Author: Spencer

Noted investigative journalist Bob Parry, who broke the original Iran-Contra scandal and now runs the consortiumnews.com website, published on February 23rd a devastating indictment of Washington’s creation of the Nazi regime in Ukraine, as leading to a possible thermonuclear war with Russia.

Under the headline “Ready for Nuclear War over Ukraine?” Parry begins by reporting on the demented statements of Ukraine’s Deputy Foreign Minister Vadym Prystaiko calling for confronting Russia even though it is “a nuclear state,” including Prystaiko’s demand that
“What we expect from the world is that the world will stiffen up in the spine a little.”
Parry asks:

Parry goes on to describe, in accurate detail, the overtly Nazi nature of leading forces in Kiev, including the notorious Azov batallion.

Parry also documents the immoral cover-up of these facts by major US media, including the New York Times and the Washington Post, although he stops short of pointing the figure of those who actually put the Nazis in power: Victoria Nuland, Barack Obama, and their superiors in the British Empire.

Ironically, top Greek debt “vulture” Paul Kazarian says that Greece, after years of “extending and pretending” its unpayable debt, owes, not EU320 billion, but EU32 billion. But the IMF and ECB demand Greece pay EU20 billion this year. Keep in mind in considering such figures, that the U.S. economy is roughly 100 times the size of Greece’s: That would be $2 trillion debt payment by the U.S. in 2015.

Where did that huge pile of debt claims come from?

First, the subprime lending. Greece was ushered into the Eurozone in 2002, by Goldman Sachs’ “magic derivatives.” It began using a euro currency greatly overvalued relative to its economy, in effect making Greek products much more expensive than those of the countries it traded with. The Greek trade deficits which immediately resulted, averaged EU30 billion/year from 2002 to 2008. Much of this deficit was with the United States and Germany, notably U.S. and German military equipment. One particularly unnecessary deal was in 2006 for six German submarines, valued at EU12 billion, of which only one has ever been delivered! Of this roughly EU200 billion trade deficit over 2002-08, military purchases alone were EU80-90 billion, according Stockholm International Peace Research Institute rough data.

Such trade deficits are largely financed by, ultimately, government borrowing. From 2002-08, while Greece’s trade deficits totaled EU200 billion, its nominal debt grew from EU160 billion to EU260 billion, and its central bank became indebted to the European Central Bank by EU50 billion.

Second, Greece has paid about EU60 billion in interest to international creditors since it joined the Eurozone.

Third, came the global financial crash, culminating in late 2008, which imposed large costs on the Greek government, like all others; every trans-Atlantic nation’s government went into deep budget deficits. For Greece, the national debt leapt again from EU260 billion in 2008, to EU330 billion in 2010.

Fourth, were the big 2010 and 2012 bailouts—part of Europe-wide massive bailouts of bad debts held by the big Wall Street and London-centered banks. In 2009, Greece’s debt was EU260 billion. It then “got” two huge bailouts in 2010 and 2012, totaling about EU245 billion ($295 billion) between them, mainly from the EFSF, but also from the IMF and European Central Bank. Former Greek Economics Minister Louka Katseli has provided documentation that the Greek government actually spent or invested just 3% of that EU245 billion in Greece. Fully 97% went directly to Deutsche Bank, HSBC, JPMorgan Chase, and their fellow sharks, with small chunks to hedge funds swimming alongside.

Fifth came “bail-in.” In the 2012 bailout, Greek banks — and Greek banks only — had to write off a chunk of their “Greek debt.” Several swooned as a result, and the Greek government now had to recapitalize them, putting in EU19 billion and then EU17 billion in 2012-13. That EU35 billion had to be borrowed by the government, and was added to the fraud of “Greek debt.” Bail-in action against the Greek banks, supposed to reduce outstanding Greek government debt, immediately increased it instead.

After five years of austerity’s punishments, Greece’s unemployment rate is 25%, its GDP shrunk by a terrible 20%. And its EU260 billion debt of 2009 has become EU320 billion—after EU245 billion was passed through to the banks!

Ironically, top Greek debt “vulture” Paul Kazarian says that Greece, after years of “extending and pretending” its unpayable debt, owes, not EU320 billion, but EU32 billion. But the IMF and ECB demand Greece pay EU20 billion this year. Keep in mind in considering such figures, that the U.S. economy is roughly 100 times the size of Greece’s: That would be $2 trillion debt payment by the U.S. in 2015.

Where did that huge pile of debt claims come from?

