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What started the financial crisis in Greece?

July 23, 2015
Staff

WRITER

The Greek financial crisis has been one of the most important stories of the summer, but it’s also one of the most complicated. How did they end up in such crippling debt? Why did the European Union offer a deal to Greece that doesn’t offer a way for them to restructure their debt? And how are the people in Greece handling the ongoing problem...and what happens next?

TheBlaze's Dan Andros and Jason Buttrill explained the crisis on Wednesday's Glenn Beck Program:

Below is a rough transcript of this segment:

Dan: Hey, Dan Andros here, head writer for TheBlaze, along with Jason Buttrill, chief researcher here at TheBlaze. Greece is just a big, fat mess, and so we’re just going to go through and try to explain it for you really quick. Basically here’s the situation, Greece defaulted. We all saw that in a news, and they went to go vote on an austerity bailout package, and they voted against it. They wanted to keep their goodies, and they didn’t want anything to do with that, so they voted against it. The Greek PM goes back in and ends up taking a deal, so now everyone’s kind of scratching their heads, they don’t really understand what’s going on. So, we’re going to go through and try to explain it in just a quick couple steps. First step, easy way to understand it, the 2008 subprime crisis.

Jason: 2008 subprime mortgage crisis is basically what kicked off this global financial pandemic. During the subprime mortgage crisis, we had irresponsible lenders and irresponsible borrowers, so basically you had people applying for loans that had no business applying for those loans, but the lenders had no business even issuing those loans in the first place. They were loans that eventually since they had adjustable rates, they were going to continue to go up and up and up, so these people had no chance of ever paying these loans off.

Dan: Right, and they didn’t care. They saw the quick buck, so they didn’t care. They just went for it.

Jason: Exactly, and the lenders saw dollar signs and dollar signs that were going to continue to come and continue to come, and if they didn’t, they would just go bankrupt anyway. Back in 2010, during the first bailout, Greece had a national debt of 130% more than their GDP. Put that into perspective. So, let’s say you are making $2000 a month. Now, what if you had bills that were more than 2000 a month? There’s no way you’d qualify for a loan. No lender in their right mind would grant you a loan, but the EU and the IMF granted those loans to Greece.

Dan: And they had no chance of paying it back.

Jason: They had no chance of paying that back. So, basically Greece was that 2008 loan applicant that wanted something so badly that they didn’t care about what the ramifications were down the line. They figured we’ll get around to it later. The EU were those irresponsible lenders that were willing to make that loan because they knew that there was no chance that person would ever be able to get out of debt.

Dan: So, they signed this debt deal, so what does this thing actually do?

Jason: Basically he went completely reverse on what he asked his people to do. He asked his people to forget the deal, the austerity deals, to begin with and to move forward so he could upend the system so they could eventually leave the euro and leave the European Union altogether. He made this deal that fully gave up controls to their banks, fully gave up control. Now, specifically Germans, but members of the EU, they can make decisions on whether to close banks, whether to grant loans, how to adjust their interest rates, everything. They make all of those calls basically from Berlin.

Dan: So, basically what’s happened here is they’ve lost a choose chunk of sovereignty. Basically Germany is their daddy, and they get to do whatever they want to do to them. So, they know they can’t pay off this debt. They know they can’t pay it off, so all it’s about is control.

Jason: They’ve lost the ability to say how do we run our government? They could actually tell them we don’t like how you use the Parthenon and how you tie that to the government with tourism. We want to own that’s, so actually we’re privatizing that and taking it over. Imagine the Parthenon being owned by a German company from Berlin. That is now completely possible, and the Greeks can’t say a thing about it.

Greece is now on the verge of becoming a straight up occupied country, occupied by the European Union. Talk about never being able to repay this debt, the IMF straight up came out and said that there’s no way the Greeks will ever be able to pay off this debt. They can’t do it. So, if they continue along these current lines, they’ll never be able to pay it off. The only way they said is if they restructure the deal, but they didn’t restructure the deal. That was not a part of this new deal that the Greek Prime Minister agreed to. Restructuring was not in it.

