from Nation of Change:
Every single mainstream media has the following narrative for the
economic crisis in Greece: the government spent too much money and went
broke; the generous banks gave them money, but Greece still can’t pay
the bills because it mismanaged the money that was given. It sounds
quite reasonable, right?
Except that it is a big fat lie … not only about Greece, but about other European countries such as Spain, Portugal, Italy and Ireland who are all experiencing various degrees of austerity. It was also the same big, fat lie that was used by banks and corporations to exploit many Latin American, Asian and African countries for many decades.
Read More @ NationofChange.org
Every single mainstream media has the following narrative for the
economic crisis in Greece: the government spent too much money and went
broke; the generous banks gave them money, but Greece still can’t pay
the bills because it mismanaged the money that was given. It sounds
quite reasonable, right?Except that it is a big fat lie … not only about Greece, but about other European countries such as Spain, Portugal, Italy and Ireland who are all experiencing various degrees of austerity. It was also the same big, fat lie that was used by banks and corporations to exploit many Latin American, Asian and African countries for many decades.
Read More @ NationofChange.org
from WhyGoldandSilver:
Presenting The ECB's "Tools" To Stem Contagion
Submitted by Tyler Durden on 07/06/2015 - 07:45 On the heels of Sunday's landmark referendum in Greece, all eyes are now on global financial markets and how the European Central Bank intends to prevent contagion in the event Greece exits the currency bloc.
from ZenGardner:
What a farce. Telling everyone “everything is under control” is
perhaps the most dulling and disempowering phrase ever uttered.
My fascination with language just keeps expanding. I love looking at expressions, words, colloquialisms, so-called “sayings” and the like with fresh awakened eyes. I can’t help it. The supposed, accepted and unconscious meanings of these imposed “expressions” are what direct our minds and turn our attention.
So much of what we’ve been handed down is contorted, manipulated and eventually nestled in the collective mindset to twist our hearts away from simple truth.
Read More @ ZenGardner.com
What a farce. Telling everyone “everything is under control” is
perhaps the most dulling and disempowering phrase ever uttered.My fascination with language just keeps expanding. I love looking at expressions, words, colloquialisms, so-called “sayings” and the like with fresh awakened eyes. I can’t help it. The supposed, accepted and unconscious meanings of these imposed “expressions” are what direct our minds and turn our attention.
So much of what we’ve been handed down is contorted, manipulated and eventually nestled in the collective mindset to twist our hearts away from simple truth.
Read More @ ZenGardner.com
With Yanis Gone, Now Troika Heads Must Roll
Submitted by Tyler Durden on 07/06/2015 - 09:08 It’s time for the Troika to seek out some real men too. It cannot be that the winner leaves and all the losers get to stay. The attempts to suppress the IMF debt sustainability analysis were a shameful attempt to mislead the people of Greece, and of Europe as a whole. And don’t forget the US: Lagarde operates out of Washington. It cannot be that after this mockery of democracy, these same people can just remain where they are.
from KingWorldNews:
Governor
Alejandro García Padilla of Puerto Rico said this week he does not
think the Commonwealth will be able to pay back the $73 billion in debt
owed to bondholders. I find this rare bit of honesty totally refreshing.
For the past three years some had speculated about the possibility of a
Puerto Rican default, but most believed it to be a farfetched notion.
Now the question of solvency is no longer in doubt: Puerto Rico is
officially broke and is unable to pay all its debt obligations. The
White House has firmly attested that a Puerto Rican bailout is not in
the cards. The U.S. territory is requesting that the federal government
allow them access to Chapter 9 bankruptcy, like what Detroit used when
it was unable to pay its bills. At the moment, only cities, towns and
other municipalities are allowed to declare bankruptcy, no states or
commonwealths.
Like Detroit, Michigan, in 2014 and Stockton, California, in 2013, we can choose to look at Puerto Rico as an isolated incident — a blip on the debt radar that will affect only Puerto Ricans and about half of all municipal bond funds.
Michael Pento continues @ KingWorldNews
Governor
Alejandro García Padilla of Puerto Rico said this week he does not
think the Commonwealth will be able to pay back the $73 billion in debt
owed to bondholders. I find this rare bit of honesty totally refreshing.
For the past three years some had speculated about the possibility of a
Puerto Rican default, but most believed it to be a farfetched notion.
Now the question of solvency is no longer in doubt: Puerto Rico is
officially broke and is unable to pay all its debt obligations. The
White House has firmly attested that a Puerto Rican bailout is not in
the cards. The U.S. territory is requesting that the federal government
allow them access to Chapter 9 bankruptcy, like what Detroit used when
it was unable to pay its bills. At the moment, only cities, towns and
other municipalities are allowed to declare bankruptcy, no states or
commonwealths.Like Detroit, Michigan, in 2014 and Stockton, California, in 2013, we can choose to look at Puerto Rico as an isolated incident — a blip on the debt radar that will affect only Puerto Ricans and about half of all municipal bond funds.
