Greeks down, is anyone listening?

The Greeks have capitulated, the urgent money they need will be paid. Their politicians have passed the enabling law and people will get paid, for a couple of months at least. But the people are not with them, and it remains to see if the measures can in reality be implemented, not only sackings, but wage cuts, tax collection improvements, and asset sell-offs. What a bunch of agony to inflict on everyone. OK it has a cause, the Greek top managers have cheated, but to a large extent this was inevitable, they screwed the system because they could get something out of it, because the system was weak and badly managed. The euro does not, and will not work unless every country that uses it has an interest and deep responsibility to maintain it as a viable currency.

Postponing is not solving

And now we have postponed the problem but not solved it. We can all no longer live on ever increasing debt, national and personal. Seems to me that banks have been allowed to simply create money, due to their very low capital holding ratio to lending (German banks have 32:1, UK 24:1 and USA 12:1). But the lending is not secure, who can say whether some of the complex contracts that have been struck have little or no risk. They do, they have lots of risk as the sub-prime collapse has shown. And the way we are going is a terrible one, governments take our money, or print money or borrowed in our, the tax payers, name and bail out the casino banks. No!

It has been made much worse by the ridiculous lending of banks of one country to governments of another, France and Germany lent Greece huge amounts. Do they really think they will get paid back? I am sure they knew very well that their loans were not safe, but they continued to prop up a financial system that was institutionalised and weak. OK so blame the banks, but it is the laws under which they operate that have to be better. Our dumb politicians have to shape up and improve things. The weak Greece actions that have been taken are just to give some vague assurance to the casino banks that their lending is somehow safe. Huh! Non ci credo!!

This is all a stack of cards.

We have to find some principles for the euro zone, and some principles for the way the our financial system works. At the moment the bankers and the ECB are carrying on as before, and it is the people who are suffering. We are getting a raw deal. Our money is becoming more and more just casino gambling chips. And never let us forget that it IS our money, printed by the state and provided to US to trade with, not to bankers to gamble with. It is sovereign money.

We have been forced to mortgage ourselves up to the hilt to have a house to live in, at ridiculous prices; forced to accept worse pension arrangements - now even in the public sector in UK, since the private sector has already been raped. Real disposable incomes are falling, financiers and economists demand growth just to sustain the unworkable financial model.

We need leadership.

The UK is able to insulate itself a bit from the euro crisis itself, but things are pretty bad here too. I don't see any moves on the part of the UK politicians to grab the bull by the horns and give us our money back.

I have no solution

I do not have a solution, the situation is too complex for me. But I do know things are not right and have to be changed. Who will do it?