If you want to see what unrestrained parasitic financial oligarchy ultimately looks like, look no further than the humanitarian crisis in Greece turned unprecedented billionaire opportunity. With global wealth becoming more and more systemically concentrated in the hands of “insiders,” empty flats bought for tens of millions of dollars in London and Manhattan no longer cut it. These guys have billions of dollars to burn, which means they need to start buying countries; or at least parts of countries, once they’ve been intentionally run into the ground via vulture financial colonialism.
Enter Warren Buffett. Sure, he’s a harmless old grandpa, just like yours. He loves cherry coke, hamburgers, Dairy Queen, America and, you know, Greek islands.
From Newsweek:
Billionaire investor Warren Buffett has joined up with Italian real estate agent Alessandro Proto to purchase a Greek island off the coast of Athens.
Consistently ranked as one of the wealthiest men in the world, Buffett and Italian millionaire Proto, acquired the island of St Thomas for €15m last Thursday, Proto Enterprises confirmed today.
Buffett, 84, who has a net worth of around €62.4bn, and Proto plan to build a real estate development on the island, according to The Athens-Macedonian News Agency (ANA-mpa), who broke the story on Saturday.
A Proto representative told Spiegel Online, “Greece is currently very attractive for investment in the development of real estate.”
The website Public Islands Online markets Greek islands as the “ultimate status symbol, evoking images of sunglass sporting shipping magnates sipping champagne on the deck of enormous yachts. In reality, Greek islands are relatively affordable, costing as little as $2m [€1.8m] – less than a ski chalet in Aspen or a walk up on the Upper East side.”
In light of Greece’s recent economic struggles and the declining strength of the euro against the dollar and the pound, Greek real estate is being seen as an increasingly attractive investment by international investors.
Representatives for Buffett were unavailable for comment.
Yes, they were busy plotting how best to fleece some more serfs. I’ve made my position on “Uncle Warren” very clear over the years. Here are a couple examples:
Warren Buffett the Slumlord – Predatory Loans, Kickbacks and Preying on the Poor at Clayton Homes
More Hypocrisy from Warren Buffett as He Structures Deal to Avoid $400 Million in Taxes
Crony Capitalist “Uncle” Warren Buffett Drives Company Profits Using Derivatives
Of course, the ultimate FU to the Greek public will be when newly minted billionaire Lloyd Blankfein buys his very own Greek island. After all, Goldman Sachs played a crucial role in the entire debacle plaguing Greece. As the Washington Post noted back in 2010:
The financial tumult now unsettling Europe came to Washington on Thursday, as Federal Reserve Chairman Ben S. Bernanke said that the federal government is looking into the role U.S. banks may have played in the Greek fiscal crisis.
The Federal Reserve and Securities and Exchange Commission are seeking information about whether Goldman Sachs and other U.S. firms helped set up financial transactions over the past decade that effectively hid the amount of debt Greece was taking on. Another potential issue is whether banks and hedge funds, by taking big bets that Greece would default, are creating a self-fulfilling downward spiral for the Mediterranean nation.“
We are looking into a number of questions related to Goldman Sachs and other companies and their derivatives arrangements with Greece,” Bernanke said, testifying before the Senate banking committee.
Addressing concerns that financial firms have been engaging in trades to bet on a Greek default, Bernanke said that “using these instruments in a way that intentionally destabilizes a company or a country is counterproductive, and I’m sure the SEC will be looking into that.”
It’s not counterproductive at all you buffoon. Five years later they are buying Greek islands on the cheap. Get ready, Spain, I hear you’ve got some nice beaches.
In Liberty,
Michael Krieger
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“Investors” I love that term, how about insider speculators or get rich quick day traders (not likely) or absolute fucking con artists stealing Grannies pension through the next great mutual fund,etc. that seems to be a bit more accurate. Heres to stating the obvious, Wall St. = the largest rigged casino on the planet and anyone who has made a dime from it is a thief, sorry but that’s the truth. All that money acquired for producing nothing, siphoned out of a countries productive class’s and used to buy Greek islands, mega yacht’s, favorable legislation, etc. disgusts me.
Mike your lucky you’ve redeemed yourself by leaving that shithole and giving us such great research and articles, LOL. Thanks again
So how do you suggest price discovery should happen? How about capitalizing new ventures?
Obviously Wall Street has plenty of lowlife scum, as does DC, and they run interference for each other.
But let’s not forget a third crucial factor that lets them get away with it: an ignorant and apathetic public that has abdicated its duty to understand markets and economics (and politics, history, geography, etc.).
Who else was going to buy those islands? : )
I believe that there are better alternatives than Wall St. for funding new ventures and price discovery do you mean the everything thats distorted because of Wall St. and the Fed,etc price discovery. The markets are manipulated bull shit and I might not know the lingo of the new normal on Wall ST. but I do know bullshit when I here it spoken, so fuck your condescending elitist remarks GJH. The current system of finance is a recipe for disaster , it is a drain on overall society. Truth hurts doesn’t it.
Testy! ha ha. You’re right though, I was condescending to you, because you’re exactly the type of ignoramus I’m talking about. Pissed off, and rightly so, but with no constructive suggestions. I’ll gladly listen to your better alternatives, though, if you’ve got any.
It hardly takes a genius to realize that “The current system of finance is a recipe for disaster”. So no, that doesn’t hurt.
Most of my friends are ‘liberals’/’lefties’/’progressives’. They actively avoid understanding how markets and economies work because they find it distasteful. So they have no clue, and vote for Obama, not even aware Obama was a Wall St whore from the start. Try to explain to them how our monetary system works, and their eyes glaze over. So how the hell are they going to fix the problems? No chance. But it doesn’t matter to them, because they feel so righteous in their positions that actually making a difference is secondary.
I am pissed off but I’m not an ignoramus mate. I think the solutions for our current system is to decentralize as much as possible. Non compliance and non participation in the system to the best of ones ability is how I try to take everyday action. On a small scale of investment I like the crowd funding idea. In regards to small business I think that working with people instead of for someone or having someone work for you is a more fair way to conduct business and sharing profit with those teammates in my experience will always create a more productive work environment. On a large scale investment I’ll admit I’m not really sure what would work best but I know it doesn’t have to do with rigged markets, inflated away value of currency (stolen productivity) nor does it have to do with paying compound interest on money created out of nothing then loaned out to all of us suckers. I think a solution to mega corporations is the idea of employee owned business’s where the people are invested in the success of the entire operation creating a far more motivated and self responsible individual than what the majority of workers now seem to be. I think that you could essentially eliminate the CEO type mentality of 300-400% differences in salary,etc. by having the people run the show and reinvest in themselves,their towns and their business’s rather than some bullshit material crap or some dick head elitist.
I completely agree with your statement about progressives and pretty much feel the same about the majority of Americans no matter which belief structure they cling to.
Whats your thought on solutions?