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Tuesday, December 08, 2009


greece downgrade

just a placeholder for edward hugh's take on greece. it's taking its time, but southern europe is slowly but inevitably slipping into deep depression and (unlike the united states) government insolvency behind an inability to devalue currencies to finance monstrous government debts that only inclusion in the euro made possible to borrow.

We might be forgiven for getting the impression that to date rather than acting as a stimulus to deep economic reform, Euro membership has rather acted to reward those countries who would get into more and more debt, with ever less sustainable economic models, by supplying them with funding at far cheaper rates of interest than the markets would otherwise make available. It is this particular clockhand that Europe’s leaders would now dearly like to turn backwards, and this is why I have little doubt that it is in Greece that a stand will now be taken. If not, then that longest of long runs may arrive rather sooner than some of us, at least, are comfortable with.

i'd wager that with sustained economic pressure over the course of coming quarters and years the end result will be greece, italy, ireland, portugal and spain all (the PIIGS, in the parlance) leaving or being ejected from the currency union -- with fairly incredible turmoil in global capital markets as a likely adjunct.

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All the cracks of Greek society and economy, all the dirty secrets that the Left has tried to suppress have come sharply into the light of day.

Since the fall of the Regime of the Colonels, Greek politics have been dominated by the Left and their centralist allies. The present president, Karolos Papoulias, of the Panhellenic Socialist Movement, was reelected to his second five year term in 2005. His prime minister, Kostas Karamanlis, a progressive party, aka Left Lite) took power in 2004. Konstantinos Simitis, also of the Panhellenic Socialist Movement, presided over Greece from 1996 to 2004.

In 13 years of Leftist policies, they have ruined the Greek economy and brought the country to the brink of ruin. Underneath all of this is a seething core of nationalism now garnering growing support which may take power by the ballot or other means.

Pushed by the EU, over the years Greece opened its borders and allowed hundreds of thousands of Muslims to flood the country as a cheap labour source. The Left would happily impoverish their own people in favor of allowing cheap, foreign and often socially hostile laborers into their midst. Sound familiar, you Westerners?

The top 2% of Greece watched their fortunes skyrocket. The remainder of Greece, a nation dependent on tourism, watched their fortunes plummet.

The 2007 fires destroyed hundreds of thousands of acres, dozens of villages and took hundreds of lives. The whole of this tragedy, which found the leftist government absolutely unprepared, would have been much worse if not for massive aid brought by other countries.

Then came the Bank Panic of 2008. Greece suffered from further cuts in tourism and a collapse of international trade and transport. The came the cut off of cheap Euros flowing in from the Western Europeans.

University educated students who face a 20%+ unemployment rate, took to the streets in late 2008, a revolt that has continued to this very day. Their mass unrest and destruction of property and businesses has driven the Greek economy from its knees to its back, stopping tourism and costing billions of Euros in damage. Bombings throughout Greece have become an almost daily occurrence.

If this has not brought the Right to open revolt, it was thought the Islamic mini-Jihad now exploding in Athens would.

The Greeks experienced for 400 years the Islamic Yoke and they have not forgotten. In 2006, under EU pressure the Socialists gave permission to build the first mosque in Athens since Greece threw off the Islamic yoke less than 200 years ago. The people flatly stated they did not want another Kosovo on their lands. They've seen to what ends the West will go to in service to their Saudi masters. They've seen Obama's infamous bow in London.

This Saudi sponsored project prompted mass demonstrations and the government backed off. On the spot of the proposed Saudi mosque, now stands a newly built Orthodox chapel.

Now we have riots by imported Islamic aliens and their anarchist and leftist allies. But, the Greek Right is not toothless like its counterparts in the West. Muslim prayer centers have been burned. Anarchists have been attacked in the streets. Orthodox nationalists have never had so much reason to be angry as they do now.

Soon the UK, America and other PC enablers of Islamic tyranny will get to see first hand life under Islamic reign as they helped enforce on places like Kosovo. People of the West, if we allow this to continue, we are no better than accomplices to the crimes of the traitors.

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