PROPAGANDISTS WORK OVERTIME FOR MERKEL-LED EUROPEAN LAWMAKERS AS MOHAMMADANS ("MUSLIMS") RAPE AND PILLAGE IN GERMANY

By now, you have read about Mohammadan, aka "Muslims," hoodlums in Germany who went on raping and sexual assault sprees across Germany in what quite likely were social media organized, coordinated attacks against German women. The Mohammadan hoodlums even went around with a how-to-speak German crib sheet with phrases to demand sex.


Deceptively, mainstream media propagandists continue to refer to these hijrah — jihad through immigration — Mohammadans from North Africa, the Middle East and Pakistan as "male migrants." They do so precisely because the word migrant defuses thought and makes it seem these males in the primes of their lives are the weak, frail, helpless who need humanity.

In anticipation for the need of extra policing, the police chief Wolfgang Albers of Köln (aka Cologne), Germany, asked to put more men on duty. Ralf Jäger, Home Secretary of the North Rhine-Westphalia state turned down Albers. After the Mohammadan rape incidents, Jäger tried to lay blame on Albers.

It wouldn't matter if there were 5,000 cops working that night. The cops didn't cause these Mohammadans to rise up and rape white Christian and white secular Germans. Believing in Islam and Mohammad caused these Mohammadans from North Africa, the Middle East and Pakistan to rise up and rape white Christian and white secular Germans.

Henriette Reker, the Mayor of Cologne, blamed the free German women for being victims of rapes and sexual assaults. Reker claimed women should be held to a "code of conduct" so that hijrah Mohammadans will lack the means of raping them. Mohammadans hold their own women to a code of conduct. They stone them to death if a man rapes them. As well, they keep their women shrouded.

Nick Fagge and Sara Malm, propagandists for the Daily Mail UK have gone so far as to claim "the attacks in Cologne ... and other German cities, where dozens of women have reported sexual assaults and robberies, have played into the hands of far-right groups." The spin spun by Fagge and Malm is typical. Rather than hold the rapists responsible, it's the fault of right-wing ideologues. Well, Fagge and Malm ought to tell that to the females brutalized by these Mohammadans whose beliefs justify their raping.

The leader of the German government, Angela Merkel, continues to import Mohammadans into Germany for the express purpose of changing the country of Germany itself. Angela Merkel and her cohort of European puppets leaders are forcing white Europeans to kill themselves by paying taxes for their replacements — Mohammadans of another race.

There won't be a Germany in 20 years at least not one you recognize. Within four years, non-whites in Germany will be in the majority for the 20- to 30-year-old age group thanks to Merkel's idiocy. Merkel has burned Germany for authentic Germans. That is a demographic certainty now.

Deep-down, Merkel is a communist. Her dad moved her as a little girl from the safety of West Germany where they were natural born citizens to communist East Germany. That should tell anyone all he ever needs to know about what Merkel really believes.

Mohammadanism is a totalitarian, collectivist doctrine. Mohammadanism needs to be recognized for what it is, a kind of totalitarianism that organizes people for conquest. It is not an individualist doctrine of self-bettering or enlightenment. Thus it's not religion.

True progress comes from the freeing of the individual. No one can be pro-Mohammadanism (Islam) be a true progressive.

The race is on to turn Europeans back 1406 years. Not until all those living in future Europe are Mohammadans with their European women wearing burkas will liberal European politicians become satisfied.

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EUROPEANS. YOU ARE RETARDED, YES RETARDED. YOU LET YOUR LAWGIVERS RULE YOU AS IF YOU ARE LIVING UNDER FEUDALISM. YOU ARE KILLING YOUR CHILDREN'S FUTURES. PRO-ISLAM, PRO-SHARIA TERRORISTS MURDERING EUROPEANS.

The stupidity of your politicians and your suicidal-indoctrination of this:



Has led to this:




And this:



And this:



Islamism is radical, false theology. An illiterate from the Arabian desert, Mohammad made it up from non-biblical sources including long rejected phony gospels written about Jesus. Scholars have studied this and have known this since the 1800s.

The illiterate Mohammad must of thought of himself as the über Jew. The illiterate Mohammad who couldn't possibly have studied the Torah nor the Gospels demanded that Jews believe more and Christians must believe less.

It's all too convenient when a guy claims an angel visited him and told him things that somehow the omnipotent creator of the universe inconveniently forgot to mention to a whole bunch of other people — the Jews — over thousands of years. Illiterate Mohammad's trick is akin to me claiming that I have been visited by the Jewish angel Gabriel only the other day and he said to me that God forgot to mention that he lied to Mohammad in a giant supernatural joke.

While no man should reject an individual without having any dealing with him, all men should reject those who are members of cults. Right now, Islamism is the false doctrine of a worldwide cult comprised over more than 1.6 billion suckered humans.

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MAGNA CARTA OR MOHAMMAD CARTA?

The Treaty on the European Union requires:

"the ability to take on and implement effectively the obligations of membership, including adherence to the aims of political, economic and monetary union."

And this requirement is "not negotiable."


The in-or-out EU referendum is heating up in the UK. Most arguments will be made on economic grounds. Britons, you will be scared into believing that quitting the EU will make you poorer. However, those who say so will be lying to you.

Britons need to awaken to reality. The longer their beloved UK stays in the EU, the more Britons must surrender to the dictates of those holding power in the EU.

Surrendering to the EU means surrendering immigration law to EU lawgivers. It's that simple. Stuffy politicians in far away lands will tell you Britons who you should let into your country, how much welfare you must give them out of your pocket so you can turn those immigrants and their children into competitors for your jobs and your children's jobs.

All summer, Chancellor Merkel of Germany has demanded that citizens of EU member countries accept an ever growing Muslim horde of invaders. These supposed refugees want to move into your country and take your houses and your land. What they don't want is your 800 years of Anglo-Norman law.

