The Looting Stage of Capitalism: Germany's Assault on the IMF
By Paul Craig Roberts / counterpunch.org
Jun 1, 2016

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  By then the younger part of the Greek population will have emigrated and will have been replaced by immigrants fleeing Washington’s Middle Eastern and African wars who will have loaded up Greece’s unfunded welfare system.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.

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 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.


Paul Craig Roberts is a former Assistant Secretary of the US Treasury and Associate Editor of the Wall Street Journal. Roberts’ How the Economy Was Lost is now available from CounterPunch in electronic format. His latest book is The Neoconservative Threat to World Order.

0.0 ·
0
Featured Pay Per View Films
Generation Revolution (2017)
72 min
A Quest for Meaning (2017)(Free till Jan 29th)
88 min
Fall and Winter (2013)
102 min
Trending Today
The Invention of Capitalism: How a Self-Sufficient Peasantry was Whipped Into Industrial Wage Slaves
Yasha Levine5,775 views today ·
Paramedic's Response to "Burger Flippers" Making an Equal $15/Hour is Beautiful
Craig Carilli4,009 views today ·
"Desert Goddess" Remembers Arizona's Glen Canyon
7 min3,214 views today ·
A Quest for Meaning (2017)(Free till Jan 29th)
88 min2,164 views today ·
John Lennon's "Imagine," Made Into a Comic Strip
John Lennon. Art by Pablo Stanley1,840 views today ·
The Surprising Nobility of Shit: a Serious Response to President Donald Trump’s ‘Shithole’ Remarks About African Immigrants
Adebayo Akomolafe1,542 views today ·
Today I Rise: This Beautiful Short Film Is Like a Love Poem For Your Heart and Soul
4 min1,348 views today ·
A Brief History of The 40 Hour Work Week
8 min818 views today ·
This Facebook Comment About the UK Election Is Going Viral
Chris Renwick534 views today ·
Load More


Love Films For Action? 

It's hard to rely 100% on ads to keep our organization going.
If you get some value from this library, consider making a donation today.

Support us on Patreon

Coming soon! We're days away from launching a Patreon campaign! We hope you'll be among the first to support this new direction for Films For Action. The goal is to go 100% ad-free by next year, and become 100% member supported!

Join us on Facebook
The Looting Stage of Capitalism: Germany's Assault on the IMF