Category Archives: Debt

John Oliver tackles used car loan sharks


The latest episode of Last Week Tonight with John Oliver tackles predatory used car lending, complete with abducted babies, annoying beeps, and warnings that yet another lending bubble is about to burst.

As usual, it’s both amusing and omnious, and, as always, well worth your time.

From Last Week Tonight:

Auto Lending: Last Week Tonight with John Oliver

Program notes:

Auto lenders can steer vulnerable people into crushing debt. Keegan-Michael Key and Bob Balaban help John Oliver show exactly how.

Chart of the day: Student loans top debt list


From the Wall Street Journal via Popular Resistance, with a H/T to Undernews:

BLOG Debt

Greeks ready report on German occupation costs


With Greece reeling under demands to repay debts to German banks, Greece is preparing demands that Europe’s economic giant should make good on the costs of German looting, extortion, and other damage inflicted during World War II.

From Ekathimerini:

The findings of the intra-party committee which was set up to look into Greek claims for German war reparations are expected to be submitted to Parliament in early September, reports said on Friday. The committee wrapped up its probe on July 27.

Greece is demanding 269 billion euros – adjusted to inflation – for damages incurred during the Nazi occupation in World War II, including forced loans plus interest.

According to German magazine Der Spiegel, the 77-page report recommends that Greece employs diplomatic means to persuade Germany but doesn’t rule out legal action if that fails.

The reparations issue has been repeatedly raised by the SYRIZA-led coalition and Prime Minister Alexis Tsipras timed an appeal last week – to European leaders for solidarity over the country’s debt burden – to coincide with the anniversary of the so-called London Debt Agreement in 1953, which secured West Germany a write-down of more than 50 percent of the debts it accumulated during the two world wars.

Given that much of the money extracted from Greece in recent years went to Germany, debts that have driven the nation deep into economic misery because of austerity measures imposed by the German-dominated European Central Bank and the European Commission, plus the International Monetary Fund, we think the Greeks have an excellent case.

Add in the fact that much of that debt comes from contracts to German firms, companies that extracted the wealth by criminally bribing officials of previous conservative Greek governments, there’s goof cause for debt relief, and reparations is a good first step.

Massive wave of Greek home foreclosures nears


The supposedly radical government of Greek Prime Minister Alexis Tsipras swept into power in January 2015 on a promise to end the austerity and debt slavery imposed by the European Commission, the European Central Bank, and the International Monetary Fund.

But when push came to shove, Tsipras knuckled under, and yet more jobs were cut, more salaries lowered, more pensions slashed, health care reduced, and still more Greek national assets were sold off the sate the banksters of Northern Europe [read Germany].

And now, with austerity biting deeper, three-quarters of a million Greeks are about to lose their homes and businesses.

From To Vima:

About one and a half million tax payers may face foreclosures from tax authorities for debts over 500 euros. Half of them – 755,806 – are expected to face mandatory liquidation measures, namely property and bank accounts seized.

At the end of June the tax authorities announced that 4,003,372 have tax debts. The General Secretariat of Public Revenue may enforce mandatory liquidation measures on 1,492,088 of them, given that many debtors may either not have assets or may be bankrupt.

Tax debts amount to almost 90 billion euros, which is about half of the country’s gross domestic product. The new overdue debts generated in 2016 amount to 6.8 billion euros, with 5.956 billion euros being unpaid taxes. In June alone 1.2 billion euros worth of debts were generated, with 903 million euros being unpaid taxes.

Chart economy Greek economic contraction


Despite [or more likely because of] the severe austerity imposed on Greece by the European Commission, the European Central Bank, and the International Monetary Fund, there’s no sign of a recovery as both imports and exports continue to decline according to the latest data from the Hellenic Statistical Authority:

BLOG Greco

Conventional Wisdom: Humor & Weimar America


As the GOP convention winds to a close, a video take on the event and the election.

We begin with a brutally frank assessment of the Republican convention from Lewis Black, during a guest sport on The Late Show with Stephen Colbert.

And he’s got the best idea yet on what to do with the two November contenders:

Lewis Black On The Election: “It’s A Social Experiment”

Program notes:

The comedian and star of “Back in Black” on Broadway suggests that by choosing between two deeply unpopular presidential candidates, voters are participating in a grand social experiment.

The election as emerging fascism fueled by both parties

Next up, a Paul Jay interview with journalist and former Berkeleyan Robert Scheer on the emerging fascism of Weimar America, and the way both parties have worked to bring it about.

From The Real News Network:

Robert Scheer: Neofascist Trump or Corporate Hawk Clinton Are No Choice at All

From the transcript:

JAY: So let’s start with question one. Is this just a kind of eccentric right populist, and another variance of the Republican Party? Or is this something that’s gone further into what you can call a new authoritarianism, developing neofascism, or such?

SCHEER: Well, it’s precisely a neofascism, and I think we should explain, particularly to younger people, what we mean by this. Because it’s not just throwing around some frightening word. But we’ve had this phenomenon. We have it right now in Europe. We have it where you’re–basically what you’re, what you had under the rise of Mussolini and Hitler, in Italy and Germany.