The in-or-out EU referendum comes down to this alone: Magna Carta or Mohammad Carta.

In spite of the beliefs of over one billion indoctrinated muslims, Mohammadanism isn't a doctrine of self-enlightenment individualism. Mohammadanism is a totalitarian political doctrine of mass conformity, a behavioral tool of mass control rooted in ancient, savage beliefs.

• HEY BRITONS, MY BRITISH FRIENDS. YOU CAN FREE YOURSELVES FROM THE OUTRAGEOUS ACCENTS OF THE FRENCHIES AND THE JACKBOOTS OF THE KRAUTS
  
• ENGLAND, THE RUGBY WORLD CUP 2015 AND THE MUSLIM REFUGEES INVASION OF EUROPE
  
• ILLEGAL IMMIGRATION. WHY IT'S BAD FOR YOU AND A BOON FOR ANTI-CAPITALISTS.
  
• WAKE UP BRITS. MEMBERSHIP IN THE EU MAKES YOU POORER BUT DOESN'T MAKE YOU ANYMORE EUROPEAN THAN ANYONE ELSE.

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ENGLAND, THE RUGBY WORLD CUP 2015 AND THE MUSLIM TOTALITARIAN INVASION OF EUROPE.

During the Rugby World Cup being played right in England, the birthplace of the worldwide sport, it seems odd that Englishmen would want Muslims as Christian-haters and secularist-haters living among them and more so to pay for these Christian-haters and secularist-haters to live among them. Yet, it is unlikely that any of the supposed refugee Muslims who have sneaked into the UK have any desire whatsoever to become Englishmen and Christians.

De-christianization of Europeans continues unabated. One day, each man and woman in what we know as the various sovereign countries of Europe will awaken to another day in a state of the EU. It will be life as they have known always.

They will have known only they have lived in the country of the EU. They will never have known what life was like for their forebears who lived in the UK, France, Germany and so forth.

All of these "refugees" today will be voters, grateful to those political leaders who gave them asylum, refuge, welfare and a new life. In a few years, they will vote for the agenda sought by the EU superstate.

By letting in all of these Muslim refugees, Europeans are not committing suicide as many say. Rather, European elites are killing off Frenchmen, Germans, Englishman and so forth and using pliable immigrants to do so.

The leaders of the EU countries have said in so many words to the people of their respective countries:

Each of you is insignificant. We don't care about you and whether or not you see yourself as part of a people who share a history and a identity formed from the non-law aspects of culture — accepted behavior and practices such as food, sport, religion and so forth.

We have an agenda. We rule you. Laws exist for us to do what we want. Laws do not exist to keep harmony among like-minded people with as little interference as needed by us.
We are trying to rid you of the belief that you live in countries with boundaries. We want you to believe you live in states that answer to a higher authority.

We have done much to rid you of your Christianity though we have much work still to do there. We have done much to make you believe that each should have about the same and no man or woman should have more, except for those whom you have been taught to believe are superior to you by great significance.

Though Islamism is a totalitarian political doctrine masquerading behind religion — as it does nothing to enlighten the individual — , you will accept these Muslims among you and you will pay for them. They will help us in ridding you of the last remnants of your Christianity. 

We are confident that we can Westernize these Muslims and turn them into moderates. 

As it is always the case with illegal immigrants under various guises such as refugee status, we know that illegals when showered with welfare become loyal to us, their leaders. And once we turn them into voters, we know we can rely upon them to push our agenda even faster and further than we could with two or three of your generations to come.

Our friends in America know how to do it all too well.  

These flags and what these flags represent mean nothing to the Muslim refugees and likely these flags never will.

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FLOODING GERMANY WITH "REFUGEE" IMMIGRANTS WILL HARM GERMANS BY THE INESCAPABLE RULES OF CAPITALISM

Many who support the flood of refugees into Germany hold or parrot this false belief:

Germany has a labor shortage.

Thus, they call for more bodies who can become more workers in Germany. They believe having more workers is key to growing an economy. Such a belief is one of the most pernicious fallacies that causes more mischief than perhaps anything else.

Now here is reality:

Germans are suffering a capital shortage.

German enterprisers need to acquire more property put to production, aka capital, to leverage extant working age population. So the answer all should seek is the one that tells anyone why Germans have a capital shortage.

Capital shortages arise because returns to capital are not present. Only in the presence of positive returns does capital formation happen.



Most successful businessmen suffer from improvident nearsightedness. They focus on their own P&L statement and not the entire realm of commerce.

Many foolish enterprisers who don't understand capitalism believe they want more workers so they can pay workers less and thus incur less costs per unit of output. Yet, when all enterprisers do that, prices must fall as wages are the source of prices.

In short, the mass of idiot businessmen who call for more immigrants so as to depress wages end up killing the goose that laid the golden egg.

All working people should want to control immigration to keep capital growth rate far higher than the working age population growth rate.

Labor shortages are great for laborers and people in general. All shortages give rise to more capital among enterprising people.

Wages arise from capital. Higher wages arise from more capital producing ever more efficiently. As capital gives rise to wages, more capital gives rise to higher wages. Among no people in the history of mankind do you find wages absent capital.

In countries with big populations and no capital, you get bare subsistence (e.g., countries of Africa). In countries with big population and much capital, you get low wages (e.g., China, India).

Massively increasing the prime working age population, roughly 18-54, both depresses wages and leads to a capital death spiral. When the prime working age labor growth rate exceeds the capital spending rate, wages fall. Falling wages necessitates a fall in prices. A fall in prices causes a fall on the return to capital.

All prices get set by winning bidders in purchases and sales in the face of what is on offer. Wage rates are prices.

Would-be employers bid against themselves in an English auction. Would-be workers bid against themselves in a Dutch auction.

