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The Financial Disaster Of Greece & The Lessons We Should Learn From It

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The function of loans is an important component in an advanced economy, as it is conducive to economic growth. Individuals and businesses are able to acquire the necessary capital in order to pursue their ideas and innovations past the limits of their own resources. If successful, society benefits from: the creation of desirable goods/services, increases in productivity (lowering consumer prices), and growth in the economy (more jobs). However, if the debt is misused, it can be detrimental to a business and lead to its insolvency; people lose their jobs, productivity falls, and creditors suffer the loss on their investment. If too many bankruptcies occur, then you have a serious macroeconomic problem on your hands. But worse than the misuse of private debt is the misuse of public debt, and we can see why that is the case by examining Greece.

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Government Debt

In general, the consequences from the misuse of private debt are limited to a small portion of society, to those individuals directly involved and those indirectly linked, but the misuse of public debt directly affects every single person in society because it will be every citizen who will have to pay for the actions and irresponsibility of their government. Every dollar the government generates comes from the citizens one way or another, and once taxes can no longer be increased to meet the obligations, creditors come to the doorsteps of government, willing to finance the deficit by buying bonds. Once the bond expires, these loans will be paid back to the bond holders with interest using tax payer’s money.

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Unfortunately for the taxpayers, governments easily get into financial trouble because of a three pronged attack by the people, the government and corporations. The people believe the role of government is to protect society instead of the individual, state politicians fanatically promote “social welfare,” and privileged corporations who receive tax dollars (or tax credits) encourage spending through lobbyists.

The support for government spending also comes from economists, including those working in the financial sector, who will argue public debt is different than private, and that it can grow very large because of government’s capacity to raise funds in taxes and in the bond market. But this assistance only encourages government to over-spend to a level where taxes can’t be raised high enough without losing votes and so deficits mount, increasing the debt along with the interest. When the debt becomes too big, markets begin to lose faith and interest rates go higher, as the likelihood of repayment increasingly diminishes leaving them in a situation where they can no longer borrow to finance current spending. It is at this point that bankruptcy of the state occurs.

Greek History And Greece Today

For a long stretch of time, in its recent history, Greece’s leaders have had no reservations towards spending money. After the military junta in 1967, the colonels that took control of the country spent money on their authoritarian government, but also on social services and economic development, relying on taxation but mostly inflation to pay for the spending; the price inflation inevitability appeared at the end of the Junta’s reign after the initial boom, which undoubtedly had an impact on social conditions. (1)

In 1974, after years of social unrest, the Junta was overthrown and the major political party that emerged was the Panhellenic Socialist Movement. But this government didn’t stop the spending and, not surprisingly, it showed in the inflation rate which followed along the lines of the Juntas. (2) The debt exploded in the 80s, although in the 90s Greece was able to bring it under control in order to join the EU. (3) But after joining in 2001, Greece had to do away with the Drachma and replace it with the Euro, meaning it could no longer create inflation to pay for their spending.

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Refusing to cut back, the debt grew larger and when the crisis in ‘08 hit, Greece could not recover. In 2009, the government debt to GDP ratio reached over 100% and their deficit ratio was at 12.5%, leading to the announcement of the downgrade of their credit by the major credit rating agencies. (4) Greece was forced to implement unpopular austerity policies including government layoffs, lowering of pensions, and increases in taxes so that the country could receive its first international bailout in 2010 from the International Community (International Monetary Fund, European Central Bank, and European Union). In 2012, government bonds on the 10-year went as high as 48%, showing a loss of confidence in the market. (5)

Today, in total, Greece has around €315b worth of debt owed to international creditors, as well as commercial bond holders. (6) The economy is contracting annually with unemployment at 25% (7) and interest rates at 10%. (8) The Greek banks, having experienced a number of runs on their reserves from depositors (9) – leading the government to enforce capital controls (10) – had also needed capital injections from their government to remain afloat. (11) Protests in Greece have been commonplace since the austerity measures were forced, but Greece lately has seen its Finance Minister attacked by protestors, local governments and unions refusing to hand over the revenues central Greece asked for, and disgruntled pensioners crashing a pension fund meeting. (12)(13)(14) This economic tragedy – and central planning error – came about by the unwise use of public funds and putting the financial burden of it on the citizens.

