Category Archives: Banksters

Abby Martin dissects Steve Bannon: It ain’t pretty


There’s little doubt that Steve Bannon is the brains behind President Pussygrabber.

And if Donald Trump is an infantile personality, easily distracted by the latest shiny thing to enter his field of vision, Steve Bannon is another breed of cat altogether, a man with a plan.

And what Bannon plans, Martin shows in this edition of The Empire Files, is a return to the 1950s, when the white man’s word was law, both on the street and in the home, and women, minorities, and others not gifted with testicles and melanin deficiencies could be expected to know their places.

Oh, and he also wants a war with China.

Corrupt, cunning, and vicious, Bannon has fueled the rise of a reign of misfits, and we’ve only seen the beginning.

From teleSUR English:

Empire Files: Abby Martin Exposes Steve Bannon

Program notes:

Steve Bannon has been propelled over the last year from fringe media outlier to top propagandist of the U.S. Empire as Trump’s Chief Strategist.

From his Wall Street roots and apocalyptic film career to his cultivation of alt-right bigots at Breitbart News, Abby Martin exposes Bannon’s true character in this explosive documentary.

Dissection of Bannon’s ideology of “economic nationalism” and desire to “Make America Great Again” reveals the danger of his hand in Trump’s agenda.

Chart of the day: Greek working class miseries


From the Hellenic Statistical Authority, the grim nrews about paychecks yunder the reign of the Austerians:

Kathermini adds some detail:

More than half of private sector employees in Greece are paid less than 800 euros per month, compared with just 11 percent in the public sector, while the real unemployment rate is more than 30 percent, the country’s biggest union claimed in its annual report published on Monday.

The Labor Institute of the General Confederation of Greek Labor (INE-GSEE) noted in its 2016 report on the Greek economy that crisis-induced inequalities among different groups of workers and the decimation of the labor market have had a negative impact on productivity. The increase in labor market flexibility last year translated into 51.6 percent of private sector salary workers receiving less than 800 euros per month at the same time as half of all civil servants were being paid more than 1,000 euros per month.

After processing the salary data in the private sector, INE-GSEE found that net pay was up to 499 euros per months for 15.2 percent of workers, between 500 and 699 euros for 23.6 percent, and 700 and 799 euros per month for 12.8 percent. Just over one in six (17.3 percent) received between 800 and 999 euros. Meanwhile, 38.5 percent of civil servants had net earnings of between 1,000 and 1,299 euros and 15.7 percent collected more than 1,300 euros per month.

The large decline in private sector salaries and the fact that the institute’s economists estimate that the unemployment rate is much higher than the official 23.1 percent are particularly ominous developments which could erode social cohesion and lead large parts of the population into poverty.

The report highlights the increase in the rate of households unable to cover some of their basic needs from 28.2 percent in 2010 to 53.4 percent in 2015. This is due to the major decline in disposable income and the drop in savings. A rise was also noted in the rate of households delaying loan and rent payments (from 10.2 percent in 2010 to 14.3 percent in 2015). Worse, households’ inability (or unwillingness) to pay utility bills soared from 18.8 percent in 2010 to 42 percent five years later.

Life is bitter under the dominion of the Troikarchs

The Wall Street Crash that triggered the Great Recession was followed immediately by the decisions of governments, central banksters, and the money lords of the International Monetary Fund to bail out the banks, and not the lenders.

Those decisions weighed hardest on indebted nations, and proved especially onerous in Southern Europe, where reckless lending by German and other banks had undergirded economic expansion during the boom.

To ensure repayment, the European Central Bank, European Commission, and the International Monetary Fund mandated ongoing wage cuts, pension and healthcare benefit reductions, new taxes, and sellff of large sectors of public infrastructure and resources, most notably in Greece.

The measures have brought no real relief, and Greeks are continuing to pay a high price.

Woman workers hit especially hard

From Kathimerini again:

Women, especially young women, have been hit particularly hard by Greece’s economic crisis, Labor and Social Insurance Minister Effie Achtsioglou told the Parliament in Athens on Wednesday on the occasion of International Women’s Day.