Massively increasing the worker head count means both would-be employers and would-be workers bid less.

As income (wages, earnings) is the source of prices, falling income means falling prices. Falling prices on extant capital investment means falling return to investment.

Capital spending then must fall and unemployment must rise so that enterprisers can then adjust to re-gain the same return rate to capital. Future capital gets lessened. Life gets worse.

Heed my dictum: Labor makes property. Capital makes property efficiently.

Property means right of ownership and not what is owned. Capital is merely another name for property put to production in hopes of a gain (see: CAPITALISM. BECAUSE WITHOUT IT, YOU WOULD BE LIVING AS A BARE SUBSISTENCE SAVAGE and WHY IS THE ECONOMY SO HORRIBLE? BECAUSE ACADEMIA ECONOMICS IS FAKE).

Capital alone is the source of improvement in the lives of all.

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THE 2010-2015 GREEK LAWGIVERS' CRISIS, THE EURO AND CURRENCY AREAS. SHOULD THE EURO ZONE BREAK APART?

So today, editors at Forbes published yet another train-wreck of flawed thinking by Tim Worstall. In The Cause of the Eurozone Crisis Was the Euro: The Solution Is Abolition of the Euro, Worstall tries hard to call for an end to the Euro by blaming its existence for the cause of a what he calls the Eurozone Crisis, which likely he means the the Euro Banking Crisis of 2008 the Greek Lawgivers' Debt Crisis of 2010-2015.




Seriously, I don't understand why Worstall doesn't find another line of work besides trying to write about economies and economics (see more on Tim Worstall right here on Bizarro Theater),

"Even a cursory glance at the economics of this field, optimal currency areas (founded by Robert Mundell) tells us that over such disparate economies a single currency just isn’t going to work." ~ Tim Worstall

Worstall seems not to understand Mundell's Optimum Currency Area Theory at all. Mundell included his theory in a textbook titled International Economics, (1968, pp. 177-186).

Mundell's Optimum Currency Area Theory is one where an authority can stabilize employment and prices over a well-defined region. According to Mundell himself:

• "If the case for flexible exchange rates is a strong one, it is, in logic, a case for flexible exchange rates based on regional currencies, not on national currencies. The optimum currency area is the region."
• "If the world can be divided into regions within each of which there is factor mobility and between which there is factor immobility, then each of these regions should have a separate currency which fluctuates relative to all other currencies."
• "The argument works best if each nation (and currency) has internal factor mobility and external factor immobility."
• "But if regions cut across national boundaries or if countries are multiregional, then the argument for flexible exchange rates is only valid if currencies are reorganized on a regional basis."

In the work, Mundell cites two who he believes has captured the essence for defining the optimum currency area — Meade and Scitovsky.

• "In both cases [Meade's; Scitovsky's ] it is implied that an essential ingredient of a common currency, or a single currency area, is a high degree of factor mobility;"
• "...neither writer disputes that the optimum currency area is the region-defined in terms of internal factor mobility and external factor immobility-but there is an implicit difference in views on the precise degree of factor mobility required to delineate a region."

According to László Andor, European Commissioner for Employment, Social Affairs and Inclusion, in his speech titled Labour Mobility in the EU: Challenges and Perspectives for a Genuine European Labour Market, Europeans have the necessary ingredient of labor mobility.

Free movement of workers began in 1968. Today, it encompasses the labor markets of 28 Member States of the EU and every Eurozone country.

EU nationals have the right to look for work and take up employment in another Member State and to receive assistance from the employment services in the host country when looking for a job.

Countries experiencing the highest increase in labor outflows to other EU countries in 2011-12 were Greece, Spain, Ireland, Hungary and Latvia. Labor outflows went mostly to Germany, Austria and the UK.

So according to Mundell and his theory, the European Central Bank (ECB) ought to make more credit available in Germany, thus pushing up prices in Germany to remove the demand of Greeks from buying German products.  With Greek demand for German goods cut by being priced out, Greeks would then produce the alike, substitute goods on lower prices (lower wages), thus taking up unemployment slack in Greece.

But the problem has been the lawgivers in countries like Greece. As wages are prices, they have kept wages up through massive fake-work, make-work government programs, pensions and welfare. Greeks had been living through a credit bubble, a public sector credit bubble and not a private sector. When that bubble burst — Greek lawgivers couldn't borrow without bailouts — Greeks suffered at the hands of lawgivers rather than commercial bankers.

For those who doubt that Greek lawgivers haven't been the source of the problems for the Greeks, have a look at GREXIT IS NO EXIT. Nigerians export more than three times as much as the Greeks, but only import 1.34 times as much as the Greeks.

So how do the Greeks do it? How do the Greeks pay for those imports? Their lawgivers have borrowed year after year to pay for government agency workers, pensioners and welfare collectees who, in turn, take their Euro borrowings and buy imports from those of other Eurozone countries.

In the countries hit hardest by the Euro Banking Crisis, their problems have been caused by lawgivers borrowing to keep afloat phony economies and thus hampering price discovery. As well, by Mundell's theory, those countries within the Eurozone experiencing trade surpluses need to have their regional central bankers rediscount more and thus pump more credit into those countries, which presumably would jack up prices relative to the Eurozone trade deficit countries. By Mundell's theory, it doesn't matter if Germany and Greece are separate countries as long as the countries operate under the same exchange rate and have factor mobility.

Mundell also said, "Similarly, if factors are mobile across national boundaries, then a flexible exchange system becomes unnecessary, and may even be positively harmful, as I have suggested elsewhere." 

The Euro is a "gold" standard - one rate for an internal common market with factor mobility that requires lawgivers to adjust policy to that standard. The price of that Euro "gold" standard relative to the outside world (other banking systems' cash) fluctuates.