Global Reach

“100% of what is collected is absorbed solely by interest on the Federal Debt… all individual income tax revenues are gone before one nickel is spent on the services taxpayers expect from government.” – Grace Commission, 1984

This is a problem not exclusive to Europe. Many governments, local and federal, around the world are in bad shape financially and only by today’s historic low rates can these governments – as well as companies – stay solvent. These failed policies have caused the poor economic conditions we see leading to protests and revolutions. But instead of economic chaos, if our desires is towards progress, economic growth, and higher living standards in a monetary world, then the understanding of debt, especially public debt,  is crucial.

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Abductions & Car Vandalism – Startling Australian UFO Report Unclassified

Gautam Peddada

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Take a moment and breathe. Place your hand over your chest area, near your heart. Breathe slowly into the area for about a minute, focusing on a sense of ease entering your mind and body. Click here to learn why we suggest this.

An uncovered Australian report performed by their Department of Defence. “Scientific Intelligence — General — Unidentified Flying Objects” is trending again. Those who have done extensive research on UFOs will find the Australian version of disclosure to be far more intellectually honest than the American version. Albeit it was conducted decades ago.

According to ex-US intelligence official Luis Elizondo, the Defense Department’s Inspector General is presently conducting three reviews. The inquiries vary from the Department of Defense’s handling of UFO claims to Elizondo’s alleged whistleblower retribution. The open IG cases are crucial to Australia’s report because they establish beyond a shadow of a doubt that the US Department of Defense is being dishonest and shady when it comes to the UFO subject. For decades, Australia has been a loyal friend of the United States. Within Australia’s boundaries, they share a military installation (Pine Gap). When a close defense ally’s intelligence agencies determined that the US was not being intellectually honest in its approach, perhaps it is reasonable to conclude that there is more to the tale than the 144 incidents studied since 2004 by the UAPTF.

The CIA became alarmed at the overloading of military communications during the mass sightings of 1952 and considered the possibility that the USSR may take advantage of such a situation.

Australian UFO study.

According to the summary, OSI, acting through the Robertson-Panel, encouraged the USAF to use Project Blue Book to publicly “debunk” UFOs. In a tragic twist of fate, when Australian authorities sought explanations from the US Air Force, the allegation was debunked. The authors of the study were depicted as conspiratorial and even crazy by the US Air Force. Ross Coulthart reported this, and it may be heard in a recent Project Unity interview. Courthart is an award-winning investigative journalist who is drawn to forbidden subjects. He also stated on the same podcast that a senior US Navy official identified as Nat Kobitz told him that the US had been in the midst of reverse-engineering numerous non-human craft. According to his obituary, Mr. Kobitz was a former Director of Research and Development at Naval Sea Systems Command.

Continue reading the entire article at The Pulse. 

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Exopolitics

New UFO Film Questions What The US Government Is Hiding

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CE Staff Writer 2 minute read

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Take a moment and breathe. Place your hand over your chest area, near your heart. Breathe slowly into the area for about a minute, focusing on a sense of ease entering your mind and body. Click here to learn why we suggest this.

The US recently released its highly anticipated Pentagon UAP report, but it wasn’t much more than a 9 page rundown of what has been known for decades. Regardless, for many, what was promising was that the UFO subject was being taken seriously again – and perhaps many more scientists might get involved.

For decades many have been warning about leaving UFO disclosure in the hands of a government that likes to use crisis’ or current events to expand its defense budgets. Further, why would we suddenly expect a government, who has been lying about this subject for 70 years, to suddenly come forth with the truth? What would inspire them to suddenly change their mind?

Perhaps it’s because the search for ET is an idea who’s time has truly come. We’ve reporting on this for over 13 years, and are mongst a community of researchers who have been encouraging humanity to look at the evidence for more than 70 years. It feels like an idea that human collective consciousness is more than ready to explore.

The impact the ET question has on our individual and collective worldview has the power to truly change the way we view ourselves and the meaning of life here on earth. Think of the implications answers to this question could have on how we set up and run our society as well. Technology, culture, collaboration etc – I spoke about this more in great detail in my extended interview for Greer’s. prior film Close Encounters of The Fifth Kind here.