Of all the registered unemployed in Greece, 61 percent are women, Achtsioglou said, noting that although joblessness has dropped 3 percentage points over the past two years of the SYRIZA-Independent Greeks coalition, more needs to be done to curb unemployment generally, and in particular among women.

Cuts in social welfare spending over the years have fallen most heavily on the shoulders of women, Achtsioglou said, adding that the current government remains determined to ease austerity as soon as possible.

And a foreclosure epidemic rocks the nation

Because of lost jobs and smaller paychecks, many Greeks are faced with a hard choice.

From Kathimerini again:

The austerity measures introduced by the government are forcing thousands of taxpayers to hand over inherited property to the state as they are unable to cover the taxation it would entail. The number of state properties grew further last year due to thousands of confiscations that reached a new high.

According to data presented recently by Alpha Astika Akinita, real estate confiscations increased by 73 percent last year from 2015, reaching up to 10,500 properties.

The fate of those properties remains unknown as the state’s auction programs are fairly limited. For instance, one auction program for 24 properties is currently ongoing. The precise number of properties that the state has amassed is unknown, though it is certain they are depreciating by the day, which will make finding buyers more difficult.

Financial hardship has forced many Greeks to concede their real estate assets to the state in order to pay taxes or other obligations. Thousands of taxpayers are unable to pay the inheritance tax, while others who cannot enter the 12-tranche payment program are forced to concede their properties to the state. Worse, the law dictates that any difference between the obligations due and the value of the asset conceded should not be returned to the taxpayer. The government had announced it would change that law, but nothing has happened to date.

Charts of the day: A look at the Greek debt burden


We have two charts from the just-published edition of The Greek Economy, a monthly update from the Hellenic Statistical Authority.

Of the many charts in the document, we picked these two because they depict to loss of national financial sovereignty in a dramatic way.

Our first chart is straightforward, showing the dramatic rise in the ratio of Greek debt to the national GDP:

The second graph charts the radical change in the nature of Greece’s debt, a changed mandated by the financial overlords of the International Monetary Fund, the European Central Bank, and the European Central Bank — the Troika — as a condition of financial aid.

In the chart, debt in the form of securities such as government bonds is represented by the broken blue line, while second broken line represents debt in the form of outright loans. The radical shift was the result of the Troika’s demands on becoming the nation’s financial overlords.

The third and constant line in the graph represents debt in the form of cash and cash deposits:

Quote of the day: The shape of things to come


From Cornell University political economist and prolific author Jonathan Kirshner, writing in the Los Angeles Review of Books:

There is no happy ending to this story. It is not “just one election.” Yes, in theory, most domestic policy blunders can be reversed at a future date. But best case scenario, brace yourself for a horrifying interregnum. The fantasy that the Republican Congress might serve as a check on Trump’s power is just that — a fantasy. Congress does have considerable authority, but mostly regarding those things that they agree with Trump about: slashing taxes on the wealthy, gutting environmental regulations, pretending climate change doesn’t exist, overturning Obamacare, appointing very conservative judges. Moreover, the internet culture is not going away, so don’t imagine that there is a silver lining to be gleaned from the looming policy disasters that we will all suffer through. If enough people enjoy watching the reality TV of the Trump Presidency, they will renew it for another four years. Nor should it be assumed that the Democratic Party, flat on its back, is poised for a comeback. The American left has its own deep divisions to tend to — largely along generational lines, as the young and the old articulate very different interpretations of the core principles of liberalism — which will not be easily papered over.

Worse still, even if we manage to endure the next four years and then oust him in the next election, from this point forward we will always be the country that elected Donald Trump as President. And as Albert Finney knew all too well in Under the Volcano, “some things, you just can’t apologize for.” This will be felt most acutely on the world stage. Keep in mind that in those areas where Trump departs from traditional Republican positions, such as those regarding trade and international security, Congressional power is much weaker. Trump can start a trade war or provoke an international crisis just by tweeting executive orders from the White House. And that damage will prove irreversible. Because from now on, and for a very long time, countries around the world will have to calculate their interests, expectations, and behavior with the understanding that this is America, or, at the very least, that this is what the American political system can plausibly produce. And so the election of Trump will come to mark the end of the international order that was built to avoid repeating the catastrophes of the first half the twentieth century, and which did so successfully — horrors that we like to imagine we have outgrown. It will not serve us well.