And what you’re really talking about is scapegoating real problems, there are real problems, you don’t get fascist movements taking over, rising to power, without people being in pain. Hurting. The economy in shambles, their aspirations are limited, they’re worried about their future. And we have a situation now in the United States that is increasingly resembling a kind of post-Weimar Germany. It’s neofascism, it’s not fascism. But basically, people are perplexed: why is life not getting better? Why is income disparity more glaring? Why did my $38 an hour job in [inaud.] or mining disappear, and now I have to work for $7, $8, $9 an hour. What about the benefits I thought I had? What about my ability to send my kid to college?

So we have lowered expectations in America. We have a great sense of pain. And it’s not, you know, just one region and one group of people. And it’s in that atmosphere that you can basically have one of two narratives to respond. You had the Bernie Sanders narrative that said yeah, we got real problems, here. Income inequality is getting worse. The good jobs are not there. The benefits are not there. And we’re going to propose a progressive alternative. And that’s why Bernie Sanders, you know, almost knocked Hillary Clinton out of the box, because Hillary Clinton represented the establishment that had enabled this kind of pain out there.

On the Republican side, Trump did something amazing. He wiped out the whole Republican establishment. He did it up from Maine to Alabama. And he was able to do it across the country because people are hurting. They’re not fools, they’re not desperate to back a fool. What they are desperate about is having a good life for their kids, for themselves, and they’re worried. And so this demagogue of the right comes along with a neofascist message, and by that I mean precisely blaming the undocumented worker, you know, blaming people who don’t have your religion, or gay people, or minorities, or something of that sort. Blaming them for the problems that people with power have caused.

And that’s the key ingredient of neofascism, is to distract people from the real origin of the problems, and make them think it’s the undocumented Mexican worker, which is absurd. They’re not the people who have destroyed housing in America. They’re not the people who did the collateralized debt obligations and credit default swaps and all the junk that Goldman Sachs and others did that brought the economy down. And to blame some guy who’s crossed the border, or some woman who’s crossed the border and is trying to clean a house or help raise a kid there for your problems. . .is absurd.

And Michael Moore declares Trump will be the winner

And he gives a plausible rationale for his analysis in this special convention of HBO’s Real Time with Bill Maher.

Also featured in Tony Schwartz, the man who really wrote Donald Trump’s The Art of the Deal and who has proclaimed that Trump’s victory in November would herald the end of civilization:

Bill Maher Live RNC Special Edition: July 20

Program notes:

Bill Maher and his guests – Michael Moore, Dan Savage, Joy Reid, and Tony Schwartz – discuss the 2016 Republican National Convention during this special edition of Real Time.

Resisting the Greek capitulation to the banksters


Greek’s have seen austerity at its worst, inflicted by the joint powers of the European Commission, the European Central Bank, and the International Monetary Fund.

The austerians are acting in the interest of the banks of Germany and France, lending institutions that bankrolled arms deals that profited the military/industrial complexes of the lender nations.

While Greek official corruption was clearly involved in some of the deals, the bribe payments came from German companies eager for profits from the sale of weapon systems, warships, and other materiel necessary for the new Cold War.

A succession of Greek governments signed off on massive cuts in public salaries and pensions, restrictions on the national public health system, and the sell-off of ports, railroads, islands, and other public assets.

Finally, the Greek people said “Enough!,” and in and in January 2015, they voted in a new government headed by a previously marginal party, a coalition of the Left named Syriza [previously], swept to power on a platform calling for an end of the payments.

With party leader Alexis Tsipras becoming chancellor, Syriza seemed on track to mount the first real resistance to the ave of austerity programs imposed on nations of Ireland and Southern Europe in the wake of the crash caused by the institutional corruption of Wall Street and the City of London.

Seven months after taking power, Syriza called a referendum on the issue of whether or not Greece should accept the latest austerity mandates from the Troika. When the votes were tallied, 61 percent of the Greek electorate declared no to further austerity.

Two months later the leaders of the anti-austerity movement were gone, and Tsipras was ready to surrender once again.

In this interview with The Real News Network, one of those leaders talks about those critical events, and the launch of a new party to continue the resistance to the money lord of the North:

Odious Debt and the Betrayal of the Popular Will in Greece

From the transcript:

DIMITRI LASCARIS, TRNN: This is Dimitri Lascaris reporting from Lesbos, Greece, for The Real News.

This week, The Real News is in Lesbos to cover the Crossing Borders Conference on the refugee crisis in the Mediterranean.

This afternoon we’re joined by Zoe Konstantopoulou. Zoe Konstantopoulou is the former speaker of the Greek Parliament. She was elected to that position in February of last year with a record number of votes from her fellow MPs, including, surprisingly, the support of the right-wing New Democracy Party. But her tenure as speaker of the Greek Parliament was short-lived. Her position was vacated in October of last year after the SYRIZA government decided to implement an austerity program that was even more severe than [the one that] over 60 percent of the population of Greece had rejected in a referendum in July of last year.

>snip<

LASCARIS: Now, last year, after the referendum in which over 60 percent of the Greek population effectively voted to reject an austerity program that was even less severe than what was ultimately implemented, the prime minister, Alexis Tsipras, called a snap election and there was a rebellion of the left wing of the SYRIZA party, and they formed another party called Popular Unity, which I understand you supported in the election that was held in September.

KONSTANTOPOULOU: I cooperated as an independent candidate with Popular Unity.

There’s more, after the jump. . . Continue reading