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fix the rotten banks
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<blockquote data-quote="rickyb" data-source="post: 1575890" data-attributes="member: 56035"><p><strong>NOAM CHOMSKY:</strong> In the dealing with them, and sort of forced them to back off from almost all their proposals. What’s going on with the austerity is really class war. As an economic program, austerity, under recession, makes no sense. It just makes the situation worse. So the Greek debt, relative to GDP, has actually gone up during the period of—which is—well, the policies that are supposed to overcome the debt. In the case of Spain, the debt was not a public debt, it was private debt. It was the actions of the banks. And that means also the German banks. Remember, when a bank makes a dangerous, a risky borrowing, somebody is making a risky lending. And the policies that are designed by the troika, you know, are basically paying off the banks, the perpetrators, much like here. The population is suffering. But one of the things that’s happening is that the—you know, the social democratic policies, so-called welfare state, is being eroded. That’s class war. It’s not an economic policy that makes any sense as to end a serious recession. And there is a reaction to it—Greece, Spain and some in Ireland, growing elsewhere, France. But it’s a very dangerous situation, could lead to a right-wing response, very right-wing. The alternative to Syriza might be Golden Dawn, neo-Nazi party.</p><p></p><p><strong>What is your view about what is happening in Greece, particularly with regard to the constant demands by the "troika" and Germany's unyielding desire to advance the cause of austerity?</strong></p><p></p><p>It appears that the ultimate aim of the German demands from Athens, under the management of the debt crisis, is the capture of whatever is of value in Greece. Some people in Germany appear to be intent on imposing conditions of virtual economic slavery on the Greeks.</p></blockquote><p></p>
[QUOTE="rickyb, post: 1575890, member: 56035"] [B]NOAM CHOMSKY:[/B] In the dealing with them, and sort of forced them to back off from almost all their proposals. What’s going on with the austerity is really class war. As an economic program, austerity, under recession, makes no sense. It just makes the situation worse. So the Greek debt, relative to GDP, has actually gone up during the period of—which is—well, the policies that are supposed to overcome the debt. In the case of Spain, the debt was not a public debt, it was private debt. It was the actions of the banks. And that means also the German banks. Remember, when a bank makes a dangerous, a risky borrowing, somebody is making a risky lending. And the policies that are designed by the troika, you know, are basically paying off the banks, the perpetrators, much like here. The population is suffering. But one of the things that’s happening is that the—you know, the social democratic policies, so-called welfare state, is being eroded. That’s class war. It’s not an economic policy that makes any sense as to end a serious recession. And there is a reaction to it—Greece, Spain and some in Ireland, growing elsewhere, France. But it’s a very dangerous situation, could lead to a right-wing response, very right-wing. The alternative to Syriza might be Golden Dawn, neo-Nazi party. [B]What is your view about what is happening in Greece, particularly with regard to the constant demands by the "troika" and Germany's unyielding desire to advance the cause of austerity?[/B] It appears that the ultimate aim of the German demands from Athens, under the management of the debt crisis, is the capture of whatever is of value in Greece. Some people in Germany appear to be intent on imposing conditions of virtual economic slavery on the Greeks. [/QUOTE]
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