Greece must avoid replacing one myth with another – that returning to the drachma will be a panacea. If and when the drachma returns it will not be the notes and coins issued by the State free of debt which will be the problem, it will be the new drachma denominated debt issued by the privately controlled international banking system which will hobble Greece to its present masters, reads this BellaCaledonia article that is well worth reading.
Here’s a short extract:
Whether we use pounds, euros, dollars or pesos all official money has a shadow currency – the credit issued by these private banks. Yes, the State accepts all the responsibility for its National Currency and indeed its taxpayers also guarantee every penny of the shadowy debt issued by their privately owned banks, but they have no control whatsoever over this debt money which constitutes over 95% of all money in circulation and forms the core of our artificial National Debts.
Greece, and indeed any other sovereign State can recover its independence but only if it retains its currency within its own borders.
If the Greeks summon up all their courage for this Referendum and back their new government to stand its ground and default, they must also find the nerve to legislate for Constitutional money and outlaw fractional reserve banking within their borders. There is no half-way house, The people have a unique opportunity to decide whether their country is to be run by bankers or an elected parliament.
Read the whole article here.