This is about Scottish football but I take a while to get there. And I don’t think you’re going to like it, but something has been bothering me with all this news about Greece, there’s been a little dissonance.
Greece has come through seven years of devastating poverty and economic turmoil, the like of which has not been seen anywhere else in Europe, and within weeks it could get a lot worse.
Many Greeks with economically portable skills emigrated. Those left, the old, the infirm, the unskilled, and those who don’t want to abandon their family or country, have been left to deal with the consequences of a debt which dwarves their earning capacity.
Greece joined the euro and overnight were able to borrow money at cheaper rates than ever before. They borrowed and invested, but poor governments and lax taxation systems left them vulnerable. When the crash came, Greece was hopelessly unable to pay its debts, largely owned to German and French banks.
Back in 2008 the world’s banking system was on the verge of collapse. It is not an exaggeration to say that our economies, jobs, welfare systems, public services and more, were in jeopardy. Governments took steps to keep the banks afloat, but Greece owned money beyond their borders.
If they still had the capacity to issue their own currency, they would have defaulted, offered their creditors 10 lepta to the drachma, and quickly moved on. Prices would have skyrocketed overnight, many people would have been priced out of the basics, but tourists would have flooded in, as would new employers, to take advantage of the newly cheap Greek labour.
But since 2002 Greece has been using the euro. They could not print euros after the crash so had to come to a deal with their creditors, and that meant paying all their debts, in particular to the German banks who loaned them money, at an appropriate interest rate, years earlier.
It was appalling. Greece was not blameless, no European governments – or ultimately their electorates – were, but they were boxed into a corner and forced into a deal. Foreign banks, who were well-placed to weigh-up the commercial risk of their Greek loans, were beneficiaries of the squeeze put on some of Europe’s poorest people.
In January this year Greece elected a radical government. Syriza were voted in on a ticket to renegotiate the terms of what the world calls the ‘bailout’.
The bailout is an affront to the European Union, the IMF and the European Central Bank. The world’s governments needed to protect their banks to prevent complete collapse, but the deal imposed on Greek citizens is pernicious and disproportionate.
A game of brinksmanship is going on between Greece and their lenders, the Troika. Syriza are mandated for one thing and one thing only, renegotiate the current deal. I admire their resolve and hope the Troika accommodate their request for change, but the consequence of a failure to find an agreement is enormous, the like of which we have never seen in a modern economy. Those sitting at the Syriza side of the table know they may be marching their citizens off the edge of a cliff.
What’s this got to do with Scottish football?
For the Troika, read Mike Ashley, he was the lender of last resort, he was also the beneficiary of the loans. In fact, he loaned Newco money he’d already made from them. Those loans came with pernicious conditions. The profits he’ll earn from seven years merchandise rights are spectacular – and they will come from what I could argue is the most impoverished football club in Europe. Mike is the ugly face of capitalism (and there are pretty faces).
The analogy is not perfect. Rangers spectacularly defaulted. Newco’s early years have been more painful than they necessarily could have been, largely as a consequence of an organised group of Real Rangers Men who were determined to grab control of Newco’s assets for as cheap a price as possible. But if you are an unskilled Greek living on handouts, or an easily-led Rangers fan, who just wanted to watch his team, you were not the architect of your own misery.
Alexis Tsipras is no Dave King, he is an engaging leader and is not a criminal, but if he leads Greece into an abyss, he will be guilty of one of the classic failures of leadership – telling people what they want to hear in order to gain power, without any way of delivering on the promises made.
King may be doing the same. He strikes me as a man intent on recreating Jonestown in Govan. Unlike Tsipras, who appears to be making progress with his creditors, King has inspired division and boycott. I can’t picture him now without scenes from Jonestown flashing through my mind.
While I know I’m stretching the analogy between Greece and Rangers, there are many who have lost their livelihood, or football club, through the fault of more powerful men, who were paid to look out for their interests.
Mike Ashley is a figure of fun for us but be sure, he is not our ally. Our enemy’s enemy is not our friend. He’s just another in a long line of naked opportunists we were wise enough to avoid.
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Buck Pali and the similar dilapidation of the Palace of Westminster may well have a wee impact on national self confidence down sarf.
Not transformational. But subtle yet not imperceptible.
C’mon England let ikea redesign your capital!
HH jamesgang
leftclicktic
09:14 on 24 June, 2015
Chavez
Was it you who posted about a fellow Tim being unwell in Spain?
*****
No, not me, buddy.
Barcelona and Argentina superstar Lionel Messi turns 28 today. He is celebrating by preparing for Friday night’s Copa America quarter-final with Colombia.
Other football birthday boys include ex-Liverpool man Luis Garcia, former Celtic free-kick king Shunsuke Nakamura and ex-Barcelona and Boca Juniors playmaker Juan Roman Riquelme (all 37). Kevin Nolan turns 33 and Micah Richards is 27.
Happy birthday Naka.
