Posted by: Dr Pano Kroko Churchill | February 16, 2014

The Tale of Two Countries stuck in Corruption — Argentina and Greece’s house of ill repute

The parallels between Argentina and Greece spanning two centuries are uncanny…

— BUENOS AIRES, ARGENTINA. Over a century ago, when Harrods decided to set up its first overseas emporium, it chose Buenos Aires. In 1914 Argentina stood out as the country of the future. Its economy had grown faster than America’s over the previous four decades. Its Gross National Product same as it GDP per head, was higher than Germany’s, France’s or Italy’s. Argentina boasted wonderfully fertile agricultural land, a sunny climate, a new democracy since universal male suffrage was introduced in 1912, an educated population and the world’s most erotic dance. Immigrants tangoed in from everywhere.  For the young and ambitious economic refugees, heading west, the choice between Argentina, Australia, or the US, was a difficult one.

There are still many things to love about Argentina, from the glorious wilds of Patagonia to the world’s best Tangueros, and the most beautiful women – but her economy is not one of those. Nor is her politics. The frequency of coup d’etats,  the resulting Juntas, and autocratic regimes, show a clear mistrust and disdain for liberal Democracy. Autocratic regimes appear to be good credit risk in the beginning but the inherent corruption and the diversion of funds towards the deep vaults of the heavenly adobe of the Swiss golden mountain is the pension of every tyrannical leader of Argentina and beyond.

Sadly along with the disappearing Democracy, economic growth disappears too — each and every time the generals and the colonels get out of their barracks to take over the TV stations and the presidential palace. Corruption becomes rampant and systemic. The national debt blossoms and the money is spent on weapon systems that nobody is ever going to use and that they produce GDP benefits to Washington, but no growth in the economy of the country. The money the international lenders give to the country goes to secret pockets and gets routed back to banks in America and banking heavens and tax free domicilities.  Same scenario played out in Greece with all the country’s capital getting diverted back to where it came from. Either through the colonels insatiable appetite for shinny killing hardware or through the various strong men like Papandreou and Karamanlis junior’s idiotic profligacy, and corruption.  Even now in the midst of the sovereign debt crisis of 2010 — the majority of the borrowed money goes to service the unsustainable debt before the borrowed capital even arrives in Athens. And to make things worse, the huge expense of about 8.7% of GDP is foolishly spent on arms and armaments in Greece’s constant competition with Turkey about who has the best military bling and shiny hardware to show their friends. A pissing contest indeed, between adolescents that enriches only Washington’s and Berlin’s GDP and detracts from the country’s chances for growth and development. It’s an ugly vicious circle…

The Argentines unlike the Greeks though, remain perhaps the best-looking people on the planet, and fantastic Tanguerros, but their country is mired in corruption, political insolvency, and represents a constantly rolling economic wreck with nothing beautiful about the social upheavals the deep corruption brings.

Posh store Harrods weathered the Falklands war and the terrible junta, but not the depression, and sovereign debt crisis. It promptly closed back in 1998 selling off it’s green teddy bears at a great discount sale, and the Brits went back home to blightey.  Argentina is once again at the centre of an emerging-market sovereign debt crisis. As a matter of fact, their Sovereign debt crisis is so bad that no one sees the end of the tunnel. This one crisis though can be blamed directly on corruption and on the incompetence of the president, Cristina Fernández and her government.  Yet beautiful Christina is merely the latest in a succession of economically illiterate populists, stretching back to Juan and Eva Perón. Things had gone pear shaped before,but Argenitnians today forget about competing with the Germans and the Americans, because it’s the Chileans and Uruguayans they have to worry about. Those Latin American’s  lesser neighbours the Argentines used to look down upon — are now more successful, wealthier, and more secure in their own continent. Argentina’s  neighbours are all richer and better educated. Children from those countries and even Brazil and Mexico now do far better in international education tests than Argentina’s kids. And – by the way – their women start looking better as well…

— ATHENS, GREECE. Modern Greece’s two century old history of heavy state borrowing starts from the day the newly independent and democratic Greece was formed in recent history of the 19th century. The young budding Democracy focused on borrowing unsustainably from the get go in order to finance nation building while prosecuting a war of independence and national sovereignty. It is here where the comparisons of 1834 to the present day are starting and are quite striking when seen in light of another country’s journey through the Capital Markets: Argentina.

