτί,
αν πας λιγάκι παρακάτου, στις Μαρκίζες,
που άλλοτες τρώγανε μπανάνες κι άγριες ρίζες,
καλλυντικά τώρα πουλάνε του Coty.
Οι Γιαπωνέζες, τα κορίτσια στη Χιλή,
κι οι μαύρες του Μαρόκου που πουλάνε μέλι,
έχουν σαν όλες τις γυναίκες τα ίδια σκέλη
και δίνουν με τον ίδιο τρόπο το φιλί.
Η αυτοκτονία, προνόμιο πιά στα θηλυκά-
κάποτε κάναμε κι εμείς αυτή τη σκέψη.
Πεθαίνεις πιό σιγά με τα ναρκωτικά,
μα τελευταία κι αυτά τάχουν νοθέψει.
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