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July 2, 2015 - Special Reports & Tweets
05:55
How Greece Can Defeat The Banksters
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Greece's Referendum Decision 00:04:28
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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