The only way they can do it is if they restructure it, so why would the European Union offer a deal basically that doesn’t give them an out, that doesn’t give them a way to eventually pay off their debt? Just like we said, it’s all about control. It’s all about the EU, German, more specifically, tentacles going further and further into some of these countries, countries that cannot pay off their debts, and now they’re occupied.

Dan: So, how do the people there in Greece feel about it? I think what many here in the states don’t understand is the mentality of the people in Greece. I mean, they just had an election, and the people they voted in, you hear often that it’s austerity and that it’s these right-wingers, but they’re not really right-wingers at all.

Jason: The people of Greece, the way they feel about it is they’re tired of it. Now, again, as we’ve said, they’re just as at fault as the EU is, the people that they’re blaming on this. But they wanted to upend the system, so what did they do? They went and voted in a party, the Syriza Party, that they thought was going to upend that system, that was finally going to say no more, we’re not going to go along with what the EU wants anymore, we’re going to do our own thing. So, they voted in the Syriza Party. Who exactly is the Syriza Party? Who did they give the mandate to do this?

They’re all malice. They’re Marxist-Leninists. They’re communists. They knew they voted in the people that had the ability and had the same mentality that was going to start a revolution, and it’s all about revolution. Since the days of the Soviet Union, that’s always been the goal of this type of government is to start a revolution here, and from there it’s going to spread like wildfire. We’ve actually seen that tinder spreading through the rest of the EU.

Dan: So, now we’ve got a bunch of revolutionaries here in power, and this is like their dream scenario. They’re hoping to get out of there, abandon their debts, and basically hit the restart button.

Jason: And that has huge consequences. If the rest of Europe all of a sudden has a restart button and they can just have all of their debt restructured, what does that say to the lenders? What does that do to basically Germany? What does that say to countries like that? They’re now stuck with all of these unpaid debts.

Now that these countries are considering departing from the EU, will we see a rebirth of nationalism? That’s what the European Union was formed to get away from, but now that that’s all coming down and the dominoes are about to start falling and more and more countries are going to look for that same out that Greece is now about to take, will we see a rebirth of nationalism? Will the old days of Europe, the 1930s era of Europe, will that suddenly become our reality?

Dan: Only time will tell, but as the times get tougher and people’s backs get pushed up against the wall, we’re going to see the answer sooner than later.

Featured Image: The Euro logo is pictured in front of the former headquarter of the European Central Bank (ECB) in Frankfurt am Main, western Germany, on July 20, 2015 as Greece has begun making a 4.2 billion euro ($4.6 billion) payment due to the ECB as well as outstanding sums due to the International Monetary Fund (IMF) according to a ministerial source. The transfer was made possible by a short-term "bridge" loan of 7.16 billion euros granted by the European Union on July 17, 2015. Photo credit should read DANIEL ROLAND/AFP/Getty Images

The Deep State's NEW plan to backstab Trump

Brandon Bell / Staff | Getty Images

We cannot make the same mistake we made in 2016 — celebrating victory while the deep state plots its next move.

In 2016, Donald Trump shocked the world by defeating Hillary Clinton. Conservatives cheered, believing we’d taken back the reins of our country. But we missed the bigger battle. We failed to recognize the extent of the damage caused by eight years of Barack Obama and decades of progressive entrenchment. The real war isn’t won at the ballot box. It’s being waged against an insidious force embedded deep within our institutions: the administrative state, or the “deep state.”

This isn’t a new problem. America’s founders foresaw it, though they didn’t have a term for “deep state” back in the 1700s. James Madison, in Federalist 48, warned us that combining legislative, executive, and judicial powers in the same hands is “the very definition of tyranny.” Yet today, that’s exactly where we stand. Unelected bureaucrats in agencies like the Environmental Protection Agency, the Department of Energy, and the Department of Justice hold more power than the officials we vote for. They control the levers of government with impunity, dictating policies and stifling change.