First, the subprime lending. Greece was ushered into the Eurozone in 2002, by Goldman Sachs’ “magic derivatives.” It began using a euro currency greatly overvalued relative to its economy, in effect making Greek products much more expensive than those of the countries it traded with. The Greek trade deficits which immediately resulted, averaged EU30 billion/year from 2002 to 2008. Much of this deficit was with the United States and Germany, notably U.S. and German military equipment. One particularly unnecessary deal was in 2006 for six German submarines, valued at EU12 billion, of which only one has ever been delivered! Of this roughly EU200 billion trade deficit over 2002-08, military purchases alone were EU80-90 billion, according Stockholm International Peace Research Institute rough data.

Such trade deficits are largely financed by, ultimately, government borrowing. From 2002-08, while Greece’s trade deficits totaled EU200 billion, its nominal debt grew from EU160 billion to EU260 billion, and its central bank became indebted to the European Central Bank by EU50 billion.

Second, Greece has paid about EU60 billion in interest to international creditors since it joined the Eurozone.

Third, came the global financial crash, culminating in late 2008, which imposed large costs on the Greek government, like all others; every trans-Atlantic nation’s government went into deep budget deficits. For Greece, the national debt leapt again from EU260 billion in 2008, to EU330 billion in 2010.

Fourth, were the big 2010 and 2012 bailouts—part of Europe-wide massive bailouts of bad debts held by the big Wall Street and London-centered banks. In 2009, Greece’s debt was EU260 billion. It then “got” two huge bailouts in 2010 and 2012, totaling about EU245 billion ($295 billion) between them, mainly from the EFSF, but also from the IMF and European Central Bank. Former Greek Economics Minister Louka Katseli has provided documentation that the Greek government actually spent or invested just 3% of that EU245 billion in Greece. Fully 97% went directly to Deutsche Bank, HSBC, JPMorgan Chase, and their fellow sharks, with small chunks to hedge funds swimming alongside.

Fifth came “bail-in.” In the 2012 bailout, Greek banks — and Greek banks only — had to write off a chunk of their “Greek debt.” Several swooned as a result, and the Greek government now had to recapitalize them, putting in EU19 billion and then EU17 billion in 2012-13. That EU35 billion had to be borrowed by the government, and was added to the fraud of “Greek debt.” Bail-in action against the Greek banks, supposed to reduce outstanding Greek government debt, immediately increased it instead.

After five years of austerity’s punishments, Greece’s unemployment rate is 25%, its GDP shrunk by a terrible 20%. And its EU260 billion debt of 2009 has become EU320 billion—after EU245 billion was passed through to the banks!

Since the “success” of the Eurogroup meeting Feb. 20, as proclaimed in Wall Street and London media, the euro, oil, other commodity prices, and U.S. interest rates have all gone down, acknowledging that nothing was solved. Wall Street and London remain bankrupt, and their looting swindle of so-called “Greek debt” remains unpayable. Rejecting proposals to write down this illegitimate debt, rejecting offers from the BRICS countries to join new international development banks and infrastructure projects, the euro system continues to collapse.

Greece on Feb. 23 postponed for one day, until Feb. 24, its proposals to the “European institutions” to reform and revive the Greek economy. It is clear from reports by EIR contacts and from economist James Galbraith (who participated in the Feb. 20 Brussels meeting as an advisor to the Greek Finance Ministry) that these proposals do not concern an “extension” of the bailout program for “Greek debt.” The new government does not want more of that swindle; it wants forms of credit which can be invested in Greek infrastructure, production capacity, and economic revival.

Ninety percent of all international press coverage notwithstanding, Greece made no “commitment” to the three-year-old IMF/ECB/EFSF bailout terms, nor to ask for that bailout to be “extended.”

What is at stake, rather, is a four-month extension of the so-called Master Financial Assistance Facility Agreement (MFFA), by which the ECB has been propping up Greek banks with capitalization and liquidity loans. Were this to end, Greece would be forced to leave the euro. Greek banks are losing $3 billion a week in deposits, and cannot sustain this.

Galbraith also revealed, in an interview Feb. 22 with Italy’s La Repubblica, that the Feb. 20 meeting was sharply divided, especially among the German representatives. German Finance Minister Wolfgang Schäuble would have forced Greece to leave the Eurozone immediately, by ending the MFFA. Chancellor Angela Merkel intervened to reach a “compromise” at the Feb. 20 meeting which is better described as a “ceasefire.”

Thus Greece, as Prime Minister Alexis Tsipras has said,

Daily Telegraph financial columnist and British intelligence agent Ambrose Evans-Pritchard wrote late Feb. 23 that the Greek proposals had in fact gone to the Eurogroup’s “technocrats” already, and “met reservations at the first hurdle…. They face a frigid reception.” Evans-Pritchard had clearly received a leak of all the Greek proposals from one of the “technocrats.’

And so does the euro crisis — the whole trans-Atlantic crisis of bankrupt banking systems — continue unabated. Germany’s Finance Ministry, at least, seems committed to taking the fateful, crash-inducing step of forcing Greece out of the euro system. The reforms which Greece now will propose on Feb. 24, include many economic-revival steps which are hysterically refused by Wall Street’s debt swindlers.