Mundell wrote at a time when countries had fixed exchange rates with bank cash convertible to gold while many called for floating exchange rates with irredeemable cash. Mundell proposed his theory as an attempt to explain international disequilibrium caused by balance-of-payments crises under fixed exchange rates and price fixing by legislators (rigid wage and price levels).

Mundell believed that countries with trade surpluses whose leaders capped bank credit caused unemployment for those living in trade deficit countries because leaders of trade deficit countries had to shrink their economies to restore the imbalance.

Whether one banking system shared among a few countries or countries each with their own banking systems, according to Mundell, the fix for regional disparities is for trade surplus countries to inflate (add bank credits) —

• "In a currency area comprising different countries with national currencies, the pace of employment in deficit countries is set by the willingness of surplus countries to inflate."
• "Unemployment could be avoided in the world economy if central banks agreed that the burden of international adjustment should fall on surplus countries, which would then inflate until unemployment in deficit countries is eliminated"
• "But in a currency area comprising many regions and a single currency, the pace of inflation is set by the willingness of central authorities to allow unemployment in deficit regions."

Under floating rates with irredeemable bank cash, those living in the trade deficit countries would need to pay more for foreign cash of trade surplus countries until BOP equalized. Thus, all inflation would be unneeded as is the fix for disparities between regions under the same banking system.

So, absent the will to inflate by region in the Euro zone, the Euro zone ought to break up and let floating exchange rates do their work — force prices up of foreign goods as expressed in one's own bank cash.

At the end Mundell concludes, "...the optimum currency area is the world, regardless of the number of regions of which it is composed." By that Mundell means there should be one money and balance of payments would adjust regional difference. In short, Mundell means something like gold as money would be the ideal for the world over.

Legally, Europeans have labor mobility. Culturally, whether they move or not is another matter (see: On the Move, The Economist).



Hordes of illegal aliens, many claiming to be refugees, don't seem to have a labor mobility hang up. For more on the horde invading Europe, check out 2015 EUROPEAN REFUGEE CRISIS. FLEEING THE FAILURES OF TOTALITARIANISM, BUT FAILING TO EMBRACE BETTER WAYS.

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2015 MIDDLE EASTERN INVASION OF EUROPE CRISIS. FLEEING THE FAILURES OF TOTALITARIANISM, BUT FAILING TO EMBRACE BETTER WAYS.

The world is a mess. Confused men — men who believe they walk with the light, but who truly walk with darkness — have made a mess of things. It's inexcusable that men in all countries look for excuses to turn their backs on others of mankind. As well, it's inexcusable for those seeking help not to reject their old ways and to adopt the ways of those from whom they seek help.



The poster child for the 2015 European Refugee Crisis is Aylan Kurdi, a boy who drown because his father decided to lead Aylan on a stupid attempt to sail to Europe in who knows what kind of boat. It's sad indeed that boy is dead. Yet, he died at the poor leadership of his father and no one else.

That said, that anyone needs a passport to travel anywhere and that anyone needs a visa to live anywhere is shameful. Of course, the need for passports and visas has arisen because of all those self-proclaimed progressives, socialists, and liberals and their system of taxation and welfare. In their self-delusion of do-gooding, their foolish and immoral system of false do-gooding has led to the need of passports and visas. Without controlled growth of their needy, their actuarial calculations would fail.

Because of the 2015 refugee crisis being peddled by news media in their quest to secure ratings and thus higher advertising sales revenues, I decided to look into the whole mess created by the greedy and fearful.

The useless bureaucrats at the United Nations have an agency that supposedly tracks refugees. However, their website to report their findings doesn't even work. I tried it with two browsers — Chrome and Edge.

So I pulled together data from Wikipedia, which reveals the power of freedom over meddlesome bureaucracies and something called the World Justice Project (WJP), which exists to advance the rule of law among the world.  Wikipedia provides refugee counts. The WJP scores countries based on how civilized are its people (ruling by law).

From the WJP, I culled the relevant subscores (see the bottom of this work) into an average score for each country, which I could use to filter the data. I defined a host country whose adjusted WJP score meets or exceeds the average for full WJP scores that are over 50. That average score is 67.

Only 15.9% of the countries recognized by the U.N. of the world adhere to what should be said as ruling by laws rather than the stupidly said "rule of law." It is these 26 countries that could host refugees, letting refugees join civilized people.

Most don't know who are refugees. The only ones who are refugees are those who can't get fair hearings in courts of their respective countries or those who face prosecution for free speech or for their religious practices. As well those who are fleeing either a civil war or a war being fought by their political leaders to which they don't approve and where the enemy is bombing them are refugees.

Everyone else is not a refugee. Being unskilled and living in a country where no jobs exist doesn't make someone a refugee. Being shunned by many because others don't like that one for whatever reason doesn't make someone a refugee. That makes them marginalized and perhaps an outcast, but not a refugee.

Many have not thought about why "refugees" become so. Refugees are fleeing the messes made by those ruling by totalitarian doctrines. Islamism or Mohammadanism, if you prefer, is a totalitarian doctrine of population control that masquerades as religious doctrine. True religious doctrines exist to help anyone gain enlightenment.

Many in the host countries don't want refugees. It should be clear to all why this is so.

It is not because refugee refuseniks lack compassion for refugees and their plight. Instead, they have seen previous refugees and other immigrants who have come to their countries fail to abandon their totalitarian ways, such as living by Mohammadanism. Worse, once being accepted, refugees and immigrants become alike to invaders who insist on the host people to change their ways.

If only refugees and immigrants would reject totalitarianism doctrines like Mohammadanism and instead embrace at least secularism, if not various doctrines of Christianity, perhaps the civilized world would become more helpful.

Here is how the supposed 16,929,321 refugees of the world could be distributed either by percent of population of hosts or percent of GDP of hosts. Likely, most who live in these countries, even the liberals, progressives and socialists would reject any call for taking in refugees by the head counts shown in the table.