Michael Pento continues @ KingWorldNews
from Prepper Recon:
David Morgan of Silver-Investor.com joins me to talk about the possibilities of capitol controls, bank runs and hoarding of resources happening in the US to the same degree that we are seeing it in Greece. We discuss why Greece is collapsing and what you can do to prepare for the coming chaos, here in America.
David Morgan of Silver-Investor.com joins me to talk about the possibilities of capitol controls, bank runs and hoarding of resources happening in the US to the same degree that we are seeing it in Greece. We discuss why Greece is collapsing and what you can do to prepare for the coming chaos, here in America.
from The Wealth Watchman:
July is turning out to be simply stunning! Let’s see, in a short space of time: Syriza called a referendum, Greece defaulted on a 1.7 billion Euro payment to the IMF, and now the Greek people, in an overwhelming statement to their creditors have said, “OXI!”…and just think, all this occurred in little more than a week!
Brothers, do you miss the “good ole days”,
when you could get through a full 24 hours, without some
derivative-detonating headline? Well, get used to this…because it’s the new normal.
What’s most amazing, is that, even after
Europe shuttered Greek banks(to intimidate Greek voters)…it only worked
against them! Despite the immense suffering the bank closures caused, the people still told the ECB where to stick it, in a margin of nearly 2 to 1! To
say that most of Europe is “stunned” at the result, would be a gross
understatement. Now, hot on the heels of all that Hellenic action, came this stunning announcement this morning…
Read More…by SGT, SGT Report.com:
Bill Holter is back to discuss the impending ‘Global Margin Call’… and when it might begin. We recorded this call on Friday, July 3rd, so we weren’t privy to the outcome of the Greek referendum at the time of this call. So Sunday’s news that the PEOPLE of Greece have said a resounding NO to IMF Bankster servitude and endless austerity is most welcome news indeed. Although, from a global economic collapse perspective, from a derivatives bubble and credit default swaps and TBTF criminal international banks perspective, today’s vote may well ensure that a ‘Global Margin Call’ could commence at any moment.
Thanks for joining us – and stay tuned to SGT Report all week for much more on the events in Greece and the repercussions that these events may have on all of us
SocGen Reiterates Cash Call, Says "Markets Will Stay Volatile"
Submitted by Tyler Durden on 07/06/2015 - 08:51 We are in a risk-off period, so we reiterate the need to have cash in portfolios. The US dollar and US Treasuries are the safest assets in our view...
Russia Gloats: "Merkel's Misery Over Broken Europe Dreams"
Submitted by Tyler Durden on 07/06/2015 - 08:23 "After the Greeks voted against accepting the latest demands from its creditors, Merkel is facing her worst nightmare: a possible Greek exit from the euro, a possible exit from the EU completely and loss of confidence in the currency itself. Half of her was Merkel — the pragmatic economist, the other was Merkel — the great European. She has now discovered, in her vacillation, she has not shown the leadership expected of the most powerful woman in the European Union."
The result of the referendum in Greece is a great victory for freedom,
but it is also threatens to unleash unprecedented economic chaos all
across Europe. With almost all of the votes counted, it is being
reported that approximately 61 percent of Greeks have voted “no” and
only about 39 percent of Greeks have voted “yes”. This is a much larger
margin of victory for the “no” side than almost everyone was
anticipating, and it represents a stunning rejection of European
austerity. Massive celebrations have erupted on the streets of Athens
and other major Greek cities, but the euphoria may not last long. Greek
Prime Minister Alexis Tsipras is promising that Greece will be able to
stay in the euro, but that gives EU bureaucrats and the IMF a tremendous
amount of power, because at this point the Greek government is flat
broke. Without more money from the EU and the IMF, the Greek government
will not be able to pay its bills and virtually all Greek banks will
inevitably collapse. Meanwhile, the rest of Europe is about to
experience a tremendous amount of pain as financial markets respond to
the results of this referendum. The euro is already plummeting, and most
analysts expect European bond yields to soar and European stocks to
drop substantially when trading opens on Monday morning.Personally, I love the fact that the Greek people decided not to buckle under the pressure being imposed on them by the EU and the IMF. But amidst all of the celebration, the cold, hard reality of the matter is that your options are extremely limited when you are out of money.
Read More…
Copper Crashes, In Danger Of Breaching 15-Year Support Level
Submitted by Tyler Durden on 07/06/2015 - 09:33 In this centrally-planned world, in which nobody even denies anymore that all markets have become central banker playthings, fundamentals are irrelevant and few have a clue what this latest crash in copper may signify (some do, and it isn't pretty) an even more disturbing clue for the fate of this erstwhile "market doctor" is revealed when looking at the long-term price chart. Here, as SocGen notes, copper is in danger of breaching a huge 15 year support line... after which it is free fall for a long, long time.
