by Michael Snyder, The Economic Collapse Blog:
There has been so much attention on Greece in recent weeks, but the
truth is that Greece represents only a very tiny fraction of an
unprecedented global debt bomb which threatens to explode at any
moment. As you are about to see, there are 24 nations that are
currently facing a full-blown debt crisis, and there are 14 more that
are rapidly heading toward one. Right now, the debt to GDP ratio for
the entire planet is up to an all-time record high of 286 percent,
and globally there is approximately 200 TRILLION dollars of debt on the
books. That breaks down to about $28,000 of debt for every man, woman
and child on the entire planet. And since close to half of the
population of the world lives on less than 10 dollars a day, there is no
way that all of this debt can ever be repaid. The only “solution”
under our current system is to kick the can down the road for as long as
we can until this colossal debt pyramid finally collapses in upon
itself.
As we are seeing in Greece, you can eventually accumulate so much debt that there is literally no way out. The other European nations are attempting to find a way to give Greece a third bailout, but that is like paying one credit card with another credit card because virtually everyone in Europe is absolutely drowning in debt.
Read More…
There has been so much attention on Greece in recent weeks, but the
truth is that Greece represents only a very tiny fraction of an
unprecedented global debt bomb which threatens to explode at any
moment. As you are about to see, there are 24 nations that are
currently facing a full-blown debt crisis, and there are 14 more that
are rapidly heading toward one. Right now, the debt to GDP ratio for
the entire planet is up to an all-time record high of 286 percent,
and globally there is approximately 200 TRILLION dollars of debt on the
books. That breaks down to about $28,000 of debt for every man, woman
and child on the entire planet. And since close to half of the
population of the world lives on less than 10 dollars a day, there is no
way that all of this debt can ever be repaid. The only “solution”
under our current system is to kick the can down the road for as long as
we can until this colossal debt pyramid finally collapses in upon
itself.As we are seeing in Greece, you can eventually accumulate so much debt that there is literally no way out. The other European nations are attempting to find a way to give Greece a third bailout, but that is like paying one credit card with another credit card because virtually everyone in Europe is absolutely drowning in debt.
Read More…
by Joshua Krause, Daily Sheeple:
To prevent widespread bank runs and to keep money from leaving the
country, the Greek government instated numerous capital controls to keep
the lid on their economy, such as placing a daily withdrawal limit of
60 Euros. When they first created these mandates earlier this month,
they were only supposed to be in place for a short period of time. But
now it looks like the Greeks may be facing a long-term banking crisis.
Late last night, Prime Minister Alexis Tsipras made a statement that should have Greeks dreading the next few weeks. In a televised interview he stated “The reopening of the banks depends on the sanctioning of the deal, which will take place in a month.” So basically the citizens of Greece can look forward to long lines at the ATM and cash shortages through August.
Keep this in mind for when America’s debt crisis finally blows up. You don’t own the money in your bank. It belongs to the bank, and it’s insured and regulated by the government, who are bought and paid for by the banks with the money you put in their accounts. When the system falls apart, you’ve got to see the writing on the wall and get your money out early. Once the crisis starts, your savings will be handed over to the authorities, and rationed out at their leisure. (see how much debt the world owes).
Read More @ thedailysheeple.com
To prevent widespread bank runs and to keep money from leaving the
country, the Greek government instated numerous capital controls to keep
the lid on their economy, such as placing a daily withdrawal limit of
60 Euros. When they first created these mandates earlier this month,
they were only supposed to be in place for a short period of time. But
now it looks like the Greeks may be facing a long-term banking crisis.Late last night, Prime Minister Alexis Tsipras made a statement that should have Greeks dreading the next few weeks. In a televised interview he stated “The reopening of the banks depends on the sanctioning of the deal, which will take place in a month.” So basically the citizens of Greece can look forward to long lines at the ATM and cash shortages through August.
Keep this in mind for when America’s debt crisis finally blows up. You don’t own the money in your bank. It belongs to the bank, and it’s insured and regulated by the government, who are bought and paid for by the banks with the money you put in their accounts. When the system falls apart, you’ve got to see the writing on the wall and get your money out early. Once the crisis starts, your savings will be handed over to the authorities, and rationed out at their leisure. (see how much debt the world owes).
