Greece Deputy PM Warns Of Tanks In The Streets, Mass Suicides, If Second Bailout Voted Down By Greek Parliament 

With just days left until the crucial vote on passing the Greek mid-term austerity package, the assured destruction rhetoric used by the Greek status quo has hit fever pitch. Just to make sure the message is not lost on the broader population that Europe's banks will not admit defeat in a vote that could end the kleptocratic cartel's hegemony for ever, Greece's Deputy Prime Minister Theodoros Pangalos has blasted suggestions that it would be better for his country to abandon the euro and return to the drachma as an "immense stupidity". He didn't stop there. For dramatic impact, the Greek vice PM also said that the country would devolve into complete anarchy, with tanks roaming the streets, a population on the verge of civil war, with mass suicides, just for dramatic impact, should bankers not get their way. More or less in line with the Hank Paulson script that is regurgitated every few years when the Ponzi system is on the verge of imploding yet again. 

 

 

 

 

Lawsuit Contesting Greek Bailout To Be Heard By German Constitutional Court Imminently 

Submitted by Tyler Durden on 06/26/2011 20:42 -0400

While it is not exactly clear what has caused the substantial sell off in the EURUSD over the past several hours, even with the explicit support of China of all insolvent European states, the news that the German constitutional court in Karlsruhe is about to commence hearing a lawsuit contesting the legality of the Greek bailout is certainly not helping the euro. As Athens News reports, "the suit was filed last July by a group of five Eurosceptics led by economist Joachim Starbatty. According to the plaintiffs, the financial help package for Greece runs contrary to article 125 of the EU Treaty - the so-called no-bailout clause - which does not allow the EU or a member state to undertake the responsibility of covering the debts of another member state." Explaining his lawsuit to Athens News, Starbatty said that "The German constitutional court will discuss the break of the no-bailout clause, the inflationary bias of purchasing government bonds by the European Central Bank, the danger of uncontrollable financial obligations and the rights of national parliaments of both debtor and creditor countries." And if there is one thing Germans are never happy to hear about, it is "inflationary bias" of any one thing.

Floodwaters Surge At Fort Calhoun Nuclear Power Plant After Floodwall Fails 

Submitted by Tyler Durden on 06/26/2011 18:19 -0400

We hadn't previously discussed the situation at the Fort Calhoun, Nebraska nuclear power plant, as there was still a possibility that it was containable, and the deterioration had been largely blown out of proportion. Alas now that the Missouri River flood waters have penetrated the last ditch water-filled wall, and have since surrounded the  containment buildings and other vital areas of a Nebraska nuclear plant, it may be time to get a little more concerned. As Reuters reports, "The U.S. Nuclear Regulatory Commission (NRC) said the breach in the 2,000-foot (600 meters) inflatable berm around the Fort Calhoun station occurred around 1:25 a.m. local time. More than 2 feet (60 cm) of water rushed in around containment buildings and electrical transformers at the 478-megawatt facility located 20 miles (30 km) north of Omaha." Naturally, the severity of the situation is being downplayed by the NRC, very much the way Tepco and Japanese authorities pretended the Fukushima situation was under control, until it was uncovered that there had been plant meltdown within hours of the tsunami: "Reactor shutdown cooling and spent-fuel pool cooling were unaffected, the NRC said. The plant, operated by the Omaha Public Power District, has been off line since April for refueling." That's one version of the story. A far better one would be calling up the Octogenarian of Omaha and upon getting voicemail, inquiring in what part of the world he is currently residing until the Fort Calhoun situation is actually fixed. To everyone else, we would merely suggest they copycat Buffet, especially after seeing the picture of the plant below (taken June 16, which means the situation now is far worse), which makes the flooding at Fukushima look tame by comparison.

Presenting The (Only) Four Outcomes To The Global Public Debt Crisis ^updated

Submitted by Tyler Durden on 06/26/2011 13:19 -0400

A global public debt crisis, in which private sector deleveraging is offset by public debt, to the point where Reinhart and Rogoff say "no more" (and often times beyond) has only four possible outcomes. These are: 1) a debt trap; 2) hyperinflation; 3) austerity but in conjunction with actual economic growth and 4) default. Currently in the developed world, the only two outcomes actively pursued, are (1), the debt trap, best seen in the US, where the only solution to debt is "more debt", and half of (3), austerity, although not coupled by the critical "growth" component, but merely more strikes, more economic deterioration, and more austerity in a closed loop to the bottom as a disenchanted population decided to let it all burn down in the process of losing its entitlements safet net. And with 3) so far a failure in every iteration (the closest it is to an actual empirical outcome is in the UK, where it has so far produced nothing but stagflation), what happens next will be, as UBS' senior economic advisor George Magnus says, "or else."

BIS gold swaps business up 18 percent in a year

 

 

Alasdair Macleod: The limitations of technical analysis

 

 

Oil dump was another financial easing, Hinde's Davies tells King World News

 

 

The Ugly Truth?

Posted by: Leo Kolivakis

Post date: 06/26/2011 - 14:09

Here is the ugly truth on health, finance, organizations, weasels, Quebec's absolute return funds, the state of the Greek, US and Canadian economy, the 'solarcoaster', insanity and unrequited love! Enjoy!

 

 

 

 

 

Coal Gen and EPA Power Struggle: Consumers to Foot The Electric Bills?

Posted by: EconMatters

Post date: 06/24/2011 - 20:59

American Electric Power (AEP) sent shock wave last week by suggesting consumers could see their electricity bills jump an estimated 40-60% in the next few years due to new air regulations by the EPA. 

 

 

 

 

 

statist arrogance: US Treasury Secretary Tim Geitner - "Taxes on ‘Small Business’ Must Rise So Government Doesn’t Shrink"

Derivatives Cloud the Possible Fallout From a Greek Default