Qunatum Economics and Greece.

New details of the deal designed to save Greece have now become available and it goes like this. Europe has cobbled together 750 billion Euros which it will use to borrow 3 trillion Euros from the rest of the world (i.e. China). This money will be used for three purposes; 1) To forgive half of Greece's debt; 2) To give to Italy and Spain to prevent them going the same way as Greece; 3) To recapitalise several European banks to prevent them being declared bankrupt. So, Europe is going further into debt, to ease the problems of too much debt and write off half of Greece's debt while, at the same time, bailing those banks that run the debt up in the first place. With me so far? Now we come to the reason for all this - what this is expected to achieve. 1) It will save the Euro - maybe; 2) It will save several European governments from being thrown out by their own electorate - maybe; 3) It will prevent three important European banks from having to face the consequencies of their own actions - maybe. Pretty opaque so far? You betcha, and the reason? Because the backstop, the ultimate bank of last resort is the European taxpayer (and that includes the British). At the end of the day all this effort has been expended to save corrupt politicians, corrupt bankers and an economic system that has proved beyond all doubt to be not fit for purpose while, at the same time, putting us all in hock to the Chinese. All those still in favour of the neocon economic model please send your postcards explaining why to your nearest psychiatrist.