The merchant banker’s millionaire formula has been exposed yet again, this time in Greece. A country whose public finance mechanism has been undone over decades of lobbyocracy was left with little choice but to sell off its crown jewels.
It has been widely reported that Goldman Sachs helped create off sheet balance accounts where finance was provided in return for swaps to the rights to highways, airports and even the national LOTTO.
This is the merchant banker’s dream. The ticket to an ever lasting free lunch, bankers get to ramp up the fees for airport parking and highway tollbooths according to the projected desires of their next round of bonuses.
Taking ownership of LOTTO defines a new paradigm of monopolistic dominance over a society. One wonders why Macquarie Bank hasn’t thought of this earlier?
Now the vested interests have wound down our wages so much through land price appreciation/ aka asset bubbles that our employers have little to pay us.
For many people, gambling on a LOTTO ticket is our last remaining hope. And guess who now benefits from that in Greece? The people who have manipulated the people’s opportunity into their billionaire bonuses.
Will the home of democracy be the 2010 ‘tip of the iceberg’ that brings a sense of futility to democracy without economic justice?