Financial Tyranny Rules Eurozone - by Stephen Lendman
Unelected leaders to rule Greece and Italy.
From inception, Eurozone planning was flawed. Uniting 17 dissimilar countries under rigid rules failed.
Membership required surrendering monetary and fiscal authority to a central power.
Debt entrapment and banker occupation followed. Partnered with banking giants, money-controlled Troika power decides everything - the EU and ECB and IMF.
Rules require lowering living standards, sacking public workers, and selling off state assets lock, stock and barrel at fire sale prices.
None of it would happen if troubled sovereigns weren't trapped in the euro straightjacket. It lets bankers make rules, set terms, issue diktats, and pressure, bribe or otherwise force governments to acquiesce. As a result, households are burdened with oppressive austerity through no fault of their own.
Troubled Greece and Italy now make headlines. Troika power sacked their heads of state. One's replaced in Greece. Italy's choice is imminent. Lucas Papademos got Greece's top job. He'll serve unelected as prime minister. His credentials explain why.
A former ECB vice president (2002 - 2010), he earlier served as Governor of the Bank of Greece from 1994 - 2002. In 1980, he was Federal Reserve Bank of Boston senior economist. Afterwards, he became Bank of Greece's chief economist.
Since 1998, he's also been a Rockefeller-controlled Trilateral Commission member.
Troika power is safe in his hands. Democracy's birthplace abandoned it. Without it, personal freedom is gone.
Outgoing Prime Minister George Papandreou followed a Troika mandated deal between him, conservative opposition leader Antonis Samaras, and Giorgos Karatzaferis, head of the ultra-right LAOS party.
Earlier in the week, talks stalled when ruling PASOK party members and opposition figures rejected parliament speaker Filippos Petsalnikos, a Papandreou ally.
Bankers wanted their man and got him. Greek citizens want social justice but lost it. New austerity cuts were approved to assure more bailout help so bank held debt will be serviced at the expense of great public need.
The more cuts are imposed, the greater Greece's debt burden becomes, the more help it needs in an endless destructive cycle toward oblivion when the economy finally collapses. At issue isn't if. It's when, and it could come when least expected.
Greek households already bear enormous burdens unfairly. Official unemployment hit 18.4%. Real numbers may be much higher. August unemployment increased 10.7% over July. Youth unemployment tops 43%. Monthly figures are rising. At issue is how much more can people take. Stretched to the limit, revolution and/or military dictatorship may follow. It's happened before.