Tag Archives: Austerity

PUERTO RICO’S ‘AMERICAN’ PAYDAY LOANS: No Principal Or Interest For 47-Years, But Then Loans Balloon To Unrepayable Dimensions! CITIGROUP, GOLDMAN SACHS, MERRILL LYNCH (BANK OF AMERICA), MORGAN STANLEY, UBS, BANCO SANTANDER, Etc. Knew What They Were Doing & Knew How Desperate Puerto Rico Was For Financial Aid. Add In President Obama’s Evil, Political, Capitalistic PROMESA BILL Of June 30, 2016 (Establishes Federally Appointed Control Board To Run Puerto Rico’s Economy & Disenfranchises Puerto Rican Democracy – You Thought America Was In Favor Of ‘Democracy’, Didn’t You!), And Just Like Greece, Puerto Ricans Will Have To Borrow Another $1 Billion In 47-Years To Pay Off The Original $97-Million Loan And So On And So On. See Why Tabacco Always Rails Against ‘Deregulated Capitalism’! Yet THEY Always Tell Us How WONDERFUL CAPITALISM IS! And YOU Believed Them: P. T. Barnum’s ‘There’s A Sucker Born Every Minute!’ Democracy Is Wonderful For THEM, But Not For US! – DEREGULATED AMERICAN CAPITALISM AT ITS WORST!

AMY GOODMAN: “That means for 47 years, the banks agreed, you don’t pay us any principal, and you don’t pay us any interest for 47 years. And at the end of the 47 years, that $97 million becomes $1 billion that Puerto Rico has to pay back. That’s a thousand times what the original loan was. So, the banks had to know that there was no way that Puerto Rico could pay this back, but yet they continued to issue these bonds.

For just these capital appreciation bonds, these payday loans, just for a slice of them, banks got to make $221 million in fees. And they get to offload the risk.”
…..

“Meanwhile, even before President Obama has named members of the new control board, we’re beginning to learn just how bondholders are being protected and the people of Puerto Rico made to suffer. On June 29th, the government-owned Puerto Rico electric company announced its plan to raise by 28 percent the island’s electricity rates, which are already higher than any state but Hawaii. The extra money will be earmarked to pay debt service on up to $9.3 billion in new bonds the company, known as PREPA, plans to issue to replace its old debt. As part of the restructuring, the utility’s new directors will come largely from the U.S., and the new bonds will pay an astounding interest of 10 percent.”

JUAN GONZALEZ: “It’s a scandal that received almost no attention during the recent congressional debate over the so-called PROMESA bill, which will establish a federally appointed control board with sweeping powers to run Puerto Rico’s economy.” Continue reading

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CAPITALISM’S CANNIBALISM: Germany Swallowing Greece In Bits & Pieces! From Greece To Puerto Rico, Financial Rules Rigged To Favor Top 1% – AUSTERITY, For Example! BERNIE SANDERS Discusses Debt Crisis In Greece, Puerto Rico And Throughout The World + Book “Remaking Scarcity: From Capitalist Inefficiency to Economic Democracy” By Costas Panayotakis! Capitalism Is Much Less Creator Than Carnivore. Under Capitalism The Strong Exploit The Weak, The Rich Devour The Poor, The Big Consume The Small. Yet Nothing So Evil, So Barbaric Has Ever Had Such Great Press As Capitalism. Capitalism Is A Microcosm For Nature’s Violence & Cruelty. More Proof That Mason Verger Was Right – “When the fox hears the rabbit scream he comes a-runnin’… but not to help!”

JUAN GONZÁLEZ: Meanwhile, the sell-off of national assets of Greece is already occurring, right? This week, there were 15 regional airports in Greece sold to—guess what—a German company?

COSTAS PANAYOTAKIS: Right. And actually, you know, the whole point is that it’s supposed to be privatizations, and the German company is a company owned by—it’s a German state company. It’s kind of paradoxical in this kind of sense. And the same thing happened in the past with privatizations, like the Greek telecommunication company, which was bought by Deutsche Telekom, which is also a state company.

AMY GOODMAN: So, as in Germany is buying Greece.

COSTAS PANAYOTAKIS: I guess, yeah.

TABACCO: Now, Class, what did Albert Einstein call ‘Doing the same thing over and over again and expecting different results’? (Like switching back-and-forth from Democrats to Republicans to Democrats to Republicans) Answer: INSANITY! Continue reading

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GREECE Faces Savage Blowback For Anti-Austerity WAR – Noam Chomsky Warning In March 2015! Greek Voters Voted To Reject Austerity-Laden ‘Trojan Horse’, But In A Democracy, The Voters Rarely Count Unless They Vote As The Aristocracy Wishes. The Greek Government, A Parliamentary Republic, VOIDS PEOPLE’S DEMOCRACY! If Greeks Can’t Win Under Capitalism, What Chance Have ‘We The People’ In USA!

“In the early hours of Thursday morning, the austerity bill that will pave the way for financial aid worth 86 billion Euros ($94 billion) was approved with 229 votes in the 300-seat chamber. There were 64 votes against it and six abstentions.” – MSN

DIMOS KOUBOURIS: [translated] We demand that the government open the banks now and give us our pensions. This is money we have already paid in. It’s a lifetime’s work, and we want to be able to buy medicine and food for our families, and get our lives back.

Tabacco: And you naively thought that in a DEMOCRACY when the Voters reject something, it stays REJECTED! SILLY YOU! Continue reading

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STRUCTURAL ADJUSTMENT PROGRAMS (SAPs): “consist of loans provided by the International Monetary Fund (IMF) and the World Bank (WB) to countries that experience economic crises”. Greeks Vote 61% To 39% To Reject Creditors’ Austerity Demands – A EUROPE OF EQUALS! The Downside Is Both Orgs Are Controlled By USA-EUROPE, Which Require Loan Recipients To Do Exact Opposite Of What We Americans Do In Economically Troubled Times*. Greece Facing Loan Default & Austerity Measures: Budget Cuts & Tax Hikes! A Troubled America Pursues Opposite Strategy: Increased Spending, Lower Interest Rates, Tax Cuts & Money Pumped Into Economy! If We Do The Opposite To Succeed, Why Do We Force Others To Pursue Strategy To Fail? Then We Call Ourselves Their Benefactors! Mason Verger In Film ‘Hannibal’, “When The Fox Hears The Rabbit Scream, He Comes A-Running…But Not To Help”.

GREEK CITIZEN, CHRISTINA VLACHAKI: [translated] This is our first step to our next battle. Now it truly starts. I do not think that everything will suddenly be perfect, but it is a first step in making fear go away. Up until now, they were scaring us. Now we overcome this and move to the next stage. Slowly, we will get to the place that we deserve to be.

GREEK PRIME MINISTER, ALEXIS TSIPRAS: [translated] Today, considering last week’s very difficult circumstances, you made a very brave choice. However, I am fully aware that the mandate here is not a mandate to break with Europe, but a mandate to strengthen our negotiation position to seek a viable solution. This time, the issue of debt will also be on the negotiating table.

AMY GOODMAN: We spoke to you last week just before the vote. The resounding “no” vote, did it surprise you?

COSTAS PANAYOTAKIS: Yeah, I think it surprised everybody, including the government. Continue reading

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