Incidentally, if your country isn't listed above, likely, you are living in a country with horrible, fearful political leaders, likely who are not smart enough to lead men and women from a position of moral strength. You might not like the reality of my indictment, but nonetheless, you cannot make reality go away.

Here are the worst countries led by the worst political leaders on earth:

To select the worst countries, I took the average of the WJP scores less than or equal to 50 and selected all those countries below the average. Does it surprise you that American per capita income in True Dollars™ is as many times higher than the per capita income of those living in the worst countries?

Relevant WJP Scoring Categories

• 1.6 Transition of power is subject to the law
• 3.1 Publicized laws and government data
• 3.2 Right to information
• 3.3 Civic participation
• 4.1 Equal treatment and absence of discrimination
• 4.2 The right to life and security of the person is effectively guaranteed
• 4.3 Due process of law and rights of the accused
• 4.4 Freedom of opinion and expression is effectively guaranteed
• 4.5 Freedom of belief and religion is effectively guaranteed
• 4.6 Freedom from arbitrary interference with privacy is effectively guaranteed
• 4.7 Freedom of assembly and association is effectively guaranteed
• 8.2 Criminal adjudication system is timely and effective
• 8.4 Criminal system is impartial
• 8.5 Criminal system is free of corruption
• 8.6 Criminal system is free of improper government influence
• 8.7 Due process of law and rights of the accused
• 7.2 Civil justice is free of discrimination
• 7.3 Civil justice is free of corruption
• 7.4 Civil justice is free of improper government influence
• 7.5 Civil justice is not subject to unreasonable delay
• 7.6 Civil justice is effectively enforced

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REALITY SMACKS GREEKS. WHAT MUST BE PAID BACK WILL BE PAID BACK.

I've taken heat for stating what all should should have known all along about the so-called Greek crisis, which Greek legislators brought upon all Greeks over many years: What must be paid back will be paid back.

Populist fools everywhere want Greeks to be their Hercules heroes. They want the Greeks to default and stiff the bankers because they have been indoctrinated to believe bankers are evil swindlers who somehow by the very nature of the banking, cheat everyone.

If Greek law givers want to stay in the Euro zone, they must pay back enough of the outstanding debt apportioned over time to reduce cumulative debt-to-GDP to 110%. However much debt that Eurogroup ministers say Greek law givers have up to the full amount will be the sum apportioned.

If Greek law givers don't want to stay in the Euro zone, they won't pay back anything, at least not on bonds sold in Greece under Greek jurisdiction. If that is what Tsipras and his cronies decide, Greeks won't have much of an economy though.

As I have said repeatedly, should the Greeks return to the Drachma, the real austerity will begin. If Tsipras doesn't do as told and if Greek law givers don't do as told, they can enjoy crushing third world poverty under their Drachma.

With a return to the Drachma, voluntarily Greeks will turn their country into a Submerging Market™.

If Greeks don't want to become Argentinians, Venezuelans, Iranians, North Koreans and the like, Greek law givers are going to play ball. Greek law givers will be on the hook for bonds sold outside of Greece and falling under jurisdiction elsewhere. Those obligations are not going away.

Many have heralded Alexis Tsipras, the Greek Prime Minister as a negotiating genius, someone who has played the Eurogroup ministers as if they were fools. That belief is the belief of fools.

Tspiras called for a snap referendum, politicking for a no-vote. Greeks gave him what he wanted, a no-vote. Only in fantasy land did self-confused pundits claim Tsipras would be emboldened with a no-vote, being empowered to dictate terms and conditions to the Eurogroup ministers.

To any clear-minded thinker, it was obvious, with a no-vote, Tsipras straightaway had to put forth his plan. The Eurogroup ministers called him on it. In short, the no-vote meant no more delay tactics could be played.

If Tsipras wanted the Greek banking system out of the Euro, why didn't he announce so on the day of winning election and SYRIZA taking power? Why didn't SYRIZA pass a law the next day to swap Drachma for Euro?

If Tsipras has wanted the Greek banking system out of the Euro all along, why go back to the Eurogroup ministers over five months, becoming a street beggar each time, panhandling for another bailout?

Greek law givers lost any leverage when the ECB shuttered ECB-aligned banks. €60 Euro a day ATM withdrawals with no other banking services seized up the machinery known as commerce.

By cutting off emergency liquidity assistance (ELA) to Greek banks, Greek bankers were forced to close. Closing the banks effectively cut off the metaphorical water supply to Greeks.

Greek banks have much of their reserves tied to Greek law givers. With impaired reserves, Greek bankers relied upon the ELA. Those reserves deteriorated worse precisely because of the Tsipras-led SYRIZA.

Also, there is no way for the leaders of Estonia, Latvia and Lithuania along with Slovakia and Slovenia, leaders who helped their peoples financially atone for the sins of communism, to sell to their citizens that Greeks must stay in the Euro and to do that, they must let the Greeks off the hook for all of their profligate spending.

In an interview with Radio Free Europe's Rikard Jozwiak, Sandra Kalniete, the former Latvian foreign minister and current member of European Parliament had stern words to say about Tsipras and the Greeks.

I would say that, of course, Europe has to show solidarity, but that means that Greece has to go forward with [a] very precise and concrete reform program not only on paper but they have to convince Europeans that they are going to implement it. Because I consider that this isn't fair that countries like Ireland, Spain, Portugal, and Latvia -- we went through [a] reform program. Our people made such sacrifices, and now there comes a nation which received much more from the European Union and international society in credit, and now they are saying that they are not able to reform Greece to make it sustainable. I simply cannot accept it.