Back in the 1830s Greek leaders of the newly independent Greek state fighting an Ottoman blood war against the thirsty occupying power — found a young and sympathetic Swiss banker who helped them get some finance. The Swiss banker helped launch Greece’s first Sovereign bonds. Those bonds the newly formed nation of Greece used them to create institutions and to prosecute a war of Independence. Modern Greece was formed on the back of credit. Credit it could never repay back, because it was humongous for their pocketbook and for the exchequer’s coffers. Thus the first Greek Sovereign bonds were issued, syndicated, and then administered, by a new institution set up for just this purpose: The National Bank of Greece. In the beginning, the Greek state had no other choice than to live on credit as it was taking it’s first breath in the air of Democracy after almost five centuries of slavery to the Ottoman pashas.

Surprisingly from the very first Greek loan from the international lenders only one fifth finally made it to Greece to finance nation building. The fourth fifths went to service the risky debt from the get go and to line the pockets of the wealthy Greek corrupt negotiators of the debt and their government counterparts. Everyone was corrupt except the proud Capodistria, who was a stick in the mud and unwilling to accept corruption. Ergo – he had to go…  Fittingly the first Greek currency was the “phoenix,” the legendary bird that is supposed to rise from the ashes.

Here, the historical comparisons with Argentina and with the present day Sovereign Debt debacle are unavoidable. The Swiss banker was named Jean-Gabriel Eynard, and was the head of the pro-Greece movement in Europe from 1825 to 1850. As luck would have it, he was also the new Greek state’s first official banking creditor. He channeled the funds through the newly minted National Bank founded with the funds loaned by the syndicate he had formed.

There is no difference in this story compared to Argentina then and now and to the Greece of today.

Back in Athens… during the early 19th century, the Greek Democracy’s debts were signed by France, the United Kingdom, the Netherlands, and even Russia.

Jean-Gabriel Eynard understood the Hellenic dilemma, because in order to be a reliable borrower, a state must be solid, capable of collecting taxes and developing its economy. But back then — same as now — Greece was too corrupt and thus had never been able to do that simple arithmetic.

QED: Here is the simple math: You borrow and then You pay your debt promptly and thus You create credit worthiness. A good credit rating gives you good credit facility and thus You can borrow more money to finance growth, nation building, and institutions. Then with Democracy and open markets, you grow your economy and You repay all your debts through gainful economic activity. That is all.

Rather Simple really…

And yet this simple arithmetic is completely alien to the over-dramatic people of these two nations. And especially to their Leaders. The truth is that both Greece and Argentina were and are the two most corrupt countries in their respective neighborhoods. That was true then — same as now. Both countries were and are corrupt thereby minimizing their chances of good low risk borrowing. So they have to borrow risk capital at exorbitant usurious rates. Argentina rides low through the same rates as Greece — because the chances of prompt repayment are nil. History proves this as it lays out the game and repeats itself in different continents and across the Atlantic with astonishing accuracy.

And with many Greeks still living in Buenos Aires, because of the similar climate and temperament and involved in banking, finance, and commerce — it’s easy to see why…

The parallels with today’s rampant corruption in Greece and Argentina are too striking.

Back in the 1830s, Swiss born and regular as cuckoo clock, Jean-Gabriel Eynard was already concerned about the Greek state’s disintegration and the corruption of it’s public officials and thus pushed the European “powers” to put pressure on the country to reform it’s institutions and get some integrity — in order to be reimbursed.

Young Greece though, barely freed from the Ottoman yoke, was being a perpetual adolescent and thus always undermined by power struggles among major and corrupt feudal lords, runaway official corruption, and sheer incompetence of its’ leaders. A rather terrible situation that the Dutch and British bankers exploited to jack up rates and gain influence by instituting their own political parties that in turn permitted a client mentality to be borne inside the country. A policy that is still active today through buying influence over corrupt officials and their political parties running the country. External and internal corruption and political parties financed through foreign powers — most notably Germany today, and all the other powers yesterday — figure prominently in the destruction of Democracy in Greece.  When Democracy stops functioning due to lack of “isonomia’ the economy stops growing.

It is an unworkably corrupt country where today’s lenders control the political parties and run their threads from abroad, and also control the corrupt political leaders under threat of exposure. It is a bondage of corruption, since the Greek politicians and their parties are beholden to foreign powers and foreign corporations, since they have been the recipients of illicit funds, and thus perpetual slaves to the potential of exposure, trials, and ridicule effectively terminating their careers.

