Greece – Debtocracy
Meanwhile, the United States with a huge debt to the rest of the world does not eve think to pay its bills to the world. Two countries, one problem, different solutions. The colossal external debt – is uniting both Greece and the United States.
In Both cases, it exceeds the gross domestic product. Greece needs to hand 569 billion dollars to its creditors. The US debt consists of 17 trillion of the national currency. And if Greece runs the risk of going under the hammer, while ordinary people have to count every euro cent, the Americans live happier than ever, though, with a great debt. Loans cover loans, one thing is sold several times, and each printed dollar accounts for 2 dollars of debt.
Russian economist Mikhail Khazin commented on the current situation about the American and Greek debt: "The United States actually lend to themselves. The US Federal Reserve prints money in the amount that is needed in order to buy the next tranche of the debt. It is presented as if it proceeds by the market conditions, but everyone understands what is real and what is not”.
However, the US government's not very concerned with the foreign debt. Dollar emissions are on the increase, driving the US economy and inflating financial bubble even more. Bills are converted into bonds, which other countries are forced to buy in order to support the US economy. If this is not a tribute to the owners of the printing press, then what is it? "In the world there is simply no other assets, comparable in scale that could be bought. In a sense it is the weakness of our economy that we are forced to buy US securities " + "In fact, this testifies a very unsuccessful scheme of world economy, except for the US, ", - says Mikhail Khazin.
It’s the actual financial racket – or Debtocracy. This name was used for a documental film on the Greek crisis in 2010 and by the same word we can characterize the neo-colonial system of world governance. Instead of military units and gentlemen in pith helmets we now have curators from Eurobank. The whole world is forced to buy dollars, which are, in fact, unsubstantiated phonies. At a time when Greece is choking on debt, the United States is increasing its economic and geopolitical power, seeing its debt as an asset.