I believe the euro can survive without Greece. Greece cannot survive without the euro, that's the dilemma. Of course, every European [is] conscious [of] the geopolitical importance of Greece in an environment which is rather difficult to manage and in front of migration waves which are coming from Syria and Libya, and they are also reaching Greece.  ~ Sandra Kalniete, member of the European Parliament and former Latvian foreign minister

Only a day or so ago, Tsipras foolishly said that a "clash with Europe ... will take ... the euro zone down." Greece GDP is a rounding error — 1.84% of the total Euro zone GDP less the Greek GDP. That is like throwing two cents on the ground for every Euro in your pocket.

On July 20, Greek law makers owe US$3.9 billion. That date marked the final call in this poker game anyway. As it is, the deadbeat socialist-communist SYRIZA legislature already missed a major payment owed to generous creditors.

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GREEKS HAVE BEEN SERVED A BIG CUP OF ELLINIKOS KAFES FOR THEIR COLD AUSTERITY WINTER AHEAD

Donald Tusk, the European Commission president has served a big cup of Ellinikos Kafes to Greeks (video). While handing them their big mug of Greek coffee to sober up Greeks after years of swilling free-to-them ouzo, Tusk said, "...five days left...the final deadline ends this week."


It has been laughable to read when pitchfork populist bloggers have claimed the Greek Dumb and Dumber, Prime Minister Tsipras and Finance Minster Varoufakis had the upper hand. They never ever had it.

Their stupidest move was to hold that referendum. While ordinary Greeks were misled by Tsipras and Varoufakis to believe they were sending jingle mail to IMF, EFSM and the EU, in fact, they were voting for their own Grecocide.

An especially popular pitchfork populist blogger hailed the referendum as a genius move. He strengthened his silliness with a mantra he has gotten his neophyte readers to parrot — what can't be paid back, won't.

Right from the start, reality has been different — what must be paid back will be paid back. For Greek law givers to remain in the Euro, Greek law givers had to pay their debts.

The winning No-Vote has given the leaders of the Eurogroup the smokescreen they need to squeeze Greeks out of the Euro.

“Party time at the expense of others in Greece has come to an end. Europe and the euro area are surely unprepared to pay for the irresponsible behavior of the new Greek government...You can’t have one country enjoying a feast, overspending and having everyone else pay for it, including our citizens with much lower pensions and wages.” ~ Lithuanian President Dalia Grybauskaite

 “We have a Grexit scenario prepared in detail.” ~ Jean-Claude Juncker, European Commission President

It should have been clear that Greeks needed support from leaders of other small Euro zone economies, the ones who threw off the shackles of the old Soviet system. Yet, it should have been clearer they would never get that support since the peoples of those countries sucked it up for a long time to get themselves in order to be competitive members of the Euro zone and the EU.

Greek law givers caused their own crisis. And Greek law givers couldn't have done so without Greek voters election after election approving of their law givers. Years of borrowing and rolling over debt with new borrowing led Greek law givers beyond the tipping point.

Financially and mathematically, Greeks were in position to pay back enough of their cumulative debt to whittle that debt down to 110% of GDP over ten years. To do so Greek law givers were supposed to declare badly needed so-called structural reforms — cutting spending significantly and by doing, pushing down prices.

In exchange for generous help, Greek law givers had been asked to pay down a mere €6.36 billion a year of debt, which, each year would have been 1.9% of total debt owed and 2.6% of GDP. However, the socialist-communist SYRIZA who came to power as Greek law givers wanted to pay nothing.

Like winter is coming for the fictional world of Game of Thrones, real austerity is coming at last to the Greeks. Whether it's tough austerity through the Euro or extreme austerity through the Drachma, austerity is coming.

The ECB can keep closed their banks forever. So likely, Greeks will be forced into the Drachma. In short, Tsipras (interestingly, Tusk pronounces his name as cheap-ass) and the quitter Varoufakis have misled their Greeks into what will be third world Drachma-austerity.

Right now, Greeks lack the means to pay for oil or natural gas priced on world markets. Greeks lack the means to pay for pharmaceuticals, engineered machinery, engineered materials and of all kinds, cars and trucks, airplanes and well, mostly everything produced by mankind today. Reverting to the Drachma will fail to give Greeks the means.

Winter 2015-2016 is going to be one to be remembered for Greeks. At least they can think fondly upon their no-vote referendum as they burn the last of their furniture to keep warm. They can think of all their Internet supporters in America and elsewhere as the humanitarian aid ship docks in Athens on its way to other third world countries.

In life, for adults who can decide, they don't get what they want always, but always, they get what they deserve.

Kalí týchi!

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GREEKS VOTE FOR GRECOCIDE

By now, those who have followed what shall end up as the ultimate Greek tragedy, know the results of the purposeless snap referendum called by communist-leaning Greek PM Alexis Tsipras. An estimated 3.288 million Greeks of the 5.358 million who voted, voted to reject paying off €63.58 billion worth of debt Greek law givers borrowed to pay generously, for salaries and pensions of government workers as well as for welfare of Greeks who choose not to work.



With the referendum results, Greeks have said they want their law givers to stiff their creditors after years of excessive borrowing to pay for legislators-conjured make-work and overly generous pensions for every Greek.

In exchange for generous help, Greek law givers had been asked to pay down a mere €6.36 billion a year of debt, which, each year would have been 1.9% of total debt owed and 2.6% of GDP. However, now that communist politicians of SYRIZA have come to power, they don't want to fulfill the debt obligation established by previous Greek law givers.

Varoufakis, the finance minister of Greece, delusively claims that creditors will come crawling to the negotiating table and agree to any terms and conditions offered by Greek law givers now that Greeks have voted no.  No sane man or woman would expect that to happen.

Rather, all should expect that European leaders will take their time as there is no reason to rush now. It is hard to believe that Euro zone leaders won't squeeze the Greeks, taking their time over any negotiation going forward. It's likelier they will stand unified against Greeks.