Now, a new documentary from Dr. Steven Greer, directed by my good friend Michael Mazzola, seeks to explore what the films calls “the current government and media disinformation campaign promoting 3 big lies:”

1. We do not know what these UAPs/ UFOs are. WE DO.
2. Humans cannot make craft that can maneuver like UFOs. WE CAN and WE DO.
3. The UFOs are a threat. THEY ARE NOT.

Bold statements. Watch the film below and see what resonates most with you.

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PGA Tour To End COVID Testing For Both Vaccinated & Non-Vaccinated Players

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CE Staff Writer 4 minute read

In Brief

  • The Facts:

    The PGA Tour has announced that it will stop testing players every week, regardless of whether they have been vaccinated or not.

  • Reflect On:

    Are PCR tests appropriate to identify infectious people? Should people who are healthy and not sick be tested at all, anywhere?

Before you begin...

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Take a moment and breathe. Place your hand over your chest area, near your heart. Breathe slowly into the area for about a minute, focusing on a sense of ease entering your mind and body. Click here to learn why we suggest this.

The picture you see above is of John Rahm, a professional golfer on the PGA tour being carted off the golf course after tournament officials told him he had COVID. He was healthy and had no symptoms, yet was forced to withdraw from the tournament. He was told in front of the camera’s, and a big scene was made out of the event. You would think something like that, especially when you are a big time sports figure, would be done behind closed doors with some privacy.

Earlier on in June a spokesperson for the PGA Tour said that more than 50 percent of players on the PGA tour have been vaccinated. Although it seems that the majority of players on the tour will be fully vaccinated judging by this statement, it does leave a fairly large minority who won’t be, and that’s something we’re seeing across the globe as COVID vaccine hesitancy remains high for multiple reasons.

We are pleased to announce, after consultation with PGA Tour medical advisors, that due to the high rate of vaccination among all constituents on the PGA Tour, as well as other positively trending factors across the country, testing for COVID-19 will no longer be required as a condition of competition beginning with the 3M Open. – PGA tour Senior VP Tyler Dennis

The tour recently announced that the testing of players every week will stop starting in July for both the vaccinated and the unvaccinated. This was an unexpected announcement given the fact that, at least it seems in some countries, vaccinated individuals will enjoy previous rights and freedoms that everyone did before the pandemic. Travelling without need to quarantine and possibly in the future not having to be tested could be a few of those privileges. Others may include attending concerts, sporting events, or perhaps even keeping their job depending on whether or not their employer deems it to be mandatory, if that’s even legally possible. We will see what happens.

Luckily for professional golfers, regardless of their vaccination status they won’t have to worry about testing positive for COVID, especially if they’re not sick. This is the appropriate move by the PGA tour, who is represented by their players and it’s a move that the players themselves may have had a say in. It’s important because PCR tests are not designed nor are they appropriate for identifying infectious people. A number of scientists have been emphasizing this since the beginning of the pandemic. More recently, a letter to the editor published in the Journal of infection explain why more than half of al “positive” PCR tests are likely to have been people who are not infectious, otherwise known as “false positives.”

This is why the Swedish Public Health agency has a notice on their website explaining how and why polymerase chain reaction (PCR) tests are not useful for determining if someone is infected with COVID or if someone can transmit it to others, and it’s better to use someone who is actually showing symptoms as a judgement call of whether or not they could be infected or free from infection.

PCR tests using a high cycle threshold are extremely sensitive. An article published in the journal Clinical Infectious Diseases found that among positive PCR samples with a cycle count over 35, only 3 percent of the samples showed viral replication. This can be interpreted as, if someone tests positive via PCR when a Ct of 35 or higher is used, the probability that said person is actually infected is less than 3%, and the probability that said result is a false positive is 97 percent. This begs the question, why has Manitoba, Canada, for example, using cycle thresholds of up to 45 to identify “positive” people?

When it comes to golf, the fact that spread occurring in an outdoor setting is highly unlikely could have been a factor, but it’s also important to mention that asymptomatic spread within one’s own household is also considerably rare. It really makes you wonder what’s going on here, doesn’t it?

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