This is the fight for the soul of our nation. The founders’ vision of a constitutional republic is under siege.

We’ve felt the consequences of this growing tyranny firsthand. During COVID-19, so-called experts ran our lives, crushing civil liberties under the guise of public safety. Our intelligence agencies and justice system turned into weapons of political warfare, targeting a sitting president and his supporters. Meanwhile, actual criminals were given a pass, turning American cities into lawless war zones.

Thomas Jefferson wrote in 1816 that “the functionaries of every government have propensities to command at will the liberty and property of their constituents.” Today, we see Jefferson’s prophecy fulfilled. The deep state exercises unchecked power over our freedoms, and information itself is controlled by the fourth branch of government: the legacy media.

Even when we win elections, the deep state doesn’t concede defeat. It switches to survival mode. Trump’s first term proved this. Despite a historic mandate to dismantle the bureaucracy, the deep state fought back with everything it had: leaks, investigations, court rulings, and obstruction at every turn. And now, with the possibility of Trump returning to office, the deep state is preparing to do it again.

Progressives are laying out their attack plan — and they’re not even hiding it.

U.S. Rep. Wiley Nickel (D-N.C.) recently boasted about forming a “shadow cabinet” to govern alongside the deep state, regardless of who’s in the White House. Nickel called it “democracy’s insurance policy.” Let’s be clear: This isn’t insurance. It’s sabotage.

They’ll employ a “top down, bottom up, inside out” strategy to overwhelm and collapse any effort to reform the system. From the top, federal judges and shadow officials will block Trump’s every move. Governors in blue states like California and New York are gearing up to resist federal authority. During Trump’s first term, California filed over 100 lawsuits against his administration. Expect more of the same starting January 20.

From the bottom, progressive groups like the American Civil Liberties Union will flood the streets with protesters, much as they did to oppose Trump’s first-term immigration reforms. They’ve refined their tactics since 2016 and are prepared to unleash a wave of civil unrest. These aren’t spontaneous movements; they’re coordinated assaults designed to destabilize the administration.

Finally, from the inside, the deep state will continue its mission of self-preservation. Agencies will drag their feet, leak sensitive information, and undermine policies from within. Their goal is to make everything a chaotic mess, so the heart of their power — the bureaucratic core — remains untouched and grows stronger.

We cannot make the same mistake we made in 2016 — celebrating victory while the deep state plots its next move. Progressives never see themselves as losing. When they’re out of power, they simply shift tactics, pumping more blood into their bureaucratic heart. We may win elections, but the war against the deep state will only intensify. As George Washington warned in his Farewell Address, “Government is not reason, it is not eloquence — it is force; and force, like fire, is a dangerous servant and a fearful master.”

This is the fight for the soul of our nation. The founders’ vision of a constitutional republic is under siege. The deep state has shown us its plan: to govern from the shadows, circumventing the will of the people. But now that the shadows have been exposed, we have a choice. Will we accept this silent tyranny, or will we demand accountability and reclaim our nation’s heart?

The battle is just beginning. We can’t afford to lose.

Editor's Note: This article was originally published on TheBlaze.com.

Drone mystery exposes GLARING government incompetence

Gary Hershorn / Contributor | Getty Images

The drone issue is getting way out of hand.

Earlier this month, Glenn first reported on the mysterious drones stalking the night sky over New Jersey, but the situation is increasingly concerning as the sightings have escalated. Not only have drones been seen across the Northeast Coast, including over New York City, Maryland, and Pennsylvania, but recently, they have been spotted over the night skies of San Diego and other parts of Southern California.

