Soon, There May Be Nothing Left But Third World

They'll talk about the first world like people talk about Atlantis.

[T]he stock market [rose] on the news that the "democratic" Greek government, despite the overwhelming opposition of the Greek people, agreed to the imposed austerity measures in order to borrow from the European Central Bank and International Monetary Fund, both being illegal loans under the two organizations’ charters, the money to pay private foreign banks that bought Greek government bonds. The private banks are being fully compensated for not doing due diligence.

The financial markets, in their utter stupidity, think, if that is an appropriate word, that it is good news that the Greek government has agreed to drive the Greek economy deeper into recession in order to acquire more loans with which to pay off loans that it cannot pay off.

The financial press thinks that the austerity measures that the Greek government has to accept and the sell-off of the public domain—water companies, ports, a string of Greek Islands, the state telephone monopoly, the state lottery and the reduction in pay, employment, and social services—somehow makes the Greek economy more capable of producing the income needed to service the new IMF and ECB loans that pay off the private German, French and Dutch bankers.

If Wall Street and the financial sector had an IQ as high as 100, they would know, everyone of them, that the "bailout" is pushing Greece deeper into a hole, and that Greek’s ability to pay will decline.

  Paul Craig Roberts

Right where the IMF wants them. Just like all those other third world countries they’re supposed to be ‘helping.’ Ever hear of “Confessions of an Economic Hit Man?”