Posted on July 30, 2015 by Ellen Brown
“My father made him an offer he couldn’t refuse. Luca Brasi held a gun to his head and my father assured him that either his brains, or his signature, would be on the contract.” — The Godfather (1972)
In the modern global banking system, all banks need a credit line with the central bank in order to be part of the payments system. Choking off that credit line was a form of blackmail the Greek government couldn’t refuse.
Former Greek finance minister Yanis Varoufakis is now being charged with treason for exploring the possibility of an alternative payment system in the event of a Greek exit from the euro. Continue reading →
Filed under: Ellen Brown Articles/Commentary | Tagged: ECB, Grexit, public banking, ThisIsACoup, Yanis Varoufakis | 30 Comments »
Posted on July 14, 2015 by Ellen Brown
The crushing Greek debt could be canceled the way it was made – by sleight of hand. But saving the Greek people and their economy is evidently not in the game plan of the Eurocrats.
Greece’s creditors have finally brought the country to its knees, forcing President Alexis Tsipras to agree to austerity and privatization measures more severe than those overwhelmingly rejected by popular vote a week earlier. No write-down of Greece’s debt was included in the deal, although the IMF has warned that the current debt is unsustainable.
Former Greek finance minister Yanis Varoufakis calls the deal “a new Versailles Treaty” and “the politics of humiliation.” Greek defense minister Panos Kammenos calls it a “coup d’état” done by “blackmailing the Greek prime minister with collapse of the banks and a complete haircut on deposits.” Continue reading →
Filed under: Audio | Tagged: debt jubilee, EU, Greek crisis, Grexit, public banking | 51 Comments »
Posted on July 14, 2015 by Ellen Brown
There are many reasons to keep our focus on Greece — self-interest being one. Dr. Paul Craig Roberts returns to disclose the backstory of the political-bankster collaboration that has brought Greece to its knees and threatens economies the world over, including ours. Ellen suggests a solution for how the Greeks can proceed from here. Matt Stannard takes a historical look at German/Greek finances and we discuss the important leadership of Pope Francis’ review of what’s really important in any economy. Hint: it’s not about your wallet.
Listen here.
Filed under: Audio | Tagged: EU, Greek crisis, Grexit, public banking | 4 Comments »
Posted on July 9, 2015 by Ellen Brown
Banks create money when they make loans. Greece could restore the liquidity desperately needed by its banks and its economy by nationalizing the banks and issuing digital loans backed by government guarantees to its ailing businesses. Greece could provide an inspiring model of sustainable prosperity for the world. But it is being strangled by a hegemonic power in a financial war that is being waged against us all.
On July 4, 2015, one day before the national vote on the austerity demands of Greece’s creditors, it was rumored in the Financial Times that Greek banks were preparing to “bail in” (or confiscate) depositor funds to replace the liquidity choked off by the European Central Bank.
The response of the Syriza government, to its credit, was “no way.” As reported in Zerohedge, the government was prepared to pursue three “nuclear options” to protect the deposits of the Greek people: Continue reading →
Filed under: Ellen Brown Articles/Commentary | Tagged: Greek crisis, Grexit, public banking | 75 Comments »
WEB OF DEBT BLOG 
The Greek Coup: Liquidity as a Weapon of Coercion
In the modern global banking system, all banks need a credit line with the central bank in order to be part of the payments system. Choking off that credit line was a form of blackmail the Greek government couldn’t refuse.
Former Greek finance minister Yanis Varoufakis is now being charged with treason for exploring the possibility of an alternative payment system in the event of a Greek exit from the euro. Continue reading →
Filed under: Ellen Brown Articles/Commentary | Tagged: ECB, Grexit, public banking, ThisIsACoup, Yanis Varoufakis | 30 Comments »