Corruption is a Faustian bargain and the Germans being all too familiar with Goethe — use it freely to their benefit in both Greece and Argentina. It is telling that Argentina was a Nazi friend during the Second World War and the main sanctuary of Nazi war criminals after the end of the it. Their wealth was stashed securely away in the country’s pastoral yet corrupt vastness.

Back to Greece and the hapless Jean-Gabriel Eynard, the friendly yet clear eyed Swiss banker, following the footsteps of his friend and independent Greece’s first Democratic Leader — Capodistria — who was assassinated in 1831 by a corrupt clan from the backwards Peloponnese, who didn’t want to pay taxes.  Capodistrias struggled to find workable financial alternatives, but saw none and thus demanded from all of Greece’s citizens to pay taxes in order for Greece to repay it’s debts. That was all, and the morons from Peloponesse thought it wise to kill him – rather than pay their fair share. So they did….

To this day the Greeks don’t like to pay their taxes and after Capodistria’s death the Swiss banker saw the light and thus, he promised an 8% discount interest rate to Greece and also promised to lower the rates charged by all the other lenders. Same scenario as it is being promised today to the errant governors of Greece and Argentina and the overtly dramatic people of these two great yet small nations.

Back in the day of 1834, Greece was just a handful of southern provinces and islands, all around Athens and the Peloponnese. Its situation was precarious and similar to today’s in that Greece was shut out of the normal sovereign debt capital markets. Its “spreads” were sky high and would skyrocket further with the slightest rumor, calculated on the backs of envelopes by money lenders at the foot of the Acropolis. Fast forward to day where a preemptively engineered orderly restructuring of a nation’s public debt – also called “orderly default” or “controlled default” has taken place in Greece. This came about because, all sovereign debt economists believed that a delay in organising an orderly default would hurt the rest of Europe even more. The International Monetary Fund assisted in the sovereign debt restructuring as a member of the Troika made up of Germany, the European Union and the International Monetary Fund. To ensure that funds will be available to pay the remaining part of the sovereign debt, the loans were conditional on austerity measures within the country, such as tax increases or reductions in public sector jobs and services. The recent example of the Greek bailout agreement of May 2010 is just the tip of the iceberg to what is needed in Argentina to pull through from it’s sovereign debt debacle.

After Capodistria’s death — Jean-Gabriel Eynard wrote to the new king of Greece, freshly mintted from Germany, Otto — who took the throne in 1834 — “Such a situation, in order to be successful, must be treated with as much promptitude as secrecy. This way, it will avoid complications, complaints, and intrigue.”

That request has parallels to the negotiations of Greece with Troika, in Brussels over the last three years, for the restructuring of the unsustainable Greek debt. Even after the 270 billion euros loaned as part of two bailout plans in 2010 and 2012, Greek debt is still peaking at 172% of GDP, when the European Union is aiming for 120% by 2020. It is just as unsustainable today as it was in 1834. Same shit different century.

Athens is even now, openly relying on a new “sovereign debt haircut” – reduction – in 2014. If it happens or not is anyone’s guess. Debt, in Greece, has always been an unclear, yet passionate and misunderstood topic. The “Man on the Street” never understood what the great Greek bankers – merchants of the Mediterranean seas knew. They knew well enough that money borrowed, has to be repaid fully and promptly, in order to gain market credibility, and then go on have a good borrowing profile so you can then borrow freely in order to create jobs, prosperity, growth and public wealth. Many of these Greeks were themselves money lenders, just like the European great banking families, such as the Rothschilds and my own forefathers. Greece’s modern day national history of these two centuries of trying Democracy VS Corruption, can be told through the loan documents the new nation convened.

Fast forward to Argentina and Greece of today: Interminable Corruption and vast resources thrown at the feet of the powerful to appease them of their designs to bring down the nation.

Over at the Greek parliament — similar to Argentinian parliament — MPs elected representatives are insulting each other. With a tiny margin of just two votes, the government just passed a new law required by Brussels that deals with property taxes and the seizure of properties if mortgages are not paid. But the conversation becomes most heated when the topic of debt is mentioned.

The fact that the Troïka of national lenders [the lending tri-partite Syndicate made up of the European Commission, International Monetary Fund and European Central Bank] demands that banks should be able to seize the goods and the houses of the borrowers who fail to reimburse the chancellor for taxes owed and the banks for the mortgage held. The situation is unworkable as all European observers see. We’re aware that many owners have gone too far, but the press only talks about the ‘weak’ who risk losing their home. It’s almost part of Greek culture. Just like the fact that average Greeks don’t respect the State, the Government, and their own police forces. Especially when their money is threatened.

