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Greece to probe US banks as global protests spread
Published: 18 May, 2010, 04:37
Edited: 20 October, 2010, 12:28
TAGS: Crisis, Europe, USA, Economy
With people around the world rising up and striking over economic concerns, Greece has threatened to investigate the role US investment banks played in its debt crisis.
Economist Mike Norman believes the banks are indeed the root cause for the economic crisis and that the Greeks should be absolved of any responsibility.
“We’ve seen a pattern of behavior on the part of investment banks, some of the big names like Goldman, who were actually very active in repackaging Greek debt and actually hiding that debt, and then using credit default swaps to bet against that," said Norman.
"All the nations who have embraced the euro have given up currency sovereignty, they no longer issues their own currencies and they are under these very strict arbitrary fiscal constraints. They can’t allow their deficits to go above a certain amount and you know, running deficits is normal in times of economic recession or even depression," said Norman.
As protests across the globe begin to evolve from financial complaints into social unrest rooted in the divide between the urban elite and the rural poor, Norman thinks the world should be prepared for revolution.
"We see trillions and trillions of dollars being raised to bailout banks and speculators at the expense of working people who now have to suffer wage cut backs, loss of income, loss of jobs, loss of services and even higher taxes and it’s manifesting in these demonstrations and protests in the streets. I for one am rooting for the Greek protestors,” Norman said.
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2 comments
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When will the peoples who are not US citizen, understand that the American greedy decisions-makers, in politics, economics and social responsibility are simply criminal. It is up to that country's peoples to clean up the mess and to their real friends to warn them. This is very feasible and only necessitate to speak the simple truth. JCM
I would bet my last dollar the United States is involved in it, but believe it to be run from the 8 main banks of the world along with the large corporations, just pulling the puppet politicians strings, why would they give the go ahead for the Federal Reserve to print trillions of dollars to bail out the banks of the world and wall street along with two major auto makers. The banks get bailed out by the tax payers money then the banks foreclose on the tax payers homes, a win win situation for the bankers. Than for the crooked politicians to put the burden on the tax payers for generations to come for their greed and unlawful behavior. I am sorry but they are not above the law and need along with will have to answer for their corruptness. I hope Greece brings the light from their investigation to open the eye's of the people of the world to see how the corrupt bankers and corporations are wanting nothing more than to enslave us all.