Surviving Capitalism (Not) : Greece Says That It Will Default On June 5th, And Moody’s Warns Of A ‘Deposit Freeze’

We’ve lived so long under the spell of hierarchy—from god-kings to feudal lords to party bosses—that only recently have we awakened to see not only that “regular” citizens have the capacity for self-governance, but that without their engagement our huge global crises cannot be addressed. The changes needed for human society simply to survive, let alone thrive, are so profound that the only way we will move toward them is if we ourselves, regular citizens, feel meaningful ownership of solutions through direct engagement. Our problems are too big, interrelated, and pervasive to yield to directives from on high.
—Frances Moore Lappé, excerpt from Time for Progressives to Grow Up

Thursday, May 21, 2015

Greece Says That It Will Default On June 5th, And Moody’s Warns Of A ‘Deposit Freeze’

Click here to access article by Michael Snyder from The Economic Collapse.

This author specializes in market analysis, and he is clearly worried (from a capitalist point of view) about the likely Greek default.

Sadly, most people living in North America (which is most of my audience) does not really care much about what happens on the other side of the world.

But they should care.

In addition to Moody's cautionary steps several paragraphs later, he bolsters his warning with this observation:

According to the Bank for International Settlements, 74 trillion dollars in derivatives are directly tied to the value of the euro, the value of the U.S. dollar and the value of other global currencies.

So if you believe that what is happening in Greece cannot have massive ramifications for the entire global financial system, you are dead wrong.