Read More @ thedailysheeple.com
Greek Banks Will Not Re-Open Monday Even As Loan To Repay ECB Approved
Submitted by Tyler Durden on 07/17/2015 - 09:37 The timing could not be worse from a visual perspective but within minutes of the Eurogroup confirming that they approved the €7.16 billion bridge loan (which will merely be recycled back to The ECB to ensure the appearance of normalcy continues), local reports that the Greek finance ministry says banks will not re-open on Monday (as promised). Welcome to the new normal Europe... where the elites get their mony and the people... not so much.
Presenting China's Half A Trillion "Plunge Protection" Frankenstein
Submitted by Tyler Durden on 07/17/2015 - 09:55 China’s central bank is officially in the business of financing leveraged stock buying and as Bloomberg reports, the country's state-run margin lender now has the capacity to pump the equivalent of five Greek bailouts into leveraged stock trades.China Increases Gold Holdings By 57% "In One Month" In First Official Update Since 2009
Submitted by Tyler Durden on 07/17/2015 - 06:36
UMich Consumer Sentiment Drops, Misses By Most Since 2006
Submitted by Tyler Durden on 07/17/2015 - 10:07 Since January's exuberant peak, UMich consumer sentiment has drifted lower. Expectations for July's preliminary data was 96.0 but the 93.3 print is the biggest miss since 2006. Both current and future "hope" conditions dropped markedlywith details showing American sless certain about retirement, less confident about income growth outpacing inflation, and businesses considerably less confident.
Ex-IMF Chief: Germany Should Leave The Euro, Not Greece
Submitted by Tyler Durden on 07/17/2015 - 09:20 In her euro-hegemonic role Germany failed to properly handle the Greek Crisis. What economics have been whispering among themselves after the scandalous Brussels Agreement of July 13th is now on the public discussion. One of IMF’s former European bailouts official, Ashoka Mody made it very clear in his article on Bloomberg on Friday morning: It’s Germany not Greece that has to leave the eurozone.SILVERS ON SALE...Buy if you can afford it...I can't afford to buy a thin dime...
Silver Slammed As 'Someone' Dumps $1.4bn In 'Pa per' Gold Futures
Submitted by Tyler Durden on 07/17/2015 - 08:47 Following "good" Housing data, "bad" CPI data, and "ugly" wage growth data, someone decided to dump $1.4 billion notional in gold futures markets (sending the price to 2010 levels), sending silver plunging also...
More Job Losses Coming To U.S. Shale
Submitted by Tyler Durden on 07/17/2015 - 08:25 The coming few months will prove challenging for the sector, and some small and medium U.S. producers may start missing their debt repayments or even file for bankruptcy. Quicksilver Resources and American Eagle Energy are two of the six U.S. based companies that have filed for bankruptcy in 2015 so far. Sabine Oil and Gas Corp. is the latest, and the biggest, U.S. producer to file for bankruptcy so far. Even mergers and acquisitions have slowed down considerably for the U.S. oil and gas industry in 2015. If the present trend persists, companies will have no choice but to cut their workforces even further to remain competitive and reduce their rising overheads. If oil prices remain in the range of $50 per barrel for longer than expected, even big operators such as Exxon Mobil, Chevron and ConocoPhillips (who have so far not made any major layoffs) could start downsizing their workforce.
Germany Approves Third Greek Bailout By Wide Margin Despite Surge In "Nein" Votes
Submitted by Tyler Durden on 07/17/2015 - 08:07 Following Wednesday's Greek vote approving the draconian terms of the Third Greek bailout, the next biggest hurdle for the implementation of another round of Greek aid was Germany's parliamentary vote whether to endorse the terms cobbled together over last weekend. Moments ago it did just that in a vote which had been widely expected to pass without complications, when 439 members of the lower house of parliament voted in favor Berlin to starting negotiations on a third bailout program for Greece, 119 voted against and 40 abstained. A total of 598 votes were cast.
