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We Have Entered the Looting Stage of Capitalism
Germany’s Assault On The IMF
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Having successfully used the EU to conquer the Greek people by turning the Greek “leftwing” government into a pawn of Germany’s banks, Germany now finds the IMF in the way of its plan to loot Greece into oblivion .

The IMF’s rules prevent the organization from lending to countries that cannot repay the loan. The IMF has concluded on the basis of facts and analysis that Greece cannot repay. Therefore, the IMF is unwilling to lend Greece the money with which to repay the private banks.

The IMF says that Greece’s creditors, many of whom are not creditors but simply bought up Greek debt at a cheap price in hopes of profiting, must write off some of the Greek debt in order to lower the debt to an amount that the Greek economy can service.

The banks don’t want Greece to be able to service its debt, because the banks intend to use Greece’s inability to service the debt in order to loot Greece of its assets and resources and in order to roll back the social safety net put in place during the 20th century. Neoliberalism intends to reestablish feudalism—a few robber barons and many serfs: the One Percent and the 99 percent.

The way Germany sees it, the IMF is supposed to lend Greece the money with which to repay the private German banks. Then the IMF is to be repaid by forcing Greece to reduce or abolish old age pensions, reduce public services and employment, and use the revenues saved to repay the IMF.

As these amounts will be insufficient, additional austerity measures are imposed that require Greece to sell its national assets, such as public water companies and ports and protected Greek islands to foreign investors, principallly the banks themselves or their major clients.

So far the so-called “creditors” have only pledged to some form of debt relief, not yet decided, beginning in 2 years. By then the younger part of the Greek population will have emigrated and will have been replaced by immigrants fleeing Washington’s Middle Eastern and African wars who will have loaded up Greece’s unfunded welfare system.

In other words, Greece is being destroyed by the EU that it so foolishly joined and trusted. The same thing is happening to Portugal and is also underway in Spain and Italy. The looting has already devoured Ireland and Latvia (and a number of Latin American countries) and is underway in Ukraine.

The current newspaper headlines reporting an agreement being reached between the IMF and Germany about writing down the Greek debt to a level that could be serviced are false. No “creditor” has yet agreed to write off one cent of the debt. All that the IMF has been given by so-called “creditors” is unspecific “pledges” of an unspecified amount of debt writedown two years from now.

ORDER IT NOW

The newspaper headlines are nothing but fluff that provide cover for the IMF to succumb to presssure and violate its own rules. The cover lets the IMF say that a (future unspecified) debt writedown will enable Greece to service the remainder of its debt and, therefore, the IMF can lend Greece the money to pay the private banks.

In other words, the IMF is now another lawless Western institution whose charter means no more than the US Constitution or the word of the US government in Washington.

The media persists in calling the looting of Greece a “bailout.”

To call the looting of a country and its people a “bailout” is Orwellian. The brainwashing is so successful that even the media and politicians of looted Greece call the financial imperialism that Greece is suffering a “bailout.”

Everywhere in the Western world a variety of measures, both corporate and governmental, have resulted in the stagnation of income growth. In order to continue to report profits, mega-banks and global corporations have turned to looting. Social Security systems and public services–and in the US even the TSA airline security screening–are targeted for privatization, and indebtedness so accurately described by John Perkins in his book, Confessions of an Economic Hit Man, is used to set up entire countries to be looted.

We have entered the looting stage of capitalism. Desolation will be the result.

(Republished from PaulCraigRoberts.org by permission of author or representative)
 
• Category: Economics • Tags: Greece, IMF, Neoliberalism 
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  1. Neoliberalism intends to reestablish feudalism—a few robber barons and many serfs: the One Percent and the 99 percent.

    That’s the simple truth. Free trade, open borders and the privatization of everything. That’s how you know them. We should be hunting them – not electing them.

    Read More
    • Replies: @woodNfish
    This is why the article should have been titled "We Have Returned the Looting Stage of Feudalism". This is not capitalism, it is an aberration that is beggaring the West.

    Once again though Paul Roberts leaves out the fundamental facts that the Greeks lied about the state of their communist economy and that their state welfare program was unsustainable and failing when they lied to get into the EU.
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  2. “Greece’s creditors, many of whom are not creditors but simply bought up Greek debt at a cheap price in hopes of profiting ….”

    That’s just stupid. They may not be the predators who loaded up Greece with the debt, and they may very well be another form of predator, but they have skin in the game and are nonetheless creditors.

    As for Greece, they have always been free to jump off the Merry-go-Round, and even came close to appearing to do so a few years back, but they don’t seem to have the requisite courage to stand as a free people any more … they seem to revel in their bondage.

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  3. I think PCR is a great guy and means well, but he thinks that “We Have Entered the Looting Stage of Capitalism.”

    Really? We’ve just entered it? Hello!?????

    Note to Mr Roberts: Please study the history the previous century and you’ll find that the looting was pretty prominent during the whole time and people (such as Robert M. LaFollette and countless others ) were aware of it. How do you think the term “robber baron” became part of the vernacular? The general economic complaints are pretty much the same as they are today.

    For that matter, investigate mercantilism, which is a form of capitalism.

    Capitalism, like religion and education may be fine in theory, but when the rubber hits the road, all it takes is a few capitalists (or religionists or educationists) to screw up everything and it seems that they start screwing things up for the rest of us right out of the bag.

    Institutionalized looting seems to be a permanent fixture of the human experience. It ain’t nuttin new.

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  4. No need to worry about any of this. Instead of navel gazing, contemplating how many economists could bed down in its lint, look lower down, and try to figure out if your penis is a vagina, or vice versa. Distraction through mad crowd disease.