LB
Its official CQNers………………….the Queen is a HUN
http://www.telegraph.co.uk/news/uknews/queen-elizabeth-II/11693813/How-German-is-the-Queen.html
LiviBhoy
09:27 on
24 June, 2015
Barcelona and Argentina superstar Lionel Messi turns 28 today. He is celebrating by preparing for Friday night’s Copa America quarter-final with Colombia.
————————————————————————
28?! Time he stepped up – if they’re good enough they’re old enough I say…
Chavez
thank you for reply,
A poster was asking for cards to be sent to a Bhoy to lift his spirits,was just wondering how he was doing.
Roy Greenslade @GreensladeR 2m2 minutes ago
SNP threate to the Queen’s income – what the national press says http://tinyurl.com/nk3dtlh
Leftclicktic – sorry – aye, that was me! It’s Ernesto of the Submari CSC who is ill. I might find out more this weekend as I’m meeting someone who is in regular contact with him. It’s serious but hopefully not life-threatening, from what I can gather.
I watched some older games recently and noticed something about JF. He used to have quite a powerful shot on him but over the last season that seems to have gone. I don’t know if he is just trying to place the ball in the net or if it’s a concern about an injury but there has been a few times I’ve felt he could have scored if he had put more power in.
Dedryck dedryck give us a smile
Dedryck give us a smile
I gather the Daily Mail is plagiarising Phil’s report of the Ashley/King meet in ole London town.
Good, it took a long time for any of the MSM to pick it up, maybe questions might get asked now, ha ha ha ha, sometimes I don’t catch on to myself till it’s too late :oD
Parkheadcumsalford
The Clumpany @TheClumpany · 1h1 hour ago
Shhhh! It’s a Secret… https://theclumpany.wordpress.com/2015/06/24/shhhh-its-a-secret …
PARKHEADCUMSALFORD
McGowan in The Mail is less hunnish than most of his profession. I wonder how much he really knows about that meeting? More,I suspect,than he has put into print so far.
This fellow and his FFin’ pals discuss the Daily Mail “exclusive” re GASL meeting Michael:
https://purplecowideas.files.wordpress.com/2012/09/roguemonkeyblog.jpg
“the 5 million is a good bargaining chip to have”
——
“It makes sense for fatty to renegotiate”
——
“his brands toxic with most of the support
the only way i can see the fans buying again if a new contract is drawn up”
——
“Are you aware the we must pay for, what Ashley does not sell?”
——
“I think that part of the deal was during Greens tenure, he ordered a large amount of replica tops and if unsold we were liable, unless of course he had it entered in the contract that we would sell x amount of tops every season until the end of this contract, therein would guarantee Ashley a lot of money every year for doing nothing, but would also undoubtedly be against the best interests of the company and therefore illegal, would it not?”
——
“Surely we will have given the 7 year notice anyway? If that clause is real. At least we have a date to work to.”
——
“3 Bears work as a team, which is the way it should be.
Dave King has far more business experience, at a corporate and international level, so it makes sense he sorts fat cockney one out. He is also more likely to know how best to put him in his place and no doubt has had the contract pored over by legal experts. Indeed, I would not be surprised to find they were in attendance at the meeting so that the fat one understood the full legal ramifications and potential harm to him and his companies.”
——
“I still can’t believe that Fatty didn’t put a timescale into the loan, or a clause meaning he could demand it back whenever he wanted. For me this only shows how arrogant the fat [chap] is,and just what a great job Dave and the 3 Bears did,on blindsiding him!
I get he feeling that Ashley was being spiteful with the EGM, but knows now he has made a right *rse of it, mainly because he missed judged the Rangers support, and the kind of quality men we have in our support. He thought we were like the Geordies!
Best of British Dave,but once the retail deal is in our favour, give them their notice!”
BMCUW,
I doubt his editor would allow anything more damning
Greenpinata
07:31 on 24 June, 2015
‘Capitalism is a fact, it’s always going to prevail in any modern society’
###
As a species we have evolved over about four million years to get to where we are today.
In that time there have been different types of economic systems, with each one in turn superseding the previous.
Isn’t it absolutely remarkable that after all that time we just happen to be living at a time when humanity has reached the final stage of economic development and that there will be no further evolutionary progress in the economic system from here til the end of time.
What a truly astonishing coincidence.
Livibhoy
You’re not re-starting a Riquelme rumour I hope! :-)
Still having slight problems refreshing page,easier to go to previous page then refresh, though not every time.
Ernie..,
Aye, and we have not moved beyond a rebranded feudalism system
lionroars67
09:34 on 24 June, 2015
Roy Greenslade @GreensladeR 2m2 minutes ago
SNP threate to the Queen’s income – what the national press says http://tinyurl.com/nk3dtlh
####
Just so there’s no misunderstanding here, perish the thought, the SNP have made it absolutely clear that they will not be reducing the Queen’s income.
“Scotland will continue to make the same financial contribution to the monarchy as at present.
“There will be no reduction in the sovereign grant as a result of devolution of the Crown Estate.”
It’s funny when you see them claim that “King has Ashley exactly where he wants him etc”
There’s no discussion about HOW King will get rid of Ashley. Just blind hero worship as usual.
These royal leeches should be chased….good for nothing layabouts sponging off the state.
Deport them.
They don’t contribute anything to the country.
Think of the range of worthy causes that would benefit from the death of the monarchy.
Get rid.
Despicable Huns
HH
John Heron signs for Blackpool. Two year deal with one year option
CANAMALAR
Pretty much my opinion too,bud.
Ginger
09:54 on
24 June, 2015
Dedryck dedryck give us a smile
Dedryck give us a smile
===========================================
Don’t pay any attention to them Dedryck! I like my defenders to look big and scary at all times.
Hey compadres
First, thanks for all the kind words on last night’s piece. Much appreciated..
Monaghan1900:
Those comments from FF are incredible! How deluded are these fools? What in God’s name are they on?
NatKnow @08 44 .
I love the drum and bass on Mr Spaulding . . Forever associated in my mind with early 80s pay at the door house parties in Harlesden..
Dread Beat An’ Blood — been a while since I last heard it — I like it . . There was a vg documentary/ issued with the same title. . His Radio One Series re the history of Jamaican music was very good ( IMO ).
Your mention of Jimmy Cliff reminds me ( sadly ) of my age.———–saw him in a dive in Lewisham when I was a teenager . ..Duke Reid was the DJ..
Cloudy and 30 degrees -way down south — clammy and seaty .
ERNIE LYNCH
If the UK is happy to have a monarchy,it has to be paid for. Otherwise The Queen is entitled to reclaim The Crown Estates.
I’m not particularly bothered either way. She’s a figurehead for a government. If she wasn’t,the government would still exist. And it would continue to divert significantly greater sums to its cronies than The Monarchy gets.
ooplah !
clammy and sweaty .. Horrible conditions for the mega boring but necessary weeding . . The only positive will be the consequent weight reduction. . Sweat off last night’s pasta.
SOT
Dread Beat An Blood…..Heard a very good version by LKJ
LKJ Live in Paris album….supported by a very fine band.
HH
ernie lynch
10:21 on
24 June, 2015
Misunderstanding Ernie over the SNP……………thats your signature on CQN
I posted the link as a bit of fun Ernie, it clearly put you into political troll attack mode
Good luck with the Labour party fight back, if i may can i suggest a new strategy
16 roads – Celtic über alles…
—————————————-
You say
“Default is the answer”
—————————————————————————————————–
Have you any conception of the effect on ordinary people if countries took your view.
Alistair Darling had no option but to step in to save the banks in 2008, as the Global Financial Tsunami unfolded.
Not to have borrowed £37 billion to save the banks would have led to a catastrophe for all those people who work and/or claim benefits for a living.
RBS was within FIFTEEN MINUTES of switching off cash machines and locking their doors – can you imagine people, and the business who employ them, losing all their money?
Of course the rich always have alternatives – ordinary people don’t.
Gordon Brown convinced the USA and Europe that, however unpalatable it may seem, saving the banks was the only way out – that is the reason that both his and Darling’s stock is held in such high esteem in the above locations.
The USA was, at that time, of a mind to let all banks go the way of Lehman – now we know what an effect the Lehman default has had on the world, seven years later and still we have not recovered – imagine that effect ten-fold.
Yes we have debt – £1.5 trillion – our annual GDP is £2 trillion – we are able to service our debt, because unlike Greece, we take it seriously.
And before anyone from the SNP propaganda and brainwashing department comes on and blames Labour for our debt –
In 1997/8 Labour inherited a Debt/GDP ratio from the Tories of 40.4%
In 2007/8, prior to the Global meltdown Debt/GDP had fallen to 36.4% under Labour, a figure considered to be LOW.
Since the Global catastrophe, recession and the bailout of banks, this has climbed to over 80%.
Of course we wish that it was lower, but if the develped world had hit the DEFAULT button, God knows where we would be now.
Monaghan1900
It gladdens my heart to see they are still as deluded as ever:))))))))
stupid stupid zombies
ThompsonTwin
Im not attacking your points…im pretty much in agreement.
Seriously though….I often wonder how much the state would save if the monarchy was abolished.
And I still hear that Britain is a democracy.
So they say.
James Forrest
10:27 on
24 June, 2015
Those comments from FF are incredible! How deluded are these fools? What in God’s name are they on?
——
Of particular amusement, James, is that they do not realise that where a contract of loan does not specify a repayment date, the loan is repayable on demand.
leftclicktic
Their stupidity knows no bounds….beyond absurdity.
But…it truly is a tonic.
The dafter they get the more I laugh.
Long may it continue.
HH
Interestingly the Stjarman website has the Celtic 1st leg tie listed as being played on Monday 13th July.