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| welcome back to the alex jones show on this july 1st 2015 i'm david knight your host And of course, Greece is technically in default. | |
| We don't really know what's going on at the moment. | |
| There's a referendum coming up on July the 5th. | |
| We've had reports that the Greek government has now reversed their position and is offering to accept some of the deals that have been made to them. | |
| But I want to talk to you about the opinions of Joseph Stiglitz on this referendum that's coming up on July 1st because it has applications to all of us. | |
| Now, he is someone who had worked for the World Bank, and back in 2002, Alex Jones had an interview with Greg Pallast. | |
| Who talked about conversations that he had with Joseph Stiglitz and about some of the whistleblowing activities at the time. | |
| We'll get to that in just a moment. | |
| Before we do, here's what Joseph Stiglitz says about how he would vote if he was voting in the Greek referendum. | |
| He says, in terms of transforming a large primary deficit into a surplus, few countries have accomplished anything like what the Greeks have achieved in the last five years. | |
| Because there's a lot of back and forth as to... | |
| Who's at fault? | |
| Are the Greeks at fault? | |
| Are they living a profligate lifestyle? | |
| Or is this something that is kind of a rope-a-dope by the large banks? | |
| Now, this is a guy who worked for the Troika banks, for the central banks, for the World Bank. | |
| And this is what he says. | |
| He says this has been done through cost in terms of human suffering that's been extremely high. | |
| The Greek government's recent proposals went a long way toward meeting its creditor's demand. | |
| He said we should be clear. | |
| Almost none of the huge amount of money loaned to Greece has actually gone to Greece. | |
| It has gone to pay out private sector creditors, including German and French banks. | |
| Greece has gotten only a pittance, but it has paid a high price to preserve those countries' banking systems. | |
| The IMF and other official creditors do not need the money that is being demanded. | |
| Now, he goes on to break this down to what a yes vote would mean and what a no vote would mean. | |
| Here's what he says from a yes vote from his opinion. | |
| And this is a guy who has worked for the IMF and World Bank, Troika, large central bankers. | |
| He says a yes vote would mean depression almost without end. | |
| Perhaps a depleted country, one that has sold off all of its assets, whose bright young people have immigrated, who might finally get debt forgiveness, perhaps having shriveled into a middle-income economy. | |
| Greece might finally... | |
| Be able to get assistance from the World Bank. | |
| And that might happen in the next decade or the decade after that. | |
| He says in contrast, however, a no vote would at least open the possibility that Greece, with its strong democratic tradition, might grasp its destiny in its own hands. | |
| Greeks might gain the opportunity to shape a future that, though perhaps not as prosperous as the past, is far more hopeful than the unconscionable torture of the president. | |
| He says, I know how I would vote. | |
| And we've had a lot of people say that. | |
| I saw Jim Rogers say that. | |
| He said, they ought to just say, look, we're not going to cover the banks. | |
| We're not going to... | |
| And understand, too, that what's happening with these proposed plans, that some of the money is going to go directly to the IMF in terms of bailing this out. | |
| But for the most part, money is going to be coming from... | |
| Sovereign countries like Greece and France to pay off the bankers. | |
| In other words, they're going to be assuming Greece's sovereign debt into their countries because we can't have the bankers ever lose any money. | |
| So it's going to be on some country's balance sheet. | |
| And once they do, once they get it on their balance sheet, then the bankers come around and go, you know... | |
| You've got a pretty high debt-to-income ratio now. | |
| I think we're going to have to raise your interest rates. | |
| It's the same thing they do to new college graduates. | |
| Give you a credit card. | |
| Rope-a-dope. | |
| Here, try this credit card. | |
| Create a new entitlement system here. | |
| And then once you do, you're getting in over your head. | |
| I think we're going to have to jack up that interest rate. | |
| Looks like, you know, that just isn't going to make it. | |
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