People in Greece are asking why should average income earners pay for government mistakes while rich people continue make money as before.

 

May 06, 2010 (Hamsayeh.Net) - Crisis in Greece have taken a new turn since yesterday when angry people torched a local bank that caused the death of three employees.

 

Financial crisis in Greece now pose the single greatest challenge to European Union since its inception. Fears grow that serious opposition against US-led casino capitalism will spread from Greece to other parts of Europe, Asia and North America. Many leading experts had anticipated the crisis of such magnitude would only be a matter of time.

 

The current financial crisis begun not long after collapse of the Soviet Union when America and its allies in the West feeling proud of their supposed theoretical victory over all other systems, were all too happy to make lots of money by implementing their so-called free-market deregulation schemes.

 

The underlying philosophy behind their thinking was that the US and its allies, calling themselves the ‘coalition of willing’ should be able to inject unlimited Iraqi oil into Western economies within 2 to 3 years after the invasion in 2003. Bushites calculated that by invading Iraq, next in line Iran - the regional power – would also succumb therefore it's going to facilitate the process of delivering cheap oil even further.

 

But in order to implement these plans successfully, Western financiers must divert people’s attention away from waging an illegal war on other states, which in reality constituted a serious breach of international conventions. The Neocons decided to keep everyone on high dosage of tranquilizer through massive borrowings. This process created a gigantic bubble of imaginary prosperity that eventually led to debt buildups across the entire globe.

 

The bubble burst in mid-2008 because it became evident the United States is not only going to fail takeover of Iraqi oil but it is now confronting a powerful Iran more than willing  to challenge West by all means at its disposal. After the 2008 crash many of those countries that borrowed heavily during  his period faced mounting financial crisis. The current economic troubles in Greece, Iceland, Lithuania, Latvia, the US, Spain and other locations today speak for themselves. 

 

People in Greece correctly blame the government for today's economic demise. Like in medieval periods, they are asking why should average income earners pay for government mistakes while rich people continue make money as before. They are reminding their government and all other European governments that such medieval practices reminiscence of the early Roman Empire or Aristocratic bourgeois practices in France before the French Revolution would not be tolerated, with or without oil, period.

 

The number of people opposing government’s austerity measures is growing everyday. In Athens a worker’s union GSEE official, Yannios Panagopoulos told reporters during yesterday’s demonstrations, ‘with our strike today we are continuing our fight against harsh and unfair measures that hit workers, pensioners and the unemployed.’  

 

Greece’s financial and political crisis has sent stocks tumbling in Asia, Europe and North America. Japan’s Nikkei fell more than 3 percent. All other major stock markets closed lower yesterday and many fear a looming chain reaction for global selloff to happen soon after a three-day holiday this week  .