Monday, February 15, 2010

It's really just insane

There just seems to be a global mind fuck going on in the world as whole countries think they can just keep punting their futures away. And yes, the fact that a global player like Goldman Sachs, which would not even exist today without the extreme measures of the Unites States and the fleecing of America's tax payers in now involved in the Greek mess just makes perfect sense in all of this:


We now learn – from Der Spiegel last week and today’s NYT – that Goldman Sachs has not only helped or encouraged some European governments to hide a large part of their debts, but it also endeavored to do so for Greece as recently as last November. These actions are fundamentally destabilizing to the global financial system, as they undermine: the eurozone area; all attempts to bring greater transparency to government accounting; and the most basic principles that underlie well-functioning markets. When the data are all lies, the outcomes are all bad – see the subprime mortgage crisis for further detail.

As worries over Greece rattle world markets, records and interviews show that with Wall Street’s help, the nation engaged in a decade-long effort to skirt European debt limits. One deal created by Goldman Sachs helped obscure billions in debt from the budget overseers in Brussels.

Even as the crisis was nearing the flashpoint, banks were searching for ways to help Greece forestall the day of reckoning. In early November — three months before Athens became the epicenter of global financial anxiety — a team from Goldman Sachs arrived in the ancient city with a very modern proposition for a government struggling to pay its bills, according to two people who were briefed on the meeting.

So it wasn't just greedy bankers, real estate speculators, and most of America borrowing their future away - it was also whole nations, like Greece, mortgaging their futures - hiding deals off their balance sheets, etc. And for what? For what? When will everyone just come back to reality? This world economic mess won't be close to over until everyone does.