23 chapters across the catalog
A comedic sketch by Clarke and Dawe deconstructs the circular nature of the European Union debt crisis. The duo explains how broke economies like Germany and France are lending money to other broke economies like Greece and Italy, who cannot pay it back. The sketch concludes that the US economy is only stronger because it is "owned by China."
Greek Debt Relief and Anniversary Riots in Athens
Eurozone finance ministers agree to minor debt relief for Greece, but require the country to maintain a 3.5% primary budget surplus through 2021. Meanwhile, violent clashes erupt in Athens and Thessaloniki on the anniversary of the 2008 police shooting of a teenager. The hosts note that these significant riots receive little coverage in American mainstream media.
As Greece faces a debt default deadline, former Treasury Secretary Larry Summers commented on the situation on Charlie Rose. Summers noted that most of the hundreds of billions of dollars "poured into Greece" actually flowed back out to repay European banks for imprudent loans. The hosts agree that the Greek people are being squeezed to protect the financial interests of loan-shark-like institutions.
Greek Debt Bailout, Bloomberg vs. ECB Lawsuit
The European Central Bank (ECB) won a legal battle against Bloomberg to keep secret documents regarding how Greece used derivatives to hide its national debt. The court ruled that disclosing the role of bankers like Goldman Sachs in the scheme would undermine the public interest. The hosts explain that the latest "tranche" of bailout money effectively goes to the banks while the cost is borne by European taxpayers.
Greece Financial Crisis, Bill Clinton, Haiti Reconstruction
As Greece faces a potential cash exhaustion in September, former President Bill Clinton visited the country to promote the "Hellenic Initiative" for foreign investment. This is compared to Clinton's role in Haiti, where a significant portion of earthquake reconstruction funds reportedly went toward debt relief for banks rather than local infrastructure.
Greek Privatization, Prime Minister Antonis Samaras, and Katastroika
New Greek Prime Minister Antonis Samaras proposes a two-year delay on debt repayments while initiating a massive privatization program of state assets. The strategy is compared to the "Katastroika" seen in post-unification East Germany and Russia, where public infrastructure was sold at deep discounts to private interests. The appointment of a new finance minister is noted following the sudden resignation of his predecessor due to health issues.
Debtocracy Documentary, Odious Debt and Greek Economic Crisis
The crowdfunded documentary "Debtocracy" explores the concept of "odious debt" in relation to the Greek financial crisis. The legal theory posits that national debt incurred by a corrupt regime for purposes not serving the public interest should not be enforceable. The segment highlights how this concept was used by the U.S. in Iraq and by Ecuador to repudiate international loans.
Greek political leader Alexis Tsipras challenges the European Union by calling for an international audit of the national debt and a rejection of austerity measures. The inability to form a coalition government in Athens creates significant uncertainty for the future of the Eurozone.
Iceland Debt Forgiveness and Global Banking Stability
Iceland has moved to forgive a significant portion of its population's mortgage debt, a story the hosts claim is being suppressed in the US to prevent similar demands. Unlike Greece, Iceland refused to impose extreme austerity to pay back foreign investors from the UK and Netherlands. The discussion questions the "too big to fail" narrative used to justify bank bailouts.
Eurozone Crisis and the Cleanest Dirty Shirt Meme
The Eurozone crisis is analyzed through the lens of a "This American Life" report and statements from PIMCO executives. A new financial meme, "the cleanest dirty shirt," is used to describe the U.S. economy's relative standing in a world of failing sovereign debt. The hosts suggest that Greek debt figures were manipulated by technocrats to trigger a controlled default.
Greek Debt Crisis, Institute of International Finance
Negotiations between Greece and its private creditors, represented by the Institute of International Finance, reportedly broke down over the weekend. The hosts discuss the 130-billion-euro bailout package and the tactical departure of negotiators from the table, signaling further instability in the Eurozone.
Eurozone Debt Crisis and S&P Credit Downgrades
Standard & Poor's downgraded the credit ratings of several European nations, including France and Italy, citing an inadequate response to the debt crisis. The move is seen as a political blow to French President Nicolas Sarkozy. The discussion covers the ongoing Greek bailout negotiations and the push for a full political and fiscal union in Europe to prevent a total collapse of the Euro.
Max Keiser Greece Report, IMF Debt Enslavement
A report by Max Keiser deconstructs the financial situation in Greece, alleging the country is enslaved by debt to the IMF and the Troika. The analysis claims Goldman Sachs used credit default swaps to hide Greek debt to facilitate entry into the Eurozone. The hosts suggest Greek national assets are being used as collateral for inescapable international loans.
A comedic audio clip satirizes the circular nature of the European debt crisis, where broke nations lend money to other broke nations. The sketch highlights the absurdity of Germany, France, and Britain bailing out Greece and Italy while their own economies struggle. It concludes that the U.S. dollar remains strong only because the American economy is "owned by China."
European Council President Herman Van Rompuy, nicknamed "Haiku Herman," faced criticism for promoting a new 240 million euro headquarters nicknamed "The Egg" while Greece faces severe austerity. The EU's plan for Greek debt involves "voluntary" rollovers by private banks like Goldman Sachs and JP Morgan. Critics argue this effectively forces the citizens of other EU states to subsidize Greek debt while banks avoid significant losses.
Protests in Greece over austerity measures have sparked fears of a global financial collapse. Bill Gross, co-founder of PIMCO, warned that the United States faces a "present value deficit" of nearly $100 trillion when including obligations for Medicare and Social Security. This debt level is significantly higher than that of Greece relative to GDP, suggesting that the U.S. may eventually face a similar fiscal reckoning.
IMF Greek Debt Restructuring, Potential Strauss-Kahn Setup
The arrest of Dominique Strauss-Kahn occurred just as he was traveling to meet Angela Merkel regarding the restructuring of Greek debt, 30% of which is held by the IMF. Speculation has arisen that the charges could be an "inside job" or a political maneuver to install a JP Morgan-affiliated leader at the IMF. The speed of the arrest on an Air France flight suggests high-level coordination beyond standard police procedures.
The hosts discuss rumors of Greece potentially dropping the Euro and returning to the Drachma due to unsustainable debt. They argue that the country was misled by bankers and is now facing the consequences of a flawed currency union.
The Greek government begins selling off unpopulated islands to raise capital following a bailout by the IMF and wealthy investors. High-profile figures like Richard Branson are mentioned as potential buyers for properties listed on specialized real estate websites like Private Islands Online.
The hosts analyze the European economic crisis, noting suggestions that Greece should sell its islands to pay off debts. They criticize Goldman Sachs for facilitating credit default swaps that allow countries to bet against each other. Meanwhile, Iceland faces a referendum regarding the repayment of bank losses to the British and Dutch governments.