We have lost, we are lost. Not an election, but a civilization. Where does that leave us? I think the metaphor is one of (political) resistance. They resisted in occupied France, they resisted in Franco’s Spain. Even in the twilight years of the 1930s, times considerably darker than today, regular men and women stood up against much graver dangers and longer odds than those we now face. They did not resist, necessarily, because they thought they would win, they resisted because they simply could not imagine collaborating, even passively. And for us, even now there are oases of hope in our sea of despair — Trump did indeed lose the popular vote by a wide margin, and there are powerful states and municipalities that might protect many of the most vulnerable from the coming federal onslaught. But we will face a great moment of crisis, after the next major terrorist attack in the U.S. (something no American President could prevent), which will present something like a perfect storm: a thin-skinned, impulsive leader with authoritarian instincts, a frightened public, an environment of permissive racism, and a post-fact information environment. In such a moment basic civil liberties will be at risk: due process will be assailed as “protecting terrorists”; free speech will be challenged as “giving aid and comfort to the enemy.” And that will be the moment when each of us must stand up and be counted, and never forget Tolstoy’s admonition: “There are no conditions to which a man may not become accustomed, particularly if he sees that they are accepted by those about him.” Our portion is to make sure that never comes to pass.

Greek doctors stage an anti-austerity walkout


Physicians at state-owned hospitals walked off the job Thursday, protesting pay and benefit cuts imposed as the latest round of Troika-imposed austerity draws imminent.

From euronews:

Doctors in Greek state hospitals have walked out in protest against social security changes that will see their pensions reduced and contributions increased.

Hundreds of medical staff took to the streets in Athens as run down hospitals are cutting off vital drugs, limiting non-urgent operations and rationing basic materials.

In its seventh year of deep recession, Greece is trapped under Europe’s biggest public debt burden.

State hospital doctor, Afrodite Renviou, said: “We will not accept the notion that we lost what we lost. We will fight to claim back our losses, and furthermore we will remain alert and vigilant because the government is about to further escalate its assault on our incomes.”

Another doctor, Gerasimos Roubis, said: “We doctors are also victims of the havoc the economic crisis created with the country’s creditors demanding wage cuts. Our only option is to join forces with the rest of the society and fight back.”

Yet another update on the ongoing Greek Crisis


Greece, the European nation hardest hit by the Great Recession, continues to struggle, weighed down by massive loan debt, accumulated during the pre-crash boom and amplified by bailouts in the years since.

Much of the Greek debt is held by vulture funds, specializing in swooping in toe feed off the cheaply priced debt of stricken economies, then demand payment in full as the national economy struggles to recover.

Much of the Greek debt is held any Germans backs which financed Greek military purchases from German munitions companies — many of them induced by bribes from the German corporateers.

The Troika — the coalition of the European Central Bank, the European Commission, and the International Monetary Fund have insisted on full repayment, with the price of rebellion being the education of Greece from the common currency, a move that would force Greece to drop the Euro and go back to the drachma.

And while Germany booms, Greeks are subjected to pay and pension cuts healthcare reductions, and sell off of national power and transportation grids, as well as the sale of ports and islands.

The resulting deprivation has distorted the Greek economy, evident in these two charts from the Hellenic Statistical Authority.

First, a chart of the ten top-selling industrial products manufactured in Greece [click on the images to enlarge]:

blog-greeceNext, the top-sellers for the European Union as a whole:

blog-greece-2But more misery lies ahead, , ,

We begin with this from China Daily:

Greece will likely need a fourth bailout program, according to Cypriot economist and 2010 Nobel laureate Christoforos Pissarides.