Since the “success” of the Eurogroup meeting Feb. 20, as proclaimed in Wall Street and London media, the euro, oil, other commodity prices, and U.S. interest rates have all gone down, acknowledging that nothing was solved. Wall Street and London remain bankrupt, and their looting swindle of so-called “Greek debt” remains unpayable. Rejecting proposals to write down this illegitimate debt, rejecting offers from the BRICS countries to join new international development banks and infrastructure projects, the euro system continues to collapse.

Greece on Feb. 23 postponed for one day, until Feb. 24, its proposals to the “European institutions” to reform and revive the Greek economy. It is clear from reports by EIR contacts and from economist James Galbraith (who participated in the Feb. 20 Brussels meeting as an advisor to the Greek Finance Ministry) that these proposals do not concern an “extension” of the bailout program for “Greek debt.” The new government does not want more of that swindle; it wants forms of credit which can be invested in Greek infrastructure, production capacity, and economic revival.

Ninety percent of all international press coverage notwithstanding, Greece made no “commitment” to the three-year-old IMF/ECB/EFSF bailout terms, nor to ask for that bailout to be “extended.”

What is at stake, rather, is a four-month extension of the so-called Master Financial Assistance Facility Agreement (MFFA), by which the ECB has been propping up Greek banks with capitalization and liquidity loans. Were this to end, Greece would be forced to leave the euro. Greek banks are losing $3 billion a week in deposits, and cannot sustain this.

Galbraith also revealed, in an interview Feb. 22 with Italy’s La Repubblica, that the Feb. 20 meeting was sharply divided, especially among the German representatives. German Finance Minister Wolfgang Schäuble would have forced Greece to leave the Eurozone immediately, by ending the MFFA. Chancellor Angela Merkel intervened to reach a “compromise” at the Feb. 20 meeting which is better described as a “ceasefire.”

Thus Greece, as Prime Minister Alexis Tsipras has said,

Daily Telegraph financial columnist and British intelligence agent Ambrose Evans-Pritchard wrote late Feb. 23 that the Greek proposals had in fact gone to the Eurogroup’s “technocrats” already, and “met reservations at the first hurdle…. They face a frigid reception.” Evans-Pritchard had clearly received a leak of all the Greek proposals from one of the “technocrats.’

And so does the euro crisis — the whole trans-Atlantic crisis of bankrupt banking systems — continue unabated. Germany’s Finance Ministry, at least, seems committed to taking the fateful, crash-inducing step of forcing Greece out of the euro system. The reforms which Greece now will propose on Feb. 24, include many economic-revival steps which are hysterically refused by Wall Street’s debt swindlers.

In a televised address to the Greek people today, Greek Prime Minister Alexis Tsipras declared that the deal reached by Finance Minister Varoufakis in Brussels means “we won a battle, not the war.”

“Yesterday we took a decisive step, leaving austerity, the bailouts and the Troika…The difficulties, the real difficulties… are ahead of us.”

The list of reforms which Greece is to present to the Eurozone ministers on Monday, Feb. 23, will, according to a Bloomberg report on a TV statement by government spokesman Gabriel Sakellaridis, include the fight against corruption, and changes in public administration and the tax system

Real News reports that  Environment and Energy Minister Panagiotis Lafazanis said in an interview with Real News that Syriza’s red lines won’t be violated; that’s why they’re called red.

“We are no longer following a script given to us by external agencies. Once you have a relationship of equals, the co-operation can be a lot more fruitful,” said Varoufakis, according to the Daily Telegraph.

Tsipras was scheduled to meet with his inner cabinet of 10 ministers yesterday to discuss the proposals to be submitted Monday. The Telegraph reported:

In a televised address to the Greek people today, Greek Prime Minister Alexis Tsipras declared that the deal reached by Finance Minister Varoufakis in Brussels means “we won a battle, not the war.”

“Yesterday we took a decisive step, leaving austerity, the bailouts and the Troika…The difficulties, the real difficulties… are ahead of us.”

The list of reforms which Greece is to present to the Eurozone ministers on Monday, Feb. 23, will, according to a Bloomberg report on a TV statement by government spokesman Gabriel Sakellaridis, include the fight against corruption, and changes in public administration and the tax system

Real News reports that  Environment and Energy Minister Panagiotis Lafazanis said in an interview with Real News that Syriza’s red lines won’t be violated; that’s why they’re called red.

“We are no longer following a script given to us by external agencies. Once you have a relationship of equals, the co-operation can be a lot more fruitful,” said Varoufakis, according to the Daily Telegraph.

