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Showing posts from February, 2015

The Mafia Banks, the European Financial Institutions, and the Destruction of Greek Society

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There was a time when the Mafia had a cottage industry, a series of all-service banks. They would lend you money on unsecured credit, lend your more than you needed, and if you could not pay, they would slam a car door on your hand - or worse.

The European Central Bank and the International Monetary fund have been in exactly the same business. Crafty European financial institutions lent unsustainable amounts of debt to Greece's shiny new credit card. When Greece couldn't pay - wham, the car door.

It used to be that authorities went after the Mafia loan sharks. Unfortunately the European authorities are going after the Greeks and refuse to work out a reasonable solution for a problem that they themselves facilitated.

And actually, the Mafia never were able to monopolize the loan shark business, let alone take down a sovereign country.