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Jane Burgermeister | May 7, 2011 at 12:00 pm | Categories: Uncategorized | URL:

Greece is planning to ditch the euro, according to German media reports, in a sign that the eurozone  is becoming increasingly fragile.

The economic arguments in favour of Greece reintroducing the Drachma are clear and overwhelming.

Greece has nothing to gain from staying in the euro and  everything to lose. The euro is being run as giant Ponzi scheme for the benefit of bondholders and banks such as Deutsche Bank — as the former central bank governor Mario Blejer stated in a report in the Financial Times on May 5th — and Greece was the first “victim” to be drained of its assets.

The crushing of the Greek economy by the “fixers” of the Ponzi scheme is ongoing, leaving Greece facing the prospect of economic annihilation if it stays inside the eurozone. The fiscal austerity measures being imposed by the EU and IMF on Greece as part  of a penal “loan” have resulted in a stinging economic recession and they will result in yet more  wage cuts, tax increases and welfare cuts and in yet more privatizations unless Greece defaults and adopts its own currency.

The longer Greece stays inside eurozone, the bigger its debt burden will become. It will grow to truly astronomical levels – and be passed on to other eurozone tax payers after the bondholders have made off with the assets in the next stage of the Ponzi scheme as Mario Blejer points out.

Greece might as well exit now while it still has parts of its economy left to save. Sooner than later, the eurozone Ponzi scheme is going to collapse anyway. Vienna Economics Professor Franz Hörmann has said he expects the eurozone financial system to collapse in a year or so.

If Greece leaves the euorzone, the new drachma will fall in value making it competitive. It can export more products, add jobs and increase tax revenues.

The introduction of the drachma will also give a huge boost to the country’s tourism industry as visitors flock to Greece, and so enable Greece to earn valubale foreign currency. This cushion of foreign currency will allow Greece to continue importing goods, even when these will become more expensive following the adoption of the drachma and a devaluation.

Many imports can also be substituted by domestic manufacturers, providing an additional boost to the Greek economy and to jobs.

The Greek government can make the switch by starting to pay salaries in drachma, spurring the private sector to follow, under one suggestion.

Standards of living will drop slightly in the event of the reintroduction of the drachma but they are going to drop anyway and the drop will only be temperorary  if Greece leaves the eurozone rather than steep and permament if it does not.

Greece will also have to write off its gigantic mountain of national debt, which has been piled on it largely by fraudulent means. This write down would affect banks such as Deutsche Bank, which are the main beneficiaries of this giant Ponzu scheme but Deutsche Bank and Goldman Sachs should learn the lesson like Bernie Madoff that a Ponzi schemesis a scrime that does not pay.

Why should Greece, Ireland, Portugal and ultimately the German tax payers pay for the Bernie Madoff style Ponzi scheme of Deutsche Bank and Goldman Sachs and big banking figures such as the Rothschilds and George Soros?

The Greek central bank should also start to print the new drachma without creating debt as China does and so allow Greece to enjoy the same boom as China in the long term.

If Greece leaves the eurozone, it can be sure of widespread public support among Europeans. A recent poll showed that two thirds of Germans recognise that the eurozone is being run in a way that makes it doomed and that they will end up footing the bill.

Der FDP-Finanzexperte Frank Schäffler hält einen Austritt Griechenlands aus der Eurozone für sinnvoll. „Wenn Griechenland den Austritt will, dann ist es die autonome Entscheidung Griechenlands, die wir positiv unterstützen sollten“, sagte Schäffler dem Nachrichtenmagazin FOCUS.

FDP finance expert Frank Schaeffler told Focus magazine that it made economic sense for Greece to leave the eurozone.

“If Greece wants to leave the eurozone, then it is its autonomous decision that we will support in a positive way,” he said.

The German government coalition may not even be able to find a majority to pass laws on the future 700 billion European Stability Mechanism, or ESM, when parliament votes on it later this year, according to MMnews.

The 700 billion euro ESM fund is just a public sector feeder fund into the eurozone Ponzi scheme benefitting private banks, which has been analysed by central bank governor Mario Blejer in a report in the FT.

If Greece leaves the eurozone, then Ireland will hopefully follow. The euro has been a catastrophe for Ireland just as it has been for Greece.

Both countries have de facto lost their souvereignty and are under the economic dictatorship of EU and IMF officials, who are looting the country, assuming the role of the public sector interface for a  private Ponzi scheme of historical poportions.

Greece introduced the euro in 2002 and in a period of less than ten years, it has been destroyed economically.

Greece used the Drachma currency for more than 2000 years since the time of Plato and Sophocles and it never suffered an economic disaster of this nature in all that time.

It is to be hoped Greece leaves the eurozone as soon as possible and its people regains their freedom and future.

If it does, it can be assured of great public support from Europeans as polls show – irrespective of what the controlled mainstream media says.


May 7, 2011 - Posted by | Fighting corruption internationally, Internationally significant information, Jane Burgermeister Report

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