“Some kind of scrip currency”
HUDSON: Well, this is not just a rumor. Varoufakis has written in the last few days that there is no way that Greece is going to stop paying pensions, and there is no way that Greece is going to privatize the economy. In other words, he said, we’re willing to make all sorts of compromises. The usual, it’s called extend and pretend, you lend us the money and we’ll pay you. You pretend to lend us the money, that it’s a good debt, we’ll pretend to pay. But there’s no way that they’re going to commit suicide. And the Central Bank’s saying yes, you have to commit suicide or else have the anarchy of withdrawing from the Euro. What are you going to do?And so they’re trying to figure out, well, wait a minute. We’re not going to be able to pay, so what is the point of trying to pay a debt that can’t be paid? If there’s no money there we can’t pay, so there’s no way that we can meet their conditions. There’s obviously going to be a [break]. So Greece is going to use its money to continue to pay pensions. It’s not going to privatize more of the public domain, it’s not going to sell off its mineral holdings and its gas rights in the Aegean. There’s a complete blockage.And apparently President Obama, which originally had told Europe, wait a minute, you’ve got to stop Greece from withdrawing because otherwise it’ll have to make a deal with [inaud.] for gas or with Russia. It’s going to be absolute anarchy. And that’s the intended result by Europe. I know the Greek negotiators. I’ve spoken to them. I could not do anywhere near as good a job as they’re doing. I’m in full agreement with everything they’re doing. They’re being reasonable. But they’re up against a wall of, the intention is to have economic warfare and to force Greece to continue the privatization program and to continue the war against labor.And there’s no way of knowing what’s going to come out. Some kind of script currency, some kind of artificial currency maybe used as an interim.