It doesn't take an expert to identify the potential dangers and risks that dozens of undetectable, unidentified six-foot or larger drones pose to national security. Yet, our government's response has been one of unimaginable incompetence, leaving us to speculate on the origin and intention of these drones and wonder in astonishment at the government's ineptitude. Here are three examples of the government's lackluster response to the mystery drones:

Iranian Mothership and Missing Nuclear Warheads

- / Stringer | Getty Images

After several weeks of hubbub, New Jersey Representative, Jeff Van Drew gave an interview on Fox News where he claimed that the drones originated from an Iranian "mothership" off the East Coast of the United States. This theory has since been disproven by satellite images, which show that all Iranian drone carriers are far from U.S. shores. Another theory suggests that drones may be equipped with sensors capable of detecting nuclear material and that they are looking for a nuclear warhead that recently went missing! With these apocalyptic theories gaining traction in the absence of any real answer from our government, one can't help but question the motive behind the silence.

Pentagon's Limp Wristed Response

Alex Wong / Staff | Getty Images

In a recent press conference, national security spokesman John Kirby responded to reporters demanding answers about the government's lack of transparency, which has caused increasing public anxiety. He insisted that the drones did not pose a threat and were not assets of a foreign power, such as from Iran or China--even though he is still uncertain about their identity and origin. He also claimed that many of the sightings were simply misidentifications of normal aircraft.

This lackluster answer has only further inflamed national anxieties and raised even more questions. If the government is unsure of the identity of the drones, how do they know if they are a threat or if they aren't foreign assets? If they aren't foreign, does that mean they are U.S. assets? If so, why not just say so?

The Pentagon has also stated that they are leaving it up to local law enforcement to spearhead the investigation after concluding that these drones pose no threat to any military installation. This has left many feeling like the federal government has turned a blind eye to a serious issue that many Americans are very concerned about.

Where's Pete Buttigieg?

Chip Somodevilla / Staff | Getty Images

We are in the closing weeks of the Biden administration, and with the finish line in sight, Secretary of Transportation Pete Buttigieg probably figured nothing else could go wrong on his watch—but boy was he wrong. As Secretary of Transportation, Buttigieg is in charge of the FAA, the agency responsible for managing all air traffic across the nation. One would think that mysterious, 6-foot-long, seemingly intractable drones are invisible on radar and flying above major cities would pose a serious threat to the myriad of legal aircraft that traverse our skies. Yet, Buttigieg has been silent on the issue, adding another failure to his resume which includes: malfunctioning airplanes, the train derailment in Ohio, and the Baltimore Key Bridge collapse, just to name a few.

Glenn: How Alvin Bragg turned hero Daniel Penny into a villain

Michael M. Santiago / Staff | Getty Images

We cannot allow corrupt institutions to punish those who act to protect life and liberty.

America no longer has a single, shared understanding of justice. Two Americas now exist, each applying justice differently depending on who you are and where you live. One America, ruled by common sense and individual courage, praises heroes who stand up to protect others. The other, driven by political agendas and corrupted institutions, punishes those same heroes for daring to act.

This stark division couldn’t be clearer than in the case of Daniel Penny, the Marine whose trial in New York City this week drew strong reactions from both sides across the divided line of justice.

If we let this slide, we accept a world in which heroes are treated as criminals and the law is a weapon for ideological warfare.

Penny was on a subway train last year when Jordan Neely — a man suffering from severe mental illness and reportedly high on drugs — began threatening passengers, saying, “I’m going to kill you all.” The fear on that subway car was palpable, but nobody moved. Nobody, that is, until Penny did what needed to be done. He took action to protect innocent lives.

In the America many of us used to believe in, Penny’s response would be heralded as heroic. His actions mirrored the courage of Todd Beamer on Flight 93, who, on September 11, 2001, rallied others with the words, “Let’s roll,” to prevent further tragedy. But in New York, courage doesn’t seem to count anymore. There, the system turns heroes into villains.

Penny subdued Neely using a chokehold, intending only to restrain him, not kill him. Tragically, Neely died. Penny, filled with remorse, told the police he never meant to hurt anyone. Yet, instead of being recognized for protecting others from a clear and present threat, Penny stood trial for criminally negligent homicide.

In Alvin Bragg’s New York, justice bends to ideology. The Manhattan district attorney has made a career of weaponizing the law, selectively prosecuting those who don’t fit his narrative. He’s the same prosecutor who twisted legal precedent to go after Donald Trump on business charges no one had ever faced before. Then, he turned his sights on Daniel Penny.

