Stossel had an excellent show today on the failed Keynesian economics being employed by the liberal/socialist/marxist/communist regime currently in power. The basis for the show was F.A. Hayek’s ‘On The Road To Serfdom’ with guests including Dr. Ron Paul on spending, printing money and the military, Stuart Varney on Greece and the debt wall, James Delingpole on the green movement as hidden socialists, David Mamet’s conversion from being a brain-dead liberal, Ann Coulter on the mob mentality, and my personal favorite brit, Daniel Hannan, on our road to serfdom.
Alex Jones has a twenty minute interview with Dr. Ron Paul covering the continued recession, the economic terrorism happening here and in Greece, the dollar losing it’s reserve status, the debt limit, the defaults our country has had in the past, the TSA, the undeclared wars we are involved in that are contributing to our debt, AND the media bias against Dr. Paul in his presidential campaign. (more…)
Alex Jones interviews Gerald Celente on the world economic problems including Greece, Italy, and Portugal, and how Bernanke is considering another stimulus to keep the ponzi scheme going. Oh yeah, the dominoes are getting ready to fall… (more…)
Yes, yes, yes….I AM paying attention but am busy working on the rabbit hole story. For those sending emails with links…keep them coming, and for those that need to know about something other than the Obama/Boehner golf game, Bachmann and glitter, and Jon Stewart – hit the links below: (more…)
Bob Chapman, 6.17.2011: Greece, Depression, Global Government, And Telling The Bankers To Take A Hike
Bob Chapman on the Alex Jones show, 6.17.2011, speaking about the coming collapse due to Europe’s ‘Lehman’ moment with the economic turmoil that Greece’s economy is creating in the eurozone, how Goldman Sachs and JP Morgan Chase have been going in and out of Greece bidding for infrastructure, and how the Bilderbergers are now on the run after the protests in St Moritz last week. (more…)
EVERYBODY PAY ATTENTION TO IRAN AND NORTH KOREA; nothing to see here, move along.
If the trouble starts — and it remains an “if” — the trigger may well be obscure to the concerns of most Americans: a missed budget projection by the Spanish government, the failure of Greece to hit a deficit-reduction target, a drop in Ireland’s economic output.
But the knife-edge psychology currently governing global markets has put the future of the U.S. economic recovery in the hands of politicians in an assortment of European capitals. If one or more fail to make the expected progress on cutting budgets, restructuring economies or boosting growth, it could drain confidence in a broad and unsettling way. Credit markets worldwide could lock up and throw the global economy back into recession.
Anybody think any of these government officials can walk this tightrope without a misstep?
TEL AVIV (MarketWatch) – The Bank of Spain on Saturday took control of and appointed an administrator for CajaSur, a savings bank that was hurt by bad property loans, media reports say.
Based in the southern city of Cordoba, CajaSur has $16.36 billion of loans outstanding and holds $23.9 billion, or 0.6%, of the assets within Spain’s financial system, the reports say.
CajaSur on Friday determined not to go ahead with a plan reached in August to merge with a bigger lender, Unicaja of Malaga. The failure of that plan prompted the authorities to take over CajaSur, reports say.
For 2009, CajaSur posted a net loss of 596 million euros ($750 million). Bank of Spain officials estimate that restoring the bank to solvency will require about 500 million euros of fresh capital, reports say.
CajaSur, which had been controlled by the Roman Catholic Church, was the second Spanish bank failure in a bit more than a year, reports say. In March 2009, the Spanish central bank seized control of Caja Castilla-La Mancha.
The seizure of CajaSur comes against the background of international concern about Spain’s creditworthiness. This month, the European Union put in place a financial backstop against the prospect that Spain and other countries could default on their debt.
You know it’s bad when the longest running continuous government in the world (The Vatican) takes a hit like this.
May 24 (Bloomberg) — The euro dropped the most versus the dollar in four days after the Bank of Spain took over a failing regional lender.
The pound rose versus the euro as the U.K. announced $9 billion in spending cuts to contain the budget deficit. Yuan forwards rose the most in four days as President Hu Jintao said China will move gradually and independently in making changes to its exchange-rate mechanism. The euro fell against all of its most-traded counterparts as investors sold the currency to fund trades in higher-yielding currencies.
“We are headed for a softer patch of growth, which is hurting the euro today, and is unfavorable for risk assets going forward,” said Lee Hardman, a currency strategist at Bank of Tokyo Mitsubishi UFJ in London. “Risk currencies, such as the Australian dollar, are overvalued.”
The euro fell 1.5 percent to $1.2384 at 6.41 a.m. in New York, from $1.2570 on May 21. It touched $1.2144 on May 19, the lowest level since April 17, 2006. Japan’s yen strengthened 1.3 percent to 111.48 per euro and was little changed at 90.05 per dollar.
The 16-nation euro dropped toward a four-year low against the dollar after the Bank of Spain said on May 22 it appointed a provisional administrator to run CajaSur, a savings bank crippled by property-loan defaults. The lender, based in the city of Cordoba, Spain, and controlled by the Roman Catholic Church, will be run by the government’s bank restructuring fund, the regulator said.