Likely, the far smarter Merkel and others already have bet on a no-vote win in Greece. Tsipras and Varoufakis now sit on the hot seat to present a plan to the Greeks themselves and get that plan underway by Monday.

Tsipras and Varoufakis are ready to run Greeks off a Santorini cliff. If the next stage means an exit from the Euro zone, Greeks will be living on a steady diet of goat's milk, yogurt, feta, fish, olives and ouzo. And they will be living by candle light.

Whether a Greek exit from the Euro happens or not, right now Greeks lack the means to pay for oil or natural gas priced on world markets. Greeks lack the means to pay for pharmaceuticals, engineered machinery, engineered materials and of all kinds, cars and trucks, airplanes and well, mostly everything produced by mankind today.

Even renown economist Costas Azariadis from the Washington University in St. Louis agrees with what I've claimed already, the Greeks must suffer austerity. Should the Greeks find themselves outside the Euro, austerity shall be much greater.

Every election is a referendum, in effect. For decades, Greeks voted yes already on referendums that asked:

Do you want your legislators to borrow excessively so that your legislators can devise make-work government jobs, which will lead to the government work exceeding 50% of GDP in most years and which will let all Greeks live in make-believe as if Greeks are rich and in so doing, eventually, financially cripple the legislature and bring the legislature to near bankruptcy?

The problem for Greeks is the same problem everyone suffers the earth over. Over many years bad legislators have leveraged doling welfare to gain power and keep it. With power, politicians have then created a horrible culture — codified law — of bad design, which unsurprisingly has led them to their final destination of failure.

Greek legislators let their debt grow beyond their ability to service the interest payments. Their poor decisions led to exponential growth of debt.

Per capita spending by Greek legislators is well beyond the size of Greek economy compared to other EU states of alike-sized economies as measured by GDP.

Greeks need massive devaluation of prices. As wages are merely prices, they need massive devaluation of wages. Greeks are much poorer than they want to believe about themselves.

The days of having Greeks living from the credit card of Greek legislators must come to an end. Yet, with the results of the snap referendum, Greeks want to keep the bubble party going.

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GREEKS ARE SET TO VOTE TO SEND JINGLE MAIL TO THE IMF, EFSM AND THE EU

When someone can't pay his or her monthly mortgage payment owed the lender (mortgagee) and walks way from that obligation by mailing the house keys to the mortgagee, that someone has pulled a jingle mail trick. In short, the borrower has said to the lender, Here is the pledged collateral, the house. It's yours now. I refuse to pay you.

Why did many so-called homeowners do this during the Banking Crisis in 2008? First, many couldn't pay their mortgage payments from their incomes, though many could. Second, many couldn't refinance their mortgage deals precisely because the likely re-sale price of the house given the current market had fallen below the amount owed on the loan. In banking parlance, that's known as being underwater or being upside-down.

Many Americans who were greedy and nervous, but had the means to pay their mortgages walked away from having property in their improved parcels, turning over those parcels to the original lenders. They didn't like being underwater and paying on a loss. To them, never could they see a future where the economy would recover, house prices would recover and they might at least break even.

So rather than uphold their obligation, many stuffed their house keys into envelopes, called the Midnight Moving Company and dropped off those envelopes in the nearest mailbox as they skipped town. Apologists, mostly anti-capitalists and those jealous of anyone else richer by $50, stepped in and began calling such unscrupulous misdeeds, strategic defaults.

For those Americans with non-recourse mortgages, they faced few consequences from sending off their jingle mail. Lenders were stuck with many houses they couldn't sell. For those houses they could sell, lenders were stuck with losses on the differences between what they lent and what the they could gain in sales on much lower street prices.

The story was different for Americans with recourse mortgages. Those who tried to walk away from their mortgages discovered that lenders had legal standing to sue to have wages garnished and other assets seized.

Many non-recourse jingle mailers claimed that even though they knew they agreed to the terms of their contracts, they believed they had the right to walk away from what they claimed were bad deals. To win the war for supporting minds, these jingle mailers compared their plights to big corporations that write-down billions of dollars of debt and incur losses for shareholders.

An individual agreeing to the terms of the mortgage to gain the funds to buy a house in which to sleep is not the same as enterprisers who have sold bonds to gain funds to buy capital in quest of producing property which they hope to trade a profit.

More so, none were walking away from bad deals. All of the deals were good deals.

In every case, luckily, each borrower found a lender who put forth actual credit in large sums in exchange for mere promises. All of those borrowing gleefully became homeowners and likely many bragged to their friends about their new digs.

In each deal, borrowers received actual funds, typically in the form of bank credits, in trade for promises to pay. None of the deals were contingent upon changing street prices based on the sales of other houses.

To claim bad deals as justification to stiff creditors is mere twisted rhetoric to cover for misdeeds. As well, all those who stuck creditors with jingle mail, walked away from houses upon which they put wear and tear, which of course, is a kind of loss. Of course, those who believed in that way tortured reality to justify their misdeeds. Not surprisingly, noted lefty Keynesian economist Paul Krugman championed jingle mail, at least according to writers of Wikipedia.

Greeks go to the polls on July 5, 2015, to vote on a referendum asking whether their legislators should continue to pay on debts owed to the IMF and the European Financial Stability Mechanism or should legislators stick the keys in the mail and send those running the IMF and EFSM jingle mail.

Since every election is a referendum of sorts, for decades, the majority of Greeks voted yes on referendums approving of their legislators borrowing excessively so legislators could pay for high-paying, make-work government jobs and pensions. All of that borrowing led to legislators spending more than 50% of GDP in many years. Worst of all, all of that borrowing and spending led Greeks to believe they were rich even though that borrowing and spending would cripple the Greek legislators and bring them to their current state, near bankruptcy.