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  5. woodNfish says:
    @WorkingClass

    Neoliberalism intends to reestablish feudalism—a few robber barons and many serfs: the One Percent and the 99 percent.
     
    That's the simple truth. Free trade, open borders and the privatization of everything. That's how you know them. We should be hunting them - not electing them.

    This is why the article should have been titled “We Have Returned the Looting Stage of Feudalism”. This is not capitalism, it is an aberration that is beggaring the West.

    Once again though Paul Roberts leaves out the fundamental facts that the Greeks lied about the state of their communist economy and that their state welfare program was unsustainable and failing when they lied to get into the EU.

    Read More
    • Replies: @WorkingClass
    Capitalism in its ideal state (pure free market Capitalism) is different from Capitalism as it is practiced. Feudalism is the final state of unregulated Capitalism. I regard Capitalism as a force of nature. Human nature requires private property. To be an engine of prosperity for the mass of people Capitalism must be regulated. The market place needs a policeman. Unfortunately (human nature again) honest and intelligent governance seems beyond our reach. In the end, I fear, the Anarchists build the finest castles in the air. Speaking for myself, I take solace in the wisdom of the scripture. Be in the world but not of it.
    ReplyAgree/Disagree/Etc. More... This Commenter This Thread Hide Thread Display All Comments
  6. @woodNfish
    This is why the article should have been titled "We Have Returned the Looting Stage of Feudalism". This is not capitalism, it is an aberration that is beggaring the West.

    Once again though Paul Roberts leaves out the fundamental facts that the Greeks lied about the state of their communist economy and that their state welfare program was unsustainable and failing when they lied to get into the EU.

    Capitalism in its ideal state (pure free market Capitalism) is different from Capitalism as it is practiced. Feudalism is the final state of unregulated Capitalism. I regard Capitalism as a force of nature. Human nature requires private property. To be an engine of prosperity for the mass of people Capitalism must be regulated. The market place needs a policeman. Unfortunately (human nature again) honest and intelligent governance seems beyond our reach. In the end, I fear, the Anarchists build the finest castles in the air. Speaking for myself, I take solace in the wisdom of the scripture. Be in the world but not of it.

    Read More
    • Replies: @woodNfish
    True, we don't have "free markets" so there is no free market capitalism. What we have in the US is crony capitalist fascism run by a corporate oligarchy. Capitalism isn't a force of nature, it is an economic system that uses natural human motivations to create a dynamic economy. I agree that certain aspects of capitalism must be regulated or we end up with what we have now. I am not an anarchist, but government should operate with minimal interference to individual liberty. We are far, far from that ideal today, and I agree with Roberts that it will take a violent revolution to change it. The 1% is going to be purged if they don't change their evil ways.
    ReplyAgree/Disagree/Etc. More... This Commenter This Thread Hide Thread Display All Comments
  7. woodNfish says:
    @WorkingClass
    Capitalism in its ideal state (pure free market Capitalism) is different from Capitalism as it is practiced. Feudalism is the final state of unregulated Capitalism. I regard Capitalism as a force of nature. Human nature requires private property. To be an engine of prosperity for the mass of people Capitalism must be regulated. The market place needs a policeman. Unfortunately (human nature again) honest and intelligent governance seems beyond our reach. In the end, I fear, the Anarchists build the finest castles in the air. Speaking for myself, I take solace in the wisdom of the scripture. Be in the world but not of it.

    True, we don’t have “free markets” so there is no free market capitalism. What we have in the US is crony capitalist fascism run by a corporate oligarchy. Capitalism isn’t a force of nature, it is an economic system that uses natural human motivations to create a dynamic economy. I agree that certain aspects of capitalism must be regulated or we end up with what we have now. I am not an anarchist, but government should operate with minimal interference to individual liberty. We are far, far from that ideal today, and I agree with Roberts that it will take a violent revolution to change it. The 1% is going to be purged if they don’t change their evil ways.

    Read More
    • Replies: @bluedog
    Indeed un-regulated capitalism is a twin sister to communism in the respect that it brings little but poverty to far too many people...
    ReplyAgree/Disagree/Etc. More... This Commenter This Thread Hide Thread Display All Comments
  8. bluedog says:
    @woodNfish
    True, we don't have "free markets" so there is no free market capitalism. What we have in the US is crony capitalist fascism run by a corporate oligarchy. Capitalism isn't a force of nature, it is an economic system that uses natural human motivations to create a dynamic economy. I agree that certain aspects of capitalism must be regulated or we end up with what we have now. I am not an anarchist, but government should operate with minimal interference to individual liberty. We are far, far from that ideal today, and I agree with Roberts that it will take a violent revolution to change it. The 1% is going to be purged if they don't change their evil ways.

    Indeed un-regulated capitalism is a twin sister to communism in the respect that it brings little but poverty to far too many people…

    Read More
    • Replies: @woodNfish
    Nonsense. Communism is a political and economic system. Capitalism is an economic system only. It is also the only economic system in the history of mankind that has pulled common people out of humanity's normal state of poverty and into relative comfort. Yes, it can be distorted by corrupt people, but it is still the only economic system to be as universally successful as it has been.
    ReplyAgree/Disagree/Etc. More... This Commenter This Thread Hide Thread Display All Comments
  9. woodNfish says:
    @bluedog
    Indeed un-regulated capitalism is a twin sister to communism in the respect that it brings little but poverty to far too many people...

    Nonsense. Communism is a political and economic system. Capitalism is an economic system only. It is also the only economic system in the history of mankind that has pulled common people out of humanity’s normal state of poverty and into relative comfort. Yes, it can be distorted by corrupt people, but it is still the only economic system to be as universally successful as it has been.

    Read More
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  10. Priss Factor [AKA "Anonymny"] says:

    But Grooks are not innocent. They are parasites and weasels.

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