Which brings us to another similarity with Argentina and with Jean-Gabriel Eynard’s time: The illusion of a diaspora – always capable of paying, of saving the Greeks back in the old country. Onassis — once the richest man in the world — made his fortune in Argentina’s Buenos Aires and his grand daughter still lives there. Onassis was a refugee and a man of dreams and vision. He represented the aspirations of all Greeks to be independently wealthy and captains in the world’s oceans. And as any good captain will tell you, the sea has it’s ways. Above all else it changes. Riding these waves of dynamic Sea Change is what propels strong men to financial stardom. Onassis got there on the back of a wave too and many others from Greece’s maritime tradition. Surfers of good and great fortune making and losing fortunes daily.

This gambling mentality represents an important part of Greece and Argentina, which still lives under the impression that a wealthy benefactor will be there for them — like for a damsel in distress like Evita Peron. These damsels get more convenient, when they are bankrupt. And Aristotle Onassis bedded Evita when the lady was convenient but did not go to even attempt to rescue her Exchequer from her frequent bouts of infidelity.

Moreover these Greek benefactors living today in Athens, New York, London, and Buenos Aires, know all too well, not to get mixed up with the national malady of belief, that debt doesn’t have to be repaid. That infidelity cannot be cured with memorandums, or marriage contracts, or even faithful letters by the leaders of Greek or Argentine political parties

So what is the solution to the Greek debt crisis? Or to Argentina’s today?

Fidelity.

Yet that is in short supply in both hot and lusty, lascivious countries where infidelity is a national pastime and every woman is liable to be wooed to bed easily by any errant boy, through her own insouciance. Same like the much too frequently “fvcked” politicians and public officials getting to bed often and regularly with any coin bearing client. Yes… you got it. A prostitution of sorts…

The question of Political prostitution also tormented the good Swiss Banker Eynard between the 1830s and 1850s. Ultimately, Jean-Gabriel – the man and Eynard – the banker, who earned his fortune two decades earlier by reorganizing the budgets of several Italian “semi-independent” city states, recommended shifting the syndicate constantly between creditors. The Swiss banker, who never visited Greece, had already seen the writing on the wall, weighed the country’s chances, and secured the continent’s political stability – by extending unresolved credit…

Jean-Gabriel Eynard wrote to his bankers and national lenders this: “It is far too important, for Europe’s peace, to maintain tranquility, that I am convinced that the three great powers should not be too demanding with Greece in requiring too strict a repayment.” The Troika then agreed and relaxed it’s grip on Greece’s til.

His advise was correct and still stands to this day…

Yet why dwell on a single national tragedy?

When people consider the worst that could happen to their country, they think of totalitarianism. Given communism’s failure, that fate no longer seems likely. If Indonesia were to boil over, its citizens would hardly turn to North Korea as a model; the governments in Madrid or Athens are not citing Lenin as the answer to their euro travails — except some fringe lunatics within Syriza comunist party — same as their Nazi counterparts called “Golden Rain” or ‘Golden Dawn” or something daft like that.  I can never remember which is which.

Yet the real danger is the corrupting serial infidelity leading to prostitution. The real danger for a country is to become a national whorehouse of ill repute. And methinks that bridge has already been crossed for both Greece and Argentina of today at least as seen in the financial world.

Greece inadvertently becoming the Argentina of the 21st century is not new. Back in the late 50’s and 60’s Greece experienced the fastest economic growth of any country on earth coming out of a bloody civil war following the nasty losses of the Second World War and the Nazi occupation that cost Greece a tenth of it’s citizens.

It is easy to see today Greece emulating a rather more sad part of Argentina’s history. The difficult part of soup lines and infighting that leads from the extremes to tear the country asunder. Greece slipping casually into steady decline and civil war would not be hard. Extremism is not the only “John” that drove the country to prostitution, but the SYSTEMIC CORRUPTION is. Corruption is the necessary ingredient to destroy a country and let the Barbarians in. Mind you the Goths have crossed into Parthenon and rape and pillage is their standard operating procedure.

Corruption has resigned Greece to the working girl’s bed, through paid for services politicians and public officials, weak institutions, nativist politicians, lazy dependence on a few assets, overadmiration of history, and a persistent refusal to confront reality.