Tumbling Futures Rebound After Varoufakis Resignation; Most China Stocks Drop Despite Massive Intervention
Submitted by Tyler Durden on 07/06/2015 - 06:52 More than even the unfolding "chaos theory" pandemonium in Greece, market watchers were even more focused on whether or not China and the PBOC will succeed in rescuing its market from what is now a crash that threatens social stability in the world's most populous nation. And, at the open it did. The problem is that as the trading session progressed, the initial 8% surge in stocks faded as every bout of buying was roundly sold into until every other index but the benchmark Shanghai Composite turned sharply red.
from USA Watchdog:
Stock trader Gregory Mannarino says Greece is the tip of the debt iceberg.
Mannarino explains, “Never in history have we been so overwhelmed and buried underneath a mountain of debt. I believe we are at a top in regard to the debt. What does this mean? We could see a domino effect where all this starts cascading down and correct to fair market value. It will, whether it’s today, tomorrow or next week. There is no way out of it, and that is what people need to keep in mind.”
Mannarino goes on to say, “I think people are being distracted by the mainstream media saying this is just a Greek problem or this is just a Puerto Rico problem. This is a global problem.
Read More @ USAWatchdog.com
Stock trader Gregory Mannarino says Greece is the tip of the debt iceberg.
Mannarino explains, “Never in history have we been so overwhelmed and buried underneath a mountain of debt. I believe we are at a top in regard to the debt. What does this mean? We could see a domino effect where all this starts cascading down and correct to fair market value. It will, whether it’s today, tomorrow or next week. There is no way out of it, and that is what people need to keep in mind.”
Mannarino goes on to say, “I think people are being distracted by the mainstream media saying this is just a Greek problem or this is just a Puerto Rico problem. This is a global problem.
Read More @ USAWatchdog.com
by Jeff Nielson, Bullion Bulls:
Recent commentaries have been referring to our populations of neo-feudalist serfs
as “lemmings”. It has come to my attention that this reference is
insulting, and so let me apologize, to any/every lemming on the planet.
Lemmings are a rodent, whose herd behavior leads them to mass-suicide. So far, so good; the parallels with Western serfs are nearly perfect. But lemmings are not intentionally suicidal, and it is here that the comparison of serfs and lemmings breaks down, and is unfair and insulting – to the lemmings.
The neo-feudalist serfs of 21st century Western societies are Kamikaze Lemmings. We’re not merely intelligent(?) “rodents” who are prone to the most-absurd forms of herd behavior (even to the point of mass-suicide); we are deliberately suicidal. For those readers having difficulty grasping the distinction, a simple illustration should suffice.
Read More @ BullionBullsCanada.com
Recent commentaries have been referring to our populations of neo-feudalist serfs
as “lemmings”. It has come to my attention that this reference is
insulting, and so let me apologize, to any/every lemming on the planet.Lemmings are a rodent, whose herd behavior leads them to mass-suicide. So far, so good; the parallels with Western serfs are nearly perfect. But lemmings are not intentionally suicidal, and it is here that the comparison of serfs and lemmings breaks down, and is unfair and insulting – to the lemmings.
The neo-feudalist serfs of 21st century Western societies are Kamikaze Lemmings. We’re not merely intelligent(?) “rodents” who are prone to the most-absurd forms of herd behavior (even to the point of mass-suicide); we are deliberately suicidal. For those readers having difficulty grasping the distinction, a simple illustration should suffice.
Read More @ BullionBullsCanada.com
from Bill Still:
Saturday was America’s 239th birthday of freedom. Was it coincidence or some sort of Godly serendipity that today may well be celebrated by future generations of Greeks as their independence day – the day they said NO to the debt money system.
Saturday was America’s 239th birthday of freedom. Was it coincidence or some sort of Godly serendipity that today may well be celebrated by future generations of Greeks as their independence day – the day they said NO to the debt money system.
from Jesse’s Café Américain:
There were 46.2 tonnes of gold withdrawn from the Shanghai gold exchange in the week ending June 26th.
Since 2009 there have been a total of 9,076 tonnes of gold withdrawn from Shanghai.
I have also included two slides from a recent presentation by Zhang Bingnan, the Chairman of the China Gold Association.
In them he talks about China gold reserves reaching 9816.3 tonnes at the end of 2014, the second largest in the world. That is interesting because it sounds as though he is talking about China’s official reserves, which are not transparent yet, although there are some expectations of an official update later this year. He *might* be misusing the term reserves here to mean all the gold in the nation, but that does not seem quite right.
Read More @ Jessescrossroadscafe.blogspot.ca
There were 46.2 tonnes of gold withdrawn from the Shanghai gold exchange in the week ending June 26th.Since 2009 there have been a total of 9,076 tonnes of gold withdrawn from Shanghai.
I have also included two slides from a recent presentation by Zhang Bingnan, the Chairman of the China Gold Association.
In them he talks about China gold reserves reaching 9816.3 tonnes at the end of 2014, the second largest in the world. That is interesting because it sounds as though he is talking about China’s official reserves, which are not transparent yet, although there are some expectations of an official update later this year. He *might* be misusing the term reserves here to mean all the gold in the nation, but that does not seem quite right.
Read More @ Jessescrossroadscafe.blogspot.ca
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