“ECB’s Draghi says banks reluctant to buy Greek bonds because afraid they won’t be repaid.”
Why would Greece borrow if it had the ability to tax that which its citizens want in services?
See how easy this is folks?
Reduce it down to basic logic and it all makes sense.
Governments borrow because what the people voted for they were unwilling to pay for via taxes. Rather than tell the truth the government then commits fraud upon everyone in the investment community, in concert with the banks (commercial and central) and “sells debt” that they have no intention of ever paying off.
This is black-letter fraud from top to bottom. If you or I did this, that is, borrowed with the intent of never paying off the debt, we’d go to prison. It’s a felony — bank and securities fraud — to do that. Go ahead and ask any bankruptcy attorney what happens if you borrow a bunch of money intending to never pay it off either through conscious act or through willful and intentional disregard for the fact that it was impossible for you to ever pay. He’ll ask what size you wear in a striped orange jumpsuit and whether you’d like your handcuffs in metal or plastic zip-tie form.
Therefore, by the very act taken by any sovereign to sell “debt” for other than a temporary, documented purpose that will be retired that sovereign has declared an intent to defraud the lender and by buying said debt with full knowledge of this fact the bank or other institution has knowingly participated in the fraud as well.
Incidentally this means that all of you who in America who claim you’re “owed” some entitlement, like Social Security or Medicare, where you voted for something that you knew damn well was not funded via taxes, committed fraud upon yourself and everyone else in the nation, including your children who had no vote and thus are the only innocent victims of this scheme. You voted for politicians (in the 99th percentile — either “D” or “R”) who promised and then did enact spending programs that were not funded via current taxes and had no mathematical possibility of being funded by taxes in the future.
You thus in fact actively participated, condoned and demanded these frauds and as a consequence are owed exactly nothing.
In short, to everyone involved both here and abroad: Stop acting like petulant children – the game is up.