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Dr.D.Kostas/Newsweek 06/26/11

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Dear Newsweek Editor: 

Ms Rosemary Richter's article published in Newsweek on June 26, 2011, entitled, "Greece is the Way We Are Feeling. How did a marginal, misgoverned little nation push all of Europe to the brink?" while prejudicial it raises a good question.  Too bad that Ms Richter either lacks the correct information and/or the journalistic integrity and thus incorrectly answers the biased question she raised.
The short answer is that Greece did not do it alone! Greeks do not deserve all the credit! It had cheating financial reporting assistance from Goldman Sachs and other greedy American, and European investors. I do not think we need not go into additional financial swindling examples such as our USA Mortgages  foreclosures. 
I will however add some information that is also relevant to the question embedded in the Subject title and our commercial newsmedia and NPR has avoided like the plague .

I offer the following two excerpts for Ms R. Richter and you to ruminate upon their relevance to the Subject article:
In an interview John Perkins–author of "Confessions of an Economic Hit
Man"–said he helped the U.S. cheat poor countries around the globe
out of trillions of dollars by lending them more money than they could possibly
repay and then taking over their economies. From 1971 to 1981, John Perkins
worked for the international consulting firm of Chas T. Main. He describes
himself as an "economic hit man." He"s written a book memoir called "Confessions of an Economic Hit Man". 
Amy Goodman of DemocracyNow interviewed John Perkins, author of "Confessions of an Economic Hit Man." You are referred to the archive
www.democracynow.org  for this interview and/or the Perkins book 

You may also want to view an additional post at the Democracynow Archive,

 

New $600B Fed Stimulus Fuels Fears of US Currency War

The Federal Reserve will pump $600 billion more into the US economy and keep interest rates at historical low levels. The short-term impact of the Fed’s move, known as quantitative easing, has been a jump in stock prices across the globe. Many nations, however, have accused the United States of waging a currency war by devaluing the dollar. We speak to former Wall Street economist and University of Missouri professor Michael Hudson. "The object of warfare is to take over a country’s land, raw materials and assets, and grab them," Hudson says. "In the past, that used to be done militarily by invading them. But today you can do it financially simply by creating credit, which is what the Federal Reserve has done." 

I expected the Newsweek Editor to have known better and not publish such inane and misleading article. You may also want to read the economic decisions taken in 1944 at Bretton Woods, NH, that recognized that national sovereignty was incompatible with international free financial flows. 

Demosthenes Kostas Ph.D., M.B.A.,  M.Sc.

Greenwich CT USA 06830
 
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