Glass Steagall and Greece Collapse

Hey Harlem dudes, get the groove on the financial toxic waste.
So, please, take the necessary attention to mobilize for


Glass-Steagall and for the other policy package which we

proposed, because if this is not being implemented in the short

term, forget this planet for a very long time to come.

Now, in the meantime, the absolute, absolutely bankruptcy of

this EU policy could not be clearer. Now, there is now a

complete explosion of mass poverty in Greece, where people are

living in bitter poverty: Thousands of people who are hungry are

going to the public food banks and soup kitchens; they are

looking in the garbage for food, and total social bankruptcy is

taking hold in this country.

The Greek Orthodox Church is giving out free lunches, and

the line of hungry people gets longer, and longer, reaching into

every layer of the population. So, they want to give food to

everybody, but they realized that after half an hour, all 1,200

portions had been given out and many people had to be turned away

with empty stomachs. Many people had come by bus, from across

town, just to get one full meal, and there are quotes from many

people who say, "There is no work, here. Greece is finished.

There is absolutely nothing we have left to do."

There is also now increasingly a pattern of Greek capital

flight, where Greeks are taking their money abroad, and there is

worry that this will lead to an implosion of the Greek banks,

which would then be another factor in the whole dynamic. There

is even consideration of imposing capital controls. And the IMF

came out and said that they may no longer participate in any

Greek packages, that they've had it. Because they do not think

this whole thing will work.

Now Hillary Clinton on her world trip, will also go through

Athens, because obviously, the worry is that once the Greek

situation detonates, it will spill over to Spain and Italy.

So that is the situation is the trans-Atlantic region, but

don't think that that is the extent of it, because now there is

concern in the Chinese bond market, because their rating agenda

have threatened the downgrading of certain bonds of Chinese

provinces, and there is discussion that this could lead to a

chain reaction, because there is increasing worry concerning the

solvency of several province and many communes. Moody's already

is meddling in the internal Chinese market, warning of all of

this.