Credit Default Swaps is a system whereby speculators can insure against the prospect of government's "defaults". The 'scam' is you don't have to be a stakeholder to insure. So speculators are currently buying and selling CDS's in the Greek Government. At present, American banks stand to make £62 billion if the Greek government defaults on its loans. Thus it is in the interest of these banks for the Greek government to go bankrupt as they will make a great deal of money out of it. This is the equivalent of allowing an arsonist to take out an insurance policy against some else's property that he/she plans to set fire to!
What a system, where banks can make money by betting on a country going bankrupt. A country, like Greece, where a USA-inspired austerity programme has meant: -
- 15% to 30% cut in public sector wages
- a rise in VAT, for many products, from 13% to 25%
- an introduction of a 1% to 5% household tax on all household incomes
- the close of 2,000 schools
- wholesale privatisation
It's nice to know that someone, somewhere, stands to make £62 billion profit from a country going bust and the resultant suffering of its people.
Wednesday, 13 July 2011
Monday, 11 July 2011
Don't sit in the Sun
Never mind arresting the foot soldiers, what about arresting the Commander-in-Chief, Rupert Murdoch? On the 25th anniversary of him manufacturing the sacking of 6,000 printworkers at News International, he sacks 200 journalists. Leopards never change their spots - neither do capitalist scumbags.
All those who courted him should be ashamed of themselves. Anyone who is surprised at the phone-hacking should stop looking for fairies at the bottom of their garden and get into the real world. For the Tories to assault the workers of Britain over the last 30 years they needed the help of the 'dust thrown in people's eyes' by the media.
"It says here, the unions will never learn, it says here, the economy is on the upturn" (with thanks to Billy Bragg).
Watch the following video - I was at Garforth for its premiere.
http://www.youtube.com/watch?v=nBh2oAvsSSc
All those who courted him should be ashamed of themselves. Anyone who is surprised at the phone-hacking should stop looking for fairies at the bottom of their garden and get into the real world. For the Tories to assault the workers of Britain over the last 30 years they needed the help of the 'dust thrown in people's eyes' by the media.
"It says here, the unions will never learn, it says here, the economy is on the upturn" (with thanks to Billy Bragg).
Watch the following video - I was at Garforth for its premiere.
http://www.youtube.com/watch?v=nBh2oAvsSSc
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