Just three years earlier, Roubini had been the object of derision in the economics community as he prophesied a US housing market crash, financial crisis and partial collapse of the banking sector. Today, as an adviser to governments and central bankers and much feted in the media, he’s well aware of the power of being right.
“In my line of business your reputation is based on being right,” he says. “The publicity is just noise. Certainly with a global crisis, the dismal scientists are having some prominence, even if most of the economics profession actually failed to predict it.”
As eurozone leaders panic and markets continue to dive, Roubini believes Greece will prove to be just the first of a series of countries standing on the brink.
“We have to start to worry about the solvency of governments. What is happening today in Greece is the tip of the iceberg of rising sovereign debt problems in the eurozone, in the UK, in Japan and in the US. This… is going to be the next issue in the global financial crisis.”
It already is. And Roubini claims to have foreseen it as far back as 2006.
“I was writing about the PIGS [Portugal, Italy, Greece and Spain] six to nine months before everyone else, I was worried about the future of the monetary union back in 2006,” he says. “At the World Economic Forum I outraged a policy official by suggesting the monetary union might break up.”
We are so proverbially screwed, and what do we have in Washington? The District of Criminals.
For those that do not know what PIIGS stands for; it is the acronym for Portugal, Ireland, Italy, Greece, and Spain whose economies are on fire and linked to each other. The contagion is spreading and we must start thinking about who we are as Americans, how we are going to react, and what we are going to do when it all hits the fan. That trillion dollars in bad assets that the banks have not put on their balance sheets is hanging over our heads like a very sharp sword.
Everyone (by now) knows about the protests in Greece, but a protest turned violent in Ireland on Tuesday, and another protest is scheduled for Saturday. Protests are happening in cities all over Romania due to the austerity measures being put in place by their president.
Protest at Leinster House, 11th May 2010 – Next Protest Anglo Irish HQ – 2pm, Sat May 15th, 2010:
I read the following article this morning, and wanted to point out that the guy who supposedly doesn’t know how to operate an xBox or PS3 is advising world leaders on loaning trillions in bailout cash to Greece and whoever else needs it at the moment to try to slow the global trainwreck down to a manageable crash. If you read this article and you even approach the idea that any of this was Barry’s idea, and that he got it done without a few dozen central bank presidents breathing down Merkel’s neck, you are living in ‘My Little Pony’ world.
Barack Obama is pressuring Spain to make austerity cuts as the European debt crisis rumbles on, it has emerged.
The U.S. President has also been credited with helping to save the Euro, after giving advice to European leaders on how to handle the debt crisis.
U.S. officials have been adamant that Europe must take the lead in resolving the crisis.
Buckle up kids, the next few weeks are going to be very interesting.
May 9 (Bloomberg) — European Union finance ministers pledged to stop a sovereign debt crisis from shattering confidence in the euro as they held an emergency summit to hammer out a lending mechanism for deficit-stricken nations.
Jolted into action by last week’s slide in the currency to a 14-month low and soaring bond yields in Portugal and Spain, leaders of the 16 euro nations agreed on the backstop yesterday and told ministers to get it ready before Asian markets open.
“We are going to defend the euro,” Spanish Economy Minister Elena Salgado told reporters as she arrived to chair today’s Brussels meeting. “We think we have a duty for more stability for our currency. We will do whatever is necessary.”
Europe’s failure to contain Greece’s fiscal crisis triggered a 4.3 percent drop in the euro last week, the biggest weekly decline since the aftermath of Lehman Brothers Holdings Inc.’s collapse. It prompted the U.S. and Asia to urge broader steps to prevent a debt crisis from pitching the world back into a recession.
President Barack Obama spoke by phone with German Chancellor Angela Merkel for the second time in three days, adding to the international pressure Europe has faced since a hurriedly arranged conference call of Group of Seven finance chiefs on May 7. Obama today emphasized “the importance of the members of the European Union taking resolute steps to build confidence in the markets,” White House spokesman Bill Burton told reporters in Hampton, Virginia.
“In the night, when the markets are opening, we cannot afford a disappointment,” said Finance Minister Anders Borg of Sweden, one of 11 EU nations not in the euro. “We now see herd behavior in the markets that are really pack behavior, wolfpack behavior.”
European officials declined to disclose the size of the stabilization fund, to be made up of money borrowed by the EU’s central authorities with guarantees by national governments. The meeting started just after 3 p.m. A German official said it will be a “long night.”
Germany, the bloc’s largest economy, will be represented by Interior Minister Thomas de Maiziere after wheelchair- bound Finance Minister Wolfgang Schaeuble, 67, was rushed to a Brussels hospital due to an adverse reaction to new medication.
Head over to Bloomberg to read the rest.
The global economy has been running on fiat currency since 1971, and Mr. Paul speaks to the ‘debt explosion’ that has been occurring for forty years. Mr. Paul also speaks to the possibility that the Fed is secretly funding Greece right now, and the currency crisis we are now in.
America Live – May 6th, 2010: