The Debt Crisis in Greece

The IMF pointed out that the Greek billionaires actually had $50 billion of their own money stashed in Switzerland. And this $50 billion could have been grabbed by the government and used to repay Greece's foreign debt. The European Central Bank was all set to write down the debts. But President Obama sent his treasury secretary, Tim Geithner over. He said no, no, you can't let Greece let these bonds go under and default. Because the American banks have made such a big bet on derivatives that they would lose money. This was probably the most vicious of all of Obama's actions apart from the destruction of Libya. That is the hard iron fist of the financial system controlling the economy