“I am afraid there will be a fourth memorandum,” 69-year-old Pissarides said in an interview with local SKAI television’s program “Weekend with Action”.

“The crisis and austerity will end when Greece will be able to return to international financial markets,” Pissarides said, adding that in his view it was rather unlikely to happen before the end of the current bailout in August 2018.

The expert called for more reforms with no delays to attract investment in order to exit the seven-year debt crisis.

And Germany won’t stand for debt relief

There’s no relief in sight for the Greeks, as Germany, the dominant economic power in the European Union and chief player in the central bank, insists that all loans be paid in full.

From Kathimerini:

Greece must not be granted a “bail-in” that would involve creditors taking a loss on their loans, Germany’s deputy finance minister said in an interview broadcast on Sunday, reiterating the German government’s opposition to debt relief for Athens.

“There must not be a bail-in,” Jens Spahn told German broadcaster Deutschlandfunk, according to a written transcript of the interview.

“We think it is very, very likely that we will come to an agreement with the International Monetary Fund that does not require a haircut,” he said, referring to losses that Greece’s creditors would have to take if debt was written off.

The IMF has called for Greece to be granted substantial debt relief, but this is opposed by Germany, which makes the largest contribution to the budget of the European Stability Mechanism (ESM), the eurozone’s bailout fund.

Greece and its creditors agreed on February 20 to further reforms by Athens to ease a logjam in talks with creditors that has held up additional funding for the troubled eurozone country.

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Border wall moves ahead; Mexican resistance stirs


Yep, the border wall is moving ahead.

From the Chicago Tribune:

U.S. Customs and Border Protection said Friday that it plans to start awarding contracts by mid-April for President Donald Trump’s proposed border wall with Mexico, signaling that he is aggressively pursuing plans to erect “a great wall” along the 2,000-mile border.

The agency said it will request bids on or around March 6 and that companies would have to submit “concept papers” to design and build prototypes by March 10, according to FedBizOpps.gov, a website for federal contractors. The field of candidates will be narrowed by March 20, and finalists must submit offers with their proposed costs by March 24.

The president told the Conservative Political Action Conference on Friday that construction will start “very soon” and is “way, way, way ahead of schedule.”

The agency’s notice gave no details on where the wall would be built first and how many miles would be covered initially. Homeland Security Secretary John Kelly has sought employees’ opinions during border tours of California, Arizona and Texas.

Announcement comes a day after cross-border meeting

The wall wasn’t even mentioned when two cabinet members traveled south of the border the day before the announcement.

From NBC News:

There were promises of cooperation, of closer economic ties, and frequent odes to the enduring partnership between the U.S. and its southern neighbor. But there were no public mentions of that massive border wall or President Donald Trump’s plan to deport non-Mexicans to Mexico as top U.S. officials visited the Mexican capital.

Instead, U.S. Homeland Security Secretary John Kelly and Secretary of State Rex Tillerson played it safe, acknowledging generally that the U.S. and Mexico are in a period of disagreement without putting any specific dispute under the microscope. It fell to their hosts, and especially Mexican Foreign Secretary Luis Videgaray, to thrust those issues into the spotlight.

“It is an evident fact that Mexicans feel concern and irritation over what are perceived as policies that may hurt Mexicans and the national interest of Mexicans here and abroad,” Videgaray said Thursday after meeting with Kelly and Tillerson.

The Americans focused instead on putting to rest some of the fears reverberating across Latin America – such as the notion that the U.S. military might be enlisted to deport immigrants in the U.S. illegally en masse. Not so, said Kelly. He said there would be “no mass deportations” and no U.S. military role.

Sure, Mexico can trust anything that comes out of an administration headed by a man who can’t even keep his own lies straight, then flies into a rage any time anyone dares point that out.

Trump may do the impossible for Peña

Mexican President Enrique Peña Nieto has been polling at all-time lows, earning an abysmal 12 percent approval rate in one recent survey., making Trump’s current 42 percent approval rating look like a rave review.

