Re.: “Greek default not fatal for Europe” by Gwynne Dyer in the May 11 Penticton Western News.
I have the feeling that Mr. Dyer watches the wrong movie.
Greece’s default may not take down Europe, but it will possibly trigger a chain reaction.
What does Mr. Dyer think?
Why in heaven’s name are European politicians and financial experts scrambling for solution.
The banking system in Europe is interconnected. If the banking system is defaulting in Greece, it will take down banks in Spain, Portugal, Italy or other states.
If the banks in Spain fail, it is game over for the German banks.
The Germans lend themselves the monies, which they are giving to Greece in bailout.
The Greek government is obligated to pay back these loans, which they are unable to do if they default.
Germany’s national debt is now more than two trillion Euros.
Angela Merkel, on orders from above, is playing the game, knowing very well that one cannot borrow himself out of a financial hole.
Germany, the only country financial better-positioned than other states (makes you wonder who won the war), cannot bail out all the European countries.
If Europe falls, so does the dollar.
Just looking at the national debt of the U.S. it would take 1,500 years to pay off their current debt.
If the European states default, it will hit Germany the least, since the Federal Republic of Germany is, since 1990, only a financial Agency listed as BRD Finanz GmbH Handelsregister (Trade Registry) AZ 72 HR 51411, a limited corporation.
Angela Merkel only does what the occupation forces of Germany command her to do.
Someone may ask, I thought Germany was a state.
Wrong — under international law (The Hague Land War Convention) and the Postdammer Conference in Berlin, Germany still exists in the borders from Dec. 31, 1937.
The attempt to rescue the financial system in Europe must be seen in connection with two great lies.
If the financial system fails, the lies are on the table for everyone to see.
That the nationalists in Greece are on the rise, is due to the fact that these nationalists in Greece, as well as in other European states, have discovered the great lies on which the entire democratic systems rest.
Otto Sturhahn
Penticton