The Worst Financial Moment in History (Not In A State Of War)
Some statistics belong in wartime and not in well-structured economies when peace, unity, and stability prosper.
Yet the effects of the global financial meltdown in 2008 carry a message of what can happen anywhere, no matter if your economy is too big to fail.
A 25% reduction in GDP is outrageous and destructive and only observed during wars or extreme physical disasters. For example, in weak economies like Haiti and the destructive earthquakes and natural disasters that ravage this small Caribbean nation.
Yet this is exactly what happened in some European economies between 2008-2018. Economies that incorporated extensive infrastructure, a thriving workforce, and increased productivity, hoping to reduce the inequality gap with the top European economic powers.
Some of these economies, strong already (Italy, Spain), with better average income than the rest, still received savage blows from the influential "Big Three" rating agencies (Moody's, S&P, Fitch) that described bonds as junk and economies producing trillions of euro yearly as bankrupt.
That one day half of Europe woke up to realize inconceivable hardships that most considered improbable for EU economies.
All it takes is for the financial establishment to lose "trust" or instigate this loss of trust.
The Trade-offs Of Abandonding Local Currency and Entering the EU
Understanding the dire consequences debt would bring was not an objective for most governments or economic participants, and was rarely analyzed in economics schools and colleges. Eventually, debt and weak politicians were the tools used by the EU to enforce a financial apartheid against Southern European economies.
Upon entering the EU, governments of the smaller economies became feeble and powerless. Small economies were following each other in spending habits and other macro indicators, and in a young trade-free zone like the EU, everything was allowed (for a while).
The euro was agreed upon fundaments that limited inflation (until recently), with a target of 2.5% yearly inflation as a maximum. In the first decade, support from the stronger economies to new entries was decisive, aiming to reduce inequality, raise wages and standard of living, and advance infrastructure. This development in Europe strengthened the bonds of friendship and encouraged unity and cooperation between the European nations.
The dream was to create a united economic power that would present an example of how cooperation among nations solves issues that may divide us. The utter motive was to avoid any new destructive wars in Europe. Under these fundamentals, everyone in the EU agreed.
Yet, at the sight of the first serious dangers, all these fundamentals started crumbling.
Right after the crisis struck Europe, mass unemployment applied in my country (20%), as the EU violated the constitution, forcing unjust taxation at every level of the economy.
The cheerleaders in Brussels had already located the scapegoat that would suffer the maximum to sustain the top European financial establishments and the core of Europe.
Germany and its satellite states, reminiscent of the 1940s, assumed control and forcefully executed financial stagnation in their partner members, that for a few years even called them PIGS (Portugal, Ireland, Greece, Spain).
The highly trained and experienced workforce of the economy, the most productive and scientific part, was forced to immigrate to the US, Canada, and Germany. This "brain drain" has long-term effects that today are becoming obvious since gaps have widened in every aspect of the economic and social structure.
The worst part is this was well known to the decision centers of Brussels, yet, it was all enforced at will.
It was well known, for example, that Greece would never be able to lower the debt under such conditions the EU enforced, yet this was the plan all along. Puppet politicians accepted everything with moderate reaction, and singlehandedly signed the demise of what would have been today a thriving economy.
The lies never ended.
And now someone reading this brainwashed from the 2010's propaganda will dismiss this thinking they know better, but no, this was just the brainwashing you suffered.
What I point out here is exactly how it all happened.
Problems existed in almost every economy in Europe, yet the massive blow had deeper roots than what will be analyzed within this series of articles. Some things are better left unsaid, sometimes.
The First Network of Financial Spammers Spreading Propaganda
I never expected mainstream media and forums to be susceptible to spam by zombie networks, but it seems these weaknesses have only grown all this time. Perhaps Google, YouTube, Reddit, Twitter, and the rest encourage such practices, as it helps some financial centers to proceed with decisions that the public would immediately reject.
The first time I observed a vast network of bots and paid accounts brainwashing the public and lambasting ethnic groups (not politicians) was in 2009.
Between 2009-2013 all these random internet accounts were operating to produce a negative sentiment against these four nations they called the PIGS.
