I read the article “greece what you are not being told by the media” from www.nationofchange.org and thought it was typical of the media to not present a fully informed view of the situation in Greece. Not nationofchange.org, but the media referred to in the article.
Reading through the article again, I found something that disturbed me.
Quote from the article, “In summary, the banks wrecked the Greek government and deliberately pushed it into unsustainable debt so that oligarchs and international corporations can profit from the ensuing chaos and misery.” This may very well be true, and if it is, then its downright disgusting. But there is a further issue that seems to be missed.
Quote “Stage 2 is when the financial time bombs exploded. Commercial and investment banks around the world started collapsing in a matter of weeks. Governments at local and regional level saw their investments and assets evaporate. Chaos everywhere!”
I know this happened all around the world including Australia, but my question is – What are Governments at local and regional level doing investing in ‘money markets’ in the first place? Why are they risking the money that they raise through local taxes and rates on anything that has absolutely nothing to do with their mandate to govern?
My only answer to this is that they are keen to grow the money that they raise through taxes and rates to not have to ask for more from their constituents. It makes sense that if the governmental body (could be any governmental body) could increase their available monetary resource, they could do more for the community than without it.
From what I have read and understand about the central banking sector, the banks and their owners have not been forthright or honest and need to be brought to count for their acts. But it remains to be seen by me of any grass roots swell questioning the intentions of these governmental bodies investing money that is in their control for ‘easy money’ (my term) returns.
The point I am making here is that he governmental bodies need to take their own responsibility for their part in this fiasco and correct it where they can. This does not mean that they should bare the whole responsibility by any means, but they should bare their fair share, and I guess they will when they report to their constituents at end of financial period.
But what is the solution from here? Well, I have no doubt that many local and regional governments have decided not to partake in ‘easy money’ anymore, but if they do and if it is with their constituent’s permission, then they take their lumps just like all the rest of the investors who go belly up when or if the whole system goes to hell.
I am not against investment. I’m an entrepreneur and have invested in various businesses over many years. But one thing I have never invested in is ‘easy money’.
Read my next blogg which explains what I mean by ‘easy money’ and why I think its not a good investment.