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Saturday, May 30th, 2015

Big banks run everything: Austerity, the IMF and the real story about world economy that the media won’t tell you

Author:     Patrick L. Smith
Source:     Salon
Publication Date:     Thursday, May 28, 2015 04:00 PM PDT
 Link: Big banks run everything: Austerity, the IMF and the real story about world economy that the media won’t tell you
Stephan:   Austerity economics has proven to be a disastrous financial model. Yet it is enormously profitable for the few, and that's why it still holds sway despite all the countervailing evidence. This essay makes a good case for this point.
Treasury Secretary Timothy Geithner testifies on Capitol Hill in Washington, Wednesday, March 21, 2012, before the House Oversight and Government Reform Committee hearing on the European debit crisis. Credit: AP Photo/J. Scott Applewhite

Treasury Secretary Timothy Geithner testifies on Capitol Hill in Washington, Wednesday, March 21, 2012, before the House Oversight and Government Reform Committee hearing on the European debit crisis.
Credit: AP Photo/J. Scott Applewhite

Fascinating to watch the International Monetary Fund as it fronts for the U.S. Treasury and international lenders in the Greek and Ukrainian debt crises. In the former, the fund pins the Syriza government to the wall because it dares to represent its electorate. In the latter, it stands by the Poroshenko government because it has no intention of representing anybody other than banks, corporations and the global strategy set.

“Fascinating” is one word for this and it holds. “Greed in action” is three but they do a better job.

Coincidentally enough, both the Greek and Ukrainian cases now near their respective denouements. Miss this and you miss a singularly plain display […]

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