Bill Bonner: Advice To The Greeks – Tell The Bankers To ‘Drop Dead’!

• Bailout of the Greeks? What bailout? This is just loan sharks going in for the kill. How does lending Euro$110B to Greece at exorbitant interest rates help them? Within 5 years, the interest alone will amount to Euro$130B! Bailout? More like financial rape! (emphasis mine)
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  Why Greece Should Default and Go Broke With  Dignity
  By Bill Bonner, http://dailyreckoning.com/
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  Investors still had the Greek debt crisis on their minds. But they seemed to  have gotten tired of worrying about it. …. But it’s not over yet. You’ll remember that we gave some advice to the  financial officials who are in charge of bailing out Greece? We told them to  take a page out of Gerald Ford’s book. Just tell the Greeks to “drop dead.”
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  Today, we give advice to the Greeks. Tell the bankers to ‘drop dead.’
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  A vote is expected today…which will tell us something. The Financial  Times says it could be a “suicide vote.” That is, the governor of Greece’s  central banks says the Greeks will be committing financial suicide if they don’t  go along with the plan. ……
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  We’re not so sure. From what we’ve been able to make out of the rescue plan,  they’d be better off rejecting it. Not that we’re in favor of people who don’t  play fair. But this deck was always stacked. And the dealer had a few aces up  his sleeve at the get go. The way we figure it, the politicians, the banks – notably Goldman Sachs, as well as the big French banks – were in on the whole  thing from the get-go. It would be considered rude to mention it, for example at  a champagne-swilling reception hosted by Christine Lagarde, but the whole deal  was always corrupt. Goldman Sachs helped the Greeks disguise their debt so they  could get in the EU system. Then, more or less the same bankers, advising  pension funds, the IMF and the European Central Bank, urged them to buy Greek  debt. And then, when the debt went bad, they organized a rescue – which spared  the lenders any losses. And then, when the rescue went bad, they set to work  figuring out the terms of a new rescue…and warning the Greek people that if they  don’t go along, they’ll have to face Armageddon.
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  The Greeks would be better off calling their bluff.
  Then, they could go broke with some dignity. They wouldn’t get any more  credit. But more credit is the last thing they need. Besides, each time they are  rescued, they end up in worse shape, with more debt to pay…and higher interest  rates to pay on it.
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  So tell the bankers to ‘drop dead.’
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  Of course, the Greeks themselves were as corrupt as the bankers. They took their  opportunities, too, as they came along. If they could get paid for not working,  they didn’t work. If they could get a subsidy and not have to compete in the  real world economy, they took the subsidy. If they could retire early, or get  something for nothing, or hoodwink investors with some nonsense figures…of  course, they did it.

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