Blog Ref http://www.p2pfoundation.net/Transfinancial_Economics
GDP growing up to 2007 at a rate of 5% per annum. Everything looks great, except for one thing, credit was rising at 10% per annum.
The rich have access to as much credit as they want, free money, they pay no interest.
The poor, one could also add small businesses, find it nigh impossible to obtain access to credit, and when they do they pay very high interest rates, in the case of the poor with Pay Day Loans paying interest rates of several thousand per cent per annum.
Silly money is chasing silly projects, forcing up the price of property and the value of high-tech death stars.
Syriza signed a surrender document with the EU. It was a betrayal of the Greek people, the country is now under occupation by the Fourth Reich.
EU was not interested in negotiating an agreement that would deal with the economic crisis in Greece. They were only interested in destroying Greece, making an example of Greece for daring to challenge the EU.
In 2010, Greece was in serious debt, the debt unpayable. Greece was bailed out by the EU, but this money did not see the light of day in Greece, it was used to bail out the German banks that had made risky loans.
Greece, with the help of banks, fiddled its debt to gain entry to the EU. This was done with the connivance of the EU and was common practice at the time.
By 2007, it was known the Greek debt was unsustainable, and at some point the bubble would burst.
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