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TODAY'S GREEK TRAGEDY IS OBAMA'S LEGACY TOMORROW

Exclusive: Lord Monckton warns of president 'bankrupting the nation he hates'

Greece’s bankruptcy, which led directly to yesterday’s referendum and has left millions of pensioners and welfare dependents not knowing where their next square meal is coming from, is the consequence of the ruthless pursuit by the arrogant communist commissars who rule the European tyranny-by-clerk of policies as insane as they are illegal.

The hideous lesson from the Greek tragedy unfolding with the stately inexorability of an Aeschylean play is that Mr. Obama favors every one of the lunatic policies that, having already devastated Russia and China, are now destroying Greece and will soon put an end to free-market capitalism not only throughout Europe but also in the country whose dedication to liberty once made it most successful: the United States.

In 1996, I gave a lecture to a joint meeting of the faculties of economics and of international relations at the University of St. Andrews. In that lecture, I confidently foretold the collapse of the euro, which had not at that time even been introduced. A Marxist lecturer walked out, for the European Union had already become a top-priority Communist project. But those who stayed were left in no doubt: the euro would fail, and fail expensively.

Those of us who have studied the economic theory of currencies knew well that the euro could not possibly succeed unless only countries whose economic maturity and strength were sufficient were allowed to join. The theory of optimal currency areas mandates that if attempts are made to force incompatible economies into a single currency union disaster will rapidly follow.

For that reason, Britain had taken very great trouble to insist that eight economic convergence criteria were written into the Treaty of Maastricht, which led to the creation of the euro. The treaty specifies that no country shall be permitted to join the euro unless it meets all eight criteria.

The two key criteria were that the nation’s annual deficit should not exceed 3 percent of the value of its total annual output, and that the accumulated total national debt should not exceed 60 percent of the value of one year’s total output.

Greece’s national debt is already well over thrice the permitted maximum. How, then, did Greece and so many other basket-case countries get into the euro in the first place?

In the spring of 1996, the commissars reviewed the economic performances of each of the nations that wanted to participate in the euro. To their horror – but not at all to my surprise – they found that only one nation met all the criteria. That nation was tiny Luxembourg, run by a benevolently despotic ruling family that knew how many beans made five.

Instead of obeying the treaty law that is the supreme law of Europe, the commissars, who have from the outset considered themselves above the law, announced that the convergence criteria would be abandoned and all countries wishing to adopt the euro would be allowed to do so.

This monstrous and unpunishable breach of treaty law is the sole reason why Greece’s sick go untreated and its poor and its pensioners go unfed. I say “unpunishable” because the unelected commissars of this hated Brussels tyranny really are above the law. For the “judges” of the soi-disant European “Court” of “Justice,” like just about all other members of the European governing elite, will do anything to indulge the maintenance of their own privileges, and they know that means deferring to the commissars. The Soviet constitution has left Russia and migrated westward. It now holds Europe in its grim grip, and Greece is merely the first of many nations to be flung backward into the Third-World status that was once the poisonous fruit of Communist Eastern Europe.

Now consider America under Obama. He, too, is bankrupting the nation he hates and is determined to destroy. He too rules increasingly by decree, with the activist support of the communist poodles who constitute the majority of the Supreme “Court.”

Congress, in the face of the economic havoc he is creating – the national debt now stands at very nearly twice what it was when he took office on a lying pledge to reduce it – has proven as toothless as the parliaments of the European tyranny. 

It has let him get away with the imprisonable offense of acting as an accessory to the fraudulent creation of his bogus “birth certificate” in Hawaii. Having let him get away with that, it has let him get away with running America into a debt of $18.3 trillion, which has just become – I think for the first time in your history – greater than one year’s entire national output. Not that you will see that fact in any mainstream news medium.

The parallels with Greece are exact. The administration is communist. The ruling elite defers to the communists and does nothing to stop the destruction they are willfully causing. The debt will permanently cripple America – and that is precisely the intention. And the very people who will get hurt first and worst by these insane policies are, just as they are in Greece, the poor people whom the communists can always rely on to vote for them.

It should never be forgotten that the sworn and sullen purpose of every communist is to keep the poor poor, for it is the poor who vote communist. The merry purpose of every capitalist is to make the poor rich, for then they will stop voting communist. The poor, therefore, have every bit as much incentive to vote capitalist as the rich.

Yet the news media are now near-unanimously communist. They do not tell the poor that they would be better off voting capitalist. And, even if the Marxstream media were capitalist, the Republican Party is not. The tea party is, though. Let us hope that it continues to get its candidates into Congress, and perhaps into the White House. Step forward, Scott Walker.

At least the Supreme “Court” has partially redeemed itself by voting down the EPA’s latest power grab on the ground that it had not counted the cost first. But given that Obama has grabbed power and America has not counted the cost, will your once-proud nation go the same way as Greece? As things now stand, the answer is yes.

Your administration’s total unfunded liabilities, chiefly to the poor and the sick, now approach $100 trillion. If I were poor or sick in America, I should be very afraid. There is no way your taxpayers can afford to meet such monstrous liabilities.

And, lest you should think I am crowing, I am not. I am sorrowful. For Britain is going the same way as the U.S. It is also bankrupt, though at least its current administration says it is going to do something about it. Before our eyes, the uncaring, socialist welfare state is everywhere collapsing. That is Mr. Obama’s legacy. There will be revolution before the economic damage he has caused is corrected. History will condemn him.

Read more at http://www.wnd.com/2015/07/todays-greek-tragedy-is-obamas-legacy-tomorrow/#Zore86RUzyIlQpKp.99

My comments: ALL the Nations of the World are BANKRUPT!--Morally and Fiscally. This is all by design of Satan, their Ruler, who's son, the Beast of Revelation, the Antichrist, will usher in his JUBILEE and Forgive all DEBT. THE PRICE? Receiving his "mark"--Damning ones self to an Eternal Hell.