These corrupt conditions combined with the corrupting influence of wealth in the eyes of errant “girls” the country’s politicians represent — will turn the trick.

All through my wild days, my mad existence… is what another fallen slut was signing in Argentina. Evita’s song is a popular tune in Athens same as in Buenos Aires today…

As in any other country, Argentina’s story is not unique. The girl’s family had fallen on hard times. It has had bad luck. She is not a whore — even though many call her that — Yet the lady doth complain too much…

Hard times: Argentina’s export-fuelled economy was battered by the protectionism of the interwar years. It relied too heavily on Britain as a trading partner. The Peróns were unusually seductive populists. Evita had fvcked everyone… And like most of hot and steamy and ready to jump your bones, Latin America, Argentina embraced the Washington consensus without regard for it’s reputation. It jumped into bed with the Dollar, in favour of open markets and wilful privatisations in the 1990s and it pegged the peso to the dollar. And they went on a shopping spree for baubles and golden yellow trinkets. But the crunch arrived. The contraction came, and when it came in 2001, was particularly savage. It bled the country, and left the Argentines permanently scarred, scared, and suspicious, of any liberal reform and of Democracy. Communism seemed appealing and Neo-Nazism too. Authoritarianism of any colour and stripe was suddenly the Belle Du Jour. Same as it is now in Greece…

Ill fortune is not the only culprit, though. In its economy, its politics, and its reluctance to reform, Argentina’s decline has been largely self-inflicted. Ending in the Red light district and taking up residence there permanently takes a few steps of one’s own. Steps in the direction of corruption…

And here comes the promise of wealth and rich benefactors in the form of mining for underground and underwater riches as Greece is being now promised. Commodities, that once was Argentina’s greatest strength in 1914, became a curse. A century ago the country was an early adopter of new technology with proper refrigeration of meat exports being the killer app of its day and mining the earth was booming like a gold rush. These along with shipping were the differentiators of Argentina to it’s neighbours and represented the unique comparative advantage of this Nation’s wealth.

But Argentine secure in it’s glory, never tried to add value to its food, mining, or shipping industry. Same with Greece and even today’s Argentine cooking which is based on taking the world’s best meat and burning it. Greece’s malady is taking the world’s best Geopolitical location and fvcking it.

In Argentina, the Peróns built a closed economy that protected its inefficient industries, whereas Chile’s generals opened up the economy in the 1970s and pulled ahead. Greece’s government controlling all it’s economy and employing more than half of the country’s wage earners directly and indirectly is a Soviet Era relic that seems strangely placed in a so called liberal Democracy within the European Union — fast undermining the very European Unity itself.

Similarly, Argentina’s protectionism has undermined Mercosur, the Latin and Central American trade pact and Economic Zone. Ms Fernández’s government does not just impose tariffs on imports; it taxes farm exports.

And Greece’s successive governments not only taxed the private enterprise and the middle class to pay for the runaway and lazy public employees, but they also chose to impose heavy taxes and tariffs on all economic activity — even household electrification [a sign of progress] in order to save the bloated state sector from laying off a single useless public employee.

And here comes corruption: Argentina did not build the institutions needed to protect its young democracy from its army, so the country became prone to coups. That is a singularly potent form of Corruption of the Body Politic. Greece did the exact same thing and fell victim to the same violence time and again with the juntas succeeding each other. And even as the country yearned for a European direction and Democracy, it was falling victim to age old bloody fights with Turkey and losing territory to it’s Ottoman slave-master successor state neighbor…

What a bunch of morons.

Tellingly Argentina like Greece did not develop strong political parties determined to build and share wealth: its politics were corrupt and it’s dreams captured by the Perón [Argentina] or the Karamanlis & Papandreou [Greece] families, who focused on wealth accumulation, personality cults, and populist influence. The Supreme Courts of both countries have been repeatedly tampered with. Political interference has destroyed the credibility of their statistical office and all data is deemed corrupt. Argentina is exactly the same like Greece’s budgets, economic data, and even the number of government employees, that are all fake and manufactured to fit the occasion. Corruption, Political clientilism, and Graft are endemic in both states. More promises of new underground wealth discoveries only fuel a renewed push for more borrowing making both countries debt colonies. Independence is shattered. In Argentina this corruption becomes more evident when the country ranks a shoddy 106th out of 170 countries in Transparency International’s corruption index. And Greece ranks number 91 out of 128 countries. Both terrible laggards in integrity and thus ranked as FULLY CORRUPT FVCKED NATIONS. Nothing wrong with the fvcked part… mind you.

