The Shocking 2008 AIG Report On "Empire Europe" And The Death Of Greece
Yesterday, Nomura's Richard Koo presented one of the better assessments of the situation in Greece.
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Yes, it is true that it is the same creditors who were the next beneficiaries of some 90% of incremental debt-funded proceeds entering Greece (only 11% of the €220+ billion in Greek bailouts ever reached the general population), and as a result they may have had the impression that ordinary Greeks are also enjoying the spoils of their bailout.
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Yes, Varoufakis was right.
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However he did not anticipate that Europe has a just as powerful counterweapon.
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Which brings us to the final question: What Europe Wants?
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To use global issues as excuses to extend its power:
- environmental issues: increase control over member countries; advance idea of global governance
- terrorism: use excuse for greater control over police and judicial issues; increase extent of surveillance
- global financial crisis: kill two birds (free market; Anglo-Saxon economies) with one stone (Europe-wide regulator; attempts at global financial governance)
- EMU: create a crisis to force introduction of “European economic government”
And there it is.