Different philosophies, completely different views of the world, but the Times Square bomber, the Tea Party movement, the Ron Paul movement and the protesters in Greece have one thing in common, a rejection of control by the global plotters.
How on earth can you convince other countries to bail you out, when this is your reaction to budget cuts?
German banks' exposure to Greece is huge, at 33 billion euros as shown in the graphic from Der Spiegel below, but their exposure to Italy and Spain is far larger at 123.5 and 156.4 billion euros respectively.
Investors dumped U.S. stocks on Tuesday in Wall Street's worst session in three months on the fear that even with a bailout for Greece, Europe's debt crisis could spread to other weak euro zone countries.
A system-wide bank run would follow. Investors anticipating that their claims on the Italian government would be redenominated into lira would shift into claims on other euro-area governments, leading to a bond-market crisis.
And adding insult to injury is the latest rumor of an upcoming downgrade or very cautious language of Germany by the suddenly hyperactive rating agencies. When that occurs, you can kiss Europe goodbye.
Meanwhile, many are already coming around to the conclusion that we're merely delaying the inevitable here.
Like the alliances that drew one country after another into World War I, a default by a single nation would send other countries tumbling. If that message was lost on anyone, there was a reminder last Tuesday when Standard & Poor’s downgrade...
These 14 photos of the Greek riots will give you a flavor of what is headed our way.
For a sense of how bad things are, see the video below where ranked police are hit by a protester's firebomb. Keep in mind this rage is happening before substantial austerity measures have even taken effect.
Greece’s finance minister offered tax increases and salary and pension cuts for civil servants, aiming to reduce the budget deficit to below 3% of gross domestic product by 2014, from the current 13.6%.
"They want to return us to the 19th Century - this is not going to be a battle but a war that will last for months or even years," he was quoted by AFP as saying.
In case you missed it, the top two countries on the hook to fund the World bailout are the US and Japan, the two countries caught in the greatest deflationary throes since the great depression. Coincidence, or willful dollar(yen)slaughter: you decide
Gold hit a 2010 high above $1,180 an ounce in Europe on Friday, fueled by euro strength and investors continuing to embrace the metal's safe-haven properties on unease over euro zone sovereign debt levels.
Unemployment among Spain's youth is reaching epidemic proportions: "the unemployment rate for those under 25 years in the first quarter of 2010 was 40.93% and 18.02% in those over 25 years. In the group of 16-19 years, the rate is 59.79%
Extreme caution is mandatory here folks. You're not going to be told the truth - not by our government or anyone else's. If a dislocation and "disorderly" bond market collapse gets going you will not be told in advance, but large players will be...
International Monetary Fund Managing Director Dominique Strauss-Kahn told German lawmakers today that between 100 billion euros and 120 billion euros will be needed to bail out Greece, N-TV reported, citing SPD lawmaker Thomas Oppermann.
Nouriel's base case, then, is Argentina 2001: after all, Greece has a much higher debt-to-GDP ratio, much higher deficit-to-GDP ratio, and much higher current-account deficit than Argentina had back then. And if that's the base case...
World markets tumbled Wednesday amid acute fears that Greece's debt crisis would spread like wildfire through Europe after a leading credit ratings agency downgraded the country's debt to junk status and cut Portugal's rating as well.
Europe's government debt crisis worsened ominously when Greek bonds were downgraded to junk status and Portugal's debt was lowered on fears the trouble could spread. Stocks slid on the news. German reluctance to fund most of a bailout of Greece
With Greece creeping towards a default, due to Germany's unwillingness to support the country, we thought we'd revisit again who is going to lose the most in that scenario.
What do you do when your last multi-trillion stimulus is expiring and its effects no longer generate asset bubbles as you once did? Why, you launch another multi-trillion stimulus of course, although if you are the US you call it something funky...
“The contagion is definitely spreading and spreading quite rapidly to Portugal, Spain, Ireland and Italy,” Mehernosh Engineer, a credit strategist at BNP Paribas SA in London, wrote in a report today. “Steadily sowing the seeds of a double-dip.”
The Chicago Tribune had an excellent set of charts this weekend in A Tsunami of Red Ink regarding US government debt and who owns it, and also a comparison of US debt to the national debt of other countries.
“Any notion of restructuring is off the table for the Greek government, has never been put on the table of negotiations and has never been part of any suggestion or proposals made by the IMF to Greece,” he said at a press conference in Washington.
“The majority of the Greek people are being tossed helplessly in the tempest of insecurity, unemployment and poverty.” He called for a referendum on the decision to seek IMF support."
Mike Shedlock is a registered investment advisor rep. for SitkaPacific Capital Mangmt. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. (Issue: Goldman Sachs)
"What I object to the current government intervention in so-called 'solving the crisis', (is that) they haven't solved anything. They've just postponed it."
If Seoul is overtly accusing North Korea, it can only mean that South Korea will demand direct or indirect retaliation against the North as its government has already come out looking like both incompetent and cowardly.
Using the current crisis environment to expand global control of the banking sector, which will ultimatley lead to the directing of bank funds towards global government favored projects, the IMF plans to call for extensive new taxation...