Greek Deal "Categorically Not Viable" Without Debt Relief, IMF Insists
Submitted by Tyler Durden on 07/17/2015 - 07:47 As lawmakers across Europe debate bridge financing and a third Greek bailout, IMF chief Christine Lagarde is out reiterating her stance on Greece's debt sustainability. Although Lagarde insists the IMF will not participate without some manner of debt relief for the Greeks, it now appears she is resigned to the fact that Germany will never agree to an upfront haircut.from GregoryMannarino:
Yesterday represented the first deadline for many 2016 Presidential candidates to file Federal Election Commission details on how they are raising and spending campaign money. The information is very interesting and will leave you with little doubt as to which puppets, I mean candidates, the oligarchs are supporting.
One metric that is getting a great deal of attention today, is the percentage of funds raised coming from small donors ($200 or less). The New York Times put together a user-friendly image of this data, which can be seen below:
As you can see, despite an extremely crowded field, Jeb Bush was still able to come in dead last amongst small donors (i.e., your typical American citizen). This should come as no surprise to anyone, as I’ve repeatedly noted on Liberty Blitzkrieg, how Jeb has absolutely zero grass roots appeal. Recall the following posts:
Read More @ LibertyBlitzkrieg.com
from USA Watchdog:
Two big deals were made this week, but they may not be deals just yet.
I characterize the deal to curb Iran’s nuclear program as a deal between liars and cheaters. The cheater is Iran. They have cheated in the past on curbing their nuclear program. Just a few months ago, the UN accused Iran of cheating again. The liar is the Obama Administration. The lies by him and his administration are numerous. “You can keep your health plan.” “Obama Care is going to be cheaper.” Deserter “Bo Bergdahl served with distinction.” With the IRS scandal, “Not even a smidgen of corruption.” The list of provable lies is very long (click here). So, when the President tries to defend his Iran nuke deal, lots of folks in both parties and our allies simply do not trust him. President Obama has not much “trust capital” left. I don’t want to get into the minutia of the Iran nuke deal, but even the President admitted that, yes, “Iran could cheat.” Trust is his biggest problem because Republicans, some Democrats, and all US Middle East allies do not trust President Obama, and thus, do not trust this deal. This deal is not going to make things more peaceful in the Middle East—far from it. It is also far from being a done deal.
Read More @ USAWatchdog.com
Two big deals were made this week, but they may not be deals just yet.
I characterize the deal to curb Iran’s nuclear program as a deal between liars and cheaters. The cheater is Iran. They have cheated in the past on curbing their nuclear program. Just a few months ago, the UN accused Iran of cheating again. The liar is the Obama Administration. The lies by him and his administration are numerous. “You can keep your health plan.” “Obama Care is going to be cheaper.” Deserter “Bo Bergdahl served with distinction.” With the IRS scandal, “Not even a smidgen of corruption.” The list of provable lies is very long (click here). So, when the President tries to defend his Iran nuke deal, lots of folks in both parties and our allies simply do not trust him. President Obama has not much “trust capital” left. I don’t want to get into the minutia of the Iran nuke deal, but even the President admitted that, yes, “Iran could cheat.” Trust is his biggest problem because Republicans, some Democrats, and all US Middle East allies do not trust President Obama, and thus, do not trust this deal. This deal is not going to make things more peaceful in the Middle East—far from it. It is also far from being a done deal.
Read More @ USAWatchdog.com
from Gregory Mannarino:
from Wolf Street:
Arnulf Baring is a German lawyer who has been “for decades,” as he says on his website, in academia as Professor of contemporary history and political science. He was written a number of books, including one titled “Scheitert Deutschland?” or roughly, “Is Germany Failing?” Published in 1997, it includes a stunningly prescient passage.
This came to my attention via a tweet from Daniel Hannan, UK, who got it from someone else. As the excerpt, handily translated into English, circled around, it made it into Bloomberg.
So in 1997, Baring said this about the euro and more specifically about the wondrous dynamics of the Eurozone:
Read More @ Wolfstreet.com
image/libraryhotelcollection.com
Arnulf Baring is a German lawyer who has been “for decades,” as he says on his website, in academia as Professor of contemporary history and political science. He was written a number of books, including one titled “Scheitert Deutschland?” or roughly, “Is Germany Failing?” Published in 1997, it includes a stunningly prescient passage.
