Friday, July 1, 2011


Please view the following 2004 documentary on Argentina called, The Take.  The player is set to show 9 segments which is a pain if you actually have time to watch all 1 1/2 of it, but if you need to break it up it helps.  Once the first segment is finished it will give you a choice of segments below and they are labeled 1/9 or 2/9 etc, simply click the next one and it will get started.

The Take gives us a view the issues of what countries like Greece and Portugal will face with IMF and World Bank "help".  As I wondered in a recent post, GREECE NEEDS A HERO, when will Greece follow the Argentine model of deposing Presidents by booting their Prime Ministers?  When will they find a leader that chooses their people over the banks?  These situations are dangerous because you'll end up taking whoever says the right things without truly understanding who they are and ensuring their desires are genuine.

Again, I'm not suggesting that the Greek people are not at fault in this crisis of their own making, but I can tell you that there is no neo-math or old math or any calculation possible that will create a scenario where Greece will be able to cut its debts and repay its obligations.  They are at the point where creditors must take lumps right along with the citizens that are facing austerity measures.  The ECB, IMF, and World Bank have given a diagnosis and prescription that does not include any skin in the game for the financiers of this ponzi-scheme.  Haircuts are in order and they must take losses in any well designed and lasting workout. 

Obviously these bankers do not want the appropriate resolution because those remedies would immediately be sought by Italy, Spain, Ireland, Portugal, and so on.  Also, the "writedown" solution would probably end up destroying the Euro-system.  This is why the architects would rather induce never-ending unworkable pain for countries like Greece rather than finding a real path out of this mess.

I've watched 1/2 of this program and thought it was worthwhile.  Obviously I don't agree with everything presented here, but we don't live in a world where corporations can act without care or concern for employees.  Corporations should have flexibility and mobility, but they also have obligations that may be financial and are absolutely moral.  Please leave your comments I'd love to read them.  I will make a brief post after I've finished watching all of the segments.