It had nothing to do with governments or politicians. This fraud mechanism was attacking the peoples of these European nations. And it was considered effective as it created a sentiment of suspicion and prejudice against
It created such prejudice that made me afraid to announce where I come from online, simply because hate was directed towards me from naive and brainwashed individuals, just for this reason alone. And I'm expecting hate now that probably those that read this learn about it. There are known propaganda networks that have grown throughout the years and terrorize individuals online for expressing peaceful and reasonable points of view. The enemy of authoritarianism is logic.
This network was posting comments like "Greece/Portugal/Spain we want our money back" and other hostile gibberish, 99% coming from spam accounts that eventually were all removed by social media and platforms as fake/spam produced by bot accounts. Yet this brainwashing still lasts in parts of Europe.
All this happened for Germany to weather the financial storm unharmed.
The gross mistake made by the US in handing out Europe's command to Germany was realized when Merkel and Schäuble came to power. Their least interest was a European Union of cooperation, but instead a financial entity that would serve the elite and the German economy alone.
Europe Failed In Unity
In times of emergency, Europe failed massively, as every nation discovered enemies and scapegoats where it was previously only friends.
The news brainwashed the globe to prejudice and acknowledgment as valid any lies the fake mainstream channels fed the public with. It accused a couple of small economies of being unreliable partners and decided to punish them instead of finding a viable solution to this madness.
My economy was indeed loosely organized but with multiple steps taken towards fixing inherent issues of its structure and just about to escape decades of instability and transformation. It had just escaped poverty, civil wars, and juntas destroying progress after WWII, having entered an era of prosperity with a GDP and debt ratio similar to Belgium.
That's right, the debt to GDP ratio was the same (100%) for both Greece and Belgium in 2008, something that was deliberately not ever discussed.
All the affected smaller EU countries (Ireland, Portugal, Greece, and Cyprus) were economies one step away from becoming too competitive to the core of the EU. And this is what Germany wouldn't allow.
The high debt to GDP ratio was always an excuse.
The years that preceded WWII followed civil wars, dictatorships, and twenty years of a social capitalism model, with irresponsible governmental expansion.
This instability was severely influenced by foreign interventions, neighboring threats even from supposed NATO allies, and a high cost of infrastructure development.
What mattered was actual unity in Europe and not repeating the same mistakes.
Unity in a continent that has more to share by cooperating, rather than the bloody history of endless wars it attempts to avoid ever happening again.
The Outcome Was What The European Elite Wanted
After the massive exodus of skilled workforce, quality managers, and scientists, what was left was not enough to bridge the gap.
The most productive part of this economy left to find a better and deserved life elsewhere. What remained to cover the gap in the following two decades was incompetent and incapable.
The outcome: Debt today (almost) doubled since 2008.
Congratulations to Brusells and the clueless puppets for their elaborate destructions of the smaller European economies.
And every thinking person in the world knew the Brussel puppets were not taking decisions to support this economy but to doom it for decades of instability and interventions.
This economy will never recover, with further consequences to the state and its sovereignty.
And Nobody Revolts?
What happened with the people, though, and why did everyone tolerate this national disaster? This violation of human dignity called for a revolution. It was all unconstitutional anyway.
Everyone knew and revolted against these decisions taken by Brussels and adopted by governments.
The foreign intervention was clearly going to be destructive for decades.
Everyone knew it, but a brainwashed "EU" public outcry followed, instigated by tens of thousands of internet accounts operated by a single zombie network, and supported unconditionally by European mainstream media.
Of course, the public revolted, although until a certain point, as one particular event together with massive media brainwashing, resulted in surrendering the will to fight. Every day there was chaos, yet, one particular event was decisive in reducing pressure on the puppet governments and allowed the unconstitutional and destructive reforms to take place.
Shock and awe happened supported by state terrorism. And every other textbook operation in the "financial" terrorist toolbox to reduce the will of the people to fight for their rights.
But, I think this is enough, and won't go into details, as perhaps discussing this further will open subjects that demand a certain layer of online anonymity, and I didn't take all steps necessary to be anonymous at this point.
Nobody has forgotten, and nobody forgave, except for those puppet politicians, reporters, and intermediaries that still profit from this.
Cover Photo by " Matryx" on Pixabay
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In all countries, politicians caused destruction of economics. These people manipulate what they want. In under developed country, Politicians are pupt-shaw played by other states. It is hard fact this is what happened with Europe, Politicians wrong policies about debt increased high inflation rate and destroy its own economics.