Finance as warfare: The IMF lent to Greece knowing it could never pay back debt

“For the last 50 years, every austerity program that the IMF has made has shrunk the victim economy. No austerity program has ever helped an economy grow. No budget surplus has ever helped an economy grow, because a budget surplus sucks money out of the economy. As for the conditionalities, the so-called reforms, they are an Orwellian term for anti-reform, for cutting back pensions and rolling back the progress that the labor movement has made in the last half century. So, the lenders knew very well that Greece would not grow, and that it would shrink.

So, the question is, why does this junk economics continue, decade after decade? The reason is that the loans are made to Greece precisely because Greece couldn’t pay. When a country can’t pay, the rules at the IMF and EU and the German bankers behind it say, don’t worry, we will simply insist that you sell off your public domain. Sell off your land, your transportation, your ports, your electric utilities. This is by now a program that has gone on and on, decade after decade.

Now, surprisingly enough, America’s ambassador to the EU, Ted Malloch, has gone on Bloomberg and also on Greek TV telling the Greeks to leave the euro and go it alone. You have Trump’s nominee for the ambassador to the EU saying that the EU zone is dead zone. It’s going to shrink. If Greece continues to repay the loan, if it does not withdraw from the euro, then it is going to be in a permanent depression, as far as the eye can see.”

http://www.counterpunch.org/2017/02/21/finance-as-warfare-the-imf-lent-to-greece-knowing-it-could-never-pay-back-debt/

The Left and the EU: Why cling to this reactionary institution?

“Indeed, in its unwavering support for neoliberalism the EU represents nothing less than an attempt to perpetuate an economic model which advantages European businesses, whilst eroding the living standards of most Europeans. Particularly in the countries of the eurozone, democracy has been eviscerated by the adamant insistence of the EU on more cuts to government spending. […]

The EU is not internationalist in any sense that a genuine member of the left would support. It exists to advance the interests of the business class as against workers, and in its zeal to enrich corporations at the expense of ordinary people it has succeeded in creating such disaffection with the political establishment that fascism, the very phenomenon the EU was in theory designed to prevent, has once more become a formidable force in countries languishing in the grip of high unemployment and low wages. […]

There is a moral case for leaving, based on the fact that Brexit would probably result in the dissolution of the EU and ease the suffering of nations currently held captive by neoliberal economics. […]

A myth has gained ground amongst large sections of the left that the rights which British workers have come to take for granted, such as maternity leave and paid holidays, were gifted to Britain by the EU, and that Brexit would free the Conservatives to intensify their assault on the working class, uninhibited by a social Europe which at present exercises a restraining influence over neoliberal governments. Even supposing that the remain camp is right in assuming that the Conservatives will hold onto power until the next general election in four years time, a questionable assumption in light of the fact the Conservatives are deeply split over the referendum, it is simply false to claim that we owe whatever rights we enjoy to the EU, As others have documented, most of the rights that are invoked by the mainstream left as a reason to vote remain were already in place when we joined the EEC in 1973, and they owe not to a beneficient bureaucracy of Eurocrats but to Britain’s working classes, who won these rights over the course of many years and after a series of hard-fought struggles with the capitalist class. Likewise, the retention of these rights will depend not on the good-will of a remote bureaucracy, which is actively undermining those same rights elsewhere, but on the determination of workers to band together in defence of their standard of living.”

http://www.counterpunch.org/2016/06/22/the-left-and-the-eu-why-cling-to-this-reactionary-institution/