[MGSA-L] Greece Should Follow Iceland's Lead, Reject Debt Slavery

June Samaras june.samaras at gmail.com
Wed Nov 23 15:31:18 PST 2011

Below is the introduction to a VERY long article and thoughtful on the
causes and consequences of the financial crisis in Europe (and

It was published, of all places,in Forbes' Magazine a few months ago.
Because Forbes is often seen as a source of "big business only" stuff
I never expected to see an article there so truly critical of the
predations of the big banks.

This is a truly eye-opening analysis of the situation, its causes and effects :

"[it] represents a serious body of thought that is being debated, and
we need to hear all sides, rather than just the ones we like."

It also suggests that what is needed is a new programme to end the
debt dependency.
[something like Solon's Seisachtheia ? <g>]

Use this URL for the full details


6/07/2011 @ 10:59AM |11,279 views
Greece Should Follow Iceland's Lead, Reject Debt Slavery
John Mauldin John Mauldin, Contributor

This will be one of my more controversial posts in a great long time.
Indeed, I debated with myself at some length. It will make some
readers mad, but I decided it is more important to make most readers
think. And, as it happens, there are parts of this week’s essay that I
rather aggressively disagree with. That being said, there is a great
deal of truth here. This represents a serious body of thought that is
being debated, and we need to hear all sides, rather than just the
ones we like.

Michael Hudson is a research professor of economics at the University
of Missouri, Kansas City and a research associate at the Levy
Economics Institute of Bard College, which is a serious place, so this
is no ill-informed screed. I generally like their stuff.

Hudson first lays the European crisis at the feet of banks and the
institutions (ECB, IMF, and the EU) that are taking the Greek (and
other) bank debt and putting it into public hands. He has a very real
point. Then he points out that Greece is far better off just walking
away, a la Iceland (at least read the last part of this post, on
Iceland). And in polls he cites, 85% of the Greek people are against
taking on the debt and paying the banks.

As I wrote last week, there is a revolution going on all over Europe,
slowly building up as people realize that the “solution” being offered
benefits banks and not German taxpayers or Greek creditors. Ireland
will be watching. There is no easy way out. If there is a referendum
on this new “troika” proposal, it is likely to lose. This is not over.

Hudson offers a a lot of facts with his analysis. This is a little
longer than most columns, but I encourage you to take the time to read
it. It will make you think, that at least I can promise.


June Samaras
2020 Old Station Rd
Canada L5M 2V1
Tel : 905-542-1877
E-mail : june.samaras at gmail.com

More information about the MGSA-L mailing list