Greeks are much like those underhanded Americans with non-recourse mortgages and incomes to pay their mortgages but who found themselves underwater.

Right now Greeks find themselves underwater. The street price of everything Greeks sell is falling. Yet, Greeks have the income to pay debts. However, Greek legislators don't feel like paying their debts. So, Greeks are being encouraged by their unscrupulous leaders to send jingle mail.

Unlike most Americans who found themselves underwater and who could not renegotiate their deals after the Housing Bubble burst, a bubble caused by the Greenspan-Bernanke Great Inflation, the biggest credit bubble in the history of mankind, Greek law givers can renegotiate their deal. However, those Greek law givers don't want to renegotiate.

As I explain in TSIPRAS AND VAROUFAKIS, THE GREEK DUMB AND DUMBER SEEK TO FORCE GREEKS TO DRINK HEMLOCK, what Greek law givers need to do is cut their per capita spending. That is what they have been asked to do. If Greek law givers do so, they will get their deal reworked. But, Greek law givers still want to live in a bubble.

The Greeks borrowed from lenders to buy a McMansion. And then for decades, Greeks piled on HELOC after HELOC to pay for ongoing parties as they swilled ouzo, munched on baklava and danced to Zorba. And now the Greeks want to run out the back door, stiffing the owners of the catering hall while mailing in the keys.

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TSIPRAS AND VAROUFAKIS, THE GREEK DUMB AND DUMBER SEEK TO FORCE GREEKS TO DRINK HEMLOCK

According to The Telegraph UK, Prime Minister Alexis Tsipras walked out of talks with leaders of the creditors of the Greek legislature, the IMF and the European Financial Stability Facility, in a scant 45 minutes. It appears as if the Greeks want to default on their debts.

First, here is some perspective. The population of Greece runs a bit more than 11 million Greeks. The population of New York City and the city of Chicago combined run to 11.125 million.

The combined spending of the city councils of New York and Chicago runs to $82.2 billion. The last four quarters of spending by the Greek legislature runs to $45.184 billion.

Spending for each resident for a combined New York and Chicago is $7,388.76. Spending for each Greek comes to $4,092.54.

And now, here is the kicker. While spending per capita for a combined New York and Chicago is 1.81 times spending per capita by the Greek legislature, the GDP of a combined New York and Chicago is 8.12 times bigger than the GDP of Greece.

Compared to a combined New York and Chicago, Greek legislature spending ought to be closer to $909.95 each Greek or $10.037 billion in total. So what does that mean?

Greek legislature spending needs to fall -77.8% for their spending to fall within reasonable ratio to world class cities like New York and Chicago! 

As it is, neither city is known as being cities where politicians exercise fiscal restraint.

For even more perspective, there are about as many Czechs living in the Czech Republic and Portuguese living Portugal as there are Greeks living in Greece, 10.538 million and 10.478 million respectively. Yet, Czech legislature spending per capita of $3,188.76 is only 77.9% of that by the Greeks. Portuguese legislature spending per capita of $3,510.49 is only 85.8% of that by the Greeks. Said another way, Greek legislators spend 1.17 times more than Portuguese legislators and 1.28 times more than Czech legislators.

At $242.26 billion, Greece GDP is slightly larger (1.066 times) than Portugal GDP at $227.3 billion and 1.16 times larger Czech Republic GDP at $208.8 billion. However, for Greek spending to get in line with the Portuguese legislature spending relative to Portuguese GDP, Greek legislature spending per capita would need to be cut -8.6% to $3,742.18. To get in line with the Czech legislature spending relative to Czech GDP, Greek legislature spending per capita would need to be cut -9.6% to $3,698.96. 

Seriously, the representatives of the IMF have asked the Greek legislature to cut pensions by $2.02 billion and raise taxes by $2.02 billion. The spending cut would drop per capita spending a paltry 4.4% down to $3,913.33 and yet Greek negotiators believe the request is unreasonable!

Should Tsipras and Varoufakis lead Greek legislators to default, Tsipras and Varoufakis will go down in history known forever as Dumb and Dumber. The Greeks will be far poorer in Europe within a decade, much so.

Greeks have been living under a delusion, a delusion of legislators' credit flowing into the economy, which elevated prices and created a phony, unsustainable living standard. The European Financial Stability Facility has kept the charade going since 2008.

For Greeks, prices need to fall at least 220% maybe and that includes wages as wage rates are merely prices. Yet, Tsipras and Varoufakis don't want to let prices fall.

That is what those who side with the Greeks don't get. The Greeks have been living by the largest credit bubble in history of Greeks, albeit a public finance bubble. Tsipras and Varoufakis refuse a controlled-deflation of that bubble.

Printing what would be near-worthless Drachma won't let Greeks buy anything from anyone of the world. With near-worthless Drachma, Greeks will be lucky to buy from other Greeks.

How will Greeks pay for high-end, precision German-made machinery? What will a handful of German factory owners get for all of the Drachma presented to them as payment, 100 years worth of ouzo, 1,000 years worth of belly dances?

How will Greeks pay for oil? How will Greeks pay for natural gas? How will Greeks pay for pharmaceuticals? How will Greeks pay for steel? How will Greeks pay for semiconductors?

Greek law givers overspend relative to their private-sector economy. Their overspending cannot be maintained.

Greeks need to realize they're much poorer than they believe. Spending by Greek law givers needs to get in line more with the Portuguese or the Czechs.

SYRIZA, Tsipras and Varoufakis are the wrong Greeks in power. They are leading Greeks into disaster. What is being asked of Greeks isn't unreasonable, a -4.4% cut in spending that pushes Greeks closer to legislator spending in line with what the economy can sustain.

Those who champion a default by Greek legislators will be on the wrong side of history. Ask the Venezuelans how life is working out for them and their phony banking system's cash.

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