Tsipras was scheduled to meet with his inner cabinet of 10 ministers yesterday to discuss the proposals to be submitted Monday. The Telegraph reported:

In a televised address to the Greek people today, Greek Prime Minister Alexis Tsipras declared that the deal reached by Finance Minister Varoufakis in Brussels means “we won a battle, not the war.”

“Yesterday we took a decisive step, leaving austerity, the bailouts and the Troika…The difficulties, the real difficulties… are ahead of us.”

The list of reforms which Greece is to present to the Eurozone ministers on Monday, Feb. 23, will, according to a Bloomberg report on a TV statement by government spokesman Gabriel Sakellaridis, include the fight against corruption, and changes in public administration and the tax system

Real News reports that  Environment and Energy Minister Panagiotis Lafazanis said in an interview with Real News that Syriza’s red lines won’t be violated; that’s why they’re called red.

“We are no longer following a script given to us by external agencies. Once you have a relationship of equals, the co-operation can be a lot more fruitful,” said Varoufakis, according to the Daily Telegraph.

Tsipras was scheduled to meet with his inner cabinet of 10 ministers yesterday to discuss the proposals to be submitted Monday. The Telegraph reported:

The raid of the HSBC Swiss headquarters in Geneva has put the spotlight on institutions which have covered up for HSBC. The same institutions, such as the Swiss Market Supervisory Authority (Finma), have been part of the opposition against the initiative for Glass-Steagall modelled banking separation in the Swiss Parliament.

In the past years, Finma had conducted three investigations on money-laundering in HSBC, all concluded with zero results. Former prosecutor Dick Marty said that Finma was unable to see “an elephant walking in front of it” in an interview with Le Courrier and La Liberté.

Finma is inactive when it comes to a “giant fraud” but nasty with small violations. A committee of the Council of States (Ständerat) has requested a meeting with the Finma for clarification. Finma is known for having first introduced in Europe a bail-in regulation. In the financial daily {Neue Züricher Zeitung} on May 4, 2013, the two Finma officials who drafted the regulation explained that, among other things, the bail-in could prevent separation of banking activities. One of those two officials, British subject Mark Branson, is today CEO of Finma and was part of the “Experts Group” that drafted the “No” to bank separation report for the Swiss federal government.

The spotlight is also on Swiss Attorney General Michael Lauber, who should have started an investigation immediately after the revelations, but who claimed that he couldn’t, because the HSBC data had been illegally obtained. Geneva prosecutors, however, had another view and finally moved.

Swiss television journalist Marianne Fassbind complained that “Switzerland has not been pro-active, but has acted upon pressure of third countries.” It is known that France has already concluded an investigation against HSBC and that Germany, the U.K., Belgium, and the U.S.A. have ongoing investigations. The probable explanation is that Lauber is “the Swiss Loretta Lynch.” A man of the “finance industry,” he has been for years head of the Liechtenstein Bankers Association (2004-2010) and before that, he led the Lichtenstein Financial Intelligence Unit. Eventually he became head of the Lichtenstein Financial Market Authority (2010-2011).

The raid of the HSBC Swiss headquarters in Geneva has put the spotlight on institutions which have covered up for HSBC. The same institutions, such as the Swiss Market Supervisory Authority (Finma), have been part of the opposition against the initiative for Glass-Steagall modelled banking separation in the Swiss Parliament.

In the past years, Finma had conducted three investigations on money-laundering in HSBC, all concluded with zero results. Former prosecutor Dick Marty said that Finma was unable to see “an elephant walking in front of it” in an interview with Le Courrier and La Liberté.

Finma is inactive when it comes to a “giant fraud” but nasty with small violations. A committee of the Council of States (Ständerat) has requested a meeting with the Finma for clarification. Finma is known for having first introduced in Europe a bail-in regulation. In the financial daily {Neue Züricher Zeitung} on May 4, 2013, the two Finma officials who drafted the regulation explained that, among other things, the bail-in could prevent separation of banking activities. One of those two officials, British subject Mark Branson, is today CEO of Finma and was part of the “Experts Group” that drafted the “No” to bank separation report for the Swiss federal government.

The spotlight is also on Swiss Attorney General Michael Lauber, who should have started an investigation immediately after the revelations, but who claimed that he couldn’t, because the HSBC data had been illegally obtained. Geneva prosecutors, however, had another view and finally moved.

Swiss television journalist Marianne Fassbind complained that “Switzerland has not been pro-active, but has acted upon pressure of third countries.” It is known that France has already concluded an investigation against HSBC and that Germany, the U.K., Belgium, and the U.S.A. have ongoing investigations. The probable explanation is that Lauber is “the Swiss Loretta Lynch.” A man of the “finance industry,” he has been for years head of the Liechtenstein Bankers Association (2004-2010) and before that, he led the Lichtenstein Financial Intelligence Unit. Eventually he became head of the Lichtenstein Financial Market Authority (2010-2011).