{"id":10570,"date":"2015-07-31T07:04:53","date_gmt":"2015-07-31T12:04:53","guid":{"rendered":"http:\/\/olduvai.ca\/?p=10570"},"modified":"2015-07-31T07:04:53","modified_gmt":"2015-07-31T12:04:53","slug":"the-greek-coup-liquidity-as-a-weapon-of-coercion","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=10570","title":{"rendered":"The Greek Coup: Liquidity as a Weapon of Coercion"},"content":{"rendered":"<h3><a title=\"The Greek Coup:  Liquidity as a Weapon of\u00a0Coercion\" href=\"http:\/\/ellenbrown.com\/2015\/07\/30\/the-greek-coup-liquidity-as-a-weapon-of-coercion\/\" rel=\"bookmark\">The Greek Coup: Liquidity as a Weapon of\u00a0Coercion<\/a><\/h3>\n<blockquote><p>\u201cMy father made him an offer he couldn\u2019t refuse. Luca Brasi held a gun to his head and my father assured him that either his brains, or his signature, would be on the contract.\u201d \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u2014\u00a0<em>The Godfather<\/em>\u00a0(1972)<\/p><\/blockquote>\n<p><em>In the modern global banking system, all banks need a credit line with the central bank in order to be part of the payments system. Choking off that credit line was a form of blackmail the Greek government couldn\u2019t refuse.<\/em><em>\u00a0<\/em><\/p>\n<p>Former Greek finance minister Yanis Varoufakis is now being\u00a0<a href=\"http:\/\/www.businessinsider.com\/the-greek-parliament-must-decide-whether-to-prosecute-yanis-varoufakis-for-treason-2015-7\">charged with treason<\/a>\u00a0for exploring the possibility of an alternative payment system in the event of a Greek exit from the euro. The irony of it all was\u00a0<a href=\"http:\/\/www.theautomaticearth.com\/2015\/07\/indicting-varoufakis-the-world-upside-down\/\">underscored by Ra\u00fal Ilargi Meijer<\/a>, who opined in a July 27<sup>th<\/sup>\u00a0blog:<\/p>\n<blockquote><p>The fact that these things were taken into consideration doesn\u2019t mean Syriza was planning a coup . . . . If you want a coup, look instead at the Troika having wrestled control over Greek domestic finances. That\u2019s a coup if you ever saw one.<\/p>\n<p>Let\u2019s have an independent commission look into how on earth it is possible that a cabal of unelected movers and shakers gets full control over the entire financial structure of a democratically elected eurozone member government. By all means, let\u2019s see the legal arguments for this.<\/p><\/blockquote>\n<p>So how\u00a0<em>was<\/em>\u00a0that coup pulled off? The answer seems to be through extortion. The European Central Bank threatened to turn off the liquidity that all banks \u2013 even solvent ones \u2013 need to maintain their day-to-day accounting balances. That threat was made good in the run-up to the Greek referendum, when the ECB did turn off the liquidity tap and Greek banks had to close their doors. Businesses were left without supplies and pensioners without food. How was that apparently criminal act justified? Here is the rather tortured reasoning of ECB President\u00a0<a href=\"http:\/\/www.ecb.europa.eu\/press\/tvservices\/webcast\/html\/webcast_150716.en.html?content=5383812&amp;idx=1\">Mario Draghi at a press conference on July 16<\/a>:<\/p>\n<p>&nbsp;<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Greek Coup: Liquidity as a Weapon of\u00a0Coercion \u201cMy father made him an offer he couldn\u2019t refuse. Luca Brasi held a gun to his head and my father assured him that either his brains, or his signature, would be on the contract.\u201d \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[63,2321,233,6716,1167,2598,7692,2236,7693,2921],"class_list":["post-10570","post","type-post","status-publish","format-standard","hentry","category-economics","tag-banks","tag-coup","tag-ecb","tag-ellen-brown","tag-greece","tag-grexit","tag-public-banking","tag-syriza","tag-web-of-debt","tag-yanis-varoufakis"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10570","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10570"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10570\/revisions"}],"predecessor-version":[{"id":10571,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10570\/revisions\/10571"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10570"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10570"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10570"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}