The Tango is fast, hot, and sexy. Milongas take place everywhere at every hour of the day. Its a great pastime. Same like Zeimpekiko – the Greek national dance, that is full of passion. And Tango is gaining fast in Greece too. Yet unlike the Argentine or the Greek national dance, fighting Corruption, building state institutions, and creating a proud & responsible Civil Service, is a dull, slow, thankless business. At least on the short run… Then it blossoms into the real wealth of the State.

Obviously, Greek and Argentine leaders prefer the quick-fix of Populism, demagoguery, and the seemingly charismatic leadership, miracle working leaders whose hallowed feet don’t touch ground, sudden tariffs, uncollectable taxes, currency pegs, and ideological dreams past their due date. They prefer communism or fascism, rather than a thorough reform of the country’s Democracy, elite, and leadership, through education, in order to root out the evil of systemic corruption.

Argentina’s and Greece’s decline has been seductively gradual. Despite dreadful periods, such as the 1970s, both have suffered nothing as monumental as Mao’s cultural revolutions, or Stalin’s five year plans and unity purges. Throughout the crisis and decline, the cafés of Buenos Aires and Athens have continued to serve espresso and medialunas. As Athens’ cafe society indulges in it’s ‘frappe’ the world is falling down all around them. Institutions and Ideals like Democracy crumble down. Yet nobody notices, nor cares to reform the Corruption of State, Country and Culture that bring down the very bedrock. That complacency and avoidance of facing the Monster — makes the disease of corruption, especially dangerous for the very independence of these nations and not just for their weak Democracies.

The crazy thing is that people on both sides of the political spectrum extremes are wishing to have Greece emulate Argentina’s example. Copying a failure is bad enough but claiming that it is a way out of the crisis is a blatant and corrupting lie.  No wonder the demagogues of Left and Right consider Argentina an easy escape from serious political and economic discourse. It looks like them. A mess.  Messy minds and unstructured wanna be leaders present people with pipe dreams that can only come out of the bottle…

Still even outside the borders of these two countries there are dreams of good and bad. Dreams of a world free of “money rent” for some and nightmares of a disorderly default of these two countries for others. Because yes — the  rest of the world is afraid of contagion, since the rich world fears that is not immune to Greece’s and Argentina’s  domino effect. And the young or the ones without memory and economic education hope that money falls from the sky or grows on trees and doesn’t need to be repaid.  History as we’ve seen moves in strange circles.

And now it is not clear that either country has quit its addiction to huge borrowing, political expediency, and quick fixes through referendums, and yet it’s abundantly clear that their governments still hobble their private sectors for the benefit of a bloated state sector. On Europe’s southern fringe, both government and business have avoided reality with Argentine disdain. Greece’s petulant demand that rating agencies should take into account its “cultural wealth”, instead of looking too closely at its dodgy government finances, sounded like Ms Fernández.

The European Union and Mercosur supposedly protect Greece and Argentina, from spiraling off into the failed state status of anarchy, fascism, or communism. Both are protected — by the silkiest of threads.

Yet that very thread has been broken off as many times as the hymen of Eva Peron has; and is not likely to hold any more or any better the thrusts of autarchy.

Same like Evita’s omnipresent Virginity — it is not to be trusted…

Yours,
Pano

PS:

The lesson drawn from the parables of Argentina and Greece is that good government matters.

And that CORRUPTION KILLS A COUNTRY’S CHANCES TO SURVIVE UNSCATHED AND FLOURISH.

CORRUPTION KILLS ECONOMIC GROWTH.

CORRUPTION KILLS DEMOCRACY.

CORRUPTION KILLS IT’S PEOPLE.

Taxing the poor and the shrinking middle class mercilessly, harsh austerity, diminished social services, and the promise of more contraction before growth polarizing society with allowing wealth to gravitate to the top fueling rising inequality, are all ‘sugar” feeding the same angry energy that produced the Peróns, Hitler, Mussolini, the Juntas, and the Karamanlis-Papandreou bastards.

Democracy has to be protected. Not dead ideologies of the left and far right. Seems we forget how fragile Democracy truly is.

Perhaps this lesson has been learned. Yet chances are that in a few years’ time the world will look back at Argentina or Greece, got stuck in the past because of systemic corruption.


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