This came to my attention via a tweet from Daniel Hannan, UK, who got it from someone else. As the excerpt, handily translated into English, circled around, it made it into Bloomberg.
So in 1997, Baring said this about the euro and more specifically about the wondrous dynamics of the Eurozone:
Read More @ Wolfstreet.com
image/libraryhotelcollection.com
by Eric Draitser, NEO:
The UK National Crime Agency recently stated that “hundreds of billions
of US dollars” are laundered through banks in the United Kingdom every
year. London holds first place among world capitals with regard to the
volume of drug trade and money laundering. Describing the global
international drug trade network, Roberto Saviano, an Italian
investigative journalist and author of Gomorrah, a book on the Neapolitan mafia, said a few days ago of the international drug trade that “Mexico is its heart and London is its head”. He also reminded readers of the British bank HSBC’s £1.2 billion fine for money laundering for a Mexican drug cartel in 2012.
Read More @ Journal-NEO.org
The UK National Crime Agency recently stated that “hundreds of billions
of US dollars” are laundered through banks in the United Kingdom every
year. London holds first place among world capitals with regard to the
volume of drug trade and money laundering. Describing the global
international drug trade network, Roberto Saviano, an Italian
investigative journalist and author of Gomorrah, a book on the Neapolitan mafia, said a few days ago of the international drug trade that “Mexico is its heart and London is its head”. He also reminded readers of the British bank HSBC’s £1.2 billion fine for money laundering for a Mexican drug cartel in 2012.Read More @ Journal-NEO.org
from X22 Report:
by Eric Zuesse, Washington’s Blog:
It’s here:
image: junonews.org
It’s here:
That’s the treaty establishing (which was
originally done in 2012) the ultimate lending-fund for what the EU now
officially considers to be a permanent economic crisis in Europe, of
member-nations that are experiencing “severe financing problems,” and
that are therefore continually ripe for asset-stripping by aristocrats.
It’s called the European Stability Mechanism.
It’s anything but that. Here is what it actually does:
In other words: it establishes the
European bureaucracy to serve global aristocrats, so as to help them
asset-strip the European populations of corrupt member-nations.
Read More @ WashingtonsBlog.comimage: junonews.org
The
British royals, and their other leading anti-science agents such as
Martin Palmer and Sir David Attenborough, shamelessly state that the
human race is a pollution of Mother Earth—its growth is the root of all
evils and problems.
by Paul Gallagher, GeoPolitics:
Anyone who reads the encyclical written by Commander of the Order of
the British Empire John Schellnhuber for issuance by Pope Francis,
cannot escape its call for the destruction of mankind—that sinful and
violent race made from the mere soil of the creator “Mother Earth.”
ope Francis presumably does not want to wipe out most of the human species. But the British Royal Family does—publicly so—and the Pope has capitulated to the leading Satanic forces on Earth. The Encyclical Laudato Si’ is a horrible corruption of the Catholic Church and of Christianity. It is also an assault against science, technological progress, and the idea of human beings as co-creators with the Creator.
The fact that the Pope of 1.2 billion Catholics—the Vatican which has blocked international “climate conferences” from issuing the British royals’ Malthusian global edicts—has been roped into issuing and promoting Laudato Si’, represents a threat to human civilization of the most serious nature.
Read More @ Geopolitics.co
by Paul Gallagher, GeoPolitics:
Anyone who reads the encyclical written by Commander of the Order of
the British Empire John Schellnhuber for issuance by Pope Francis,
cannot escape its call for the destruction of mankind—that sinful and
violent race made from the mere soil of the creator “Mother Earth.”ope Francis presumably does not want to wipe out most of the human species. But the British Royal Family does—publicly so—and the Pope has capitulated to the leading Satanic forces on Earth. The Encyclical Laudato Si’ is a horrible corruption of the Catholic Church and of Christianity. It is also an assault against science, technological progress, and the idea of human beings as co-creators with the Creator.
The fact that the Pope of 1.2 billion Catholics—the Vatican which has blocked international “climate conferences” from issuing the British royals’ Malthusian global edicts—has been roped into issuing and promoting Laudato Si’, represents a threat to human civilization of the most serious nature.
Read More @ Geopolitics.co
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