A jury may have acquitted Penny, but what happened in New York City this week isn’t justice. When the rule of law changes depending on the defendant’s identity or the prosecutor's political motives, we’re no longer living in a free country. We’re living in a state where justice is a game, and ordinary Americans are the pawns.

The system failed Jordan Neely

It’s worth asking: Where were activists like Alvin Bragg when Neely was suffering on the streets? Jordan Neely was a tragic figure — a man with a long history of mental illness and over 40 arrests, including violent assaults. The system failed him long before he stepped onto that subway train. Yet rather than confront that uncomfortable truth, Bragg’s office decided to target the man who stepped in to prevent a tragedy.

This isn’t about justice. It’s about power. It’s about advancing a narrative where race and identity matter more than truth and common sense.

It’s time to demand change

The Daniel Penny case — and others like it — is a wake-up call. We cannot allow corrupt institutions to punish those who act to protect life and liberty. Americans must demand an end to politically driven prosecutions, hold DAs like Alvin Bragg accountable, and stand up for the principle that true justice is blind, consistent, and fair.

If we let this slide, we accept a world in which heroes are treated as criminals and the law is a weapon for ideological warfare. It’s time to choose which America we want to live in.

Editor's Note: This article was originally published on TheBlaze.com.

CEO Brian Thompson's killer reveals COWARDICE of the far-left death cult

Jeff Swensen / Stringer | Getty Images

Early on the chilly morning of Wednesday, December 4th, Brian Thompson, CEO of health insurance giant, UnitedHealthcare, was walking through Midtown Manhattan on his way to a company conference. Suddenly, a masked and hooded figure silently allegedly stepped onto the sidewalk behind Thompson, drew a 3-D printed, silenced pistol, and without warning fired multiple shots into Thompson's back before fleeing the scene on an electric bicycle. After a multiple-day manhunt, a 26-year-old lead suspect was arrested at a McDonald's in Altoona, Pennsylvania after being recognized by an employee.

This was not "vigilante justice." This was cold-blooded murder.

As horrific as the murder of a husband and father in broad daylight in the center of New York City is, the story only gets worse. Even before the murder suspect was arrested, left-wing extremists were already taking to X to call him a "hero" and a "vigilante" who "took matters into his own hands." Even the mainstream media joined in on the glorification, as Glenn pointed out on air recently, going out of the way to show how physically attractive the murder suspect was. This wave of revolting and nihilistic fanfare came in response to the findings of online investigators who surmised the murder suspect's motives to retaliate against healthcare companies for corruption and denied coverage. The murder suspect supposedly underwent a major back surgery that left him with back pain, and some of his internet fans apparently viewed his murder of Thompson as retribution for the mistreatment that he and many other Americans have suffered from healthcare companies.

The murder suspect and his lackeys don't seem to understand that, other than depriving two children of their father right before Christmas, he accomplished nothing.

The murder suspect failed to achieve his goal because he was too cowardly to try.

If the murder suspect's goals were truly to "right the wrongs" of the U.S. healthcare system, he had every tool available to him to do so in a constructive and meaningful manner. He came from a wealthy and prominent family in the Baltimore area, became the valedictorian at a prestigious all-boys prep school, and graduated from the University of Pennsylvania with a master's in engineering. Clearly, the murder suspect was intelligent and capable, and if he had put his talent into creating solutions for the healthcare industry, who knows what he could have accomplished?

This is the kind of behavior the far-left idolizes, like communists on college campuses who wear shirts that celebrate the brutal Cuban warlord, Che Guevara. Merchandise celebrating the UnitedHealthcare CEO murder suspect is already available, including shirts, hoodies, mugs, and even Christmas ornaments. Will they be sporting his face on their T-shirts too?

This macabre behavior does not breed creation, achievement, success, or life. It only brings death and risks more Americans falling into this dangerous paradigm. But we still have a chance to choose life. We just have to wake up and take it.