Greece's Deal with the Devil
The Greek crisis is a toxic mixture of politics and economics. The showcase euro zone project is in jeopardy from a looming sovereign default of one of its members.Greece made a Faustian pact with the European Union that allowed its political elite to freeload the system, using EU transfer money and cheap credit for local political patronage instead of building a sound goods and services economy.
The EU elite, fearful of the Lehman precedent and protective of their scandalously undercapitalized banking system, have chosen a contradictory approach of debt bailouts to cover creditors by musical chairs and wage and price deflation austerity.
The Devil is now seeking his due.
Once past this introduction, the article gets to the heart of the matter:
EU policies are terrorizing periphery countries with deep recessions and mounting unemployment, creating disorderly default risk from rising social unrest.
Northern European taxpayers are also growing restless and upset over ever-growing demands for bailout money from Brussels, as the periphery sinks under the growing debt overhang.
The more EU voters see Brussels asking for taxpayer money to bail out banks and socialize losses, the angrier they get. This causes growing discontent with the whole EU system.
The EU elite seem smugly sure of themselves, appointed with secure positions rather than democratically elected.
This is another point worth remembering: The EU leadership aren't elected - they are appointed. Exactly what we would expect with the 'revived Roman Empire".
The article is worth reading, and we see the conclusion here:
Unless the EU elite realize that they must meet periphery needs, the divergence between the core and periphery will grow so large that it may lead to a breakup of the currency zone.
Are we seeing the evolution of the EU into the 10 kings stage?
Stay tuned. It seems that the EU is on the brink of some kind of restructuring or reshaping. We just know that at some point in the future, "10 kings" will emerge. How and why is anyone's guess.