But Trump may prove a boost for the beleaguered Mexican President is Agent Orange continues with his self-serving racist rants, especially now that Peña’s administration is showing a little resistance.

From teleSUR English:

The U.S. wants to pressure Mexico into keeping migrants and refugees as they await trial, forcing Mexico to deport them instead. Mexico isn’t falling for it.

Mexico will reject the remaining funds of the Merida Plan if they’re used by the U.S. to coerce the country on immigration policy, said Interior Minister Miguel Angel Osorio Chong on Friday.

The US$2.6 billion security assistance package on the drug war has been almost been entirely distributed since 2008, mostly on military equipment like helicopters and training for its security forces.

The plan has been widely criticized for worsening, rather than improving, violence and disappearances in the country and being partly responsible for the disappearance of the 43 student-teachers in Ayotzinapa. It already contains a proviso to withhold funds if Mexico doesn’t improve its rule of law or human rights abuses, though the U.S. has never enacted this demand.

Besides now taking into account U.S. President Donald Trump’s plan to build a border wall, the aid may be dependent on Mexico hosting undocumented immigrants from third countries as they are awaiting processing of their deportation trials in the U.S.

“They can’t leave them here on the border because we have to reject them. There is no chance they would be received by Mexico,” said Osorio Chong on Friday, speaking with Radio Formula after a cool reception of U.S. Secretary of State Rex Tillerson and Homeland Security Secretary John Kelly, who visited on Thursday.

Mexico already deports hundreds of thousands of Central Americans apprehended at its southern border, but cities like Mexico City are among the largest receptors of refugees deported from the U.S.

Mexico hints at a trade war

A not-so-veiled threat was issued Thursday at the same time Trump administration officials were meeting with their Mexican counterparts.

From Reuters:

Mexico’s economy minister said on Thursday that applying tariffs on U.S. goods is “plan B” for Mexico in trade talks with the United States if negotiations aimed at achieving a new mutually beneficial agreement fail.

Economy Minister Ildefonso Guajardo told local broadcaster Televisa that he expected North American Free Trade Agreement negotiations with both the United States and Canada to begin this summer and conclude by the end of this year.

And promptly takes the first step

Guajardo’s warming was accompanied by action as well,

From teleSUR English:

Amid trade tensions with the United States, Mexico plans to send a delegation next month to visit Brazilian corn, beef, chicken and soy producers as an alterative to U.S. suppliers, its representative in Brazil said on Friday.

Mexican chargé d’affaires Eleazar Velasco said Brazil is uniquely positioned to expand agricultural commodity sales to Mexico if trade with the United States is disrupted because it is closer than other potential suppliers like Australia.

“The United States unilaterally wants to change the established rules of the game,” Velasco told Reuters. “This will evidently lead us to rebalance our trade relations.”

Mexican Agriculture Secretary Jose Calzada was due to visit Brazil last week but had to postpone his trip until March due to scheduling issues, Velasco said.

Calzada will bring Mexican food industry executives to do deals with Brazilian exporters, the diplomat said. The trip is part of a drive to lessen dependence on U.S. exports as President Donald Trump threatens to upend long-standing free trade between the two countries.

And Mexico acts on the financial front as well

The country has been engaged in a massive buttressing of its currency.

From CNNMoney:

Mexico’s currency, the peso, is one of the best performers in the world in February, up over 5%.

Before the U.S. election, the country’s central bank started implementing what its governor, Agustin Carstens, called a “contingency plan.” Carstens says Trump’s potential policies would hit Mexico’s economy like a “hurricane.”

For ordinary Mexicans, the peso’s momentum doesn’t mean much. Gas prices rose as much as 20% in January while economic growth and wages continue to be sluggish. Life is getting more expensive.

Still, it’s a swift turnaround for a country and currency facing an uncertain future with the U.S.

Since November, Mexico’s central bank has raised interest rates three times and sold U.S. dollars to international investors. Among other efforts, it’s all meant to buoy the peso that’s been weighed down by Trump’s threats.

Things are starting to get interesting. . .